Page 17 - India Economy

India's energy needs to double by end of decade, says Mukesh Ambani

India, the world's third-largest energy consumer, will see its energy needs doubling by the end of this decade as it witnesses an unprecedented explosion of economic growth, the nation's richest man Mukesh Ambani said on Saturday. Speaking at the convocation of Pandit Deendayal Energy University (PDEU), Ambani, who heads the nation's most valuable company Reliance Industries Ltd, said the Indian economy will become a USD 40 trillion economy by 2047 from the current USD 3.5 trillion. "And to fuel this growth, the country will need enormous amounts of energy - clean, green energy that won't choke mother nature for the sake of human progress," he said. "In fact, India's energy requirement is set to double just by the end of this decade." Ambani is pivoting its largest fossil-fuel-dominated conglomerate to clean energy, investing billions of dollars in building giga factories to produce new energy ecosystems as well as generate renewable energy, and produce green hydrogen. Addressing t

Barclays, Citi raise India's economic growth closer to 7% after GDP beat

Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending in March, up from previous forecasts of 6.3% and 6.2%, respectively

Q2FY24 GDP surprised on the upside

The real pressure point in today's GDP statistics is the "agriculture & allied activities" sector that has posted a growth of just 1.2 per cent (Y-o-Y) in Q2FY24, the lowest in the past 18 quarter

Q2 numbers an upside for FY24 GDP estimate: CEA V Anantha Nageswaran

The GDP numbers released on Thursday evening surpassed private estimates by a wide margin as manufacturing and construction activities expanded in double digits

Centre extends PMGKAY free ration scheme for another five years till 2029

At a cabinet briefing, Anurag Thakur said that the extension will cost the exchequer Rs 11.8 trillion

India to remain fastest-growing major economy, demand uneven: Poll

Gross domestic product (GDP) growth is forecast to have slowed to 6.8% in the July-September quarter from 7.8% in the previous quarter

S&P Global hikes India's FY24 GDP growth forecast by 40 bps to 6.4%

However, for FY25, the GDP growth projection has been slashed by 50 basis points (bps) to 6.4 per cent

411 infra projects show cost overruns of Rs 4.31 trillion in Oct: Report

As many as 411 infrastructure projects, each entailing an investment of Rs 150 crore or more, have been hit by cost overruns of more than Rs 4.31 lakh crore in October this year, an official report said. According to the Ministry of Statistics and Programme Implementation, which monitors infrastructure projects worth Rs 150 crore and above, out of 1,788 projects, 411 reported cost overruns and 837 projects were delayed. "Total original cost of implementation of the 1,788 projects was Rs 24,78,446.60 crore, and their anticipated completion cost is likely to be Rs 29,09,526.63 crore, which reflects overall cost overruns of Rs 4,31,080.03 crore (17.39 per cent of original cost)," the ministry's latest report for October 2023 said. According to the report, the expenditure incurred on these projects till October 2023 was Rs 15,27,102.91 crore, which is 52.49 per cent of the anticipated cost of the projects. However, it stated that the number of delayed projects decreases to 628 if the .

Food inflation sole threat to 4% CPI target: RBI 'State of Economy' report

The headline inflation had risen to a 15-month high of 7.44 per cent in July due to a surge in retail prices of vegetables, particularly tomatoes

Govt considering several measures to help revive special economic zones

The government is considering several measures such as a flexible framework for sale of products manufactured in special economic zones (SEZs) in the domestic market, easy de-notification norms, and streamlining approval processes for units, an official said. The aim is to help revive SEZs and facilitate business transactions between SEZ and domestic tariff area (DTA) or the domestic market. SEZs are enclosures which are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales outside these zones in the domestic market. To seek views of different ministries on these measures, the commerce ministry has circulated a note on a draft SEZ (special economic zone) amendment bill 2023. The inter-ministerial consultation is going at a fast pace and the bill is likely to be introduced in the forthcoming Winter session of Parliament which will commence on December 4 and continue till December 22. This amendment bill will be introduced in place of the .

