Page 25 - Economic Growth

China sets this year's growth target at 'around 5%' to revive economy

China's government announced plans for a consumer-led revival of the struggling economy as its legislature opened a session Sunday that will tighten President Xi Jinping's control over business and society. Premier Li Keqiang, the top economic official, set this year's growth target at around 5 per cent following the end of anti-virus controls that kept millions of people at home and triggered protests. Last year's growth in the world's second-largest economy fell to 3 per cent, the second-weakest level since at least the 1970s. We should give priority to the recovery and expansion of consumption, Li said in a speech on government plans before the ceremonial National People's Congress in the Great Hall of the People in central Beijing. The full meeting of the 2,977 members of the NPC is the year's highest-profile event but its work is limited to endorsing decisions made by the ruling Communist Party and showcasing official initiatives. This month, the NPC is due to endorse the ...

Close gender gap to increase global economic activity by $7 trn: Moody's

Closing gender gaps in both labour force participation and management in OECD countries has potential to raise global economic activity by 7%, or about $7 trn in today's dollars, said Moody's

Demand remained muted despite the largely Covid-free festival season in Q3

Growth in private final consumption expenditure was down 7 percentage points from Q2

CEA Nageswaran says 7% growth forecast for current fiscal 'very realistic'

Chief Economic Advisor V Anantha Nageswaran on Tuesday said high frequency data indicate buoyant economic growth momentum and the 7 per cent GDP growth estimate for the current fiscal is very realistic. He also said that there are enough signs that manufacturing is in good health. "Inflation is softening and the pass through from wholesale prices has run its course we do have some uncertainty related to monsoon because of El Nino activity we need to be ready with both supply side and monetary policy measures in the course of the next financial year," Nageswaran told reporters. According to him, the GDP growth forecast of 6.5 per cent for the next fiscal is well within the range of forecast by other agencies like OECD and ADB but there are downside risks. "We need to be prepared for tighter financial conditions globally, weather-related uncertainties and geopolitical factors. 2023-24 may not see a big ticker shock as we saw in early months of 2022-23 as the war broke out in 2022 bu

Apr-Jan fiscal deficit comes at $144.19 bn; touches 68% of full-year target

India aims to end the current fiscal year with a budget deficit of 6.4 per cent

Congress party moves economic resolution at 85th Plenary in Raipur

In its economic resolution, the party resolved to invest in dedicated skill development programmes for the manufacturing sector and develop infrastructure to encourage domestic manufacturing

Net zero target: Why 'sustainable economic growth' will elude India

Western reluctance to spend on climate action and the govt's inability to accelerate renewables to power faster economic growth are major hurdles to the net zero target

China economy to rebound in 2023 under precise monetary policy: PBoC

2023 economic growth target, policies coming next weekend, support for domestic demand expansion a focus

How Russia-Ukraine conflict has impacted global and Indian economy

External conditions deteriorated due to the war on many fronts

India is 15% of solution G20 is looking for economic growth: Jaishankar

External Affairs Minister S Jaishankar on Thursday said India is "15 per cent of the solution" the G20 is looking for in terms of economic growth and development. He was speaking at the Festival of Thinkers, an event organized by Symbiosis International University here. The minister cited managing director of the International Monetary Fund Kristalina Georgieva's statement that in "otherwise a fairly gloomy global economic scenario" India's GDP base is growing at seven percent and is likely to increase in the coming decade. "Kristalina Georgieva tells that 15 percent of the world's growth this year is going to come from India, that means we are 15 percent of the solution that the G20 is looking for in terms of economic growth and development, but it isn't just growth, the G20 is actually looking at how we handled the COVID challenges," said Jaishankar. India's G20 presidency began in December 2022. The G20 countries have noted India's success in effectively vaccinating its vast .

Renewed focus on tourism in Rajasthan to drive economic growth

The Budget has proposed to set up more meetings, incentives, conferences, and exhibition centres in Jaipur, Udaipur, Jodhpur, and Ajmer

Budget's focus on capex to crowd-in pvt investment, push growth to 7%: RBI

The Union Budget's focus on capital expenditure is expected to crowd-in private investment and push the GDP growth rate close to 7 per cent in the next financial year beginning April 1, said a Reserve Bank article on 'State of the Economy'. In 2023-24, capital expenditure is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. "We believe that India will decouple from macroeconomic projections of current vintage and also from the rest of the world. "In our view, the instrument of decoupling will be the Union Budget by raising India's growth prospects over the period 2023-27; and raising India's potential growth," said the article 'State of the Economy' published in the RBI's February 2023 Bulletin. It further said the Union Budget's tax, capex and fiscal consolidation proposals can take India's real GDP growth close to 7 per cent in 2023-24 if they are effectively implemented. "The Union Budget 2023-24's emphasis on capital expenditure is expected to crowd-in ..

IMF predicts global inflation set to drop this year amid subpar growth

The International Monetary Fund (IMF) released the latest World Economic Outlook report this week where they predicted that global inflation is set to drop this year amid subpar economic growth

All at sea

The impact of warming oceans is a neglected threat

India a bright spot for investments despite current volatility: Blackstone

Investors alarmed over recent events, but Blackstone's investments are safe, says president and COO

Over 25% of unicorns in India have been set up by repeat founders: Report

This expertise is what helped India become the third nation to have 100 unicorns, including the 24 that emerged in 2022

Economic and social progress should be just and inclusive: President Murmu

President Droupadi Murmu on Sunday stressed that economic and social progress should be just and inclusive and said the national priority is to bring all deprived sections of society and women within the ambit of development. Addressing a civic reception hosted in her honour by the Uttar Pradesh government at Lok Bhavan here, she said the warm welcome she received has made her first visit to Lucknow as president unforgettable. She said the Uttar Pradesh government is determined to achieve big goals. "I am confident that Uttar Pradesh would contribute significantly in ensuring economic, social and political justice through women empowerment. In the history of political empowerment of women, Uttar Pradesh has unique records," she said. "Along with the growth of the economy, it is necessary for economic and social progress to be just and inclusive. It is our national priority to bring all deprived sections of society and women within the ambit of inclusive development," she said. She

1,330 foreign firms, subsidiaries have shut shop in last 3 yrs:Minister

As many as 1,330 foreign companies and subsidiaries of overseas firms have shut shop during the last three years, Parliament was informed on Friday. In the same period, however, as many as 4,994 new foreign companies and subsidiaries of foreign companies got registered in India, Commerce and Industry Minister Piyush Goyal said in a written reply to the Rajya Sabha. There are 17,432 active foreign companies and subsidiaries of foreign companies operating in the country, he said. "1,330 foreign companies and subsidiaries of foreign companies have closed during the past three years," he said. He said that the closing of operations is a matter of private commercial business decision. "It depends on a host of factors such as viability of operations, availability of resources, market size, infrastructure, political and macroeconomic climate as well as the decision of a particular business entity to operate in the country," Goyal added. Meanwhile, replying to a question on trade gap, ..

Turkish anger turns to Erdogan on inadequate quake response, weak buildings

The criticism comes as Erdogan prepares for national elections in May, where he is seeking to extend his record two-decade rule - one marked by a surge in building hailed by the president

Pak minister urges export-oriented policies to accelerate economic growth

Minister for Planning, Development and Special Initiatives Ahsan Iqbal made the remarks during a roundtable with the country's exporters to review the progress of the exports and issues being faced