Page 4 - India Economic Growth

Disability sector can contribute $1 trn to economy by 2047, says expert

India's specially-abled population can actively contribute USD 1 trillion to the country's economy by 2047, according to a prominent Indian-American leader in the sector. Pranav Desai, the founder of the Voice of Specially Abled People, recently travelled to India and met top leaders of the ruling BJP in New Delhi including Finance Minister Nirmala Sitharaman and BJP president J P Nadda; the Gujarat Chief minister in Ahmedabad to present his vision document for the cause. He also travelled to Goa for a volunteer meeting. In an interview with PTI, Desai said that with proper strategy, policy and action, India's specially-abled population can actively contribute to the nation's economic growth, ultimately achieving a USD 1 trillion contribution to the disability sector by 2047 in Viksit Bharat. India can be a leader in this sector. My proposal was well received in New Delhi, Desai said, referring to his conversations with the top leadership in India. Desai said in his meeting with ..

Brookfield planning $1.2 billion of debt to buy India assets: Reports

Investment firm Brookfield is betting on growth in India, whose economy is outpacing that of other large countries and where smartphone usage is increasing rapidly

Peak power demand in India may cross 400 Gw by 2030, says R K Singh

Peak power demand in India is likely to cross 400 GW by 2030 and more generation capacity is being set up to meet the rising demand, Union Power Minister R K Singh has said. Electricity is the most important infrastructure which is a sine qua non for development, the minister said at a summit here on Thursday. One major distinguishing feature between a developing and a developed country is that in a developed country, there is no load shedding, the minister was quoted as saying in a release by the Power Ministry. "No country can develop if it does not have sufficient power. The power shortage in India has come down from around 4.5 per cent in 2014 to less than 1 per cent today. We have ensured universal electricity access, connecting 29 million homes in 19 months, which the International Energy Agency called the largest and fastest expansion of energy access in the history of the power sector, he added. Speaking about the rising power demand, the minister informed that in 2014, th

Davos 2024: Is India's economic growth showing Chinese characteristics?

The talk in Mumbai's financial circles is about a cheery prediction by Goldman Sachs Group Inc. that by 2027 100 million Indians will enjoy incomes of at least $10,000 a year, five times the national

MPC's Jayanth R Varma envisions lower inflation, higher growth in 2024

The Indian economy has withstood all geopolitical shocks in the last couple of years and it will also be able to navigate the uncertainties that lie ahead, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Sunday. Varma further said he expects a benign outcome in 2024 where inflation comes down and growth remains robust. "The Indian economy has withstood all these shocks ( Russia-Ukraine war, Israel-Hamas war, rising oil prices, Houthi attacks) in the last couple of years, and I do not believe that the geopolitical situation will be significantly worse in coming months than what we experienced in the recent past," he told PTI in an interview. Moreover, Varma, a professor at the Indian Institute of Management, Ahmedabad, said the continued slowdown in China has led to sharply reduced demand for energy and other commodities, and this too has ameliorated the adverse effects of supply shock. "On the whole, I have a great deal of confidence that India will be able to ..

GDP of India to surpass $4 trn in 2024-25, $5 trn by 2026-27: PHDCCI report

India's economy is likely to surpass USD 4 trillion in 2024-25 and further escalate to USD 5 trillion by 2026-27, according to a PHDCCI report released on Wednesday. The industry chamber also expects the RBI to cut the repo rate by 100 basis points in a calibrated manner by the end of 2024. "The Indian economy is showing evidence of strong growth...It is imperative that there is a need to remain watchful and adaptable in the coming days to mitigate the dangers presented by the global economy through carefully calibrated policy actions," the report stated. Observing that despite global challenges, India's economy remains resilient, the report said the country is poised to attain the status of a developed economy by 2047 under the initiative of 'Viksit Bharat'. "... India is making significant strides for its futuristic growth trajectory. (Indian economy is) anticipated to surpass USD 4 trillion in the financial year 2024-25 and further escalate to USD 5 trillion by the financial yea

