Page 13 - India Economy

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

Farmers made huge contributions to make India 5th largest economy: VP

Vice President Jagdeep Dhankhar on Saturday said farmers have made an immense contribution to make India the fifth largest economy in the world. Addressing the 38th Foundation Day programme of the Indira Gandhi Krishi Vishwavidyalaya in Raipur, he said farming is not just a means of livelihood but also a driving factor for economy and social development. "By implementing modern technologies in agriculture, the goal of ensuring food security and making India a developed nation by 2047 can be achieved," the Vice President said. He said India is developing rapidly and the contribution of youths will further accelerate the pace. Dhankhar stressed the need to use modern technology in farming. He urged students and scientists to share their knowledge with farmers and encourage them to utilise available resources. "Chhattisgarh has a rich agricultural heritage. The state is witnessing an exciting era of innovation in the field of agri technology," Dhankhar said. During the program, he .

Fresh formal job creation dipped to 30-month low levels in Nov: EPFO

In November 2023, the number of new monthly subscribers under the EPF decreased by nearly 10 per cent to 736,015 from 816,721 in October, according to the latest monthly payroll data

For decongesting their clogged roads, Indian cities must take the bus

Dedicated lanes for the public transport can be more economical than Metro networks

India must sustain growth momentum, secure at least 7% growth in FY25: RBI

"In India, potential output is picking up with actual output running above it, although the gap is moderate," the RBI said in an article titled 'State of the Economy'

GDP growth will moderate to below 6% in December quarter: ICRA projection

Rating agency ICRA has projected the GDP growth rate to slow down to below 6 per cent in the December quarter, mainly account of sharp fall in kharif crop output, and weak progress in rabi sowing for some crops. india had registered a Gross Domestic Product (GDP) growth rate of 7.6 per cent in the July to September period. The rating agency said the year-on-year growth in ICRA Business Activity Monitor eased for the second consecutive month to a six-month low of 8.1 per cent in December 2023 -- as against 7.9 per cent in December 2022 and 9.6 per cent in November 2023. "This can be attributed to a combination of factors, including easing in momentum of activity after the end of the festive period, tapering of demand for electricity and petrol with the onset of the winter season in North India, as well as unfavourable base effects for some indicators," it said. Despite a moderation in year-on-year growth, the index witnessed a sequential uptick of 1.4 per cent in December 2023, driv

Private funding key to capture 20% of $1 trn space economy: Ex-Isro chief

The global space economy will touch the $1 trillion mark in the coming years and private investment is crucial to take India's share in it from present 2-4 per cent to 20 per cent, said former chairman of the Indian Space Research Organisation (ISRO) A S Kiran Kumar on Thursday. He was addressing entrepreneurs at the launch of LIBF EXPO 2024' organised by Lohana International Business Forum at the Helipad Exhibition Centre in Gandhinagar. India is now the fifth biggest economy in the world and is marching ahead to become the third largest economy in the near future. We will need the participation of a large number of private entrepreneurs to achieve that target, Kumar said in his address as the chief guest of the inaugural ceremony. Global space economy would reach the $1 trillion-mark in the coming years, he said. India's share in that economy, such as making launch vehicles or satellites, is just 2 to 4 per cent at present. If we want to capture a 20 per cent share in the future,

Govt can look at taxing rich farmers, says MPC member Ashima Goyal

Having taken care of poor farmers by transferring funds into their accounts, the government can contemplate imposing income tax on rich farmers to bring about fairness in the taxation structure, Reserve Bank Monetary Policy Committee (MPC) member Ashima Goyal has said. Finance Minister Nirmala Sitharaman will present the interim Budget on February 1 in the Lok Sabha. "Government transfer payments to farmers are like a negative income tax. Along with that, a positive income tax can be applied for rich farmers as part of a movement to a data-rich system with low tax-rates and minimum exemptions," Goyal told PTI. She was responding to a query on whether agriculture income should be taxed in India. Asked if coalition governments or single-party regimes produced better economic growth rates, the eminent economist said growth rates depend on many things, but in judging a government it is also necessary to see what growth rate they inherited and what they left the country with. "Coalitio