Page 3 - Economy Growth

UP on track to become $1 trn economy, speed needs to double: CM Yogi

He said that when assessing the state's economic growth rate against national standards, efforts have yielded commendable results

Stock market future trajectory depends on new govt's policies, GDP growth

Future trajectory of stock market hinges on the new government's economic policies, with factors like GDP growth, inflation, and global conditions playing a key role, experts said on Tuesday. With the BJP-led NDA still looking to form a government, though with the important support of coalition partners, markets look jittery about the prospects of strong decision making. In fact, experts cautioned investors to be prepared for volatility due to currently high valuations and suggested adopting a diversified approach. Benchmark equity indices Sensex and Nifty tanked over 8 per cent in intra-day on Tuesday and later ended nearly 6 per cent lower, suffering their worst decline in four years, as trends showed the ruling BJP is short of clear majority in the Lok Sabha elections. Sensex crashed 4,389.73 points to settle at 72,079.05 and Nifty tanked 1,379.40 points to 21,884.50. However, markets jumped sharply on Monday after exit polls predicted a massive win for the BJP-led NDA in the Lo

UN reports brighter global economic outlook, predicts 2.7% growth in 2024

The United Nations reported improved prospects for the world economy since its January forecast on Thursday, pointing to a better outlook in the United States and several large emerging economies including Brazil, India and Russia. According to its mid-2024 report, the world economy is now projected to grow by 2.7 per cent this year up from the 2.4 per cent forecast in its January report and by 2.8 per cent in 2025. A 2.7 per cent growth rate would equal growth in 2023, but still be lower than the 3 per cent growth rate before the COVID-19 pandemic began in 2020. "Our prognosis is one of guarded optimism, but with important caveats, Shantanu Mukherjee, director of the UN's Economic Analysis and Policy Division, told a news conference launching the report. The report pointed to interest rates that are higher for longer periods, debt repayment challenges, continuing geopolitical tensions and climate risks especially for the world's poorest countries and small island ...

Nifty likely to reach 25,810 by December 2024: Prabhudas Lilladher

The NSE benchmark Nifty is likely to reach the 25,800 level by December 2024 as stable economic policies and normal monsoon will boost demand growth, Prabhudas Lilladher said in a report on Thursday. The index is currently trading at 22,570.35 level. Going by the prediction of Prabhudas Lilladher, the Nifty is expected to climb another 3,239.65 points or 14.35 per cent from its current level by December-end this year. "Recently, the Nifty reached its all-time peak, but subsequently experienced a correction of around 4 per cent attributed to escalating geopolitical tensions, fluctuations in crude oil and commodity prices, and differing perspectives on the anticipated interest rate adjustments by the US Federal Reserve," Amnish Aggarwal, Head of Institutional Research, Prabhudas Lilladher, said. The Nifty is expected to scale up to 25,810 levels by December 2024, Aggarwal added. "The upward mobility in Nifty is attributed to the continuation of the NDA government and La Nina led norm

Sensex closes above 75,000 mark for first time, RIL and ITC gains

But hotter-than-expected US inflation may put brakes on the rally

Strong showing: Markets end year of records on a high, Nifty rises 29%

Despite the recent selloff, the Nifty Smallcap 100 and the Nifty Midcap 100 indices gained 70 per cent and 60 per cent, respectively

Feasibility check of four Indian states in pursuit of a $1 trn economy

Uttar Pradesh and Maharashtra aim to achieve this milestone by 2027-28, while Tamil Nadu targets 2030-31 and Karnataka aims for 2031-32

Banks' asset quality to improve in next six months as economy grows: Survey

FICCI, Indian Banks' Association survey had 23 respondents represent 77% of industry by asset size

India has moved to 5th spot from 10th in world in terms of economy: FM

Union Finance Minister Nirmala Sitharaman on Friday said under Prime Minister Narendra Modi's leadership, India has moved up to the fifth position from the 10th spot in the world in terms of economy. "In the next year and a half, we will be at the third position," she said, adding that the standard of living of the citizens is better in a country that has a strong economy and everyone benefits from it. The senior Bharatiya Janata Party (BJP) leader said this is the first government in the country that listens to people, then makes schemes and works to deliver the benefits of such schemes to people. "The BJP is such a party in which even the smallest worker can reach the highest position by working for the party," she said. Claiming that the INDIA opposition bloc has disintegrated, Sitharaman said nothing is achieved by taking photographs. "They (Congress leader Rahul Gandhi and Samajwadi Party chief Akhilesh Yadav) have nothing left to say to the public. Prime Minister Modi has a

