Page 3 - Economic Policy

SL achieved economic recovery due to citizens' support: Wickremesinghe

President Ranil Wickremesinghe on Sunday said Sri Lanka has achieved progress in its economic recovery process due to the steadfast support of citizens to a comprehensive long-term national rebuilding programme despite facing hardships. Addressing the 75th anniversary of independence celebrations held here, Wickremesinghe said when the country marked Independence Day last year it was labelled bankrupt. He said progress had been achieved in the economic recovery bid owing to the steadfast support of our citizens who endured hardships in keeping with a comprehensive long-term national rebuilding programme. If we go on this road, the difficulties will fade away. The cost of living will become lighter. The economy will become stronger," Wickremesinghe stressed. Sri Lanka in April 2022 declared its first ever sovereign default since gaining independence from Britain in 1948. The crisis led Wickremesinghe's predecessor Gotabaya Rajapaksa out of office through a campaign of public agitat

Govt continues to be bright spot of world despite challenges: Piyush Goyal

The global economic uncertainties have impacted foreign direct investment (FDI) but despite these challenges, India will continue to be the bright spot of the world for overseas players, says Commerce and Industry Minister Piyush Goyal. While signing free trade agreements (FTAs) or bilateral investment treaties (BITs), the government always ensures the terms are best for India, Goyal told PTI in a post-budget interaction. Finance Minister Nirmala Sitharaman in her budget speech on Thursday said India is negotiating BITs with different countries in the spirit of 'first develop India'. She said that geopolitically, global affairs are becoming more complex and challenging with wars and conflicts. "The global uncertainty has certainly impacted FDI, particulary considering that the interest rates in the US and other developed countries have massively seen a spike," Goyal told PTI. He said that because of the high interest rates, there was a reverse flow of capital towards developed ...

India to become largest economic superpower by end of century: CEBR

India is expected to overtake both China and the US after 2080, based on demographic estimates and projections

India aims to become developed nation by 2047: Hardeep Singh Puri

India is on the cusp of making history, as it looks forward to becoming a developed nation by 2047, Union minister Hardeep Singh Puri said on Tuesday. Puri made the remarks after offering prayers at the Patna Sahib Gurudwara on the occasion of Veer Bal Diwas', which is being observed to commemorate the martyrdom of two sons of Guru Gobind Singh. "We are on the cusp of making history. India looks forward to becoming a developed nation by 2047. At such a point of time, commemoration of the martyrdom (shahadat') is of immense value, he said. Puri, who is the only Sikh in the Narendra Modi cabinet, expressed delight upon visiting the historical site where the 10th Sikh Guru was born. "I consider myself privileged to be here on this occasion. Prime Minister Narendra Modi had last year announced that December 26 will be observed as Veer Bal Diwas, said the Union minister, who was accompanied by senior leaders of the BJP in Bihar. Puri, who holds the crucial portfolios of Housing & Urban

On a hat-trick: Will RBI Governor Shaktikanta Das throw another surprise

RBI has maintained a hawkish tone in the last two policy reviews, and those steps were to further reinforce the point that the central bank is not dropping its guard on inflation any time soon

To be a developed nation by 2047, India needs to change a range of policies

For achieving over 8 per cent annual economic growth, the country will have to improve its human capital

Indian technology companies sacked more staff this year than in 2022

Ed-tech, food-related firms are among the sectors which have been worst affected

Monetary policy must remain extra alert to ensure economic stability: MPC

Monetary policy has to remain extra alert to be ready to act as and when warranted to preserve the hard earned macroeconomic stability, Reserve Bank Governor Shaktikanta Das has said. The fundamental goal of the monetary policy is to align inflation with the 4 per cent target and anchor inflation expectations, Das said, according to the minutes of the six-member Monetary Policy Committee (MPC) released by the RBI on Friday. The MPC in its last meeting earlier in the month, decided to keep the benchmark lending rate at 6.5 per cent, for the fourth time in a row, in a bid to keep retail inflation under check. "Monetary policy has to remain extra alert and ready to act, if the situation warrants. The hard earned macroeconomic stability has to be preserved," Das said while voting to keep the benchmark lending rate unchanged at 6.5 per cent along with five other members of the MPC. Das had cautioned that recurring incidences of large and overlapping supply side shocks bring with them th

Multilateral action needed to fight economic coercion by China: Report

Former Australian foreign minister Julie Bishop at the Ditchley conference, stressed the importance of major powers' taking joint action to fight its pressure

Exporters seek more sops for value-added products under Rodtep scheme

Say current structure provides higher refund rates on lesser value-added goods

NCCD's innovative cold chain conclave paves way for J&K's economic growth

He discussed NCCD's role in advancing the cold chain sector with a focus on energy, technology, and climate, which would open up investment opportunities in Jammu and Kashmir

