India's homegrown digital payments platform - the unified payments interface or UPI - continues its growth momentum. The platform registered record number of transactions and volume in the previous financial year, which ended on march 31. Watch to know more!

India's UPI creates history in FY24, transactions cross 100 billion

After pushing its market value up by 550 billion dollars this year Tesla's quarterly earnings report is out and it's a roller coaster ride of surprises and challenges alike. Despite facing increasing competition and a challenging economic climate Tesla managed to beat profit estimates but the company's automotive gross margin has witnessed a significant drop compared to the previous year.

Tesla's profit margin suffers amid price wars

Real&nbsp;Madrid closed the 2022-23 financial year with a 11.8 million euro ($13.25 million) profit, the Spanish club said on Monday, around one million euros less than in the previous season despite a higher revenue. The Spanish club managed to remain in profit over the last four financial years despite the negative impact of the COVID-19 pandemic and the 893 million euros renovation project of their Bernabeu stadium, set to be concluded by the end of 2023.

"Operating income for the financial year 2022-23 has reached 843 million euros, an increase of 121 million euros (17%) compared to the 2021-22 financial year," the club said in a statement. They added, however, that stadium revenues, limited by the redevelopment project, were still 13% lower than in 2018-19 season but revenues from the remaining business lines have already exceeded pre-pandemic levels, with marketing revenues (up 12%) standing out in particular.

Also Read:&nbsp;<a href="https://www.wionews.com/sports/whopping-amount-tickets-for-lionel-messis-inter-miami-debut-hits-the-roof-616696">WHOPPING AMOUNT! Tickets for Lionel Messi’s Inter Miami debut hits the roof</a>

Madrid said their net worth is 558 million euros, 12 million more than last season, and their net debt, excluding the Bernabeu project, stood at 46.7 million euros as of June 30 2023.

That is a major improvement from last year, when their net debt was 263.1 million.

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Real Madrid closed the 2022-23 financial year with a 11.8 million euro ($13.25 million) profit, the Spanish club said on Monday, around one million euros less than in the previous season despite a higher revenue.

Real Madrid closed the 2022-23 financial year with a 11.8 million euro ($13.25 million) profit, the Spanish club said on Monday, around one million euros less than in the previous season despite a higher revenue. The Spanish club managed to remain in profit over the last four financial years despite the negative impact of the COVID-19 pandemic and the 893 million euros renovation project of their Bernabeu stadium, set to be concluded by the end of 2023. "Operating income for the financial year 2022-23 has reached 843 million euros, an increase of 121 million euros (17%) compared to the 2021-22 financial year," the club said in a statement. They added, however, that stadium revenues, limited by the redevelopment project, were still 13% lower than in 2018-19 season but revenues from the remaining business lines have already exceeded pre-pandemic levels, with marketing revenues (up 12%) standing out in particular. Also Read: WHOPPING AMOUNT! Tickets for Lionel Messi’s Inter Miami debut hits the roof Madrid said their net worth is 558 million euros, 12 million more than last season, and their net debt, excluding the Bernabeu project, stood at 46.7 million euros as of June 30 2023. That is a major improvement from last year, when their net debt was 263.1 million. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Real Madrid close 2022-23 financial year with 12 million euros profit

Income tax planning is highly beneficial in India if carried out at the start of financial year. It will help you get the return or interest for the whole year. And give a lot of time to choose and make the right investment in options like life insurance, public provident fund, tax saving schemes, NPS, medical insurance, etc.

Do you pay tax in India? Plan at start of financial year

National Statistical Office of India has released the GDP growth estimates for Quarter 3 in the Financial year. The GDP growth is now projected at 0.4%.

News Alert: India's GDP number for financial year 2021 year out

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019.

According to research conducted by SBI- Ecowarp, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers.

"In FY19, India had created 8.97 million new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 1.58 million lower," the report said.

The Employees' Provident Fund Organisation (EPFO) data covers low paid jobs as the salary is capped at Rs 15,000 per month. As per the calculation in April- October 2019, the net new payroll was 4.31 million which comes out to be 7.39 million for FY20.

