Page 19 - Economy

Major US banks report rising profits, cautious on economic outlook

JPMorgan's profit jumped 35 per cent on the year-ago quarter, while Wells Fargo profit surged 60 per cent. Citigroup reported a more modest year-on-year 2 per cent gain

In economic shift, smaller cities keep consumption engine running

Non-essential spending has increased more in non-metro segment as incomes rise

Rajasthan's ARTIA calls to include demands of industry in poll manifestos

According to ARTIA, these are important from the point of view of the economy and employment

Managing expectations

Sustained higher inflation can affect outlook

States borrowing cost soars to highest so far this fiscal at 7.68%

States have been forced to pay through their nose at the weekly auction of their debt on Tuesday with the weighted average interest rate payable soaring to the highest so far this fiscal at 7.68 per cent, 12 basis points (bps) more than the previous peak at the last auction. The prices shot up reflecting the overall higher risk averseness of investors with the rising interest rates along with higher demand, which rose by 14 per cent at the auction in spite of a jump in the average tenor to 15 years from 13 years last week. Eight states raised Rs 9,600 crore through state government securities (SGS) on Tuesday, which is 13.6 per cent higher than the amount indicated for this week in the auction calendar, according to Aditi Nayar, the chief economist at Icra Ratings. The sharp increase in the cutoffs of the 10-year and above issuances in the auction pushed the weighted average cut-off to 7.68 per cent, the highest in FY24 so far, up from 7.56 per cent last week, she said. The weighte

Bank of Israel to sell up to $30 billion of forex to stabilise shekel

The shekel fell 2.8% versus the dollar to 3.95 - its weakest level since February 2016 - after the announcement and matching its biggest one-day move since March 2020

Black market, smuggling cost Pakistan's economy $23 bn annually: Report

Illegal activities such as black market currency trade, gold smuggling, and oil smuggling among others are costing Pakistan's economy a whopping USD 23 billion per year, according to a UK-based financial service company. ACE Money Transfer, the UK-based money transfer company, in its recent report said that the black market and smuggling of US dollars in key sectors are draining Pakistan's economy of a staggering USD 23 billion per year, The Express Tribune newspaper reported on Saturday. These clandestine operations, encompassing black market currency trade, oil smuggling, gold smuggling, and import controls, have detrimental effects on Pakistan's economic stability, it said. They distort exchange rates, leading to currency devaluation, which, in turn, can fuel inflation as imported goods become costlier. Moreover, such activities undermine the efficacy of monetary policies and erode confidence in the financial system. This not only leads to a loss of government revenue but also

India poised to become new growth engine of world, says RBI Governor

India is poised to become the new growth engine of the world, Reserve Bank of India Governor Shaktikanta Das said on Friday as the central bank retained the country's GDP growth forecast at 6.5 per cent for 2023-24, notwithstanding the slowing global economy. Invoking Kautilya's Arthashastra, Das said macroeconomic stability and inclusive growth are the fundamental principles underlying a country's progress. "The policy mix that we have pursued during the recent years of multiple and unparalleled shocks has fostered macroeconomic and financial stability," he said, while unveiling the bi-monthly monetary policy review. He said the external sector also remains eminently manageable. Das further said the twin balance sheet stress that was encountered a decade ago has now been replaced by a twin balance sheet advantage with healthier balance sheets of both banks and the corporate. "India is poised to become the new growth engine of the world," he said, observing the global economy is ..

World Bank slashes 2023 growth forecast for East Asia and Pacific to 5%

World Bank said that while China is expected to grow at 5.1% this year, up from 3% in 2022, the rest of the countries in the region are expected to see a slowdown

India to clock GDP growth of 6.5% in FY24: NITI Aayog Ex-VC Rajiv Kumar

On the domestic side, Kumar said inflation is beginning to come down to the target levels and the government tax revenues have shown a good 16 per cent increase over last year

India 'big hub' for blue collar economy, says Fountain CEO Sean Behr

Fountain, a provider of hiring automation software for frontline workforces, considers India as one of the "big hubs" in this space, a top company official said. The company is present in the US, Western Europe - UK, France, Germany as well as in South Africa, India, New Zealand and a few other countries. "The big hubs are India, UK and France," Founder and CEO of the company Sean Behr told PTI. "Fountain focuses exclusively on the blue collar and gray collar workforce. A vast majority of people ... don't ...do PowerPoint or Excel, they do things on the frontlines of our economy," Behr said, adding that hiring and retaining workers in the blue and grey collar economy has never been more difficult. India is the "most natural place" to invest, and to expand as there is a huge opportunity and growth rate in the blue/grey collar market, Behr noted. "China has some similar dynamics, but obviously there's geopolitical challenges, while in India you have a bigger population and a very goo

Odisha's GST collections rose by 12.85% to Rs 4,249 cr in September

Odisha's GST collections increased by 12.85 per cent to Rs 4,249.12 crore in September, officials said on Sunday. The state had collected a gross GST revenue of Rs 3,765.17 crore in the same month last year, they said. The collection to be retained by the state (OGST+IGST settlement) was Rs 1,651.58 crore, against 1,157.08 crore in September 2022, a growth of 42.74 percent, they added. The state generated 20.66 lakh waybills in September, as compared to 17.66 lakh waybills during the corresponding period of last year. Helped by improved compliance, overall GST collections in the country increased by 10 per cent to over Rs 1.62 lakh crore in September, crossing the Rs 1.6 lakh crore mark for the fourth time during the current financial year.

Indian economy poised to grow at average 6.5% per annum over 2023-30: CEA

The Indian economy is poised to grow at an average of 6.5 per cent annually between 2023 and 2030, Chief Economic Advisor V Anantha Nageswaran said on Friday. Speaking at the BCC&I Indo-Pacific Economic Conclave, Nageswaran said the global economy is going to witness a period of uncertainty, and India has to plug into the global supply chain and make itself attractive for the China-plus one strategy. "We have had 9.1 per cent growth in FY22 and 7.2 per cent in FY23. We are poised to grow 6.5 per cent per annum on average for this year and the remainder of the decade. Why I am talking about 6.5 per cent and not 7.5-8 per cent? It is because we are not experiencing the kind of global growth that we experienced between 2003 and 2008," the CEA said. India has made progress in the last eight years as it has now become the fifth largest economy from the 10th rank globally in 2014, and within the end of this decade, it will become the third largest economy in the world, he ...

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