Page 23 - Economy

India can become $7 trn economy by 2030: Volvo Group president Kamal Bali

India can become a USD 7 trillion economy, doubling its current size, by 2030, and the impact of this economic expansion will also be felt on an individual level with per capita income expected to surge, Volvo Group India president and managing director Kamal Bali said on Friday. India is the fifth-largest economy, with a GDP of over USD 3.7 trillion. Commenting on the exponential growth, Kamal Bali, who is also Chairman, CII Southern Region, said, "We can become a USD 7 trillion economy, doubling our current size by 2030. This remarkable growth signifies something of utmost significance beyond mere numbers." He was speaking at the CII Northern Region Conference on 'achieving excellence in manufacturing' with the theme of 'Powering the Disruptive Technologies.' According to a CII release, Bali said that the impact of this economic expansion will be felt on an individual level, as the per capita income of Indians, currently around USD 2,300, is expected to surge to nearly USD 4,500

Trillion-dollar economy target: Policy in the works to boost FDI in UP

The state now plans to organise a groundbreaking ceremony to kick-start the first tranche of projects from GIS 2023, which will include a range of FDI projects

India could face 3rd highest economic burden of COPD from 2020-50: Lancet

India is estimated to face the third highest economic burden of chronic obstructive pulmonary disease (COPD) from 2020-50 after China and the US, new research published in The Lancet Global Health journal said. The third leading cause of death worldwide, COPD caused 3.3 million deaths in 2019, it said, with China recording the highest toll, followed by India and the USA. The global death toll of COPD was found to have increased by 14.1 per cent between 2009 and 2019, an increase that the study attributed to factors such as urbanisation, air pollution, and tobacco use. Modelling COPD's economic burden for 204 countries and territories in 2020-50, the study found the disease to cost the world economy INT$4.3 trillion, the equivalent of a yearly tax of 0.11 per cent on global GDP and nearly half of India's total GDP in 2019. INT$, or International Dollar, is a hypothetical currency having the same purchasing power parity that the US dollar had in the United States at a given point in .

S&P revises outlook on B'desh to negative; affirms 'BB-' long term ratings

Bangladesh's external vulnerabilities are rising, marked by sustained pressure on its foreign exchange reserves despite a material decline in the country's current account deficit

CCD's parent firm Coffee Day Global admitted for insolvency by NCLT

Based on a petition filed by IndusInd Bank, the NCLT passed an oral order on Thursday to admit the unlisted company for corporate insolvency

India skilled workers in huge demand as Germany tries to woo nurses

German Chancellor Olaf Scholz expressed the country's intention to simplify work visa rules for Indian IT workers in February to fulfil the demand for software expertise

Wealth on the move: Why are rich Indians heading for greener pastures?

According to government data, more than 1.6 million Indians have renounced their Indian citizenship since 2011, including a whopping 225,620 in 2022 alone, averaging around 618 per day

Myanmar to issue highest denomination banknote amid as economy suffers

The Central Bank of army-ruled Myanmar will issue a new banknote worth twice as much as the current highest denomination, state-run media reported Sunday, in a possible reaction to the economy becoming more unstable since the generals seized power in 2021. The reason for issuing a higher denomination note of 20,000 kyats (about $9.50) was not explained. Since the military ousted the elected government of Aung San Suu Kyi, economic boycotts and sanctions imposed by Western nations have hurt both big businesses and ordinary people, many of whose lives have already been disrupted by civil war and the coronavirus pandemic. The issuance of new, higher denomination currency is associated in popular belief with a risk of inflation, though there isn't necessarily a link. Older Myanmar residents are especially sensitive to changes affecting the currency, recalling the sudden demonetization of banknotes in 1987 during an earlier dictatorship, which reportedly affected around 80% of the money

Top headlines: RIL Q1 net falls 11% on weak O2C biz, GST evasion, and more

Business Standard brings you the top headlines at this hour

Honest, not causing grave harm: Asci releases guidelines on ads for charity

Asci said that there have been some concerns about ads for charitable causes that create donor distress through the use of images that may be too graphic

