Page 17 - India Economy

Indian oil product demand growth to slow ahead: International Energy Agency

Indian oil product deliveries edged higher in November but were underwhelming compared to the usual seasonal rise, the agency noted. Deliveries in November increased by 40,000 barrels per day

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Focus on design, IP creation key to India's rise as product nation: IT secy

Focus on design and creation of IP is crucial to India's ambitions as a product nation, IT Secretary S Krishnan on Thursday said, exhorting electronics products designers in the country to prioritise aspects such as inclusivity, aesthetics, and user experience in designing products for wider audiences. Design elements add substantial value to products, particularly in the electronics and digital space, Krishnan said while addressing the '23rd India Design Summit and Awards' organised by CII and World Design Organisation. Citing an example of just how important design elements are in the digital era, he said in case of a USD 1,000 iPhone, about USD 250 is paid to vendors while a substantial amount is retained by the designers in Cupertino. Referring to the Apple manufacturing ecosystem in India, he said, "Today, we are aiming that about 20-25 per cent at least of Apple iPhones are made in India at some point or the other, and if you look at the value addition which takes place in ...

Services exports hit $192 bn so far this FY24, likely to reach $400 bn

The country's services exports have touched USD 192 billion so far this fiscal and are expected to reach USD 400 billion by the end of 2023-24, SEPC said on Wednesday. Services Export Promotion Council (SEPC) said that key sectors which are recording healthy growth rates include telecom, computer, information, and transport and travel. The council is also engaged in formulating strategies to propel the sector's growth, it said. "As of the latest report, the services sector has demonstrated progress, with over USD 191.97 billion already accomplished out of the targeted USD 400 billion," the council added. It added that sectors like tourism, hospitality, and medical value tourism which suffered due to COVID-19 are now showing revival signs. In addition to this, sectors like legal, auditing, higher education, accounting, and logistics are showing good growth. "At SEPC, our mission is clear, to guide the services sector in India's pursuit of achieving USD 400 billion by 2024 and USD 1

Indian goods worth $3.7 billion entering Oman to get boost by FTA: GTRI

Over 83.5 per cent of Indian goods worth USD 3.7 billion such as gasoline, iron and steel, electronics, and machinery will get a significant boost in Oman, once both sides reach a comprehensive free trade agreement, a report said on Tuesday. According to the - India-OMAN CEPA: Gateway to Middle Eastern Markets and Beyond - report, prepared by think tank Global trade Reproach Initiative (GTRI), these goods at present face a 5 per cent import duty in Oman. India and Oman are negotiating a comprehensive economic partnership agreement (CEPA), under which the two countries could significantly reduce or eliminate customs duties on the maximum number of goods agreed between them. With the new trade agreement, these products, including major export items like motor gasoline (exports worth USD 1.7 billion), iron and steel products (exports worth USD 235 million), electronics (USD 135 million), machinery (USD 125 million), aluminium oxide (USD 126 million), textiles (USD 110 million), alumina

53 Chinese foreign companies established place of business in India: Govt

The corporate affairs ministry on Monday said there are 53 Chinese foreign companies that have established a place of business in India, but there is no specific data maintained about details of business activities related to providing loans through apps by these firms. A foreign company (incorporated outside India) can establish a place of business in the country after complying with the requirements of RBI regulations and other sectoral requirements, wherever applicable. Within 30 days of the establishment of such an office, it has to seek registration with the Registrar of Companies (RoC) (Delhi & Haryana) under Section 380 of the Companies Act, 2013. In a written reply to the Lok Sabha on Monday, Minister of State for Corporate Affairs Rao Inderjit Singh said that as per information available, there are 53 Chinese foreign companies have established a place of business in India. "However, no specific data is maintained about the details of business activities related to ...

PM Narendra Modi urges youth for ideas to make India developed by 2047

The prime minister also said that this is the historic period when India is going to take a quantum jump and asked the nation to take a pledge

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India's bio-economy grew from $10 bn to $80 bn in 8 years: Mandaviya

India's bio-economy has grown eight times in the last eight years from USD 10 billion to USD 80 billion, Union Health Minister Mansukh Mandaviya said on Monday, underlining that in the coming times, biotechnology will become the biggest foundation for medical treatment. The Indian biotech industry aims at growing to USD 150 billion by 2025 and USD 300 billion by 2030, he noted while virtually addressing an event "Biotechnology: The Path of Innovation and Wellness for Viksit Bharat" held at the at Vigyan Bhavan in Ahmedabad. Mandaviya said India is currently among the top 12 destinations for biotechnology in the world with approximately three per cent share in the global biotechnology industry. The event, which was attended by Gujarat Chief Minister Bhupendra Patel, was held in the run up to the 10th Vibrant Gujarat Global Summit. The summit is scheduled to be held in Gandhinagar in January with the theme -- 'Gateway to the Future'. "This industry (biotechnology) will become a mediu

