Page 12 - Economy

Highlights: INLD Haryana Prez Nafe Singh, associate shot dead in Jhajjar

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IMF ready to work with new govt in Pakistan to ensure economic stability

Khan on Thursday said he will write to the IMF, demanding the global lender to stop its support to the cash-strapped country until it seeks an 'audit' of the elections mired in controversies

India should become green energy exporter by 2047 to attract capital: Kant

Addressing at the 'Raisina Dialogue 2024', Kant said today's challenge is climate change and the World Bank needs to become a climate bank

Fresh formal jobs created last year fell nearly 10%, shows EPFO data

EPFO data shows 10.78 mn new users joined compared to 11.93 mn in 2022

RBI MPC minutes: Caution stays in last leg of fight against inflation

Patra said it was only when the inflation rate subsided and stayed close to the target lastingly that policy restraint could be eased

IMEC has potential to create more opportunities: Albanian foreign minister

Hasani, who is in the national capital to attend the Raisina Dialogue, said the India Middle-East Economic Corridor (IMEC) has the potential to create more market opportunities

Recalibrating spend

RBI paper redefines the capex-revenue debate

India's GDP growth likely to moderate to 6.5% in FY25: India Ratings

On the consumption side, India Ratings expects private final consumption expenditure to grow by 6.1 per cent in FY25, up from 4.4 per cent in FY24

UK economy puts recession behind it but price pressures rise: PMI survey

That is likely to be a relief for Prime Minister Rishi Sunak who has had to endure taunts of "Rishi's recession" from the opposition Labour Party which is riding high in opinion polls

Gasification projects to help in economic development of coal regions: Govt

The government on Wednesday said that coal gasification projects will help in socio-economic development of coal bearing regions as well as in boosting the country's energy security. Addressing a road show here to promote coal/lignite gasification projects, additional secretary in the coal ministry M Nagaraju called for investments in technology towards a greener and cleaner future. This was the second road show organised by the coal ministry on coal and lignite gasification projects after the first one held in Hyderabad on February 16. The event here was attended by key stakeholders, including policy makers, EPC agencies, PMC consultants and. They discussed the opportunities and hurdles associated with coal and lignite gasification projects. According to an official release, the road show served as a platform to highlight the government's scheme for the promotion of coal/lignite gasification projects, emphasising their key role in India's energy landscape and economic ...

Govt must focus on exports to reach 10% economic growth: Finance Commission

India must focus on exports to achieve 10 per cent economic growth, Arvind Panagariya, Chairman of the 16th Finance Commission, has said. Paragariya also said that the temptation of import-substituting industrial policy is not unique to India. "I have looked at successful countries such as...Singapore, Taiwan, South Korea, China, and India - these are the...high-growth examples. "My conclusion is very clear - countries that have been open are the ones that have grown rapidly," he said in an interaction with 'Foundation For Economic Development'. He added that the intellectual support for industrial policy and import substitution remains strong in India. Panagariya also explained how the global export market was worth USD 32 trillion in 2022, almost ten times India's GDP. He pointed out that China acquired a very large share of certain products which gave the country a huge boost. "For 3-4 decades, it grew at 10 per cent a year," the economist said.

Economic outlook appears bright, 7% GDP growth expected in FY25: FinMin

The outlook for the Indian economy appears 'bright' with GDP likely to clock 7 per cent growth rate next fiscal although the nation needs to keep a watch on global headwinds emanating from geopolitical tensions and volatility in international financial markets, a finance ministry report said on Tuesday. During the current financial year, the Indian economy is estimated to grow at 7.3 per cent. This would be the third year in the row when the GDP would grow in excess of 7 per cent. Driven by a better-than-expected performance in Q2 and above 7 per cent growth projection for FY24 (by Ministry of Statistics and Programme Implementation in its first advance estimates), many global agencies have revised India's growth projection in the upward direction, the Monthly Economic Review released by the finance ministry said. This reflects the resilience of the Indian economy to sustain its growth path amidst ongoing geopolitical headwinds, it said, adding, the measures announced in the Interim

