Page 22 - Economic Growth

Oil prices up 1.5% as Saudi Arabia and Russia stick to supply cuts

Oil was rebounding after both benchmarks lost about 6 per cent in the week to November 3

Southeast Asia woos Indians with more flight seats and free visas

What was striking about Q3 2023 was that the number of airline seats between China and southeast Asia was 53 per cent of the 2019 levels, or 4.24 million seats

CEA V Ananatha Nageswaran sees RBI holding fire if US Fed hikes rate again

The Federal Reserve left interest rates unchanged on Wednesday while still keeping alive the possibility of more hikes given inflation remains above its 2 per cent target and economic growth is strong

BS BFSI Summit: Q2 GDP numbers likely to surprise on upside, says RBI's Das

The RBI has projected a GDP growth rate of 6.5 per cent for July-September while growth for 2023-24 too is seen at 6.5 per cent

Conflicts and macro threaten India's firewalls

Policy agility, prudence, and resilience will be key for sustained growth in a rapidly changing global landscape

Sustainable finance will foster economic growth: Deputy Guv Swaminathan J

He said that lenders need to go beyond mere compliance and must imbue the organisation's practices with sustainable finance principles in order to foster a culture of financial inclusion

India's core sector output touches 14-month high of 12.1% in August

In August last year, the core sector had grown by 4.2 per cent

India to hold top spot for growth but risks to downside remain: Poll

Forecasts for this fiscal year ranged widely from 4.6 per cent to 7.1 per cent

Through the economic data fog

The picture of the Indian economy is one of near stagnation between 2011 and 2020, a massive bounce-back in the immediate post-pandemic period, and now muted growth

Employment challenge

Economic growth is not creating jobs

India slips one notch to 87th out of 165 nations on economic freedom index

India has fallen one notch to the 87th position out of 165 countries on the economic freedom index, according to a report released on Thursday. The country was at the 86th spot in previous year's rankings. The 'Economic Freedom of the World: 2021 Annual Report' by Canada's Fraser Institute has been released in India in conjunction with New Delhi-based think tank Centre For Civil Society. "From 1980 to now, India's rating has gone up considerably, from 4.90 to 6.62 but, our rank has fallen. This means while India is improving considerably in absolute terms but is not doing enough relative to other countries," it said. However, in South Asia, India is doing pretty well, as per the report. India reported marginal increase in the size of government (7.64 from 7.57) and and regulation of credit, labour and business (5.98 from 5.96), while it was down slightly in legal system and property rights (5.29 from 5.3) and freedom to trade internationally (6.19 from 6.27). A score closer to 10

Growth needs more electricity

Many states need a new electricity policy that can support high economic growth

Jobs more likely to be augmented than destroyed with Gen AI: ILO D-G

The latest ILO data highlights India's significant progress in enhancing social protection, says Gilbert F Houngbo, director-general, ILO

Europe's economic outlook worsens as high prices plague consumers

The European Union has lowered its forecast for economic growth this year and next, saying inflation is taking a heavy toll on people's willingness to spend in shops while higher interest rates are sharply restricting the credit needed for investment and purchases. The revised forecast Monday from the European Commission, the EU's executive arm, comes as fears of recession grow and as the European Central Bank faces a key decision this week on whether to keep raising rates, which are aimed at getting inflation under control. The 20 countries that use the euro currency are expected to see growth of 0.8 per cent this year instead of 1.1 per cent projected in the spring forecast, the commission said. For next year, growth expectations were lowered to 1.3 per cent from 1.6 per cent. For the broader 27-country EU, the forecast also was lowered to 0.8per cent from 1 per cent this year and to 1.4 per cent from 1.7 per cent next year. "Weakness in domestic demand, in particular consumptio

Rethinking growth

The economy will not grow in a socially desirable direction on its own

PM Modi to address B20 Summit India 2023 today in national capital

Prime Minister Modi said that B20 is among the most important G20 Groups, with a clear focus on boosting economic growth

B20 Summit India 2023: Taming inflation key to growth, says FM Sitharaman

Sitharaman says green shoots of private capex upcycle can be felt now

Investment in road, highways key to sustaining economic growth: Report

India's road and highway sector's growth is vital not only for economic development but also for creating a more inclusive and connected society, a report has said. The report, released at a CII conference here on the road and highways sector, also emphasised the crucial role of road infrastructure in stimulating economic growth, fostering investor confidence, generating employment, and enabling inclusive development, according to a statement. With a projected global infrastructure funding requirement of USD 3.7 trillion annually to keep pace with GDP growth, the significance of continued expansion and strengthening of India's road network remains paramount, the report stated. The report noted states like Uttar Pradesh, Maharashtra, Karnataka, and Rajasthan have played pivotal roles in driving National Highways Authority of India (NHAI) projects and investments. Rural road development has also gained traction, with rural roads accounting for 71 per cent of the overall road ...

B20 Summit India: My priority is to tame inflation, says FM Sitharaman

Finance Minister Nirmala Sitharaman on Friday said the government's priority is to tame inflation to ensure sustained economic growth. Addressing the B20 Summit India, being hosted by the Confederation of Indian Industry (CII), the minister said the GDP numbers for the first quarter, to be released this month, should be good. Observing that elevated interest rates for considerable time hampers recovery, Sitharaman said, "my priority is to tame inflation." Retail inflation soared to a 15-month high of 7.44 per cent in July, mainly on account of spiralling prices of tomatoes and vegetables. On growth, she said that India has been able to accelerate the pace of economic reforms and the first quarter GDP numbers "should be good." The National Statistical Office is scheduled to release the GDP numbers for the first quarter on August 31. Sitharaman said that "green shoots' of private capital expenditure can be felt on back of the government's push for capital expenditure in the budget.

Manufacturing push can add 50-100 bps to GDP till 2030: UBS Securities

The aggressive manufacturing push, especially in the electronics space, driven partly by the relocation of Asian supply chain away from China, is unlikely to yield any tangible results to India's growth at least in the next three years, according to a foreign brokerage. Tanvee Gupta-Jain, the chief economist at UBS Securities India, said that if the country continues to benefit from the supply chain shifts away from China and structural reforms, GDP should rise to 6.25-6.75 per cent annually by 2030 under an optimistic scenario and generate up to 4 million jobs annually. In the most optimistic scenario, the growth is likely to be 6.75-7.25 per cent. According to Gupta-Jain, the present manufacturing push under the various PLI (Production Linked Incentive) schemes, particularly for electronics, is unlikely to yield any major benefit to GDP or exports. This is because at present, there is no economies of scale in the absence of a manufacturing ecosystem wherein components are also ..