Page 2 - Economy Of India

Govt has taken slew of initiatives for infrastructure development: Official

The government has taken a slew of initiatives for infrastructure development as it has a strong multiplier effect and plays pivotal role in the country's development, Financial Services Additional Secretary M P Tangirala said on Friday. Speaking at the 19th Foundation Day of the India Infrastructure Finance Company Ltd (IIFCL), he said infrastructure sector has strong backward and forward linkages. To support the sector, he said the government has taken slew of initiatives, including the USD 1.3 trillion-PM Gati Shakti National Master Plan (NMP) that has been front runner in bringing about systemic and effective reforms in this sector. Launched in 2021, the PM Gati Shakti targets to cut logistic costs, increase cargo handling capacity and reduce the turnaround time. Another initiative is the National Infrastructure Pipeline (NIP) that was started with 6,800 projects and now, there are over 9,000 projects across 34 sub-sectors, he said. NIP was launched with 6,835 projects and h

Hiring expected to recover in 2024; likely to witness 8.3% growth: Report

The overall hiring this year is expected to grow 8.3 per cent this year with the job market showing signs of recovery in December, a report said on Thursday. December witnessed a 2 per cent growth in hiring, the foundit Annual Trends Report said. It projected an overall hiring expansion of 8.3 per cent for 2024, with Bengaluru expected to see an 11 per cent surge. Key sectors that will experience increased hiring include manufacturing, BFSI, automotive, retail, and travel and tourism, it said. According to the data from the foundit Insights Tracker (fit), hiring activity in 2023 was 5 per cent lower than in 2022, indicating a slowdown in the job market. However, the index also showed a 2 per cent increase in the last month of 2023, suggesting a possible turnaround in the hiring scenario. "The economy experienced a shift towards the end of 2023, breaking the previous trend that had been consistent since mid-2022. The job market entered a phase of variability, where both quit and hi

Mega events lined up ahead to elevate India's position globally: Goyal

A series of mega-events are slated in the coming months to elevate India's position as a global economic powerhouse, Commerce and Industry Minister Piyush Goyal has said. The planned lineup of mega events commences with the Aatmanirbhar Bharat Utsav scheduled from January 3-10 at Bharat Mandapam in the national capital. This event aims to exhibit a rich array of offerings -- including products from artisans, weavers, khadi, tribal crafts, MSMEs (Micro, Small and Medium Enterprises), and cottage industries -- and provide a direct interface between producers and consumers. Following this, the 'Indus Food' exhibition will be held at India Exposition Mart, Greater Noida, from January 8-10. The Bharat Mobility Global Expo 2024 will take place on February 1-3 at Bharat Mandapam. "Covering a sprawling 10 lakh square feet, this extensive mobility exposition will feature stakeholders across the automobile and mobility sector, showcasing their strengths and innovations. The expo will highli

By 2047, India to remain a lower middle country if growth remains 6%: Rajan

Former Reserve Bank Governor Raghuram Rajan said India will still remain a lower middle country if the growth rate remains at 6 per cent annually without any rise in population by 2047 (Amrit Kaal) and will be reaching the end of the demographic dividend by then. Speaking at a programme organised by Manthan here, the economist said if the country does not grow faster, it will grow older (demographically) before it gets richer, which means there is the burden of an aging population to deal with also at that point. "If you do the math, at 6 per cent a year, you double every 12 years, and therefore in 24 years, we'll be four times our per capita income. Today, the per capita income in India, as you know, is just a little below $2,500 per person. multiply by four, we get $10,000 per personSo if you do the math, at our current rate of growth, you know, strong as it is highest in the G20, we don't get rich but we stay lower middle income till 2047," he said. The former RBI chief said some

Tamil Nadu software exports hit $4.8 bn, top among all states: Minister

Software exports from Tamil Nadu have reached an all-time high of USD 4.8 billion surpassing all other states in the country as of October 31, 2023, State Minister T R B Rajaa said on Wednesday. The Minister for Industries said the software exports from the state could hit USD 8 billion this financial year, marking a 'significant leap' from last year's USD 5.37 billion. "Exciting news ahead as we get ready for Tamil Nadu Global Investors Meet 2024. State-wise data on Electronic Exports from India till October 2023 are in, and the story of Tamil Nadu's success is truly remarkable yet again," he said on Wednesday. Tamil Nadu leads in electronic exports with USD 4.78 billion as of October 31, 2023, followed by Uttar Pradesh at USD 2.58 billion. Karnataka ranked third at USD 2.29 billion, the data shared by Rajaa showed. "The state's strategic policies, skilled workforce, robust infrastructure and of course the Dravidian Model of governance have propelled its exports to new heights," h

New FTAs, lower cost of power, logistics to help boost exports: PHDCCI

Measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India's exports of goods and services to USD 2 trillion by 2030, an industry chamber report said on Thursday. The PHDCCI's report also recommended schemes for 75 potential export products including marine items, iron ore, some chemicals, pharma, cotton, aluminium, and tankers to promote shipments. "The 75 products have been identified from nine most promising sectors. These products contribute around USD 222 billion, which is around 50 per cent of India's total exports. At the global level, these 75 products have significant presence in world exports, whereas India's share of these products is only 6 per cent of the total world exports," it said. The report - India's Emerging Export Dynamics: Vision USD 2 Trillion Exports by 2030. - added that India's service exports have traditionally been concentrated in North America and Europe, but growing continents like Asia, Africa,

