Top headlines: All eyes on growth in Budget, road project push, and more

Budget 2023-24: With all eyes on growth, it's over to FM Sitharaman

A domestic economic slowdown, two years of Covid-19 pandemic, and a war in Europe that upended the global supply chain tested the past four Union Budgets that Finance Minister Nirmala Sitharaman presented. Her fifth Budget, set to be presented on Wednesday, would now have to take into account equally challenging headwinds. Read more...

Securities fraud by the 'Madoffs of Manhattan', says Adani group

Terming Hindenburg Research's conduct a “securities fraud”, the Adani group on Sunday night said it was shocked and deeply disturbed to read the report published by the “Madoffs of Manhattan”. It further said the report by Hindenburg Research was nothing but a lie. In a 413-page document, Adani retaliated against the American short-seller, saying the document was a “malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive”. Read more...

Gati Shakti push: 18 road projects headed for the fast lane in FY24

In line with the thrust on the Prime Minister Gati Shakti-National Master Plan, the government will prioritise and fast-track as many as 18 critical road infrastructure projects in the fiscal year 2023-24. The Centre has set sights on 67 critical road projects that would result not only in integrated infrastructure development but also improvement of logistics efficiency across the country over the next two years, a senior government official said. Read more...

Gautam Adani's $2.5 bn share sale faces crucial day after rout in stocks

Gautam Adani faces a critical day on Monday with his flagship company's $2.5 billion share sale's second day of bidding overshadowed by a $48 billion rout in the Indian billionaire's stocks which was sparked by a U.S. short seller's report. Seven listed companies belonging to the Adani conglomerate, which is led by Asia's richest man, saw sharp falls in their values after Hindenburg Research report last week flagged concerns about high debt levels and the use of tax havens. Read more...

Union Budget likely to test govt's fiscal resolve ahead of 2024 elections

India will unveil its budget Wednesday, testing Prime Minister Narendra Modi’s fiscal mettle seen as key to boosting investor sentiment even as it will likely leave less room for handouts a year before he seeks a third term. Modi, who rides an enduring wave of popularity as his second term is coming to a close, looks poised to sustain fiscal consolidation as he takes the global stage with India’s presidency of the Group of 20 nations. Read more...