Page 18 - Economy

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

Global economy will slow for a third straight year in 2024: World Bank

Hobbled by high interest rates, persistent inflation, slumping trade and a diminished China, the global economy will slow for a third consecutive year in 2024. That is the picture sketched by the World Bank, which forecast Tuesday that the world economy will expand just 2.4 per cent this year. That would be down from 2.6 per cent growth in 2023, 3 per cent in 2022 and a galloping 6.2 per cent in 2021, which reflected the robust recovery from the pandemic recession of 2020. Heightened global tensions, arising particularly from Israel's war with Hamas and the conflict in Ukraine, pose the risk of even weaker growth. And World Bank officials express worry that deeply indebted poor countries cannot afford to make necessary investments to fight climate change and poverty. Near-term growth will remain weak, leaving many developing countries especially the poorest stuck in a trap: with paralyzing levels of debt and tenuous access to food for nearly one out of every three people," Indermi

India to become intellectual leader of world by 2047: Minister Pradhan

India will become a developed nation and "intellectually lead" the world by 2047 and the responsibility to "interpret justice" will increase in such times, Union Education Minister Dharmendra Pradhan said here on Saturday while speaking at the National Forensic Sciences University (NFSU). The minister addressed the second convocation ceremony of the institute. "We are committed to be a developed country by 2047. This task has been given by Prime Minister Narendra Modi to all the countrymen. We are destined to intellectually lead this universe," Pradhan said. India never colonised any part of the world but looked upon the entire Earth as one family, he said. "When we are destined to be a developed nation in the next 25 years, we will have a sense of more brotherhood, transparency, and sensitivity in the world, because the people of India will lead in many aspects of social life. In times like that, the responsibility to interpret justice will increase," he added. While the NFSU ...

Seizing Russia's frozen assets is the right move

The same principle that applies to individuals committing torts should be applied to nations

US Federal Reserve sees interest rates staying high for some time

Fed policymakers acknowledged they were probably at the peak rate and would begin cutting in 2024

Toys to have major share in Walmart's $10 bn Indian exports target: DPIIT

US-based retail giant Walmart is targeting to increase its exports from India to USD 10 billion annually and domestic toys will account for a significant portion of the total exports, a senior government official said on Thursday. Joint Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Sanjiv said that the American company has recently held a workshop with 100 Indian toy makers so that they can set up the supply chain for toy exports from India. "Walmart has given a target of USD 10 billion exports from India and in that they are going to have toy exports as a significant portion," he told reporters here. The company has earlier informed toy makers about their requirements and expected quality standards. In December 2020, Walmart committed to triple its exports of goods from India to USD 10 billion each year by 2027, providing a significant boost to micro, small and medium-sized enterprises (MSMEs) here. Global retailers such as IKEA are already sour

Growth in Asia Pacific emerging markets to remain strong in 2024: Fitch

The economic growth in Asia Pacific will remain strong in 2024 and GDP is expected to grow by about 5 per cent in India and a host of emerging market countries, Fitch Ratings said on Wednesday. In its report titled 'APAC Cross-Sector Outlook 2024', Fitch said the outlooks for the banking sectors in India and Indonesia, as well as APAC emerging markets as a whole, move to improving in 2024, partly reflecting the robust economic backdrop. "Economic growth in APAC will generally remain strong in 2024, especially in emerging markets (EMs), supporting sector outlooks across the region. We expect real GDP to expand by, or above, 5 per cent in India, Indonesia, the Philippines and Vietnam, and China's performance will still be strong by most other countries' standards," Fitch said. The Indian economy grew 7.2 per cent in 2022-23 fiscal year. India's GDP expanded 7.8 per cent and 7.6 per cent in the June and September quarters, respectively. Fitch had last month said it expects India to be