A tango: Indian equity market valuation rises as US bond yields ease

Earlier, earnings yields in the Indian equities have risen in line with the rise in bond yields in the US

Ficci expects economy to grow at 7.5-8% this fiscal, 8% in 2024-25

Industry expects the economy to grow at 7.5 to 8 per cent in the current fiscal and 8 per cent in 2024-25 on the back of strong growth momentum, positive sentiments and rising private investments, Anish Shah, newly-elected president of the Federation Indian Chambers of Commerce and Industry (Ficci), said on Monday. There will, however, be geopolitical pressure points that may have a bearing on India's growth prospects, he added. "We have seen great growth numbers so far at 7.8 per cent, 7.6 per cent. I expect that to continue because we have got strong momentum. We are seeing multiple companies investing, adding capacities, something that Mahindra group has done as well. "We expect that growth momentum to continue at 7.5 per cent to 8 per cent in the current financial year and for next year, I would expect 8 per cent or higher," said Shah, who is also Group CEO and Managing Director of Mahindra and Mahindra, in an interview to PTI. Indian economy recorded a growth of 7.8 per cent i

GDP growth reflection of transformative reforms of last 10 years: PM Modi

Prime Minister Narendra Modi on Saturday said India's GDP growth of 7.7 per cent in the first six months of the current fiscal year is a reflection of the country's strengthening economy and the transformative reforms carried out in the last 10 years. Addressing the 'Infinity Forum 2.0' conference at the GIFT City here via video link, Modi said his government wants to turn the Gujarat International Finance Tec (GIFT) City into a global nerve centre of the new age global financial and technology services. "In the first six months of this financial year, India has achieved a GDP growth of 7.7 per cent...Today, the entire world has pinned its hopes on India, and this did not happen just on its own. This is a reflection of India's strengthening economy and also the transformative reforms carried out in the last 10 years," Modi said in his inaugural address. India is one of the fastest growing fintech markets in the world today and the GIFT International Financial Services Centre (IFSC)

World recognizes India only option for large demand: Piyush Goyal

The Union Commerce Minister emphasized the unprecedented opportunity presented by 1.4 billion people aspiring for a better future

RBI MPC keeps repo rate unchanged at 6.5% for 5th straight policy review

The central bank raised the GDP growth forecast for FY24 to 7% from 6.5%

All about property transfer, insurance ULIPs: Top personal finance stories

This week we explain the difference between a will and gift deed; next we analyse index funds of life insurers

We've never been hesitant: Sitharaman on debating country's economy

Addressing concerns raised by the Congress member, Sitharaman articulated the government's position with regard to holding parliamentary debates on economic matters

Indian economy to grow at 6.5% in FY24: Chief Economic Advisor Nageswaran

The Indian economy will grow at 6.5 per cent in the current fiscal ending March 31, 2024, Chief Economic Advisor V Anantha Nageswaran said on Thursday. This decade is going to be the decade of uncertainty. If the corporate sector delays its investment, then the virtuous cycle of employment generation and economic growth will not materialise, Nageswaran added. "When it comes to the finance ministry, our emphasis has been to plan conservatively, both with respect to nominal GDP growth assumptions, buoyancy assumptions for revenue growth, etc. "And I think, when I talk about being able to achieve six and a half per cent in real GDP growth on average, I am giving myself enough room to surprise on the upside," he said while addressing an event organised by industry body CII. The Indian economy grew 7.2 per cent in 2022-23. The Reserve Bank also expects growth to be 6.5 per cent in the current fiscal. India's economy grew 7.6 per cent in the September quarter of this fiscal and remained

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

India is labour-rich country, can get to 8% growth: NITI Aayog VC Bery

India has potential to grow at 8 per cent as the country is labour-rich with enough institutional maturity of a functioning democracy, NITI Aayog vice chairman Suman Bery said on Thursday. Bery also cautioned the reality is that the north of India has not been traditionally doing as well as the south of India and this can create tensions in a federal polity. "So 8 per cent growth or something approximating that means continuous change that needs to be politically managed," he said while addressing the Global Economic Policy Forum 2023, organised by the Confederation of Indian Industry (CII) and the finance ministry. According to Bery, the modernisation journey of India is unusual and unique. "And if I wanted to bet on India for the next 25 years, I would point to first, the fact that we are not labour constrained in a world which is increasingly labour constrained, but much more importantly, that we have the institutional maturity of a functioning democracy with established rules o

On a hat-trick: Will RBI Governor Shaktikanta Das throw another surprise

RBI has maintained a hawkish tone in the last two policy reviews, and those steps were to further reinforce the point that the central bank is not dropping its guard on inflation any time soon