Page 13 - Economy

German unemployment edges down by 2,000 to 2.694 million in January

The Federal Labour Office said the number of people out of work decreased by 2,000 in seasonally adjusted terms from December to 2.694 million

Direct tax to GDP ratio in FY24 likely to be the highest since FY01

Tax buoyancy measures change in tax growth as a result of GDP expansion. Buoyancy at more than one means the GDP growth rate has led to a higher increase in tax receipts

Customs to ease export norms for certain dual-use goods, says DGFT

The government is working to liberalise export norms for certain products which have dual-use like chemicals for companies that have proven track record, a senior official said on Tuesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that dual-use goods and technologies are sensitive and if it goes in the wrong hands of non-state actors, it can cause serious disruptions globally. A small group of rebels in Yemen have disrupted the global trade as they are attacking foreign commercial ships with drones and missiles. "We are working with the industry, with the ministry of external affairs, and with the customs to ensure that a whole lot of sectors are liberalised for those companies which have proven track record of responsible use and responsible exports," Sranagi said here at the 'National Conference on Strategic Trade Controls'. It was organised by the DGFT and the external affairs ministry here. Dual use implies the usage of these goods and technologies in

Centre may push enterprises to use security products developed in India

The government has drawn up a policy, called "National cybersecurity reference framework (NCRF), to provide guidelines on roles and responsibilities for cybersecurity

Adani Group central to India's economic ambitions, says US-based analyst

Billionaire Gautam Adani's sprawling conglomerate is core to India's ambitions to become the world's third-largest economy by 2030, as it plays a key role across the infrastructure sector, US-based Cantor Fitzgerald & Co said in a note. Adani Enterprises Ltd, the group's flagship company, can deliver a gain of more than 50 per cent, analysts Brett Knoblauch and Thomas Shinske wrote in a note dated January 28, initiating coverage of the company. "India is now the most populous country in the world and has ambitions to be the world's third-largest economy by 2030. To get there, India needs to invest in both digital and physical infrastructure, in addition to increasing its energy production, as energy consumption will be meaningfully higher," the US-based broker said. These investments, it said, are paramount for India to drive productivity growth, as GDP per capita of USD 2,250 is meaningfully below that of China (USD 12,556). "Adani Enterprises Ltd is at the core of everything ...

Brazil's govt's deficit soars in 2023 to second-largest ever: Report

The shortfall follows a December primary deficit of 116.1 billion reais, impacted by 92.4 billion reais disbursements to settle court-ordered payments

Everyone needs to collaborate for India to become third-largest economy: FM

Finance Minister Nirmala Sitharaman on Saturday said the initiatives of Customs department like Faceless Assessment and Single Window Clearance need to evolve with the overall objective of growth of trade as every partner needs to collaborate to help India's GDP surpass USD 5 trillion by 2027-28. In a written message on the occasion of 'International Customs Day 2024', Sitharaman said with a common purpose of ease of doing business for nation building during India's 'Amrit Kaal', all the stakeholders need to come together and contribute for benefits to citizen of India. She said this year's theme of International Customs Day which is "Customs Engaging Traditional and New Partners with Purpose" resonates with the Motto of 'Sabka Saath Sabka Vikas' given by Prime Minister Narendra Modi. "Every partner needs to collaborate to put India on course to becoming the third-largest economy by 2027-28, with a GDP surpassing USD 5 trillion," Sitharaman said. Many initiatives taken by Customs s

US GDP expands 3.3% in Dec quarter, capping unexpectedly strong year

Gross domestic product increased at a 3.3% annualized rate, according to the government's preliminary estimate out Thursday. For all of 2023, the economy expanded 2.5%

Govt to keep 2024-25 gross borrowings close to current year's level: Report

India may peg its gross market borrowing for next fiscal year at between 15 trillion rupees ($180.47 billion) and 15.5 trillion rupees

Japan's exports surge 10% in Dec on strong demand for autos, revived trade

Japan's exports surged almost 10% in December from a year earlier, helped by a revival in trade with China and strong demand for vehicles, machinery and computer chips. Imports fell almost 7%, leaving a trade surprise of 62 billion yen ($410 million), according to preliminary customs data released Wednesday. A weak Japanese yen has helped export manufacturers like Toyota, Honda and Sony, though it increases costs of imports of key commodities like oil and gas needed to fuel the world's third-largest economy. A decline in oil prices helped reduce the burden of energy imports in December, which fell by 18% from a year earlier. A recovery in demand in China contributed to a 10% increase in exports, while imports from China were flat. Another boost came from a surge in tourist arrivals, which are counted as exports in trade statistics. The improvement late in the year means that overall net exports should have made a significant contribution to GDP growth in the fourth quarter," Gabr

