Page 18 - India Economy

AI has an opportunity cost, will help economy grow: Invest India CEO

The private sector, government and academia would have to come together and work on Artificial intelligence (AI) as it will help promote economic growth of many countries including India, Invest India Managing Director and CEO Nivruti Rai said on Wednesday. The chief of the trade and investment promotion agency also said that there is an opportunity cost of AI. But one has to look at issues like safety, security and privacy-related matters of AI. "AI is important. Many countries will see about 15 per cent of their GDP growth...anywhere between 5 to 15 per cent. I hope India will be on the higher number (side)...there is so much benefit to humanity. I really think health, education, and environment needs AI," she said here while speaking at the Global Technology Summit 2023. That is the opportunity cost, "so we all have to work together...the private sector, government, academia, all have to come together and build this," she added. However, she said that one has to make sure that

Softening demand drags India's November PMI to 12-month low of 56.9

Growth momentum weakens despite demand fuelling new business intakes and output

Tea exports decline 4.93% to to 157.92 million/kg during Jan-Sep

Tea exports from India during January to September declined 4.93 per cent to 157.92 million kg, according to latest Tea Board data. During the first nine months of 2022, exports stood at 166.11 million kg. From North India, primarily the states of Assam and West Bengal, tea exports dropped 6.61 per cent to 96.28 million kg in the reporting period, compared with 103.09 million kg in the corresponding nine months a year ago, the data showed. In the southern region, shipments fell marginally by 2.19 per cent to 61.64 million kg from January to September. During the entire calendar year 2022, tea exports from India stood at 231 million kg. Sources in the Indian Tea Association (ITA), the apex body of planters, said the export scenario remains grim as shipments to Iran are uncertain due to payment issues. The Iran market constitutes nearly 20 per cent of India's total tea exports, followed by the CIS group of countries, they said.

India set to become third-largest economy by 2030: S&P Global Ratings

S&P said that India will be the fastest-growing emerging market in the world, but its paramount test will be whether the country can become the next big global manufacturing hub

Nine states, 2 UTs see rising fiscal deficits post-pandemic: PHDCCI report

"States are classified as resilient if their fiscal deficit as a percentage of GSDP has decreased from the pre-pandemic to the post-pandemic period," the report says

Avg monthly GST mop-up at Rs 1.66 trn so far this fiscal: FM Sitharaman

The GST collection has been showing an upward trend on an annual basis since its rollout on July 1, 2017, and the average gross monthly mop-up in the current fiscal so far is Rs 1.66 lakh crore, Finance Minister Nirmala Sitharaman said on Monday. In a written reply to a question in the Lok Sabha, she said the GST collection crossed Rs 1.50 lakh crore mark in every month of the current fiscal and had touched a record high of Rs 1.87 lakh crore in April 2023. "GST collection has been showing an upward trend on year-on-year basis since the implementation of GST w.e.f. 1st July, 2017... The average gross monthly GST collection in FY 2023-24 now stands at Rs 1.66 lakh crore and is 11 per cent more than that in the same period in the previous financial year," Sitharaman said. The average monthly Goods and Services Tax (GST) collection in 2022-23 was over Rs 1.50 lakh crore, higher than Rs 1.23 lakh crore in 2021-22. In 2020-21, the average monthly mop-up was Rs 94,734 crore. In reply to

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