Economy likely to grow 7% in 2024-25, inflation to ease further: RBI Guv

Indian economy should record a growth rate of 7 per cent in the next fiscal and inflation is likely to ease further, RBI Governor Shaktikanta Das said on Wednesday. He also credited the government for structural reforms undertaken in recent years, saying they have boosted the medium and long-term growth prospects of the Indian economy. He said that amidst a challenging global macroeconomic environment, India presents a picture of growth and stability. Speaking at a CII session on 'High growth, low risk: The India story' here during the World Economic Forum Annual Meeting, Das said recent information on the global economic front has been reassuring with inflation falling, though growth remains low. "Chances of soft landing have improved and markets have reacted positively. However, geopolitical risks and climate risks remain matters of concern," he said. The RBI Governor said the real GDP growth in India is expected at 7.2 per cent this year.

Karnataka eyes Rs 1.4 trillion investment annually to boost state economy

Some of the big-ticket investment proposals received by the state include Foxconn, IBC, AMD, Qualcomm, Applied Materials, Marubeni and Tata Technologies

In boost to local economy, four new industrial estates to come up in J&K

The Jammu and Kashmir administration on Saturday approved the setting up of four new industrial estates in the Union Territory to boost investment and promote local employment, according to an official spokesperson. Approval for the setting up of new industrial estates at Budhi in Kathua district, Medicity Jammu in Jammu district and Chandgam and Lelhar in Pulwama district was given by the Administrative Council (AC) that met under the chairmanship of Lt Governor Manoj Sinha here, the spokesperson said. He said the new industrial estates will be developed on 1,379 kanals of land with an investment of Rs 136.65 crore. Apart from attracting investments, the projects will provide a boost to local employment and are expected to generate over 11,497 private sector jobs, he said. As per the spokesperson, new industrial estates will be comprehensively developed in terms of infrastructure, such as internal road works, availability of electricity, centralised water distribution system, ...

IPEF's clean, fair economy deals shouldn't restrict policy space: GTRI

With the IPEF members concluding the negotiations for fair and clean economy agreements, India should follow a cautious approach while finalising the text of these pacts as new commitments need not restrict its policy space or tax revenue generation abilities, a report said. Think tank Global Trade Research Initiative (GTRI) said in its report that after the conclusion of the negotiations, the IPEF member countries, including India will now do domestic consultations and legal reviews and prepare final texts of the proposed agreements. While doing that, the government needs to "focus on ensuring that new commitments do not overly restrict its policy space or tax revenue generation abilities," it said. This includes careful considerations in areas such as clean economy commitments, labour standards, and agricultural policies, it added. India, the US and 12 other members of the Indo-Pacific Economic Framework for Prosperity (IPEF) have this week concluded the negotiations on the clean

India's tourism challenge: Foreign arrivals remain below 2019 levels

CMIE data shows that in February 2020, just before the pandemic struck, 1.02 million foreign tourists had arrived in India. In August 2023, the number stood at 640,000

RBI's decision will support growth and check inflation, say experts

The Reserve Bank will announce the next bi-monthly monetary policy on December 8

Savings for growth

Low household savings can create risks

We see signs of buoyancy in the economy, says FM Nirmala Sitharaman

Inflation a permanent challenge; won't sit back, says FM Nirmala Sitharaman

Industry 4.0 key to achieve $1 trn economy target for Tamil Nadu: Minister

T R B Rajaa was speaking at a public-private discussion in the city, hosted by the Tamil Nadu government and the World Economic Forum

Govt looking to seek bids for ways to estimate size of digital economy

The IT ministry has floated a request for proposal seeking bids from agencies to provide an estimation of the size of the digital economy by reviewing the existing literature and methodologies

Global perspectives at mid-year

Challenges increase for the world's economic and socio-political prospects