FPIs infuse Rs 4,800 cr in equities in first week of Jan on economic boost

Foreign Portfolio Investors (FPIs) continued their buying spree and poured close to Rs 4,800 crore in the Indian equity markets in the first week of January driven by confidence in the country's robust economic fundamentals. Additionally, they injected Rs 4,000 crore in the debt market during the period under review, data with the depositories showed. With expectations of a prolonged decline in US interest rates in 2024, there is an anticipation that FPIs will likely escalate their purchase, particularly in the initial months of the New Year leading up to the general elections, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. Further, FPI inflows into debt will also see acceleration in 2024, he added. According to the data, foreign investors made a net investment of Rs 4,773 crore in Indian equities this month (till January 5). This came following a massive investment of Rs 66,134 crore in December and Rs 9,000 crore in November. The latest flow ca

GDP numbers for FY24 show discrepancies of Rs 2.59 trillion: NSO data

Discrepancies in computation of advance estimates of the country's Gross Domestic Product for 2023-24 stood at Rs 2.59 lakh crore as against (-) Rs 3.80 lakh crore in 2022-23 and (-) Rs 4.47 lakh crore in 2021-22, according to National Statistical Office (NSO). On Friday, the NSO released its first advance estimates of national accounts which showed that the Gross Domestic Product (GDP) or Indian economy will grow at 7.3 per cent in 2023-24, slightly higher than 7.2 per cent in 2022-23. According to data, there were discrepancies of Rs 2.59 lakh crore as against (-) Rs 3.80 lakh crore in 2022-23 and (-) Rs 4.47 lakh crore in 2021-22. Discrepancies in the statistical GDP data refer to the difference in national income under production method and expenditure method. According to experts, there will always be some discrepancies in national accounts because of delay in reporting of information by various agencies including state governments. About the high level of discrepancies in th

LIVE: India's GDP likely to grow by 7.3% in FY24, shows NSO data

Catch all the latest updates from across the globe here

India's economy growing but wealth not getting distributed: Rahul Gandhi

India's economy is growing but the wealth is getting concentrated in a few hands and the challenge of unemployment continues, Congress leader Rahul Gandhi said in an interaction with some students of Harvard University. The former Congress president on Saturday shared on X a video of the interaction held on December 15, and said, "My advice to all students - True power comes from connecting with people, listening deeply to what they're saying, and being kind to yourself." Asked about India's economic growth in the last 10 years during the interaction, the Congress leader said, "When you talk about economic development you have to ask the question in whose interest is that economic development." "The question to ask is, what is the nature of that growth and who is benefiting from that. Right next to the figure of growth in India, you have the figure of unemployment in India. So India's growing, but the way it's growing is by massively concentrating wealth towards very few people," he

$5 trillion economy goal for 2025 nearly impossible: Raghuram Rajan

Former RBI governor Raghuram Rajan has attributed the sharp uptick in GDP in the first half of the current fiscal to infrastructure spending and good performance by large economies of the world but added India has to do a lot of catching up and the USD 5 trillion economy goal for 2025 is nearly impossible. Rajan further said that even as India's growth rate is strong, private investment and private consumption have not picked up. "So if you look at why we have done so well this year, one of the reasons we are doing so well is also because the world is doing well. "... the other reason for this very strong growth in the first half is tremendous government spending on infrastructure," Rajan told PTI. India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter on booster shots from government spending and manufacturing. At constant (2011-12) prices in April-September 2023-24 (

31.6 million MSMEs registered between July 2020 and Dec 2023: Govt

Citing data uploaded on the Udyam Registration Portal, the Minister said all the 3,16,05,581 MSMEs included informal micro-enterprises. All the MSMEs were registered on the Udyam Assist Platform

