Page 16 - BANKING FINANCE APRIL 2024

ROUNDUP

in GST from domestic transactions and 100 companies and revealed in the 4th "A projected average expansion of 6.7
8.5 per cent increase in GST from im- Annual Corporate Governance Survey per cent in this period will make India
port of goods. "GST revenue net of by Excellence Enablers Private Limited. the third-largest economy in the world
refunds for February 2024 is Rs. 1.51- and lift per capita income to the up-
In the year ending March 31, 2023, the
lakh crore, which is a growth of 13.6 percentage of women among the to- per-middle income category by 2031,"
per cent over that for the same period tal directors in the top 100 companies Crisil said.
last year," it said.
was the highest since 2018-2019 - ris- India, with a GDP size of USD 3.6 tril-
There is no indication about rate ing to 19 per cent from 15 per cent lion, is currently the fifth largest
rationalisation in the near term. earlier. economy in the world, after the US,

According to Section 149(1) of the China, Japan and Germany.
Government clears 3 semi- Companies Act, 2013, every listed Crisil expects the economy to expand
conductor manufacturing company is mandated to have at least to USD USD 6.7 trillion by fiscal 2031.
one woman director. It is also manda-
projects worth Rs. 1.3 lakh Fiscal 2031 will mark the year when
tory for every public company having
crore a paid-up share capital of Rs 100 crore India enters the club of upper middle-
Government cleared proposals for or more and for companies with a turn- income countries with per-capita in-
come rising to USD 4,500, Crisil said.
three semiconductor manufacturing over of Rs 300 crore or more.
units worth Rs 1.3 lakh crore, includ-
ing the country's first fab manufactur- India to become upper Import substitution in
ing plant by Tata Group and Taiwanese middle-income country by capital goods is key for
Powerchip Semiconductor Manufac-
turing Corp (PSMC) in Gujarat. 2031: Crisil economic growth: Minis-
Crisil Ratings projected India's GDP ter
This will be a big push to India's elec-
tronics manufacturing set-up as the growth at 6.8 per cent in the next fis- "The capital goods sector is key to
chips will be made within the country cal and said the country will become India's global manufacturing capacity
for the first time. an upper middle-income nation by for which import substitution of criti-
2031 with the economy doubling to
The Cabinet nod, which also includes a USD 7 trillion. cal components holds a lot of eco-
project involving Japanese Renesas nomic prosperity pushing India towards
Electronics, follows Rs 22,000 crore In its India Outlook report, Crisil said global leadership during its Amrut
testing and packaging unit project of the Indian economy will take support Kaal," said Union Minister for Heavy
US company Micron, that was ap- from domestic structural reforms and Industries Mahendra Nath Pandey has
proved in June last year (production is cyclical levers and can retain -- perhaps said.
expected to happen by close of this even improve -- its growth prospects to Participating in the inauguration of the
year). become the third largest economy by Capital Goods Accelerator and Training
2031.
Centre, SASTRA, a Deemed-to-be-Uni-
Number of women on "After a better-than-expected 7.6 per versity, Thirumalaisamudhram near
boards of top 100 firms cent this fiscal, India's real GDP growth Thanjavur, the Union Minister said that
will likely moderate to 6.8 per cent in the country's global manufacturing
rose in 5 years fiscal 2025," said the Crisil India Out- capacity relies on the capital goods
The representation of women on the look report. sector having a huge potential of
boards of the top 100 companies in It said that the next seven fiscals around Rs. 1,50,000 crore. The Centres
India has improved in the last five (2025-2031) will see the Indian such as the one at SASTRA could
years, said a survey released. economy cross ing the USD 5 trillion- achieve at least Rs. 25,000 crore re-
The findings were based on the annual mark and inching closer to USD 7 tril- duction in imports with a potential for
reports and website disclosures of Nifty lion. further savings, he added.

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