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Here are the top stories to start your day.
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⭐ It's a Budget Day
The Union budget will be announced today. But before that, the economic survey projected India’s real GDP growth at 6.5–6.8% in FY24. The optimism about India’s growth stems from the rebound in private consumption, increased government capital expenditure, and credit growth in small businesses.
⭐ Coal India declares dividend after robust results
State-owned Coal India reported a 69% YoY rise in consolidated net profit at ₹7,719 crore during the December quarter. Company’s net sales rose by 24% to ₹32,429 crore, driven by a spike in production output. Following the upbeat quarterly result, the company announced an interim dividend of ₹5.25 per share.
⭐ IMF lifts 2023 global growth forecast
The International Monetary Fund (IMF) expects the world economy to expand at 2.9% in 2023. The new forecast is slightly better than the previous prediction of 2.7% in October 2022, as recession risk has subsided as well as central banks globally are making progress in controlling inflation. IMF has kept India’s growth projection unchanged at 6.1% in 2023.
Global markets (at 8:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.50% |
| Nikkei 225 (Japan) | ▲ 0.18% |
| Hang Seng (Hong Kong) | ▼ 0.41% |
| SSE Composite (China) | ▼ 0.25% |
| Dow Jones (US) (January 31) | ▲ 1.09% |
| NYSE (US) (January 31) | ▲ 1.28% |
| Nasdaq (US) (January 31) | ▲ 1.67% |
| S&P 500 (US) (January 31) | ▲ 1.46% |
Fact of the day
India’s eight core sector output rose by 7.4% year-on-year in December, against 3.8% in December 2021.
Source: Economic Times