Page 12 - Economic Growth

India's economic growth an example for many Brics nations, says Putin

Russian President Vladimir Putin on Wednesday lauded India's economic growth, saying the country serves as an example for many BRICS nations. Putin made the remarks in his address at the 16th BRICS Summit in the Russian city of Kazan, where he thanked Prime Minister Narendra Modi for his participation in the three-day summit. "All of us talk about the need to ensure high economic growth rates; you (Modi) manage to do this successfully," Putin was quoted as saying by the state-run TASS news agency. "We congratulate you on these results 7.5% growth; this is an example for many of us, he noted. Thank you for your initiatives, Putin added. India's economy is expected to be 7 per cent this year and 6.5 per cent in 2025. BRICS, consisting of Brazil, Russia, India, China and South Africa, has now expanded with five additional members - Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. Putin's remarks came as a senior official from the International Monetary Fund said that India remains

Robust domestic engines supporting India's growth outlook: RBI Bulletin

India's growth outlook is supported by robust domestic engines and private investment showing some encouraging signs despite geopolitical tensions, the Reserve Bank's October Bulletin said on Monday. The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending. Stable growth momentum amid monetary policy easing is becoming the prevailing theme across most economies, according to an article on 'State of the Economy' published in the Bulletin. "In spite of geopolitical tensions, India's growth outlook is supported by robust domestic engines," it said. It also noted that some high-frequency indicators have, however, shown a slackening of momentum in the second quarter of 2024-25, partly attributable to idiosyncratic factors like unusually heavy rains in August and September. "Looking ahead, private investment is showing some encouraging signs in terms of lead indicators while consumption spending is shaping up for a festival

GST collection falls, exports drop: Is India's economic growth slowing?

The index of industrial production (IIP), which tracks the output of eight core industries, such as coal, oil, and electricity, was negative in August for the first time in three years

Wedding industry holds potential to push economic growth: Tourism minister

The wedding industry in India holds immense potential and is poised to become a key driver to push the economic growth, Tourism Minister Gajendra Singh Shekhawat said on Friday. He was addressing a gathering after inaugurating the 1st Wedding Tourism Summit & Expo hosted here by the PHD Chamber of Commerce and Industry (PHDCCI). Age-wise, about 54 per cent of India's population is under 30 years. And a large part of household income is spent on weddings, the minister said. "And, if we consider those aged 25 and under, about 68 crore people in India are eligible to get married in the next few years, creating huge potential for the wedding industry," Shekhawat was quoted as saying in a statement issued by the PHDCCI. The wedding industry in the country holds huge potential and is set to become an important driver of economic growth, the minister said. "If we combine tourism with the wedding industry and leverage existing infrastructure, we can multiply this sector's growth ...

Economic activity shows dynamism but at moderated pace in Q2: NCAER-NSE

Economic activity continued to show dynamism in the second quarter of 2024-25, though at a moderated pace, according to the NCAER-NSE Business Expectations Survey. The survey said after improving for two consecutive quarters, business sentiments moderated in the second quarter of 2024-25 (134.3) compared to the first quarter (149.8) as well as the corresponding quarter of 2023-24 (140.7). "While all four components of the Business Confidence Index (BCI) experienced slight moderation in sentiments between the first and second quarters of 202425, the percentage share of positive responses remained well above 50 per cent, signalling continued economic dynamism, " said the survey. In the second quarter, 62.1 per cent of firms expected that overall economic conditions would improve in the next six months, while 58.0 per cent expected their financial positions to improve during the same period. The capacity utilisation was close to or above optimal level' for 96.3 per cent of the surveye

India's growth rate among shiniest parts in world economy: Ajay Banga

India's growth rate is the shiniest part in the global economy, World Bank president Ajay Banga said on Thursday, noting that a lot of this is driven by the domestic market. There is no doubt that India's growth rate is among the shiniest parts in the world economy. I think being able to grow at six, seven per cent and more in this kind of environment shows you that they've done a number of things to get there, Banga told reporters ahead of next week's annual meeting of the World Bank and the International Monetary Fund. A lot of that growth is in India, is driven by the domestic market as well, which actually is a healthy sign, in some ways. What India needs to work on as the prime minister laid out is things on quality of life, like air and the quality of water and the like, he said. We are actively engaged with them on a number of topics to do with these, and I think we will see more results of those coming out in the coming months in terms of projects, Banga said in response to

