Page 18 - India Economy

Exports marginally up at $38.45 bn in December; trade deficit narrows

Imports declined by 4.85 per cent to $58.25 billion in December last year due to a dip in crude oil shipments

IT services, BPO exports grew over 12% to touch $193 billion in FY23: ESC

The exports of computer software and services, including IT enabled services and BPO, logged 12.2 per cent growth during 2022-23 to touch USD 193 billion, according to estimates by Electronics and Computer Software Export Promotion Council (ESC). The IT software/services chunk accounted for the bulk of this at USD 126 billion, followed by BPO services (USD 52 billion). "In value terms, export of the IT/ITeS/and BPO during 2022-23 is estimated at USD 193 billion, up from USD 172 billion estimated in the year 2021-22, registering a growth of 12.21 per cent, which is mostly contributed by IT software/services at USD 126 billion, followed by BPO services (USD 52 billion), software products development (USD 5.1 billion), engineering services (USD 9 billion)...," Sandeep Narula, Chairman of ESC said in a release. Narula said the growth of BPO services at 14.63 per cent and 13.33 per cent growth of IT products are good indications since global trading of these segments would go up ...

Nine states record higher inflation than India average, shows data

While the average Indian consumer's cost of living rose by 5.69 per cent compared to the previous year, it rose 8.73 per cent in Odisha, 7.07 per cent in Gujarat and 6.95 per cent in Rajasthan

Red Sea crisis: Commerce ministry calls inter-ministerial meet on Jan 17

The commerce ministry has called a high-level inter-ministerial meeting on January 17 to discuss the way forward on the trade front in the wake of ongoing problems in the Red Sea, a senior official said on Saturday. Senior officials from five ministries -- external affairs, defence, shipping and finance (department of financial services) and commerce -- will participate in the deliberations. The commerce ministry has also set up an internal strategic group, comprising additional secretaries of the ministry, to discuss global issues impacting the country's trade on a daily basis and prepare a strategy so that India's response can be quick and decisive. "This Wednesday, we are holding an inter-ministerial consultation. We will be discussing the way forward," the official said. The situation around the Bab-el-Mandeb Strait, a crucial shipping route connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, has escalated due to recent attacks by Yemen-based Houthi ...

Govt seeks 'treaty status' from US for visa easing, trade boosting

Discussions on E1, E2 visas aimed at enhancing bilateral trade and investment

US urges transparency in India's IT import monitoring beyond 2024

USTR Katherine Tai emphasizes open communication with India on import policies

India negotiating with UK to avoid double contribution to social security

India is working on a treaty with the UK under the proposed Free Trade Agreement (FTA) to avoid double contribution to social security funds by Indian professionals working for limited time period in Britain, an official said on Thursday. Indian professionals working for a limited period in Britain contribute to their social security funds but not able to get its benefit as they return once the projects are complete. "We are negotiating the double contribution treaty with the UK under the FTA. There should not be any double contribution towards social security schemes," the official said. It is a long-standing demand of Indian businesses operating in Britain to cut down on the additional cost burden associated with bringing in skilled Indian professionals on a short-term basis. The compulsory National Insurance (NI) contributions of skilled Indian professionals in the UK on temporary visas remains an additional cost burden of about GBP 500 per employee a year, over and above all .

Net direct tax collection grows 19% to Rs 14.70 trillion so far in FY24

The government has budgeted to collect Rs 18.23 trn from direct taxes (personal income tax and corporate tax), 9.75 per cent higher than Rs 16.61 trn mopped up last fiscal

Best of BS Opinion: Investing for growth, export potential & more

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Nine out of 10 MSMEs expect to make profits this year, says report

Many companies plan to increase hiring and most expect they will need loans

Outgrowing Apple

India must approach its industrial policy with a lighter and practical, reform-oriented touch instead of trying to deal with individual companies like Apple or Tesla

Export potential

The agricultural sector needs policy intervention

Investing for growth

Private-sector investment revival is crucial

India to grow into a $7 trillion economy by 2030, says PHDCCI report

The analysis is based on lead macroeconomic indicators including the GDP Growth, Export Growth, Gross National Savings, Total Investments, and Debt to GDP Ratio

India to be $5 trn economy by FY28, to reach $30 trn by 2047: FM Sitharaman

India will become the third largest economy by 2027-28, with a GDP of over USD 5 trillion, Finance Minister Nirmala Sitharaman said on Wednesday. Even going by conservative estimates, the size of the Indian economy will be USD 30 trillion by 2047, she noted. "It is possible that we will be the third largest economy by 2027-28, and our GDP will cross USD 5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least USD 30 trillion in terms of economy," Sitharaman said at the Vibrant Gujarat summit. India, with a GDP of roughly USD 3.4 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany. Indian economy is projected to grow by 7.3 per cent in the current fiscal, higher than 7.2 per cent in 2022-23. Sitharaman said India has received USD 919 billion in foreign direct investment in 23 years till 2023. Of this, 65 per cent, or USD 595 billion, came in the last 8-9 years of the Narendra Modi government. Refe

Viksit Bharat not just dream, it's a possibility: NITI CEO Subrahmanyam

Asserting that 'Viksit Bharat' is not just a dream but a possibility, NITI Aayog CEO BVR Subrahmanyam on Wednesday said by most conservative estimates, India will be a USD 30 trillion economy by 2047. Speaking at the 10th Vibrant Gujarat Global Summit here, Subrahmanyam further said India is in a position to take a quantum leap. "Viksit Bharat is not just a dream, it's a possibility," he said. According to him, a vision document is being prepared for India to become a developed economy of USD 30 trillion by 2047, and it will be released by the Prime Minister by the end of January. "By most conservative estimates, India is going to be a USD 30 trillion economy by 2047," Subrahmanyam said. He noted that if all states become 'viksit' (developed) then the nation can also become viksit. The NITI Aayog CEO noted that massive expansion in physical and digital infrastructure has taken place in India. "India is outperforming other emerging economies," he said, adding that this is a turni

Markets in India's decade

Have the markets already played out their dynamics before the economy has even properly taken off?

India-Maldives row: Traders to refrain from dealing with island, asks CAIT

Amid the India-Maldives diplomatic row, traders' body CAIT on Monday called upon domestic traders and exporters to refrain from conducting business dealings with the island nation. CAIT Secretary General Praveen Khandelwal observed that the offensive comments targeting Prime Minister Narendra Modi have been deemed unacceptable by the business community, and this call to boycott aims to express solidarity and register disapproval against such disrespectful behaviour. The Confederation of All India Traders (CAIT) stated it has "urged traders and exporters to refrain from conducting business dealings with the Maldives". Khandelwal said the appeal "encourages traders to stand united in sending a strong message against such behaviour by temporarily abstaining from trade engagements with the Maldives". Khandelwal stressed upon the need for mutual respect in diplomatic discourse and condemned any form of disrespect towards the leaders of friendly nations. Meanwhile, the Maldivian envoy t

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India's macro-economic health and prospects for 2024

Here's what keeps the Indian economy booming amidst the global slowdown