India Economic Growth

China's manufacturing prowess to bear on India's growth story: Eco Survey

Chinese manufacturing prowess and its dominance in the strategic sector will have a bearing on India's growth projection in the medium term and its march to become a developed nation by 2047, the Economic Survey said on Friday. The Survey has said India needs to grow at 8 per cent for about two decades to become a developed nation by 2047, but it will have to face challenges from global developments and reliance on Chinese imports. "While the desirability of this growth rate is unquestionable, it's important to recognise that the global environment political and economic will influence India's growth outcomes," the Economic Survey 2024-25 said. The survey said fundamental shifts in global economic engagement are underway with the proliferation of trade and investment restrictions. Between 2020 and 2024, over 24,000 new restrictions related to trade and investments have gone into place globally. The survey made a case for "acknowledging the elephant (and the dragon) in the room th

Will maintain 6-8% economic growth, inflation under check: Vaishnaw

India will comfortably maintain a 6-8 per cent economic growth rate while keeping inflation under check in the years to come, senior Union Minister Ashwini Vaishnaw said on Thursday. Speaking at a session during the World Economic Forum Annual Meeting here, the minister said inclusive growth remains a key pillar of the country's economic blueprint, alongside continued focus on manufacturing, services and simplification of laws. Inclusive growth has been a key reason for Prime Minister Narendra Modi coming back for a third term as he ensured that the benefits of the economic growth reached every section of society, the minister for railways, information and broadcasting, and electronics and information technology said. Vaishnaw said the talent available in India is unmatched across sectors and the world today trusts India because of its policies. Companies are shifting their factories and value chains to India, he added. Speaking at the same session, industrialist Sanjiv Bajaj said

NITI Aayog member revises FY25 GDP growth projection for India to 6.5-7%

NITI Aayog member and renowned economist Arvind Virmani on Saturday said he has revised his GDP growth projection for India on the lower side for FY'25 due to rising global uncertainties and risks, particularly from the United States and China. Virmani, who had earlier predicted a GDP growth in the range of 6.5-7.5 per cent, adjusted the projection to 6.5-7 per cent now with high probability of it being sub-7 per cent, amidst heightened risk aversion stemming from global political and economic challenges. "My focus from the beginning of the year was 7 per cent plus-minus 0.5 per cent, which means 6.5-7.5 per cent. But now I am revising it to 6.5-7 per cent. The political uncertainties created by the US elections is much higher than I had anticipated," Virmani said. "The US election uncertainty has a domino effect, influencing Europe, China, and other regions, indirectly impacting India," he said on the sidelines of an interactive session with MCCI. He highlighted the significant ..

Decoded: Real vs nominal GDP - Key differences and which is more reliable

These two metrics, while similar on the surface, provide different perspectives on economic health and growth trends

Ficci lowers India's growth projection from 7% to 6.4% for current FY

Industry body FICCI on Thursday lowered India's growth projection for the current financial year to 6.4 per cent from 7 per cent estimated earlier. According to FICCI's Economic Outlook Survey, the revised projection is in line with the broad expectations and reflect a notable slowdown vis--vis 8.2 per cent GDP growth recorded in 2023-24. "...FICCI's Economic Outlook Survey projects an annual median GDP growth forecast of 6.4 per cent for 2024-25. The forecast in the current survey marks a moderation from 7.0 per cent estimate (for 2024-25) put out in the previous round conducted during the month of September last year," it said. The survey was conducted in December 2024 and drew responses from leading economists representing industry, banking and financial services sector. The participating economists observed global economy in 2025 to present a reasonable growth trajectory, with an underlying note of caution. Sharing their perspective on the expected impact of US President Donal

Surpassing Japan, India to become 4th largest economy by 2026: PHDCCI

India's economy is expected to become the fourth largest in the world by 2026, surpassing Japan, said industry body PHDCCI on Wednesday, as it projected the nation's GDP to grow 6.8 per cent in the current financial year ending March and 7.7 per cent in FY26. With the Indian economy growing resiliently over the past three years, it is expected to become the fourth largest economy in the world by 2026, surpassing Japan, said Hemant Jain, President, PHD Chamber of Commerce and Industry. Ahead of the Budget, the industry chamber also said the peak rate of income tax, which is currently applicable at 30 per cent on income above Rs 15 lakh, should be applied only to individuals having income above Rs 40 lakh, whereas the income tax exemption limit should be increased to Rs 10 lakh, arguing that boosting consumption through more disposable income in the hands of people is essential. Besides, the PHD Chamber of Commerce and Industry (PHDCCI) expects the Reserve Bank to slash the bench-mark

