Page 19 - Economic Growth

India needs to grow at rapid rates to become $35 trn economy by 2047: Kant

India will be the third largest economy by 2027 and it needs to grow at rapid rates to become a USD 35 trillion economy by 2047, the country's G20 Sherpa Amitabh Kant said on Wednesday. Addressing an event organised by the All India Management Association, Kant further said that India needs to grow at 9-10 per cent year after year for the next three decades. "India will be the third largest economy by 2027. And now that Japan, the United Kingdom and Germany are all in the recession phase, we should be able to do it much quicker and much faster," he said. Currently, India is the fifth largest economy and the size of the Indian economy would be about USD 3.6 trillion by March 31, 2024 in nominal terms. "And it is important to be ambitious to make India grow at rapid rates and be USD 35 trillion economy by 2047," Kant added. He noted that India has come a long way from the time when it had faced balance sheet problems. Kant pointed out that unlike the West, where all innovation came

Digital public infra contributes 0.9% to GDP, to triple by 2030: Nasscom

Digital public infrastructures like Aadhaar, UPI and FASTag generated a value of USD 31.8 billion in 2022, contributing 0.9 per cent to India's GDP, and the contribution is projected to increase 2.9-4.2 per cent by 2030, industry body Nasscom said in a report. The Nasscom-Arthur D. Little report titled 'Digital Public Infrastructure of India - Accelerating India's Digital Inclusion' said that Indian DPIs' foundational layers are based on transparency and trust, which promotes paperless transactions, reduces bureaucracy, and advances the concept of digital identity and document management. The report said that mature DPIs such as Aadhaar, UPI (Unified Payments Interface), and FASTag have witnessed exponential adoption by 2022, and the next 7-8 years offer an opportunity for further scalability, reaching even the most remote segments of the population. "By 2030, adoption across matured and budding DPIs has the potential to scale up. The economic value add of these DPIs by 2030 has the

Growth sans 'big bang' reforms

India's economic resilience shows incremental reforms are more effective

We are more federal than UPA, says NDA government's White Paper

The transfer of these resources to states constituted 3.36 per cent of gross domestic product (GDP) during UPA rule against 4.24 per cent during NDA rule so far

OECD marginally raises India's GDP growth forecast to 6.2% for FY25

For FY26, OECD has kept its growth forecast for India unchanged at 6.5 per cent

Kerala to see Rs 3 trn investment in three years: State FM K N Balagopal

The budget has estimated the revenue for the financial year at Rs 1,38,655 crore and expenditure of Rs 1,84,327 crore

Nearly Rs 41,000 crore unspent from govt's Rs 1.97 trillion PLI fund

This means that 80 per cent of the total allocated amount or Rs 1.56 lakh crore will be used to pay incentives to companies eligible to claim benefits over the next few years

Best of BS Opinion: The inside story of two U-turns, Bopanna & more

Here is the best of Business Standard's opinion pieces for today

60% may shift to new tax regime in FY24: CBDT chairman Nitin Gupta

'No extension of concessional corporation tax rate for new manufacturing units'

We're on course to reaching inflation target of 4% in FY25: CEA Nageswaran

Our potential growth rate is somewhere between 6.5 and 6.8 per cent and it is not 6 per cent as the international agencies used to estimate, he says

Tax buoyancy cannot continue year after year, says DEA secy Ajay Seth

Economic Affairs Secretary Ajay Seth spoke on the government's thinking behind the major budget projections and the fiscal math

Don't count on a soft landing for the global economy

Despite the relatively buoyant consensus, recent developments suggest that the risks to global growth are still tilted to the downside

Interim Budget 2024-25: Strong foundation towards 'Viksit Bharat'

The cornerstone of this Budget is a commitment to foster global competitiveness among Indian enterprises, attract foreign investments, and bolster startups and innovation-driven ecosystems

Interim Budget 2024: India's economic future bright, in capable hands

While the IMF estimates the Indian economy to grow at 6.7 per cent in 2023-24, there is no other comparable economy that is growing as rapidly as India

Europe's economic blahs drag on with zero growth at end of last year

Europe's economy failed to expand at the end of 2023, with the stagnation now lasting for more than a year amid higher energy prices, costlier credit and lagging growth in powerhouse Germany. Zero economic growth for the October-to-December period of last year follows a 0.1 per cent contraction in the three months before that, according to figures released on Tuesday by EU statistics agency Eurostat. That extends a miserable run of economic blahs: The 20 countries that use the euro currency have not shown significant growth since the third quarter of 2022, when the economy grew 0.5 per cent. And the start of this year looks no better, with indicators of business activity still flashing red for contraction. Plus, disruptions to shipping in the Red Sea have constricted global trade through the Suez Canal, a major route between Asia and Europe, surging shipping costs and threatening to boost inflation. The eurozone is still struggling to find a bottom, said Holger Schmieding, chief ..

FY25 likely to see 7% growth: Finance ministry ahead of Interim Budget

Review report flags elevated risk of geopolitical conflicts only area of concern

Landscaping growth with tech

Technology-based planning could unlock trillions in economic activity

India most-trusted; world should consider trust-shoring for doing biz: Min

Asserting that Prime Minister Narendra Modi has made India the most-trusted country for the world, senior Union minister Ashwini Vaishnaw on Thursday said global businesses should consider "trust-shoring" to reap benefits of the resilience and steady high growth of the Indian economy. In an extensive interview to PTI here at the World Economic Forum Annual Meeting 2024, Vaishnaw said India will deliver 6-8 per cent economic growth for at least 10 years, given the strong foundation laid by Prime Minister Modi and there will be opportunities for everyone across all sectors. "In my meetings with business leaders, investment bankers, tech CEOs and other leaders, one common factor that has come out very clearly is the resilience of the Indian economy and people want to know more about it. "People want to know in deep about Prime Minister Narendra Modi's policies. I had discussions with several top investment bankers and global CEOs on how PM Modi has given a stability and resilience to t

India insurance sector growth pegged at 7.1% in 2024-28: Swiss Re

The expanding economy, growing middle class, innovation and regulatory support are driving the insurance market growth in India

Economic optimism doubles but tech, climate pressures accelerate: Survey

The proportion of CEOs who believe global economic growth will improve over the next 12 months has more than doubled since last year, the annual PwC Global CEO Survey showed on Monday. The survey, released on the first day of the World Economic Forum Annual Meeting here, also showed that almost half of CEOs do not believe their businesses will be viable in a decade amid acceleration of technology and climate pressures. The survey, which interviewed over 4,700 CEOs across 105 countries and territories, found that 38 per cent of CEOs are optimistic about global economic growth prospects in the next one year, up from 18 per cent in 2023. CEOs' expectations of economic decline have also tumbled from a record high of 73 per cent in the 2023 survey to 45 per cent. Despite ongoing conflicts, the proportion of CEOs who felt their company is highly or extremely exposed to geopolitical conflict risk fell 7 percentage points to 18 per cent. CEOs in most regions of the world were found to be