Page 14 - Economic Growth

Amid Ukraine war, Russia upgraded to 'high-income' nation; here's why

Thriving in a war economy: Amid heavy sanctions, Russia's economy defied expectations, achieving a high-income status for the first time since 2014, according to the World Bank

China's Communist Party's 3rd Plenum begins key meet stem economic slowdown

China's ruling Communist Party is starting a four-day meeting Monday that is expected to lay out a strategy for self-sufficient economic growth in an era of heightened national security concerns and restrictions on access to American technology. While the meeting typically focuses on such long-term issues, business owners and investors will also be watching to see if the party announces any immediate measures to try to counter a prolonged real estate downturn and persistent malaise that has suppressed China's post-COVID-19 recovery. There's a lot of unclarity of policy direction in China, which is weighing on consumer and investor confidence, said Bert Hofman, the former World Bank country director for China and a professor at the National University of Singapore. This is a point in time where China needs to show its cards. Economic growth slowed to 4.7% on an annual basis in the April to June quarter, the government reported Monday. The outcome of the meeting will send a message t

China's Communist Party to unveil new reforms to halt economic slowdown

China's ruling Communist Party headed by President Xi Jinping will begin its four-day key economic review meeting on Monday to finalise a new set of economic reforms to revitalise the country's economy hamstrung by the persistent slowdown that has sparked concerns at home and abroad. The meeting called the third Plenum to be attended by 376 full and alternate members of the Communist Party of China (CPC) Central Committee will meet from Monday to Thursday to primarily examine issues related to comprehensively deepening reforms and advancing Chinese modernisation, according to an official announcement earlier. The meeting to be presided over by President Xi who also heads the party aroused global attention as the world's second-largest economy worth USD 18 trillion was unable to shake off its slowdown mode, especially after the COVID-19 lockdowns. The party's powerful Politburo presided over by Xi finalised the draft for the discussion at the Plenum, CPC's top economic policy body on

India to clock GDP growth of 7% in FY25: NITI Aayog member Arvind Virmani

The Indian economy will grow around 7 per cent in the current fiscal year and is on track to maintain a similar growth rate for several years, NITI Aayog member Arvind Virmani said on Friday. Virmani said there are new challenges facing the country and they will have to be dealt with. "Indian economy will grow at 7 per cent plus minus point 0.5 per cent... I expect that we are on track to grow at 7 per cent for several years from today," he told PTI in an interview. Last month, the Reserve Bank of India (RBI) pegged the FY25 gross domestic product (GDP) growth rate at 7.2 per cent. Responding to a question on the decline in private consumption expenditures in the last fiscal year, Virmani said it is actually recovering now. "The effect of the pandemic was to draw down savings... and very different from previous financial shocks," he said. Explaining further, Virmani said it is like what he calls a double drought situation. "We also had, of course, El Nino last year, but what the

Rajasthan budget: Rs 15k cr for tap water, greenfield expressways. Updates

Rajasthan Finance Minister Diya Kumari proposed Rs 27,000 crore for the health sector and said that bio pink toilets will be built for women

India will be superpower by 2047, but not high-income economy: Martin Wolf

He added that India's size gives It the resources to diversify and upgrade the economy overtime and can become a magnet for FDI

JSW Energy plans Rs 15,000 crore capex in FY25, says Sajjan Jindal

JSW Energy Chairman & Managing Director Sajjan Jindal on Friday said the company has planned a capital expenditure of Rs 15,000 crore during the current fiscal year. In his address to shareholders at the annual general meeting, he said, the company intends to spend around Rs 1,15,000 crore to reach the goal of 20 GW generation and 40 GWh storage under 'Strategy 2.0'. He further said the company's plan is to spend approximately Rs 15,000 crore in current fiscal year and it is also actively scouting for acquisition opportunities in the power sector. The company is on track to commission ongoing projects for power generation, battery storage and green hydrogen production, it said. The growth capital secured through the recently completed QIP (qualified institutional placement) strategically positions the company to accelerate the execution of returns accretive growth plans, he noted. In April 2024, JSW Energy had raised Rs 5,000 crore of equity through a QIP issue to build a war ...

Tier-II,-III cities can contribute to Karnataka's economic growth: CII

The 'Beyond Bengaluru' initiative is expected to empower Tier-II and Tier-III cities by enhancing the ease of doing business, implementing skilling programmes, and promoting energy efficiency

Sustainable development

The recent report showed mixed results

Budget must signal change

It needs to move beyond headline GDP to prioritise job creation and alleviating rural distress

Is India's economic growth really weak and could a repo rate cut boost it?

An external member of the MPC highlighted that India's economic growth is below potential, with weak consumption contributing to the slowdown

A new agenda for great power status

India needs to recalibrate its economic approach, focusing on trade, manufacturing, and the informal economy

German business sentiment unexpectedly darkens in June: Ifo Institute

The Ifo institute said its business climate index declined to 88.6 in June from 89.3 in May, compared with a reading of 89.7 forecast by analysts

'Too high real repo rate could have adverse effects on demand, supply'

Repo rate cannot affect food prices. So, keeping it above equilibrium will not lead to faster disinflation. A positive real repo rate is adequate to anchor inflation expectations, says Ashima Goyal

Entrepreneurship a viable path to economic rejuvenation: TAC Security head

Entrepreneurship presents a viable path to economic rejuvenation and a thriving entrepreneurial ecosystem can drive sustainable growth, leading cybersecurity major TAC Security founder Trishneet Arora has said. Arora believes that fostering a culture of entrepreneurship can be the key to revitalizing Punjab's economy and addressing its financial woes and the path to Punjab's prosperity lies in collaboration between entrepreneurs and the government. He envisions a synergistic relationship where the government provides the necessary infrastructure and policy support, while entrepreneurs drive innovation and growth. This partnership can create a conducive environment for businesses to thrive, ultimately benefiting the state's economy, he said. "Technology and AI have the potential to revolutionize farming in Punjab by enhancing productivity, reducing costs, and ensuring sustainable agricultural practices," Arora said. TAC Security is listed on the National Stock Exchange (NSE) and ha

MSMEs: The nuances beyond financial parameters

With the new government, the hope for a new gambit for MSMEs is a pressing priority at the moment, and any move is welcome in the wake of World MSME Day to be celebrated on June 27

Trend upshift in growth post pandemic, rises to 8% in 2021-24: RBI report

Strong revival in pvt investment imp for growth

Adani terms Cong 1991 reforms as runway, Modi's tenure as economic take-off

"If the period between 1991 and 2014 was about putting down the foundations and building the runway, the period from 2014 to 2024 has been about the aircraft taking off," Adani said

US Senators and corporate world bat for stronger India-US relationship

Two influential American Senators along with leaders from the corporate world have called for strengthening ties with India, including in the defence sector. We want India and the United States to be the very best of friends with the deepest relationships, Senator Steve Daines said on Monday. He was speaking at a fireside between John Chambers and Senator Dan Sullivan during the annual Leadership Summit of the US India Strategic and Partnership Forum (USISPF). I think globally it's so important here that we have clarity around who the good guys are and how we want to perpetuate these relationships and strengthen relationships. And the good guys are the United States and India, the Senator from Montana said. China is watching what we are doing with India, Daines said. Senator Dan Sullivan said a lot of these countries are motivated by historical grievances. "I think this... new era, it's really a return to the era of authoritarian aggression, is going to be with us for years and ..

India to remain fastest growing Asia-Pacific economy, says Moody's

The report also noted that India, Indonesia, and the Philippines were the key growth outperformers in the first half of the year 2024