UK inflation slows sharply, offering some relief to Bank of England

Bank Rate peaking at 6% is no longer fully priced, which had been the case on Tuesday

Pakistan facing 'exceptionally high' economic challenges, says IMF

The IMF assessment noted that Pakistan's economic challenges were complex and multifaceted, and risks were exceptionally high

Billions in corporate debt: Wave of bankruptcies threatens global economy

Rising tide of distress is, of course, to certain degree by design. Caught by surprise as inflation surged, monetary policymakers have been aggressively draining cash from the world's financial system

Erdogan visits Gulf Arab states, seeks funds for floundering economy

Turkish President Recep Tayyip Erdogan travelled to Saudi Arabia on Monday in a three-stop tour of Persian Gulf states to seek trade and investment opportunities for Turkiye's floundering economy. Erdogan arrived in Jeddah accompanied by an entourage of some 200 businesspeople, according to the Foreign Economic Relations Board of Turkiye. He met Crown Prince Mohammed bin Salman at Al Salam Palace, shaking hands and attending a welcoming ceremony where he expressed his happiness with this visit, the state-run Saudi Press Agency reported early Tuesday. Business forums have been arranged in Saudi Arabia, Qatar and the United Arab Emirates during Erdogan's three-day trip. We are hoping to improve our relations and cooperation in many fields. We will focus on joint investment and commercial initiatives to be realized in the upcoming period, Erdogan told reporters in Istanbul before leaving. The visit comes as Turks are hit with sales and fuel tax hikes that Finance Minister Mehmet Simse

Developed economies under stress, there is demand slowdown: Goyal

The developed economies are under stress, and there is a demand slowdown in the world market, Commerce and Industry Minister Piyush Goyal on Monday said amid a dip in the country's exports. India's exports contracted by 22 per cent, the steepest decline in the last three years, to USD 32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. "Over the last two years, we have had record exports. Unfortunately, the world seems to be moving towards a recession. Developed economies of Europe and America are under stress, very often overstocked, seen softening of commodities and commodity pricing and demand. Similarly, discretionary spending is very lukewarm," he said at an event. The minister said that gems and jewellery, textiles, and leather goods, which are India's strength areas are currently under stress. "In this situation, it is incumbent on all of us to work as a team and make the India story, the compulsive story of t

Mixed picture: IMF sees 'resilience', slowing momentum in global economy

G20 countries also need to tighten fiscal policy to ensure debt sustainability, create fiscal space and to help support disinflation by reducing aggregate demand, the Fund said.

Want to buy popcorn with movie tickets? Here's how you can pay lower GST

If you only buy a movie ticket for entry and then buy food, the food will not be invoiced with the ticket, and you will be charged 5 per cent, said an official

Security challenges have evolved from 'dynamite to metaverse': Amit Shah

Warning the global community about security challenges which have evolved from "dynamite to metaverse" and "hawala to crypto currency", Union Home Minister Amit Shah on Thursday urged G20 countries to rise above conventional boundaries to act against such crimes. Speaking at the 'G20 Conference on Crime and Security in the Age of NFTs, AI & Metaverse', he underlined the threats emanating from cyber criminals using darknet, metaverse, deepfakes, ransomware and toolkit-based misinformation campaigns and strategic targeting of critical information and financial systems. "The G20 has so far focused on digital transformation and data flow from an economic perspective, but now it is important to understand the aspects of crime and security, and find a solution," he said. Shah said such activities are a national concern as they directly impact national security, law and order, and the economy. If such crimes and criminals have to be stopped, we have to think and act by rising above the ..

India mulls banning exports of most rice varieties as local prices surge

The government is discussing a plan to ban exports of all non-Basmati rice, according to people familiar with the matter

Centre has 'murdered' online gaming with 28% GST, says Ashneer Grover

The new tax puts fantasy gaming tax at the same level as gambling and betting