The Reserve Bank on Thursday , June 8, retained the GDP growth projection for current fiscal year at 6.5 per cent, on the back of supportive domestic demand conditions. In April, the central bank had marginally revised upwards the 2023-24 GDP growth projection to 6.5 per cent, from its earlier forecast of 6.4 per cent.
Domestic demand condition remains supportive of growth and also the demand in rural areas is on the revival path, RBI Governor Shaktikanta Das said while announcing the 2nd bi-monthly policy for 2023-24.
India’s economy grew 6.1 per cent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 per cent, as against 7 per cent anticipated earlier.
Das said the higher rabi crop production in 2022-23, the expected normal monsoon, and the sustained buoyancy in services should support private consumption and the overall economic activity in the current year.
The government’s thrust on capital expenditure, moderation in commodity prices and robust credit growth are expected to nurture investment activity, said the Monetary Policy Statement, 2023-24.
Weak external demand, geo-economic fragmentation and protracted geopolitical tensions, however, pose risks to the outlook, it added. Source: PTI
Rs 89,047-crore revival package for BSNL gets Cabinet nod
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday, June 7, approved the third revival package for BSNL with a total outlay of Rs 89,047 crore.
The package includes allotment of 4G and 5G spectrum for BSNL through equity infusion, an official statement said. Also, the authorised capital of BSNL will be increased from Rs 1,50,000 crore to Rs 2,10,000 crore.
The package comprises allotment of premium wireless frequencies 700 MHz band spectrum worth Rs 46,338.6 crore; 70 MHz of frequencies in 3300 MHz band worth Rs 26,184.2 crore; frequencies in 26 GHz band worth Rs 6,564.93 crore; in 2500 MHz band worth Rs 9,428.2 crore and Rs 531.89 crore for miscellaneous items. The spectrum allocation will enable BSNL to roll out pan-India 4G and 5G services, 4G coverage in rural and uncovered villages under various connectivity projects, provide Fixed Wireless Access (FWA) services for high-speed internet and provide services/spectrum for Captive Non-Public Network (CNPN). The government had provided first revival package worth Rs 69,000 crore for BSNL and MTNL in 2019. The second package worth Rs 1.64 lakh crore was announced in 2022.