Dhanteras 2023: Gold demand robust in festive season as price softens

Pre-Diwali Dhanteras buying of gold and silver in India, the world's largest gold consumer, kick-started on a positive note on Friday on recovery of consumer demand with the softening of gold prices. Gold prices have fallen by Rs 800-1,500 per 10 gram (24 carat) from the peak Rs 63,000-level on October 28 and this has evoked buying on Dhanteras, considered the most auspicious day in Hindu calendar for buying items ranging from precious metals to utensils, with traders expecting gold sales to surpass last year's level. On Thursday, Gold prices plunged Rs 400 to Rs 60,950 per 10 grams in the national capital. Gold prices in Delhi were ruling at Rs 50,139 per ten grams, excluding taxes, on 2022 Dhanteras day. In normal years, about 20-30 tonnes of gold are sold on a Dhanteras day. Traders said footfalls are expected to pick up after 12 noon and will continue till late at night. The best muhurat to buy silver and gold on Dhanteras will start at 12.35 pm on Friday and end at 1.57 pm on

Indian rice exporter KRBL posts 28% profit drop in Q2 on weak demand

Consolidated net profit at the 'India Gate' basmati rice maker fell to 1.53 billion rupees ($18.37 million) for the quarter, from 2.13 billion rupees a year ago.

India's economy showed strong growth, retained 6% forecast in FY24: S&P

S&P Global Ratings on Wednesday said India's economy has a track record of strong growth and retained its 6 per cent growth forecast for current fiscal year. In Asia-Pacific Credit Outlook 2024 titled 'Slowing Dragons, Roaring Tigers', S&P said gradual capital deepening, favourable demographics, and improving productivity are essential growth factors. "India's economy has a track record of strong growth. We expect this momentum to continue and forecast growth of 6 per cent for FY 2024, then 6.9 per cent for FY 2025 and FY 2026," S&P said. It said India's economic growth shines brightly. However, its yields remain higher, as they have been historically, which puts additional pressure on the cost of funding India's large debt stock. While growth supports market confidence and revenue generation, rates dynamics will be an additional determinant of India's debt trajectory over the next few years, the US-based rating agency said. Gradual capital deepening, favourable ...

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

Senior officials meet of WTO members to begin from tomorrow in Geneva

From India, senior officials, including Additional Secretary in the commerce ministry Peeyush Kumar, have reached the WTO headquarter in Geneva

JPMorgan index inclusion shows confidence in India's economy: Ajay Seth

Inclusion will start on June 28, 2024, and extend over 10 months, with 1% increments on its index weighting, as India is expected to reach the maximum weighting of 10%

India manufacturing PMI grows to three-month high in August: S&P Global

'Sharp expansion' in international sales show companies' focus on international business, says survey

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

Finance Minister reviews progress of implementation of Budget schemes

Finance Minister Nirmala Sitharaman on Tuesday reviewed progress of implementation of Budget schemes with secretaries of finance ministry and Corporate Affairs Secretary. The meeting was attended by Economic Affairs Secretary Ajay Seth, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey, Financial Services Secretary Vivek Joshi, Corporate Affairs Secretary Manoj Govil and other senior officials. "Union Finance Minister Smt. @nsitharaman chaired a review meeting on the implementation of various Union Budget announcements with Secretary, Department of Economic Affairs, @SecyDIPAM, Secretary @DFS_India, Secretary @MCA21India and senior officials of the @FinMinIndia, New Delhi, today," a finance ministry tweet said. Besides the review of implementation of various schemes of Union Budget, the minister underlined the importance of continuous assessment of progress to ensure that the schemes are implemented in a time bound manner.

Our ultimate goal is social, economic equality, says Nitin Gadkari at C20

Social and economic equality is the ultimate goal of the government and Vasudhaiva Kutumbakam' (world is one family) embodies a powerful message from India's G20 Presidency, signalling the commitment to pursue fair and equitable growth for all in the world, said Union minister Nitin Gadkari on Tuesday. He was speaking at the concluding session of the Civil20 India 2023 Inception meeting in Nagpur. C20 is one of the official Engagement Groups of the G20 that provides a platform for Civil Society Organisations around the world to voice the people's aspirations to the world leaders of G20. Gadkari said value-based education and a value-based family system are India's biggest strengths. The minister said that reaching out to the last man and making his life meaningful is the most important challenge of the government. Social and economic equality is the ultimate target for all of us, he said. The Bharatiya Janata Party leader called Antyodaya', the welfare of the people at the bottom

Banking system remains stable, resilient: RBI governor Shaktikanta Das

RBI governor Das cautions banks against any build-up of asset-liability mismatches

FinMin holds webinar on services for better implementation of Budget

As part of a post-Budget Webinar, the Finance Ministry on Tuesday hosted virtual discussions on the six chosen subjects following an address by Prime Minister Narendra Modi. The webinar had six breakout sessions on various themes, including creating growth opportunities in GIFT International Financial Services Centre, facilitating seamless credit flow for MSMEs and enhancing customer ease for account opening and digital payments. "As part of post-Budget Webinar on 'Enhancing Efficiency of Financial Services for Creating growth opportunities', a breakout session on "Facilitating Seamless Credit Flow" to #MSMEs was held via virtual mode today," the Finance Ministry said in a tweet. The webinar was the 10th in the series of 12 post-Budget webinars being held to seek ideas and suggestions for effective implementation of the initiatives announced in the Union Budget 2023-24. "As part of post-Budget Webinar on 'Enhancing Efficiency of Financial Services for Creating growth opportunities'

India's per capita income grew faster before 2014-15, shows data

The latest numbers available are for 2021; income grew at 21.3 per cent between 2015 and 2021 in India

'Lahiri's law': A mathematical analysis of social divisions

Ashok Lahiri's book is a collection of thoughtful observations on India's economic journey since 1947, spiced up with views on our society and its politics