Page 16 - Economic Growth

Only INDIA bloc can deliver more inclusive economic growth, says Congress

Stepping up its attack on Prime Minister Narendra Modi over his 'redistribution of wealth' remark, the Congress on Tuesday said he will never tell people that more than 40 per cent of the wealth created in the country from 2012 to 2021 has gone to just one per cent of the population, and asserted that only an INDIA bloc government can deliver a vastly more inclusive economic growth. At a rally in Rajasthan on Sunday, Modi had said that if the Congress came to power, it would redistribute the wealth of people to "infiltrators" and those who have more children, and cited former PM Manmohan Singh's remark that the minority community had the first claim on the country's resources. The Congress has hit back at Prime Minister Modi over his remarks targeting the party, saying after facing "disappointment" in the first phase of Lok Sabha polls, the PM has now resorted to "lies" and "hate speech" to divert people from the real issues. Congress general secretary Jairam Ramesh on Tuesday said

Sustained growth of 7% feasible for India: RBI MPC member Shashanka Bhide

Sustaining the economic growth momentum of 7 per cent in 2024-25 and beyond is feasible on the back of favorable monsoon, higher farm productivity and improved global trade, RBI Monetary Policy Committee (MPC) member Shashanka Bhide said on Monday. During 2023-24, the economy is likely to record a growth rate of near 8 per cent on account of good performance of manufacturing and infrastructure sectors. "(India's economic) Growth in the current year is likely to be supported by agriculture with a favourable monsoon and improved global trade. Sustaining the growth momentum of 7 per cent seems feasible," he told PTI. Bhide further said that in the long-term, the need for productivity improvements will remain the key factor to achieve food price stability. Asked what are some of the headwinds he is wary of, Bhide said one area of concern is the global environment. "The slow pace of recovery in global demand on one hand and supply chain disruptions on the other hand... if the ongoing .

Lower-middle-income trap

Without structural transformation in India's workforce, growth will necessarily sputter in the future

The case of apprentices: Why apprenticeship has not taken off in India

A recent report by the ILO on the employment situation in India says the country remains poised to reap its demographic dividend for at least another decade

Snatching decline from the jaws of growth

If enforced, the law of Standing Orders will bureaucratise India's most dynamic sector

India will be $34.7 trn economy by 2047; per capita to be $21k: PHDCCI

The report said that the share of agriculture in total GDP would come down to 12% in FY47

Indian economy projected to grow 6.5% in 2024, suggests UNCTAD report

India's economy is projected to grow by 6.5 per cent in 2024, according to a report by the UN which noted that multinationals extending their manufacturing processes into the country to diversify their supply chains will have a positive impact on Indian exports. UN Trade and Development (UNCTAD) in its report released on Tuesday said that India grew by 6.7 per cent in 2023 and is expected to expand by 6.5 per cent in 2024, continuing to be the fastest-growing major economy in the world. The expansion in 2023 was driven by strong public investment outlays as well as the vitality of the services sector which benefited from robust local demand for consumer services and firm external demand for the country's business services exports, the report said, adding that these factors are expected to continue to support growth in India in 2024. The report also noted the increasing focus by multinationals on India as a manufacturing base as they diversify their supply chains, a reference to ...

Treasury Secy Yellen says US working to mitigate risks to global economy

In remarks prepared for a news conference, Yellen said the U.S. labor market was remarkably healthy and inflation was down significantly from its peak, although there was more work to do

Priority for human development

The Union government should allow federalism to function more effectively if it wishes to push human development

There is another way

Strong, decisive rule is not the only way to effectiveness. Our experience since 1991 shows diffused economic and political power can deliver the goods even better

Centre appoints Manoj Panda as member of 16th Finance Commission

Panda's research areas span monitoring and analysis of macro-economic trends and prospects, evaluation of alternative trade and fiscal policy options from the point of view of growth and distribution

Asean finance leaders points challenges from geopolitics, volatile prices

Southeast Asian economies are gaining ground as tourism and exports recover from the shocks of the pandemic, but geopolitical tensions and volatile commodity prices still pose serious risks, regional financial leaders said on Friday. Laos' Finance Minister Santiphab Phomvihane read out a joint statement following meetings among finance ministers at a hotel in the Laotian city of Luang Prabang, a UNESCO heritage site, but he made no other remarks and took no questions. Estimates for economic growth in members of the 10-nation Association of Southeast Asian Nations vary but are generally near a robust 5 per cent for 2024. Nevertheless, there are still challenges due to adverse financial spillovers from geopolitical tensions, volatility in global commodity prices, Phomvihane said, also pointing to climate change, aging populations and rapid development of digitalization as key factors for the region. He did not elaborate, but the repercussions of the war in Ukraine and tensions betwee

Can Europe's economy exceed expectations in 2024?

Despite stabilising the United Kingdom, Prime Minister Rishi Sunak is hindered by the widespread perception that he is a lame duck

PM Modi sets ambitious India economic goals for probable third term

For the next six years, Modi's goal is to raise per capita income to $4,418 from around $2,500, the document says, without specifying the spending or reforms needed to achieve that

Will RBI change focus to growth after PM Narendra Modi's speech?

While the central bank has not hiked the repo rate for more than a year now, but it has refused to drop the guard on inflation even if core inflation has moderated

World Bank lifts India's economic growth forecast for FY25 to 6.6%

Cautions that South Asia Risks "Squandering" Its Demographic Dividend

FY25 likely to witness close to 7% economic growth, but risks remain

Finance Minister Nirmala Sitharaman at the Business Standard Manthan said the high capex growth needs to be maintained to meet growth targets

Key indicators suggest economy remains buoyant at end of FY24: NCAER

Indian economy shows resilience with PMI growth, strong GST collections, and bank credit growth

Need to cut our expenditures, take Pak towards self-reliance: PM Shehbaz

Pakistan Prime Minister Shehbaz Sharif on Saturday vowed to transform the country's economic landscape as he said he has shared the broad parameters of a five-year plan with all the ministries, the state media reported. Sharif, who earlier this month took oath as the prime minister for a second time since 2022 amidst staggering economic and security challenges, chaired a Cabinet meeting in which he shared the five-year plan with all the ministries specifying their targets, reported Radio Pakistan. He emphasised that the ministries would have to devise strategies to achieve these targets and the progress would be reviewed regularly. We have to cut our expenditures and take the country towards self-reliance, he said. Expressing determination to uplift various sectors such as agriculture and information technology, Sharif said We have to take the country on the growth trajectory and create employment opportunities. He was confident that the Ministry of Commerce would take the requisit

GDP set to grow at least 8% in Jan-March quarter: FM Nirmala Sitharaman

Country's economy is projected to grow at 7.6% in the current fiscal year to March 31, according to the latest government estimates