Domestic Economy: HDFC Chairman said – Domestic economy will grow rapidly, and 30 crore people will come out of poverty

Posted on 17th Aug 2022 by rohit kumar

In the next few years, India will be the fastest growing economy in the world. HDFC Chairman Deepak Parekh said, “To all the foreign investors and others I have met recently, I have never been more optimistic than I am today in my 50 years of working life in India.

 

 

The country's GDP was marginally higher than $300 billion in the early 1990s, he said. Today it is about three trillion dollars. At present, India's contribution to global growth is 14 percent. PM Narendra Modi has set a target of making the country a developed nation in the next 25 years on Independence Day. In 15 years, 300 million Indians have come out of poverty.

 

 

GDP to grow at the rate of nine percent to reach $ 5 trillion

Hyderabad. India's economy may reach $5 trillion by 2028-29. Provided that its growth rate continues at the rate of nine percent annually. Former RBI Governor D. Subbarao said at an event, that there are eight major challenges that the country will have to deal with to achieve a $5 trillion economy.

 

Up to 30 percent rebate in fees for starting LIC's closed policy for five years

 

Life Insurance Corporation of India (LIC) has announced a waiver of up to 30 percent in late fees for its policyholders whose policies have been discontinued for more than five years. In a statement, the company said, policyholders, can start the discontinued policy from August 17 to October 21, 2022. This will apply to non-ULIP policies.

 

In this special revival drive, policyholders will get up to a 30 percent discount on late fees or up to Rs 3,500. No charges will be levied for delay in a micro-insurance policy. Also, there will be no need for any medical check-up for this.

 

The exemption only on the premium of at least one lakh

 

For a premium of Rs 1 lakh, there will be a 25 percent rebate on late fees of up to Rs 2,500. There will be a discount of 25 percent or Rs 3,000 on the premium of one to three lakhs and 30 percent or up to Rs 3,500 on premiums above three lakhs.

 

The prices of houses increased by 10% in Delhi-NCR

 

Housing prices in the top eight cities of the country rose to five percent in the June quarter on improving demand and rising construction costs. In this, the maximum price has increased by 10 percent in Delhi-NCR.

 

With this, the prices have gone up to Rs 7,434 per sq ft here. Here the highest price has increased on Golf Course Road in Gurugram, is 21 percent. The second place is Noida Expressway. According to a CREDAI report, prices in Ahmedabad rose by nine percent to Rs 5,927 per sq ft, while in Bengaluru, prices rose by four percent to Rs 7,848. agency

 

Prices increased by eight percent in Kolkata

 

House prices in Kolkata rose eight percent to Rs 6,362 sq ft. The price in Pune is Rs 7,681 sq ft with an increase of 5 percent.

 

Salary will increase in India by 10% among Asian countries

 

Companies are making budget according to increase in salary, last year there was an increase of 9.5 percent. In the current financial year, companies in the country can increase the salary of employees by 10 percent. This will be the biggest increase in the Asian region. This will happen due to high job loss rates and a shortage of personnel.

 

According to global consulting firm Willis Towers Watson, companies are budgeting for a 10 percent wage increase in 2022-23. Last year there was an increase of 9.5 percent. 58 percent of the employers in the country have made provisions for the budget. 24.4% of employers are not making any changes in their budgets. Financial services, banking, technology, media, and gaming sectors may see a salary increase of up to 10.4 percent.

 

The insolvency process started against Bajaj Hindustan

 

SBI has applied in Prayagraj Bench of NCLT to initiate insolvency proceedings against Chinese company Bajaj Hindustan. Bajaj Hindustan gave this information. The Chinese company had a loss of 267 crores in the last financial year. There was a loss of 45 crores in the June quarter.

 

Utsav Deposit: SBI will pay 6.1 percent interest

 

SBI has launched a new term deposit scheme. On the occasion of 75 years of independence, it has been started for 75 days under the name Utsav Deposit. In the scheme, investors will get annual interest at the rate of 6.1 percent. It has been started on 15th August. The plan is till 30th October.

 

Five merchant bankers were appointed for Hindustan Zinc

 

The government has appointed 5 merchant bankers to sell a 29.53 percent stake in Hindustan Zinc. This includes Axis Capital, ICICI Securities, HDFC Bank Citigroup, and others. On August 12, 6 bankers made a presentation about this before the government.

 

Adani bought ICD for 835 crores

 

Adani Logistics has bought ICD Tumb for 835 crores. The company said on Tuesday that this will increase its capacity. The ICD is convenient to Hazira and Nhava Sheva ports. Its turnover in the last financial year was Rs 403 crore. Adani has bought it from Navkar Corp.

 

Also Read: WPI: WPI 13.93% in July, slight relief compared to June