India's trade with Africa may take a hit if Iran-Israel conflict widens

The commerce department is closely tracking the conflict between Iran and Israel and any development related to the same is under its radar

India growth, population to grow demand for carbon-intensive goods: Moody's

Moody's Ratings on Thursday said India has made rapid progress building its renewables capacity, but its fast-growing economy and expanding population will drive up carbon-intensive product demand. Moody's expects India to remain one of the fastest growing economies in the world with real GDP growing 7.2 per cent in 2024 and 6.6 per cent in 2025. The country is likely to sustain similarly high rates of growth over the next decade, it said. "With a rising population and industrialization, this will drive higher energy needs. Increasing household incomes will also bolster demand for energy-intensive products such as automobiles," Moody's Ratings said. India's share of global greenhouse gas (GHG) emissions increased to 7.5 per cent in 2022, from 6.7 per cent in 2019. The government's ability to attract private investment and address negative spillovers from decarbonization, including job losses in legacy industries, will determine whether India's credit exposure to carbon transition

ECB set for second straight rate cut as euro zone economy stagnates

A quarter-point cut on Thursday would lower the rate that the ECB pays on banks' deposits to 3.25 per cent and money markets almost fully price in three further reductions through next March

Viksit@2047: Achieving India's vision needs focus on core priorities

India's ambition may seem out of reach, but two and a half decades provide ample time to prepare- if it gets its focus right

Tata Group plans to generate 500,000 jobs in 5 years: N Chandrasekaran

He mentioned that the country has growth momentum and per capita incomes are rising

Preserving heritage: PM Modi invites ideas for Lothal's maritime complex

The National Maritime Heritage Complex will revive ancient Lothal as a mini-replica of the historic dock city. At the heart of this complex will be an iconic 77-metre lighthouse museum

Small is not beautiful: India's bias against large factories is damaging

Recent work by economist Arvind Subramanian and others, recently summarised in this newspaper last week, shows the problem is even worse than the ASI data suggests

A revival in China? Recent govt stimulus fails to address deeper issues

The Chinese government has a philosophy of control which extends into macroeconomics

India's economic growth faces two major risks and two key challenges

Having successfully tackled internal economic instability, it now faces external threats to growth

China announces more support for economy, holds back on spending package

China's economic planning agency outlined details of measures aimed at boosting the economy on Tuesday but refrained from major spending initiatives. The piecemeal nature of the plans announced Tuesday appeared to disappoint investors who were hoping for bolder moves, and Shanghai's benchmark gave up a 10 per cent initial gain as markets reopened after a weeklong holiday to trade just 3 per cent higher. The head of the National Development and Reform Commission said the government will frontload 100 billion Yuan (USD 14.1 billion) in spending from the government's budget for 2025 in addition to another 100 billion Yuan for construction projects. The scale of spending overall was well below the multi-trillion Yuan levels that analysts said might be expected. The NDRC's chairman, Zheng Shanjie, said China was still on track to attain its full-year economic growth target of around 5 per cent. But he acknowledged the economy faces difficulties and an increasingly more complex and extre

RBI monetary policy preview: Expecting more nimble and prudent guidance

CPI-based inflation is expected to broadly align near the RBI's projection of 4.5% in 2024-25, despite perishable food price shock due to repeated weather aberrations

Committed to structural reforms in third term, says PM Narendra Modi

Modi confident India will continue to grow at more than 7%

CM Naidu calls for 15% growth target, slams previous govt's policies

Naidu further stated that the government's primary responsibility is not only to provide welfare measures but also to increase the incomes of the people

Monetary policy needs recalibration due to domestic reasons, not the Fed

Early reports suggest softer consumer demand at the beginning of the festive season, with discounts and incentives offered by automakers and online platforms to boost sales and clear inventory