Govt working to ensure export sector becomes self-sustaining: Piyush Goyal

India is aiming to achieve the $2 trillion export target by 2030 and in the process it is moving this industry out of the government support to make it self-sustaining and cost competitive, Union minister Piyush Goyal said on Saturday. Addressing Infinity Forum 2.0 virtually at Gujarat Finance Tec-City (GIFT City), he said the International Financial Services Centre (IFSC) at GIFT City has become a lynchpin in propelling India's export-led growth. GIFT City will play a pivotal role in powering India's exports to $2 trillion by 2030, and then onwards to up to $10 trillion that it envisages to see by 2047, said the Union Commerce and Industry Minister. "During the next 2-3 decades we hope to see sustained, inclusive growth, during which we are confident of offering sustainable and inclusive development for every single person in the country. In that story, our international engagements will play a very important role," he said. He said India's target of crossing a $1 trillion economy

India to be $5 trillion economy by end of 2025, Amit Shah exudes confidence

Union Home Minister Amit Shah on Saturday said India will become a USD 5 trillion economy by the end of 2025. Addressing the valedictory session of the Uttarakhand Global Investors Summit here, Shah said India has grown exponentially on every front over the past one decade due to the farsighted and visionary leadership of Prime Minister Narendra Modi. "The world is looking to India with hope today. Between 2014 to 2023 India has risen from its position as the 11th to the fifth (largest) economy in the world. "Never before did the country make so big a leap during 75 years of Independence," he said and attributed all this to Modi's visionary leadership and his capacity to translate his vision into a reality. Modi is leading the movement against climate change, he is trying to impart pace to the slowing GDP of the world through his Make in India program besides leading the international campaign for a terror-free world, he said. On G-20, he said the Delhi Declaration was India's big

Private investment key to sustaining high economic growth rate: CEA

India's economic growth can become faster if the much-awaited private capital formation kicks into higher gear, Chief Economic Advisor V Anantha Nageswaran said on Friday. Nageswaran said that post-COVID financial balance sheets of corporates have been positive. "For economic growth we need to have investment spending ... India economic growth can become faster and accelerate if the much awaited private capital formation kicks into higher gear," he said while addressing an event organised by industry body FICCI. The CEA pointed out that in terms of instilling confidence in the private corporate sector, the government in 2019 reduced the corporate tax rate. Underscoring the significance of robust private investment in driving economic growth amidst global uncertainty and geopolitical shifts, Nageswaran urged the private sector to embrace uncertainty and proactively invest, saying, 'the more the private sector begins to put capital to work, the lesser will be the uncertainty." The .

India's growth to be led by women, says NITI vice-chairman Suman Bery

The remark assumes significance as the ruling Bharatiya Janata Party has been pushing for women's empowerment as a major agenda in the run-up to the 2024 Lok Sabha elections

Monetary Policy Committee may have underestimated economic growth for Q2

Most economists peg it higher than 6.5%, numbers to come today

India's GDP to grow 6-7% during 2024-26, growth prospects strong: S&P

India's economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, S&P Global Ratings said on Thursday. In a report titled 'Global Banks Country-By-Country Outlook 2024', S&P said the banking sector's weak loans will decline to 3-3.5 per cent of gross advances by March 31, 2025, on the back of structural improvement, including healthy corporate balance sheets, tighter underwriting standards and improved risk-management practices. Interest rates in India are unlikely to rise materially, and this should limit the risk for the banking industry, it added. "Unsecured personal loans have grown rapidly and could contribute to incremental NPLs. We believe underwriting standards for retail loans generally remain healthy and overall level of delinquencies remains within acceptable limits for this product category," S&P Primary Credit Analyst Deepali Seth Chhabria said. The report said that global ...

Southeast Asia woos Indians with more flight seats and free visas

What was striking about Q3 2023 was that the number of airline seats between China and southeast Asia was 53 per cent of the 2019 levels, or 4.24 million seats

Raising receipts, accelerating economy's size key to address debt problem

The Centre's debt had risen by around ten percentage points of GDP during 2020-21 compared to the previous year, while the state's debt by little more than four percentage points of GDP