Page 12 - India Economy

Red Sea crisis: India on track to export record-low diesel to Europe in Jan

Volumes have so far declined by roughly 80% month-on-month to 33,400-58,000 barrels per day (bpd), Kpler, LSEG and Vortexa shiptracking data showed

China threat an opportunity for India-US ties, strong FTA: Congressman Issa

The "threat" posed by China offers an opportunity for the US and India to make strong agreements, including a genuine Free Trade Agreement (FTA) to ensure that the two countries will look at each other as first partners, according to Darrell Issa, an influential American lawmaker. Issa, a Republican Congressman from California, said this during a conversation with Aparna Pande, Research Fellow, India, and South Asia with the think tank Hudson Institute here on Monday. Agreeing that the India-US relationship today does seem to be based in no small part on the China threat, he said, Having said that, I view this China threat as an opportunity to do with that we did not do. The items produced in China could be produced in India, at substantially similar costs (and) would more than allow for India to substantially replace its dirty fuel with clean fuel, Issa said. But that requires that the two countries really make strong agreements, including a genuine Free Trade Agreement (FTA), one

Customs to ease export norms for certain dual-use goods, says DGFT

The government is working to liberalise export norms for certain products which have dual-use like chemicals for companies that have proven track record, a senior official said on Tuesday. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said that dual-use goods and technologies are sensitive and if it goes in the wrong hands of non-state actors, it can cause serious disruptions globally. A small group of rebels in Yemen have disrupted the global trade as they are attacking foreign commercial ships with drones and missiles. "We are working with the industry, with the ministry of external affairs, and with the customs to ensure that a whole lot of sectors are liberalised for those companies which have proven track record of responsible use and responsible exports," Sranagi said here at the 'National Conference on Strategic Trade Controls'. It was organised by the DGFT and the external affairs ministry here. Dual use implies the usage of these goods and technologies in

India, China banks under pressure from different liquidity stories

The liquidity drought may be deliberate. Unlike Beijing, New Delhi has every reason to be sanguine about growth

Green policy pragmatism shaping India's transition: FinMin economy review

The review has noted the importance of having the right balance between development and emissions mitigation

Adani Group central to India's economic ambitions, says US-based analyst

Billionaire Gautam Adani's sprawling conglomerate is core to India's ambitions to become the world's third-largest economy by 2030, as it plays a key role across the infrastructure sector, US-based Cantor Fitzgerald & Co said in a note. Adani Enterprises Ltd, the group's flagship company, can deliver a gain of more than 50 per cent, analysts Brett Knoblauch and Thomas Shinske wrote in a note dated January 28, initiating coverage of the company. "India is now the most populous country in the world and has ambitions to be the world's third-largest economy by 2030. To get there, India needs to invest in both digital and physical infrastructure, in addition to increasing its energy production, as energy consumption will be meaningfully higher," the US-based broker said. These investments, it said, are paramount for India to drive productivity growth, as GDP per capita of USD 2,250 is meaningfully below that of China (USD 12,556). "Adani Enterprises Ltd is at the core of everything ...

India to become 3rd largest economy with GDP of $5 trn in 3 yrs: FinMin

India is expected to become the third-largest economy in the world with a GDP of USD 5 trillion in the next three years and touch USD 7 trillion by 2030 on the back of continued reforms, the finance ministry said on Monday. Ten years ago, India was the 10th largest economy in the world, with a GDP of USD 1.9 trillion at current market prices. Today, it is the 5th largest with a GDP of USD 3.7 trillion (estimate FY24), despite the pandemic and despite inheriting an economy with macro imbalances and a broken financial sector, said the ministry's January 2024 review of the economy. "This ten-year journey is marked by several reforms, both substantive and incremental, which have significantly contributed to the country's economic progress," it said. These reforms, it added, have also delivered an economic resilience that the country will need to deal with unanticipated global shocks in the future. The ministry said that in the next three years, India is expected to become the ...

Union Budget 2024: India likely to register 7% economic growth in FY25

Finance Minister Nirmala Sitharaman will present the budget on Feb. 1, factoring in the growth projections

Gates Foundation CEO hails India's economic growth, philanthropic market

In developing countries, it focuses on improving people's health and giving them the chance to lift themselves out of hunger and extreme poverty

Everyone needs to collaborate for India to become third-largest economy: FM

Finance Minister Nirmala Sitharaman on Saturday said the initiatives of Customs department like Faceless Assessment and Single Window Clearance need to evolve with the overall objective of growth of trade as every partner needs to collaborate to help India's GDP surpass USD 5 trillion by 2027-28. In a written message on the occasion of 'International Customs Day 2024', Sitharaman said with a common purpose of ease of doing business for nation building during India's 'Amrit Kaal', all the stakeholders need to come together and contribute for benefits to citizen of India. She said this year's theme of International Customs Day which is "Customs Engaging Traditional and New Partners with Purpose" resonates with the Motto of 'Sabka Saath Sabka Vikas' given by Prime Minister Narendra Modi. "Every partner needs to collaborate to put India on course to becoming the third-largest economy by 2027-28, with a GDP surpassing USD 5 trillion," Sitharaman said. Many initiatives taken by Customs s