Govt may forecast stronger growth next FY while sticking to fiscal targets

It is likely to forecast nominal economic growth of 10.3 per cent-10.5 per cent. That's higher than the forecast of 9.7 per cent for the current year

UK has strong belief in India's democratic values, growth story: Om Birla

There is a strong belief in India's democratic values and growth story here, Lok Sabha Speaker Om Birla said in London during his ongoing visit to the UK. Addressing a community gathering at the High Commission of India in London on Wednesday evening, Birla shared insights from his dialogues with his UK counterpart House of Commons Speaker Sir Lindsay Hoyle and other members of Parliament. He noted that his interactions highlighted the strength of the India-UK parliamentary cooperation and the multifaceted nature of the bilateral partnership across multiple sectors. I had a good dialogue with leading UK parliamentarians and they displayed a strong belief in India's democratic values and growth story, Birla said. Our electoral process is transparent, which has helped reinforce a belief in democracy around the world. We take pride as the largest democracy of the world, dubbed the mother of democracy', and I extend an invitation to come visit India's new Parliament as we mark 75 year

SBI lowers India's FY25 GDP growth forecast to 6.3%, below NSO's 6.4%

Despite projected growth rates of 6 per cent in first half of FY25, with a pickup to 7 per cent in the second half, SBI flags weak private investment as a concern to economic growth

Why India and China should admit that their economies are intertwined

A lot has changed. Both nations are more than a little concerned about how they will revive slowing growth

India must use tech to decouple carbon emissions amid economic growth: EDF

As India experiences rapid economic growth, the need to decouple carbon emissions from economic expansion by leveraging technology has become increasingly urgent, according to Hisham Mundol, the Chief Advisor for the Environmental Defense Fund (EDF) in India. In an interview with PTI, Mundol stressed the transformative role technological innovation can play in achieving sustainable development while addressing the challenges posed by climate change. India, the world's fifth-largest economy, is currently undergoing a period of swift industrialisation and economic expansion. Its Gross Domestic Product (GDP) has consistently grown at rates that position it as one of the fastest-growing major economies. However, this rapid progress comes with a surge in energy demand, predominantly fuelled by coal and other fossil fuels. Although India's historical contribution to global carbon emissions remains modest -- at just 4 per cent -- its future emissions trajectory is under global ...

Startups positioning India for exponential economic growth: Zupee CEO Malhi

Startups in India are revolutionising experiences, and positioning the nation for exponential economic growth, Dilsher Malhi, founder and CEO of online gaming platform Zupee, said on Monday. Speaking at the India Internet Governance Forum (IIGF) 2024, Malhi said startups are adding value to society's experiences and redefining how people experience education, healthcare, travel, and entertainment. "India has become the world's third-largest startup ecosystem and we believe this has happened mainly because of the endless possibilities that arise from a credible digital public infrastructure consisting of UPI and Aadhaar, and the penetration of mobile phones across the country. Now with the Bharat 6G vision, the semiconductor mission and the AI mission, startups are positioning India for an exponential economic growth," he said. Speaking on the concept of "gamification" in addressing real-world challenges, Malhi described how startups are evolving from merely providing solutions for .

India's growth in last decade driven by science, tech: Jitendra Singh

Union minister Jitendra Singh on Saturday asserted that the country's growth over the last decade was propelled by advancement in science and technology, and innovation. He said that empowering youth and fostering innovations are key to achieving development goals for the nation. Delivering the presidential address at the inaugural session of the 10th India International Science Festival (IISF) here, the Union Minister of State for Science and Technology said, "India's remarkable growth story is deeply rooted in its advancements in science and technology, and innovation." "Over the past decade, under the visionary leadership of Prime Minister Narendra Modi ji, we have seen a profound transformation across sectors -- from the rise of startups to revolutionary breakthroughs in biotechnology, space technology and quantum science," he added. The northeastern region, once on the periphery of development, has become a shining example of growth, embodying both economic progress and ...