Food inflation remains above comfort level, despite easing of CPI: Official

Food inflation, which accounts for nearly half of the overall consumer price basket, was 6.61% in October

India to emerge as third largest global economy by 2027: FM Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said India is expected to overtake Japan and Germany to emerge as the third largest economy in the world by 2027. Addressing the Indo-Pacific Regional Dialogue here, Sitharaman said India's economic growth is estimated to be just under 7 per cent during the year, the highest among major economies, despite global headwinds. The Indian economy is therefore on the right track and is heading towards a bright future, she said. Amidst supply-chain disruptions and economic turbulence due to contemporary conflicts that impact the Indo-Pacific, irrespective of whether they are occurring in relatively distant Ukraine or in relatively-proximate Israel or Yemen, and despite the palpable tensions prevalent in the South- and East China Sea, the Indian economy stands out as a bright spot, she said. "Even according to the usually conservative estimates of the IMF, the Indian economy is set to emerge as the world's third largest economy by 2027, hopp

Centre may raise threshold for GST evasion cases from Rs 2 cr to Rs 3 cr

The Centre may also tweak the rules of issuing summonses to the violators

Manufacturing accelerates in Q2, likely to sustain in FY24: Ficci study

57% respondents have plans for investments and expansion in the next six months

India needs 8%-8.5% growth to create enough jobs, says Raghuram Rajan

While India's expansion has outpaced that of other major economies, the country isn't creating enough jobs for the millions of people joining the workforce every year

India proposes slashing EV import taxes to clinch UK free trade deal

The UK's demand for import concessions on electric vehicles is one of the few outstanding issues in the free trade talks

Tax windfall gives Modi govt scope to spend more on welfare schemes

The revenue windfall gives Modi's government more firepower for a populist push as voters in five states take to the polls this month and the nation gears up for general elections in 2024

Will take India among top 3 economies of world in my third tenure: PM Modi

Prime Minister Narendra Modi on Wednesday said in his third tenure as PM, he will take the country among the top three economies in the world. Addressing a public meeting in Madhya Pradesh's Damoh town ahead of the November 17 state assembly polls, Modi also said he will continue to fight against corruption. People gave power to the Congress in Chhattisgarh and Rajasthan, but their chief ministers were found involved in "satta" (betting) and generating black money, he said. Modi said that after 2014, the country's economy climbed to 5th position from 10th, leaving behind the UK, which ruled the country for over 200 years. In 2014, when we came to power, the country's economy was at the 10th position. Gradually it moved to 9th, 8th, 7th and 6th but nobody was talking about it. When it reached the 5th position and left behind the UK, which ruled the nation for 200 years, everybody was surprised and started looking at India, he said. Modi said during his third tenure as PM, he will t

RBI launches two key surveys which will provide inputs for monetary policy

The Reserve Bank of India on Wednesday announced the launch of 'Inflation Expectations Survey of Households' and 'Consumer Confidence Survey' which will provide key inputs for the bi-monthly monetary policy. The next bi-monthly monetary policy is scheduled during December 6-8. The 'Inflation Expectations Survey of Households' captures subjective assessments on price movements and inflation based on their individual consumption baskets, across 19 cities, including Bhopal, Bhubaneswar, Chandigarh, Chennai, Delhi and Thiruvananthapuram. The survey on inflation seeks qualitative responses from households on price changes in the three months ahead as well as in the one year ahead period and quantitative responses on current, three months ahead and one year ahead inflation rates, according to RBI releases. The 'Consumer Confidence Survey' seeks responses from households, regarding their sentiments on general economic situation, employment scenario, price level, households' income and ...

Unemployment rate in October rises to more than two-year high, says CMIE

The weakest monsoon rains in five years is weighing on farming output in the world's second-biggest producer of rice, wheat and sugar