EPFO adds net 1.56 mn members; 841,000 new subscribers join workforce

Retirement fund body EPFO recorded a net addition of 15.62 lakh members in December 2023, according to payroll data released on Tuesday. An increase of 11.97 per cent has been registered in net member addition during December 2023 compared to the previous month, a labour ministry statement said. Employees' Provident Fund Organisation's provisional payroll data highlighted that the net addition of 15.62 lakh members was up by 4.62 per cent compared to December 2022, it stated. This surge in membership can be attributed to various factors, including increased employment opportunities, a growing awareness of employee benefits, and the effectiveness of EPFO's outreach programmes, it explained. The data showed that around 8.41 lakh new members were enrolled in December 2023, up by 14.21 per cent compared with the previous month of November 2023. A noticeable aspect of the data is the dominance of the 18-25 age group, constituting a significant 57.18 per cent of the total new members ad

RBI net bought $2.07 billion in spot foreign exchange market in December

The RBI said it purchased $31.73 billion and sold $29.66 billion in the spot market. In November, it had sold a net $1.93 billion

Crude oil steadies as demand jitters counter conflict in West Asia

The March contract for U.S. West Texas Intermediate (WTI) crude, which expires on Tuesday, was up 7 cents at $79.26 in tepid trade while the WTI April contract slipped 13 cents to $78.33

Goldman raises global equities to 'overweight' on economic growth prospects

"We expect growth to become a more important driver of risk appetite and equity/bond correlations should be more negative this year," Goldman said in a note dated Feb 16

TN fiscal deficit at 3.44% in FY25, growth anticipated: State finance secy

Tamil Nadu's fiscal deficit in the Budget Estimates for 2024-25 stood at 3.44 per cent of the GSDP despite a decline in the State's Own Tax Revenue (SOTR) due to two successive natural calamities in December 2023 resulting in additional expenditure, State Principal Secretary-Finance T Udhayachandran said on Monday. The SOTR suffered a revenue loss due to cyclone Michaung and unprecedented rains in the southern districts. The state government had to spend more on flood relief, provide immediate relief measures besides initiate long-term relief measures, he said. "This budget has been prepared under this financial stress...Nevertheless, Tamil Nadu's economy is robust. We expect a 15 per cent growth in our SOTR through the Commercial Taxes Department," Udhayachandran told reporters here. The Registration department did not see the expected growth last year but next year the government hoped that it would fetch more revenue to the state, he added. Briefing the media on the Budget ...

'Thai economy shrinks, adds to rate cut case amid central bank, PM feud'

From a year earlier, GDP grew 1.7%, faster than revised 1.4% growth in the third quarter but slower than a forecast 2.5% expansion

At $365 billion, Tata Group's market cap more than Pakistan's economy

The market capitalisation of Tata Group stood at $365 billion, while the IMF estimated Pakistan's GDP to be almost $341 billion

Meghalaya needs to sustain 11.5% GSDP growth to become $10 bn economy: CM

Meghalaya Chief Minister Conrad K Sangma on Saturday asserted that the state needs to sustain 11.5 per cent annual GSDP growth to achieve the ambitious target of becoming a USD 10 billion economy by 2028. Addressing a gathering after laying the foundation of a Rs 100 cr bulk water supply project at Ballonggre in West Garo Hill district, Sangma said that the state is at present a Rs 45,000 crore economy and that needs to be improved. "It is a herculean task but the state government has charted out a roadmap to achieve the target," he said. The CM asserted that his government has a vision for the state and investments are being made to build better and sustainable infrastructure, create jobs through entrepreneurship and adopt innovative policies and programmes to increase farmers' income. He said a thrust has been laid on improving rural economy by focusing on enterprises that will leverage the potential of the rich natural resources of the state. He asserted that Meghalaya has won