The data doesn't cover government jobs, state government jobs and private jobs, such data have moved to National Pension Scheme, which began in 2014.&nbsp;

"Interestingly, even in the NPS category, state and central government are supposed to create close to 39,000 jobs less in FY20 as per current trends," the report said.

A sample of data shows that there's a decline in remittances in states like Assam, Bihar, Rajasthan, orisha, and UP.

"The delay in resolution of cases under bankruptcy proceedings may have prompted companies to downsize their contractual labourers," it said.

Migration has been an important livelihood for the poor and non-poor of the country in the last years.&nbsp;

People from agriculture and industries are migrating to more developed states in search of job openings. As a result of unequal growth people from Uttar Pradesh, Bihar, the southern part of Madhya Pradesh, Odisha, and Rajasthan are moving to states like Punjab, Gujarat, and Maharashtra.

New Delhi is one of the famous places amongst the migrants due to high job opportunities, the report said.&nbsp;

"These migrants have been making significant financial contributions to their families in their places of origin," it said.

The report further stated that in the last five years, the overall productivity growth has remained relatively stagnant between 9.4 per cent to 9.9 per cent.

This slow growth in productivity manifests in low wage growth, it said.

It also cautioned the policymakers of such slower productivity growth as it could cause over-borrowing by corporations and households and this can create a big risk to economies and fiscal systems. 
 
(With inputs from agencies)

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019.

The economic slowdown has a huge impact on the employment rate as nearly 1.6 million fewer jobs in the financial year 2020 compared to 8.97 million fresh jobs in 2019. According to research conducted by SBI- Ecowarp, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers. "In FY19, India had created 8.97 million new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 1.58 million lower," the report said. The Employees' Provident Fund Organisation (EPFO) data covers low paid jobs as the salary is capped at Rs 15,000 per month. As per the calculation in April- October 2019, the net new payroll was 4.31 million which comes out to be 7.39 million for FY20. The data doesn't cover government jobs, state government jobs and private jobs, such data have moved to National Pension Scheme, which began in 2014. "Interestingly, even in the NPS category, state and central government are supposed to create close to 39,000 jobs less in FY20 as per current trends," the report said. A sample of data shows that there's a decline in remittances in states like Assam, Bihar, Rajasthan, orisha, and UP. "The delay in resolution of cases under bankruptcy proceedings may have prompted companies to downsize their contractual labourers," it said. Migration has been an important livelihood for the poor and non-poor of the country in the last years. People from agriculture and industries are migrating to more developed states in search of job openings. As a result of unequal growth people from Uttar Pradesh, Bihar, the southern part of Madhya Pradesh, Odisha, and Rajasthan are moving to states like Punjab, Gujarat, and Maharashtra. New Delhi is one of the famous places amongst the migrants due to high job opportunities, the report said. "These migrants have been making significant financial contributions to their families in their places of origin," it said. The report further stated that in the last five years, the overall productivity growth has remained relatively stagnant between 9.4 per cent to 9.9 per cent. This slow growth in productivity manifests in low wage growth, it said. It also cautioned the policymakers of such slower productivity growth as it could cause over-borrowing by corporations and households and this can create a big risk to economies and fiscal systems. (With inputs from agencies)

Financial year 2020 to see fewer jobs compared to 2019: SBI report

India has retained the tag of fastest growing economy in the January-March quarter, with its Gross Domestic Product (GDP) clocking an impressive 7.7 per cent growth rate as against 5.6 per cent, 6.3 per cent and 7.0 per cent respectively, in the first three quarters of 2017-18.

According to government data released on Thursday evening, India surpassed China's growth of 6.8 per cent in the January to March quarter..

Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction sectors (11.5%) contributed to the overall growth, according to the government data.

The growth forecast for the coming financial year is however tapered down to 6.7 per cent. At the sectoral level, the growth rate for agriculture & allied sectors, industry and services sectors for the year 2017-18 are estimated at 3.4 per cent, 5.5 per cent, and 7.9 per cent respectively.

Thursday's data is likely to be a welcomed by Prime Minister Narendra Modi, who is set to seek a second term next year.

