Page 19 - Economy

Key infra sector growth rises to 14-month high of 12.1% in August

The expansion in August is the highest since June 2022, when it was 13.2 per cent

India to be world's third-largest economy by 2027, says Amit Shah

He said the country has completed 75 years journey after Independence and has several achievements to its credit

Economic stress in India's neighbourhood

Crises in Sri Lanka, Bangladesh and Pakistan reveal their structural weaknesses

High quality standards to help become developed economy by 2047: Goyal

Food and Consumer Affairs Minister Piyush Goyal on Wednesday said high-quality standards in products and services will help India achieve its ambition of becoming a developed economy by 2047. He also stressed that "standards must support creating robust enforcement ecosystem and that they are developed after extensive consultation with all stakeholder groups". Addressing the onboarding workshop for Bureau of Indian Standards (BIS) technical committee members at the National Institute for Training in Standardization (NITS), Goyal said standards are a cornerstone of domestic trade and export, a facilitator of innovation and efficiency contributing towards national growth. As members of technical committees formulating Indian Standards, they have an enormous responsibility to ensure that standards embed the principles of sustainability, facilitate the fight against counterfeit goods and support MSMEs and startups to become more competitive, he said in a statement. Goyal further said e

Commerce Ministry opens applications for registration to import IT hardware

The registration plan comes after the Centre decided to delay the requirement of licenses for such imports

Boosting manufacturing to help India become developed economy: AIMA prez

India needs to increase the share of manufacturing to one-third of its GDP to become a developed economy by 2047, AIMA President Shrinivas Dempo said on Tuesday. India's per capita Gross Domestic Product (GDP) needs to multiply about 9 times over the next 25 years, Dempo said while speaking at the National Management Convention session of All India Management Association (AIMA) here. As per the Reserve Bank of India (RBI), the Indian economy needs to grow at an average rate of 7.6 per cent till 2047 to become a developed country, he said. "To get there, the Indian economy needs a rebalancing by raising the share of manufacturing in its output to about one-third. All this requires an exponentially rising investment in infrastructure, technology, education, skills, health and a major realignment of management and governance," Dempo, the Chairman of Dempo Group of Companies, said. India is the fifth-largest economy, with a GDP of over USD 3.7 trillion. The share of manufacturing in to

India to become 3rd largest economy by 2030, UP to play big role: Minister

India is expected to become the third largest economy by 2030 and Uttar Pradesh will have a major role to play, Union Minister Narayan Rane said on Monday. Addressing the valedictory session of the UP International Trade Show in Greater Noida, Rane said that the per capita income of citizens needs to be improved to tackle migration, noting that the state is aiming to become a USD 1 trillion economy. He also drew a reference to the per capita income of the US and India to stress the need for economic growth in order for people to be able to live a better life. Citing example of his home state Maharashtra in industrialisation, Rane said due research and study are required to make sure which industry should be set up in which areas or districts. He said the prerequisite for bringing industries in any state also depends on the atmosphere for business there and said the way Adityanath is working towards promoting industries is laudable. "I come from Mumbai in Maharashtra. Mumbai is the

Statistics ministry to begin work on 80th round of national sample survey

During the 79th round of the survey, questions were also included on Ayush to get insights on the expenditure incurred

Robust digital infrastructure helped govt save over $27 billion: DEA Secy

Economic Affairs Secretary Ajay Seth on Friday said digital public infrastructure (DPI) has led to savings of over USD 27 billion in government schemes, and achieve greater financial inclusion in a short period. The use of direct benefit transfer (DBT) in the last one decade has ensured money reached to targeted beneficiaries and bogus accounts are weeded out. This has helped in huge savings of taxpayers' money. Sharing India's success story on the financial inclusion front, Seth said India has achieved 80 per cent account opening penetration from 20 per cent within a span of 7-8 years with DPI, which would have taken 47 years in the normal course as per a study by the Bank of International Settlements. "We developed a solution approach for delivering best-in-class services to the last mile and even in the most remote parts of the country. Our achievements are well known in numbers. Since the launch of the digital identity number, Pradhan Mantri Jan Dhan Yojana PMJDY in 2014, over 5

