Page 2 - Economy

Industrial classification set for a makeover, in line with new-age economy

An overhaul of the National Industrial Classification framework seeks to include multiple new activities that better capture a changing economy, data from which is expected to help policymaking

China’s economy slows down in August: What it means & why it matters | Unemployment | Demand

China’s economy lost steam in August, with weak factory output, retail sales, and investments dragging growth. Watch the video to know what it means and why it matters.

India's net GST kitty increases 10.7% to ₹1.67 trillion in August

Gross GST collections in August, for transactions undertaken in July, stood at about Rs. 1.86 trillion, 4.8 per cent lower than the previous month

₹2000 notes worth ₹5,956 crore remain in circulation in 2025: RBI

The high-value Rs 2000 notes worth Rs 5,956 crore are still in circulation, more than two years after the Reserve Bank's withdrawal of the currency notes, according to official data released on Monday. The Reserve Bank of India (RBI) had announced the withdrawal of Rs 2000 denomination banknotes from circulation on May 19, 2023. Rs 2000 banknotes continue to be legal tender. In a statement, the central bank said the total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, has declined to Rs 5,956 crore on August 31, 2025. "Thus, 98.33 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned," it said. The facility for exchange of the Rs 2000 banknotes is available at the 19 issue offices of the RBI since May 19, 2023. From October 9, 2023, RBI issue offices are also accepting Rs 2000 banknotes from individuals/entities for deposit into their bank accounts. Further, public can send

Indian economy likely grew solidly before Trump tariffs hit outlook

India's gross domestic product probably expanded 6.7 per cent in the three months to June, the first quarter of the financial year, according to the median estimate in a Bloomberg survey

India may become world's second-largest economy by 2038: EY report

India's economy could reach USD 20.7 trillion in terms of purchasing power parity (PPP) by 2030 and may emerge as the second-largest economy by 2038 with USD 34.2 trillion GDP, an EY report said on Wednesday. The report also said that with appropriate countermeasures, India can limit the adverse impact of higher US tariffs on selected Indian imports to about 10 basis points of real GDP growth. India is emerging as one of the most dynamic among the world's five largest economies, with strong economic fundamentals including high savings and investment rates, favourable demographics, and a sustainable fiscal position, said the the August 2025 issue of EY Economy Watch. Despite global uncertainties such as tariff pressures and slowing trade, India's resilience stems from its reliance on domestic demand and increasing capabilities in modern technologies, it said. The report examines the comparative economic profile of the five largest economies against the backdrop of US tariff ...

India should negotiate trade deal with US on its own terms: EAC-PM chief

India should negotiate a trade agreement with the US on its own terms, keeping in view the national interest, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman S Mahendra Dev has said. Dev expressed hope that India will have an advantage over other countries on tariffs once the Free Trade Agreements (FTAs) are signed, and it would boost exports. "The overall approach of India is negotiating trade agreements with countries on its own terms and keeping in view the national interests. The negotiations are going on and the ultimate decision depends on the mutual interests of both countries," he told PTI. US President Donald Trump has said the proposed trade deal with India would be on the lines of what America has finalised with Indonesia on Tuesday. Under the US-Indonesia trade pact, the Southeast Asian nation will provide complete access to its market to US products, while Indonesian goods would attract a 19 per cent duty in America. In addition, Indonesia has commit

Trade war: A second chance for India to attract global manufacturing

Services trade from India has become a major success. From 2005 to 2023, India's share of global services exports doubled - from under 2 per cent to over 4 per cent

Kerala's fishing economy reels from back-to-back maritime disasters

Back-to-back ship accidents in the Arabian Sea halt fishing, stir fears of contamination, and threaten the livelihoods of over a million people in Kerala

Zero-for-Zero Tariffs: Rethinking Trade Liberalization

In this SmartCut episode, Dr. Shikha Jain, Director of IMDR Pune, unpacks Zero-for-Zero Tariffs, their history, benefits, challenges, and why India needs to rethink trade liberalisation. >

Multi-partisanship for reforms can help India unlock stalled growth

Unravelling the Gordian knots in the ease of doing business demands wisdom from across the political aisle

Maharashtra to become $1 trillion economy by 2030, says CM Fadnavis

Maharashtra Chief Minister Devendra Fadnavis on Wednesday said his government has charted out a multidimensional roadmap for the state's progress and it will become a USD 1 trillion economy by 2030. "Maharashtra is firmly on the path to becoming a trillion-dollar economy by 2030," Fadnavis said while addressing the "India Investment Forum 2025" here. At the meet, the CM presented a comprehensive overview of Maharashtra's economic, industrial, social, and environmental strides. He highlighted that the state's economy has already crossed the half-trillion-dollar mark. An Economic Advisory Council (EAC), headed by Tata Sons chairman N Chandrasekaran, in collaboration with 20 senior CEOs, has developed a robust roadmap covering infrastructure, industries, services, agriculture, and fintech sectors in Maharashtra, the CM noted. He announced that the "Viksit Maharashtra 2047" blueprint will be unveiled on October 2, featuring short-term, mid-term, and long-term goals. The Chief ...

VP Dhankar urges farmers to explore agro products to increase income

Vice President Jagdeep Dhankhar on Thursday asserted that the income of people has to increase eightfold to define Viksit Bharat and urged farmers to look beyond agriculture and explore agro-based products to increase their income. Talking to reporters after paying tributes to former prime minister Charan Singh on his death anniversary here, the vice president said Viksit Bharat, or a developed India, does not refer to the rank of the nation's economy in the world. He felt that to define Viksit Bharat and make it a ground reality, people's income has to increase eightfold. Expressing confidence that such a development will certainly happen, provided farmers are far-sighted, Dhankar said farmers make a lot of effort in cultivating and harvesting crops, but beyond that their role is negligible. He also called on farmers to increase their participation in the animal husbandry and agro-based industry. Dhankhar highlighted that the entire food processing industry is based on farm produ

Japan loses world's top creditor spot to Germany after 34-year reign

Japan's net external assets hit ¥533.05 trillion ($3.7 trillion) in 2024, a 13% rise from last year, but it was surpassed by Germany, which now leads in net external assets

State rankings 2025: A closer look at assumptions and indicators

The report ranks performance of states in terms of 7 pillars - namely, economic, fiscal, financial, infrastructural, social, governance, and environment - and works out composite index to rank states

India's coal production increases 3.63% to 81.57 MT in April

Both coal production and dispatch witnessed steady growth in April 2025, compared to the same period last year, the coal ministry has said

Net $1.6 billion sold in spot FX market in February: RBI bulletin

The RBI said it purchased $45.03 billion and sold $46.6 billion. In January, the central bank had sold a net of $11.1 billion in the spot market

UK inflation slows to 2.6% in March, lowest level in three months

Falling fuel prices and unchanged food costs helped bring down the inflation rate but the price of clothes rose strongly after a surprise fall in February

Trend growth returns, but reforms key to sustain India's 6.5% GDP pace

The NSO's estimate marks a return to the pre-pandemic decadal trend growth rate, following an above-trend average growth of 8.8 per cent between financial years (FY) 2021-22 and 2023-24

Tamil Nadu Round Table 2025

Watch policymakers and industry experts discuss Tamil Nadu’s path to a knowledge-driven economy, covering AI, Global Capability Centers (GCCs), advanced manufacturing, and key policy reforms.