Page 22 - Economy

Vision plan to become $30 trn economy by 2047 in works: NITI Aayog CEO

NITI Aayog CEO BVR Subrahmanyam on Sunday said a vision document is being prepared for India to become a developed economy of about USD 30 trillion by 2047. The vision document will outline the institutional and structural changes/ reforms that will be needed for the country to become a developed nation by 2047. The draft Vision India @2047 will be ready by December 2023 and it will be presented before the country in the next three months, he said. "A vision plan is being prepared for India to become a developed economy of about USD 30 trillion (USD 29.2 trillion) by 2047... the whole purpose of the vision document is to avoid the middle-income trap," he told reporters here. According to the Asian Development Bank (ADB), the middle-income trap captures a situation where a middle-income country can no longer compete internationally in standardized, labor-intensive goods because wages are relatively too high, but it also cannot compete in higher value-added activities on a broad enou

Weekly Treasury bills' yield rise as bank liquidity deficit nears Rs 1 trn

The Reserve Bank of India set the cut-off yield on 91-day, 182-day and 364-day T-bill at 6.93 per cent, 7.14 per cent and 7.16 per cent respectively

Israel's central bank cuts growth estimate as war impacts economy

The monetary committee kept its benchmark at 4.75% for a third consecutive meeting on Monday, in line with the forecasts of almost all economists surveyed by Bloomberg

A supply-side dilemma

We need to stop obsessing over consumption, the real problem is supply

Govt cautious of unexpected spike in sovereign bond yields: Official

"If (government bond) yields go beyond tolerance level, we will take appropriate remedial actions," the official said, without giving details

Benchmark 10-year US Treasury yield hits 5%, its highest-level since 2007

The combination of those higher yields and risk of a wider conflict in the Middle East soured sentiment at the start of a week full of mega-cap earnings and key data

MGNREGS may get additional support of Rs 28,000 crore for FY24: Report

If cleared, the total outlay of MGNREGS will be at Rs 88,000, nearly around last year's actual expenditure of Rs 89,400 crore

Rajasthan's financial, economic landscape resembles a desert mirage

Gehlot needs to remember that while needs and wants are unlimited, resources are scarce

No decision yet on India joining trade pillar of IPEF, says official

The government has not yet taken any decision on the issue of India joining the trade pillar of the Indo-Pacific Economic Framework (IPEF), a 14-member grouping, a senior official said. The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 in Tokyo. The 14 IPEF partners represent 40 per cent of global GDP and 28 per cent of global goods and services trade. The framework is structured around four pillars relating to trade, supply chains, clean economy, and fair economy (issues like tax and anti-corruption). India has joined the three pillars except the trade part. The member countries are holding negotiations to sign separate agreements on these subjects. Talks are already concluded on the supply chain resilience and the process for domestic approval in India for this agreement is underway. The member nations are holding talks on clean economy, and fair economy pillars under the sixth negotiating round, which is undergoing in Kuala

India is high on list for prestige beauty brands: Shiseido Apac CEO

The market is better placed now with organised retail, which provides accessibility and reach

S Africa to topple Nigeria to regain mantle as continent's biggest economy

The IMF's World Economic Outlook envisions South Africa's gross domestic product reaching $401 billion based on current prices in 2024, compared with Nigeria's $395 billion

Pakistan's annual expenditure on public servants over PKR 8 trn: Study

Despite this extensive expenditure, little is known about the overall contribution, outcomes, and impact of these public servants on taxpayers

Rupee ends at record closing low on intensifying geopolitical worries

The rupee closed at 83.2775 against the U.S. dollar, little changed from its previous close of 83.2625. The currency hit its previous record closing low of 83.2675 on Sept. 18

Share of women in wage work declined to 15.9% in 2022-23, says PLFS

At the national level, the share of women in regular wage work has declined sharply to 15.9 per cent in 2022-23, from 21.9 per cent in the pre-pandemic period of 2018-19

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