UK recession risk deepens but consumers stay unfazed, factory output falls

A business survey, which the BoE factored into its decision to keep rates on hold, showed companies endured a much tougher September than feared, marked by growing unemployment

Upward revision: OECD raises India's FY24 GDP growth projection to 6.3%

Also revises inflation projection to 5.3% from 4.8%

Yet another hike smashes fuel prices record in Pakistan, prompts furore

Amid double-digit inflation, Pakistan's caretaker government has effected yet another hike in the prices of petrol and diesel taking them to a historic high over Rs 330 per litre prompting immediate protests and a legal challenge too. As on Saturday, USD 1 was equivalent to 296.41 Pakistani Rupee. The Ministry of Finance on Friday night announced the price hike of petrol by Rs 26.02 and diesel by Rs 17.34 per litre. After the hike, petrol and high-speed diesel (HSD) are costing over Rs 330 at the filling stations, a psychological barrier that has been crossed for the first time in the country's history, the Dawn newspaper wrote. The fuel price hike comes on the heels of over 27.4 per cent increase in the rate of inflation in August, putting an unbearable burden on the masses, as petrol and HSD are used by all private and public service vehicles. The caretaker government on September 1 jacking up the petrol and diesel prices by over Rs 14. The rise is on top of Rs 32.41 and Rs 3

Global debt fell as share of GDP in 2022, may resume rising trend: IMF

The IMF said in an update to its Global Debt Database that the world's total debt to-GDP ratio fell last year to 238 per cent from 248 per cent in 2021 and 258 per cent in 2020

Pakistan's debt servicing heads towards record PKR 8 trn as rate hike looms

Pakistan's entire debt servicing is on track to reach a historic high of Pakistan Rupee (PKR) 8 trillion, with the prospect of a minor increase in the policy rate

New Zealand's economy expected to remain sluggish for 2 years, figures show

New Zealand's economy is expected to remain sluggish for another two years, although the overall picture is rosier than many observers had feared, new figures released Tuesday indicate. The nation's Treasury released the projections ahead of an election next month. They showed a slight deterioration from earlier predictions, with tax takes lower than expected and high inflation causing ongoing headaches. Unemployment is expected to jump from a current rate of 3.6 per cent to 5.4 per cent in 2025 before falling again, while economic growth is expected to fall from 3.1 per cent this year to 1.3 per cent next year, before bouncing back to 3.3 per cent by 2026. Net debt as a percentage of the economy is expected to peak at 23 per cent in 2025. Treasury said subdued house price growth and a tougher labour market would dampen household wealth and incomes, and that exporters, including farmers, faced ongoing headwinds. A predicted return to the government running budget surpluses was pushe

Indian crypto companies welcome crypto push at G20, expect clear framework

On Saturday, a chunk of G20 member nations said they want to start an exchange of information on such non-financial assets by 2027

CEA rejects 'statistical discrepancy' criticism on Q1 growth numbers

Chief Economic Advisor V Anantha Nageswaran has rejected criticism of 'statistical discrepancy' in the first quarter GDP data, saying when the same statistical authority reported the severest contraction in the first quarter of 2020, the naysayers had called it credible as it suited their narrative. "In Q1 of 2023-24, the discrepancy of 2.8 per cent has a plus sign. This indicates that the expenditure side has explained only 97.2 per cent of the income side. It does not mean that the 2.8 per cent that has yet to be explained does not exist," Nageswaran said in an op-ed article. "It exists and lends itself to being explained in subsequent quarters. Similarly, the preceding eight quarters have shown negative discrepancies. It means that the expenditure side has been over-explained and needs to be reconciled," the article co-authored by senior government economist Rajiv Mishra said. Over a long period, the negatives and positives offset each other, it said, adding that between 1Q FY12

Delhi's business landscape braves impact as G20 summit takes centre stage

Shuttered for security reasons, markets to miss weekend crowds

Mohali to Manila: Rice economy faces turmoil as El Nino turns up heat

The agriculture department is coordinating with the state's irrigation and energy departments to ensure optimum supply of water and electricity

Supreme Court stays Karnataka HC order on Gameskraft tax evasion case

The high court had quashed the Directorate General of GST Intelligence's order alleging tax evasion of Rs 21,000 crore in May this year