Fresh formal job creation dipped to 30-month low levels in Nov: EPFO

In November 2023, the number of new monthly subscribers under the EPF decreased by nearly 10 per cent to 736,015 from 816,721 in October, according to the latest monthly payroll data

India reiterates need for early resumption of negotiations in West Asia

Voicing "deepest concern" at the humanitarian crisis in the Gaza Strip, India on Wednesday reiterated the need for an early resumption of direct and meaningful negotiations and said every effort must be made to create conducive conditions for resumption of these talks. "India has called for restraint, de-escalation and emphasised peaceful resolution of the conflict through dialogue and diplomacy," Minister of State for External Affairs Rajkumar Ranjan Singh said while speaking at the 19th NAM Summit-Ministerial Meeting in the Ugandan capital. Noting that India has condemned the terrorist attack on Israel on October 7 and called for immediate and unconditional release of all remaining hostages, he said the humanitarian needs of the people of Gaza "must be addressed." "Let me also express my deepest concern at the humanitarian crisis in Gaza. We have condemned the loss of civilian lives, most of them women and children, in the Israel-Hamas conflict," he said. "We have called for time

Cooperatives will have big share in targeted $5 trn Indian economy: Shah

Union Minister Amit Shah on Wednesday said the aim is to ensure the cooperative sector has a big share in the Indian economy, which is projected to be USD 5 trillion by FY28, as the cooperative movement did not grow at the desired pace in the last 75 years. Shah, the Union Cooperation Minister, was addressing after inaugurating the new office of Central Registrar of Cooperative Societies (CRCS) spread over 41,000 square feet at the World Trade Centre, Nauroji Nagar in South Delhi. The building has been developed by state-owned NBCC. Shah said the new office has been acquired for Rs 175 crore. The minister highlighted that the government has taken 60 major initiatives in the last 30 months for the growth of the cooperative movement. The Cooperation Ministry was set up in July 2021. Shah said there are success stories of cooperatives since independence but the sector did not grow at a fast pace. "Now we have decided that in Modiji's USD 5 trillion economy, cooperatives will have a b

India's growth prospects firm, banking sector recovered well: Das at Davos

India's growth prospects are very good, and the country's banking sector has seen a remarkable recovery, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. Speaking at a session here, Das said there is a lot of international confidence in India and the macroeconomic and financial sector stability that the country offers. "...I think we need to really look back at the business opportunity in India. Because this is the right time to build into the Indian ecosystem," he said and emphasised that the country's growth prospects are very good on account of the structural reforms that have taken place in recent years. Despite various shocks and crises, he said the Indian banking sector has seen a remarkable recovery. "The Indian banking sector is perhaps at one of its best in recent years... the financial sector is very stable... the external sector is also stable notwithstanding that the global growth is slowing down...India's services sector is growing," he said. Whil

China showcases plan for massive 'silver economy' to serve elderly

Beijing wants to mobilize state and the private sector companies, it said in an outline released by the State Council

Can allied sectors save agriculture from the blushes in FY24?

The uneven southwest monsoon ensured that production of almost all kharif crops was down in 2023-24

Here's a pessimist's guide to economic risks in 2024 and what can go right

What could possibly go wrong? After years marked by war, pandemic and bank collapse, it hardly needs saying: a lot. That includes-but is not limited to-the following

Growth-rate gap clouds India's biggest states' $1 trn dream, shows data

Maharashtra is the closest to reaching the $500 billion mark. It would have to add nearly $600 billion in the next seven years to reach the $1 trillion mark

WEF Davos 2024: China keeps weighing on world in view of economists

"China is a notable exception as weak consumption, lower industrial production and distress in property markets weigh on the prospects of a stronger rebound in 2024," the Forum said in its report

WPI-based inflation increases to 0.73% in December on rise in food prices

Positive rate of inflation in December, 2023 was primarily due to an increase in prices of food articles, machinery & equipment, other manufacturing, other transport equipment