Economic potential eroding rapidly while PM Modi generates hype, says Cong

The Congress on Saturday attacked the government over India's economic growth slowing to near two-year low, saying the country's medium and long-term economic potential is "eroding rapidly" and asked how long will the grim reality of stagnant wages for crores of workers continue to be ignored. Congress general secretary in-charge communications Jairam Ramesh said the GDP growth figures released last evening for July-September 2024 are much worse than anticipated, with India recording a measly 5.4% growth and consumption similarly growing by an unimpressive 6%. "The non-biological PM and his cheerleaders are wilfully blind to the causes of this sharp slowdown, but a new report on 'Labour Dynamics of Indian States' released by a leading Mumbai-based financial information services company, India Ratings and Research, on the 26th of November 2024 reveals its real cause: stagnant wages," Ramesh said in a statement. The Congress leader pointed out that the report uses Periodic Labour Forc

Growth likely slowed in Q2 but no significant downside risk in FY25: DEA

India's economic growth may have slowed in the September quarter, but overall there is not much downside risk to 6.5-7 per cent growth in the current fiscal year, Economic Affairs Secretary Ajay Seth said on Wednesday. Seth said while some goods and services may not have have grown at the same pace as in the last year in the second quarter of the current fiscal year, data on e-way bills and e-invoices does not indicate any significant downside possibility to the full year 6.5-7 per cent growth projected in the Economic Survey. The secretary also said food prices have been a concern but other than that, inflation is not a challenge for India. On capex, Seth said the government's capital expenditure may see some undershooting of the Rs 11.11 lakh crore in the current fiscal year. But the capex will be higher than Rs 9.5 lakh crore in the last fiscal year. "We started the year with estimates in the economic survey of 6.5-7 per cent growth. I don't see any significant downside risk to

Festive retail growth down by half, Nomura notes strong online demand

While retail sales, both online and offline, saw some increase during the festive season, the overall growth was slower compared to prior years

India fastest growing major economy, soon to become 3rd largest: Prez Murmu

India is the fastest growing major economy and is likely to become the third largest economy soon, President Droupadi Murmu said on Tuesday. Addressing an event in Delhi, she said the Indian economy had been demonstrating resilience in the face of geopolitical challenges and the country's economy was likely to grow tenfold by 2047. "India is the fastest growing major economy and is likely to become the third largest economy soon," Murmu said. According to the latest World Bank estimate, India contributed 16 per cent to global economic growth in 2023. "Our economy is likely to grow tenfold by 2047," the president said, addressing probationers of the Indian Trade Service and the Indian Cost Accounts Service who had called on Murmu at the Rashtrapati Bhavan. With a rapid economic growth of 8.2 per cent in 2023-24, the Indian economy has been demonstrating resilience in the face of geopolitical challenges, she said. India needs to attract private investment to increase per capita inc

India on track to become third-largest economy by 2028: IEA projection

India will over the next decade add more than 12,000 cars a day, expand built space equivalent to the built space in South Africa, and its air-conditioners will consume more electricity than entire power consumption in Mexico, the IEA said. It is likely to see a rise in demand for all forms of energy -- from oil and gas to coal, electricity and renewable energy -- through 2035, making it the growth engine for energy demand globally, the International Energy Agency (IEA) said in its World Energy Outlook 2024. India, the world's third largest oil consuming and importing nation, will see its demand for oil rise by almost 2 million barrels per day by 2035 and become the main source of oil demand growth in the world. According to IEA projections, the country is on track to become the third-largest economy in the world by 2028. It was the world's fifth largest economy and the fastest growing major economy in 2023, with output increasing by 7.8 per cent. India overtook China in 2023 to .

India's per capita to income to increase by $2,000 over 5 years: Sitharaman

Speaking at Kautilya Economic Conclave, Finance Minister Nirmala Sitharaman noted that while it took the country 75 years to achieve a per capita income of $2,730, the next leap will be much faster

Make in India needs a reset. It won't work unless we focus on exports

The trouble is that Indian manufacturers appear less and less interested in becoming export powerhouses