What is 'Gross Domestic Product'

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• India has room to cut borrowings by Rs 50,000-75,000 cr in FY25 budget: Axis Bank treasurerUNION BUDGET EXPECTATIONS: India may reduce its current year's gross market borrowings in the final budget next week due to a higher-than-expected central bank surplus transfer and strong revenue collections. Axis Bank's treasury head, Neeraj Gambhir, suggests borrowing could decrease by 500-750 billion rupees ($6-9 billion), with a potential 20-basis-point reduction in the deficit target.
• Direct tax mopup 20% bigger in FY25 on income tax boostDirect tax collections have seen a significant increase of nearly 20% to ₹5.74 lakh crore in FY25 so far, with personal income tax flows driving the surge. The government may have more fiscal flexibility in the upcoming budget presentation. Corporate profits are also on the rise, reflected in the advance tax collections. These positive trends could impact the fiscal deficit in the budget for this fiscal year.
• UK economy grew by more than expected in May, helped by house-buildingBritain's economic output increased by 0.4% in May, a higher than expected increase, largely due to a surge in housing construction. The Office for National Statistics data showed a broad-based increase in services, manufacturing, and construction industries, with the housing sector contributing to a 1.9% increase. The economy expanded by 0.9% over the three months to May, the strongest since January 2022.
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• India will fail to plug jobs gap even with 7% growth, says CitiThe quality of jobs being created in India is another challenge, the economists said. An analysis of the official data showed about 46% of the workforce is still employed in agriculture, even though the sector contributes less than 20% to gross domestic product.
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• US weekly jobless claims drift lowerInitial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 233,000 for the week ended June 22, the Labor Department said on Thursday. The claims data included last Wednesday's Juneteenth National Independence Day, a new holiday. Claims tend to be volatile around public holidays.