New Delhi: Figures for advance tax payments by corporates have declined - another clear indication that the economic slowdown has consolidated its grip on corporate India.
According to sources, corporate bigwig Reliance Industries paid Rs 370 crore against Rs 443 crore - Rs 73 crore less than what it paid last year.
Tata Steel paid Rs 230 crore against a payment of Rs 300 crore last year.
However, IT major Infosys however paid the same amount of Rs 150 crore against last quarter another trend.
Public Sector Units outdid the private sector companies this year. Bank of India paid Rs 590 crore against Rs 191 crore against last year as did Bank of Baroda that paid higher Advance Tax at Rs 280 crore against Rs 220 crore.
Here's another gloomy forecast on India's economic growth. The Centre for Monitoring the Indian Economy (CMIE) has cut India's GDP forecast for the financial year 2008-2009.
CMIE, a private monitoring body, now says the economy will register a 7.1 per cent growth against 7.4 per cent it had projected earlier.
The forecast is still in line with the government projection.
The monitoring body also believes that India will register just 5.6 per cent growth in the April-June quarter of 2009-2010.
It however expects the year to end with a modest seven per cent growth.
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