Page 15 - Economy

Hiring spree: US companies added 140,000 jobs in February, shows ADP data

Private payrolls increased by 140,000 last month after a 111,000 gain in January, according to figures published Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy

China's exports likely slowed in Jan-Feb period as factories struggle

The head of the state economic planner said on Wednesday that China's exports for January-February rose by 10%, but did not state whether that was in yuan or dollar terms

China scraps Premier Li Qiang's briefing, breaking years of convention

This year's annual legislative session will run from Tuesday to March 11, making it one of the shortest meetings of China's parliament, outside pandemic years

PM Shehbaz Sharif vows to revive Pakistan economy; to secure G20 membership

Pakistan's newly-elected Prime Minister Shehbaz Sharif on Sunday vowed to do a "deep surgery" and bring changes in the system to bring the cash-strapped country out of the alarming debt crisis and secure G20 membership by 2030. Shehbaz, who was the consensus candidate of the Pakistan Muslim League-Nawaz (PML-N) and the Pakistan Peoples Party (PPP), became the Prime Minister on Sunday for a second time after receiving 201 votes in the 336-member Parliament.

India eliminates extreme poverty: Economists citing consumption expenditure

India has eliminated extreme poverty, a commentary authored by economists Surjit Bhalla and Karan Bhasin in a leading American think-tank The Brookings Institution said, citing the just released consumption expenditure data for 2022-23. In the article, the two noted economists cite the data to say real per capita consumption has grown 2.9 per cent per annum since 2011-12, with rural growth at 3.1 per cent being significantly higher than urban growth of 2.6 per cent. Also, there has been an unprecedented decline in urban and rural inequality. The urban Gini declined from 36.7 to 31.9; the rural Gini declined from 28.7 to 27.0. The Gini coefficient, or the Gini index, measures the inequality of income distribution, whereas a higher value closer to one (or 100 per cent) represents greater inequality. "In the annals of inequality analysis, this decline is unheard of, and especially in the context of high per capita growth," the article states. High growth and a large decline in inequa

Delhi per capita income rises by 22%, economy to grow at 9.17% in FY24

Delhi's per capita income increased by 22 per cent in two years to Rs 4.61 lakh in 2023-24, Finance Minister Atishi said on Friday while projecting a 9.17 per cent economic growth for the current financial year. Tabling the Economic Survey for 2023-24 in the Assembly, the Delhi finance minister said the city's economy has grown at a record pace despite hurdles created by the Centre, LG and officers in the work of the Kejriwal government. Atishi said that the Gross State Domestic Product (GSDP) of Delhi at current prices is likely to reach Rs 11,07,746 crore in 2023-24 with a growth of 9.17 per cent. "The GSDP of Delhi in 2022-23 was Rs 10,14,000 crore. In post-COVID times, our real GSDP grew at 8.76 per cent in 2021-22 and 7.85 per cent in 2022-23, faster than the rest of the country," she said. Delhi's contribution to the national GDP is nearly 4 per cent despite its population being just 1.5 per cent of the total population of the country, she said. Atishi said that the Delhi ..

Monsoon woes: Farm sector contracts in Q3, a first in 19 quarters

The growth stood at 5.2 per cent in the third quarter of 2022-23 which also played a part in pulling down agriculture and related sector's GVA

Indian economy ticks many boxes in the right way, says CEA Nageswaran

He urges global rating agencies to reassess their estimates of India's potential growth rate to 7 per cent

Tamil Nadu contributes to 32% of India's total electronics exports till Jan

The state has been making rapid strides in all areas of industrial growth, primarily due to its connection with stakeholders

Mizoram registers 13.5% GSDP growth in FY 2022-23 driven by service sector

Mizoram has registered a 13.5 per cent Gross State Domestic Product (GSDP) growth in the 2022-23 financial year, according to an economic survey. The Mizoram Economic Survey 2023-24 also stated that the service sector continued to drive the state's economy, contributing to over 45 per cent of the Gross State Value Added (GSVA) in the 2022-23 fiscal. The economic survey, presented by Chief Minister Lalduhoma in the assembly on Thursday, said that the state's economy grew over the years, barring the pandemic period. The GSDP at constant prices (2011-12), which is the true indicator of growth without being influenced by factors such as inflation, is expected to grow to Rs 21,000.56 crore in the 2022-23 fiscal against the estimate of Rs 18,493.72 crore for the 2021-2022 fiscal, registering a growth of about 13.55 per cent over the previous year, the survey stated. Whereas the GSDP at current prices registered an increase of 17.99 per cent over the previous year, it said. The GSDP at .

Fiscal deficit at Jan-end touches 63.6% of full year target: Govt data

In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 67.8 per cent of Revised Estimates (RE) of the Union Budget 2022-23

Economy remains resilient, manufacturing regaining momentum: NCAER

High frequency indicators reveal that the Indian economy remains resilient with Purchasing Manager's Index (PMI) for services accelerating and manufacturing regaining momentum, economic think tank National Council of Applied Economic Research (NCAER) said in report released on Wednesday. Further, NCAER said the composite PMI accelerated to 61.2 in January from 58.5 in December 2023. PMI for manufacturing activity accelerated to 56.5 in January from 54.9 in December 2023, reflecting an expansionary momentum while PMI for services went up to 61.8 in January from 59 in December 2023, it added. "The markers for the month like PMI and GST collections point to a resilient macroeconomic environment. "An encouraging signal comes from easing of inflationary pressure, especially the moderation in food price inflation," NCAER Director General Poonam Gupta said. The report mentioned about healthy GST collections which reached a value of Rs 1.7 lakh crore in January, registering a year-on-year

World economy has growing chance of pulling off soft landing: G20

The statement reflects a relatively upbeat view of a global economy that's struggled in recent years to overcome the impact of the pandemic, soaring inflation and a sharp increase in interest rates

Real GDP growth likely expanded by 7% in December quarter: Report

The country's real GDP growth for the December quarter is all set to come at a higher-than-anticipated 7 per cent, a German brokerage said on Monday. "We are forecasting October-December 2023 real GDP to have grown 7.0 per cent year-on-year during the quarter, which is higher than what we had previously anticipated," analysts at Deutsche Bank said in a note. The official data on quarterly growth will be released on February 29. In the three months ended September 2023, the economy had clocked a 7.6 per cent growth. The German brokerage said its estimate is based on a proprietary index of five high-frequency indicators, including industrial production, exports, non-oil-non-gold imports, bank credit and consumer goods. It said that another indicator comprising nearly 65 high-frequency indicators is also pointing towards 7 per cent growth for the December quarter. "The Indian economy has exhibited remarkable resilience despite the Russia-Ukraine war of last year and Covid prior to th

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