To help businesses tide over multiple taxation, his government launched a nation-wide goods and services tax but a widely-criticised implementation of the GST nearly scuttled India's growth prospects in the near term.

"Seems like we have moved beyond the teething troubles related to GST implementation," said Tushar Arora, a senior economist at HDFC Bank. "The pick-up in investment activity is also a good sign."

The faster pace of growth in the latest quarter might also strengthen expectations for a rate hike by the Indian central bank when it reviews monetary policy next week.

The growth forecast for the coming financial year is however tapered down to 6.7 per cent.

India has retained the tag of fastest growing economy in the January-March quarter, with its Gross Domestic Product (GDP) clocking an impressive 7.7 per cent growth rate as against 5.6 per cent, 6.3 per cent and 7.0 per cent respectively, in the first three quarters of 2017-18. According to government data released on Thursday evening, India surpassed China's growth of 6.8 per cent in the January to March quarter.. Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction sectors (11.5%) contributed to the overall growth, according to the government data. The growth forecast for the coming financial year is however tapered down to 6.7 per cent. At the sectoral level, the growth rate for agriculture & allied sectors, industry and services sectors for the year 2017-18 are estimated at 3.4 per cent, 5.5 per cent, and 7.9 per cent respectively. Thursday's data is likely to be a welcomed by Prime Minister Narendra Modi, who is set to seek a second term next year. To help businesses tide over multiple taxation, his government launched a nation-wide goods and services tax but a widely-criticised implementation of the GST nearly scuttled India's growth prospects in the near term. "Seems like we have moved beyond the teething troubles related to GST implementation," said Tushar Arora, a senior economist at HDFC Bank. "The pick-up in investment activity is also a good sign." The faster pace of growth in the latest quarter might also strengthen expectations for a rate hike by the Indian central bank when it reviews monetary policy next week.

India fastest growing economy now with 7.7 per cent GDP growth rate

The Nepal government on Tuesday unveiled the first federal budget of Rs 1.31 trillion for fiscal year 2018-19 at the Federal-Parliament.

According to Nepal Finance Minister Yubaraj Khatiwada, the government aims to collect Rs 8 trillion from revenues in the upcoming fiscal year and Rs 202 billion from foreign aid, Kathmandu Post reported.

Nepal's Finance Minister today presented the first federal budget of the Himalayan nation after completing the three-tier elections held simultaneously in the year of 2017.

The economic growth presumed by Finance Minister is hard to meet without increasing the tax levied on the public, the experts had projected.

Two days before presenting the budget for the upcoming fiscal year, the Finance Minister also stated that the budget deficit of the Himalayan Nation is expected to grow by 10.4 percent. Though Nepal unveils its budget every year, hardly 50 percent of the total allocated budget is spent over the title it is less spent and is freeze over.

There is a provision to unveil Nepal's budget for the next fiscal year on May 29.&nbsp;

According to Nepal Finance Minister Yubaraj Khatiwada, the government aims to collect Rs 8 trillion from revenues in the upcoming fiscal year and Rs 202 billion from foreign aid

The Nepal government on Tuesday unveiled the first federal budget of Rs 1.31 trillion for fiscal year 2018-19 at the Federal-Parliament. According to Nepal Finance Minister Yubaraj Khatiwada, the government aims to collect Rs 8 trillion from revenues in the upcoming fiscal year and Rs 202 billion from foreign aid, Kathmandu Post reported. Nepal's Finance Minister today presented the first federal budget of the Himalayan nation after completing the three-tier elections held simultaneously in the year of 2017. The economic growth presumed by Finance Minister is hard to meet without increasing the tax levied on the public, the experts had projected. Two days before presenting the budget for the upcoming fiscal year, the Finance Minister also stated that the budget deficit of the Himalayan Nation is expected to grow by 10.4 percent. Though Nepal unveils its budget every year, hardly 50 percent of the total allocated budget is spent over the title it is less spent and is freeze over. There is a provision to unveil Nepal's budget for the next fiscal year on May 29.

Nepal unveils Rs 1.31 trillion budget for fiscal year 2018/19

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