Malawi looks to deepen trade relations with India in key economic areas

African country Malawi looks to deepen trade and investment relationship with India in areas of energy, agriculture, mining and tourism, its High Commissioner to India Leonard Mengezi said here on Saturday. Mengezi said that Malawi looks forward to cementing the "great cohesion" with businessmen in Gujarat to further strengthen India-Malawi relationship and attract investment. Mengezi was here to participate in the India-Malawi Trade Conference organised by India Africa Trade Council with the aim to enhance business cooperation with Gujarat. "Malawi has been in great trade, economic and investment relations (with India) since 1964, when Malawi got its independence. But there is a need to deepen relationships further in the areas of energy, agriculture, mining, tourism," he told mediapersons. "We need to cement great cohesion with the business people here in Gujarat so as to strengthen Malawi-India relations, so that there is a greater understanding and we take business people who a

India must grow at 8% to bring transformational changes for people: Summers

India has the potential and should aim to grow at 8 per cent annually to bring about transformative changes in the lives of millions of people by around 2050, said noted economist and former US Treasury Secretary Larry Summers here on Saturday. India's GDP growth in 2022-23 was 7.2 per cent as against 9.1 per cent in 2021-22. According to the Reserve Bank of India's projections, India's GDP will likely grow 6.5 per cent in the current fiscal year. Summers clarified that 8 per cent growth was not his forecast on the basis of current policy, but added, "given India's potential, even in a more challenging world economy, I believe that it is an imaginable goal. "...an eightfold expansion in the economy is transformative in the lives of hundreds of millions of people. I think it is something to target as India defines its greatness in this next century." In his lecture on 'The World is on Fire', organised by the CII in partnership with Department of Economic Affairs (DEA), the eminent .

Indian travel association to help in boosting tourist flow to Sri Lanka

A leading travel-related association of India has resolved to help Sri Lanka in reviving its tourism sector by promoting the flow of tourists to the island nation that is making comprehensive efforts to recover from the devastating economic crisis last year. The three-day Indian Travel Congress, which was held in Colombo as part of the 67th convention of the Travel Agents Association of India (TAAI), concluded on Saturday with a dazzling display of fireworks, gala dinner and music and dance performances with many famous Bollywood numbers sang in Sinhala language by performers. "We are both alike, India and Sri Lanka, our food, language, culture and dresses, and tourism builds bridges between two communities and two countries, and we at TAAI support Sri Lanka in its efforts to revive tourism, above and beyond this convention," Jyoti Mayal, the President of the 72-year-old TAAI, said in her address. After her address on Saturday night, she asked TAAI delegates to take a pledge that ea

With economic uncertainty around, Indians willing to spend to upskill

Indians consider education a necessary and worthwhile investment and in a situation that has turned increasingly uncertain, they are willing to spend more towards it

PM's principal secy, US comm secy discuss ways to strengthen economic ties

The Prime Minister's Principal Secretary P K Mishra and US Secretary of Commerce Gina Raimondo held a meeting in Washington on Tuesday and discussed ways to further strengthen economic ties between the countries. Mishra, who is in Washington, also held interactions with senior officials from the US administration, representatives from the industry, think tanks and academia. "Dr P.K. Mishra, Principal Secretary @PMOIndia had a productive meeting with U.S. Secretary of Commerce @GinaRaimondo . They discussed the strengthening of economic and technology partnership," according to a tweet by the Embassy of India in Washington. He also met with USAID Administrator Samantha Power and both sides had productive discussions on ongoing work under the Coalition for Disaster Resilient Infrastructure (CDRI), development cooperation, and third country partnerships. The US has emerged as India's biggest trading partner in 2022-23 on account of increasing economic ties between the two ...

India, Canada to step up talks on movement of skilled workers

Two nations review progress of early harvest trade deal

More than Rs 40,700 crore sanctioned under Stand-Up India Scheme in 7 years

The scheme aims to promote entrepreneurship at the grassroot level focusing on economic empowerment and job creation and has been extended up to the year 2025

'Kerala faced economic hardships due to Centre's unfavourable policies'

Kerala experienced economic hardships due to the unfavourable policy measures taken by the central government, State Finance Minister K N Balagopal said on Friday. Balagopal, who met the media here on the last day of the 2022-23 financial year, said there was a shortage of Rs 40,000 crore in this financial year due to the policies of the Centre. He also said that despite the adverse situations, Kerala managed to perform well in terms of income and expenditure. "Everything including salary, pension and loan repayment were paid correctly. The project cost of local bodies is over 96 per cent. Many panchayats have spent 100 per cent of the fund allotted, and the treasuries functioned without any hitch," Balagopal said. He said judicious financial management helped the state to perform well despite constraints. "Due to the unfavourable policy measure of the Union government, Kerala experienced huge economic hardships. There was a shortfall of Rs 40,000 crore this financial year due to

Eco Survey paints a bright medium-term outlook after an unpredictable year

It says once the global shocks of the pandemic and 2022's unpleasant spike in commodity prices fade away, the Indian economy is likely to record a faster growth during the rest of this decade