Page 14 - Economy

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

Red Sea crisis: Commerce ministry calls inter-ministerial meet on Jan 17

The commerce ministry has called a high-level inter-ministerial meeting on January 17 to discuss the way forward on the trade front in the wake of ongoing problems in the Red Sea, a senior official said on Saturday. Senior officials from five ministries -- external affairs, defence, shipping and finance (department of financial services) and commerce -- will participate in the deliberations. The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy so that India's response can be quick and decisive. "This Wednesday, we are holding an inter-ministerial consultation. We will be discussing the way forward," the official said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi ...

US urges transparency in India's IT import monitoring beyond 2024

USTR Katherine Tai emphasizes open communication with India on import policies

UK economy grew more than expected in Nov but still risks recession

Britain's economy struggled to gain momentum in 2023, as households were squeezed by rapid inflation and the highest Bank of England (BoE) interest rates in 15 years

Net direct tax collection grows 19% to Rs 14.70 trillion so far in FY24

The government has budgeted to collect Rs 18.23 trn from direct taxes (personal income tax and corporate tax), 9.75 per cent higher than Rs 16.61 trn mopped up last fiscal

Best of BS Opinion: Investing for growth, export potential & more

Here is the best of Business Standard's opinion pieces for today

India to grow into a $7 trillion economy by 2030, says PHDCCI report

The analysis is based on lead macroeconomic indicators including the GDP Growth, Export Growth, Gross National Savings, Total Investments, and Debt to GDP Ratio

India to be $5 trn economy by FY28, to reach $30 trn by 2047: FM Sitharaman

India will become the third largest economy by 2027-28, with a GDP of over USD 5 trillion, Finance Minister Nirmala Sitharaman said on Wednesday. Even going by conservative estimates, the size of the Indian economy will be USD 30 trillion by 2047, she noted. "It is possible that we will be the third largest economy by 2027-28, and our GDP will cross USD 5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least USD 30 trillion in terms of economy," Sitharaman said at the Vibrant Gujarat summit. India, with a GDP of roughly USD 3.4 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany. Indian economy is projected to grow by 7.3 per cent in the current fiscal, higher than 7.2 per cent in 2022-23. Sitharaman said India has received USD 919 billion in foreign direct investment in 23 years till 2023. Of this, 65 per cent, or USD 595 billion, came in the last 8-9 years of the Narendra Modi government. Refe

Viksit Bharat not just dream, it's a possibility: NITI CEO Subrahmanyam

Asserting that 'Viksit Bharat' is not just a dream but a possibility, NITI Aayog CEO BVR Subrahmanyam on Wednesday said by most conservative estimates, India will be a USD 30 trillion economy by 2047. Speaking at the 10th Vibrant Gujarat Global Summit here, Subrahmanyam further said India is in a position to take a quantum leap. "Viksit Bharat is not just a dream, it's a possibility," he said. According to him, a vision document is being prepared for India to become a developed economy of USD 30 trillion by 2047, and it will be released by the Prime Minister by the end of January. "By most conservative estimates, India is going to be a USD 30 trillion economy by 2047," Subrahmanyam said. He noted that if all states become 'viksit' (developed) then the nation can also become viksit. The NITI Aayog CEO noted that massive expansion in physical and digital infrastructure has taken place in India. "India is outperforming other emerging economies," he said, adding that this is a turni