Govt to keep 2024-25 gross borrowings close to current year's level: Report

India may peg its gross market borrowing for next fiscal year at between 15 trillion rupees ($180.47 billion) and 15.5 trillion rupees

German companies in China say economy is on 'downward trajectory'

The survey results underscore concern about China's economic recovery, which is being hampered by a property crisis and stubborn deflation

Crude oil rises towards $80 as China announces economic stimulus package

The front-month March contract for Brent crude was up 40 cents to $79.95 a barrel at 1410 GMT. U.S. West Texas Intermediate crude was up 57 cents to $74.94 a barrel

$5 bn for EV, 20 unicorns women-led: Path of Indian startup boom since 2014

Despite the challenges due to persistent funding winter, Indian startups received $8.4 billion in funds from domestic and global investors in 2023

Metal recycling industry calls for policy changes to boost circular economy

Goods and Service Tax, import duty and absence of other initiatives for a circular economy are hindering metal recycling, industry body officials said on Wednesday. With more headwinds expected from scrap-exporting countries in near future, the country needs to remove ambiguity to showcase India's commitment to a circular economy, aiming at reducing emissions, they said. "There is a wrong message going out to the world that India is not committed to the use of scrap by imposing a duty of 2.5 per cent. Europe, a major exporter of scrap, is now drawing rules and regulations that will make it difficult to import unless India takes proactive steps," said senior vice-president of Material Recycling Association of India (MRAI), Dhawal Shah. He made these remarks on the sidelines of the 11th International Material Recycling Conference.

Bilateral trade between India, Russia likely to increase this year: Sonowal

Bilateral trade between India and Russia was at USD 50 billion in the last financial year and is expected to increase this year, said Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, here on Wednesday. The Eastern Maritime Corridor between the ports on the east coast of India and the Far East region of Russia promises "immense potential" to unlock new trade opportunities, he said. The minister was speaking at a conference on 'Operationalising Eastern Maritime Corridor' which was attended by a delegation from Moscow led by A Yu Bobrakov, Deputy Minister for the Development of the Far East and the Arctic of the Russian Federation, among others. While welcoming the visiting delegates, Sonowal said the India-Russia partnership is strong and steady building upon strategic convergence, geo-political interests and mutually beneficial cooperation. "Prime Minister Narendra Modi remains engaged with President Putin through telephonic conversation. The latest discussion t

India Inc confident of achieving $5 trillion economy: Deloitte survey

India Inc is confident of achieving USD 5 trillion economy with the central government's support in infrastructure investments, additional reforms, and enhanced technology adoption, according to a CXO survey by Deloitte Touche Tohmatsu India LLP. Stating that business leaders anticipate strong economic growth for the next fiscal year, Deloitte in a statement said about 50 per cent of India Inc reflects optimism about the country posting above 6.5 per cent growth in FY25. Amongst industry sectors, automotive (50 per cent), consumers and retail (66 per cent), technology, media, and telecommunication (47 per cent) and energy, resources and industrials (44 per cent) anticipate high growth. "Government initiatives, increased trade collaborations, lowering of logistics cost, and policies to increase industrial production (such as intelligent automation in manufacturing and increased investment towards sustainable technologies), will further this momentum. Changing consumer preferences and

Passenger vehicle segment to see record 18-20% growth in FY24: Report

The Passenger Vehicles (PV) segment volumes are expected to log a record 18-20 per cent growth this fiscal as the pent-up demand levels off amid hike in vehicle prices, CareEdge said in a report on Tuesday. It also projected the PV sales volume to continue this growth momentum in the next fiscal, driven by factors such as strong order book and improvement in supply chain, the credit ratings agency said. The demand for premium variants is expected to remain healthy, while that of entry-level variants may remain muted due to high interest rates and an inflationary environment, according to CareEdge. The Electric Four-Wheeler (E4Ws) segment -- which contributes about 6 per cent to the total EV market sales -- volumes have grown significantly in the past few years, it said. Major Original Equipment Manufacturers (OEMs) have planned to introduce more EV models in the future, suitable for the domestic market that could boost their adoption and increase competition in the market, it ...

BOJ signals conviction on hitting inflation target in hawkish tilt

BOJ Governor Kazuo Ueda gave no hints on whether the bank would pull short-term interest rates out of negative territory at its upcoming meetings in March or April, as many economists expect

Corning signs $120 mn worth JV with Optiemus for manufacturing plant in TN

The new facility will make front cover glass for mobile phones and phone parts makers in India, the state government said, without specifying the particular brands to which the glass would be supplied