Page 21 - India Economy

Coal output increases 15.81% to 67.21 million tonnes in September

The country's coal output increased 15.81 per cent to 67.21 million tonnes in September as against 58.04 million tonnes in the year-ago period, an official statement said on Tuesday. The cumulative coal production up to September increased to 428.25 MT in the ongoing fiscal, over 382.16 MT in the year-ago period, registering a growth of 12.06 per cent, the coal ministry statement said. The output of state-owned Coal India Ltd, which accounts for over 80 per cent of domestic coal output, increased to 51.44 MT in September as against 45.67 MT a year ago. Additionally, coal dispatch increased to 70.33 MT over 61.10 MT in September last fiscal. The coal sector witnessed an unprecedented upswing, with production, dispatch and stock levels soaring to remarkable heights, the ministry said. "This exceptional growth is attributed to the unwavering dedication of coal PSUs, which has played a pivotal role in driving this extraordinary progress," the statement said. The coal ministry added t

India to clock GDP growth of 6.5% in FY24: NITI Aayog Ex-VC Rajiv Kumar

On the domestic side, Kumar said inflation is beginning to come down to the target levels and the government tax revenues have shown a good 16 per cent increase over last year

Power consumption grows 10.7% due to increase in use of cooling appliances

The country's power consumption grew 10.7 per cent to 140.49 billion units in September mainly due to increased use of cooling appliances amid unusually humid weather conditions. In the year-ago period, power consumption stood at 126.91 Billion Units (BU), higher than 112.43 billion units in September 2021, according to government data. The peak power demand met -- the highest supply in a day -- rose to 239.97 GW in September. The peak power supply stood at 199.50 GW in September 2022 and 180.73 GW in September 2021. The power ministry had estimated the country's electricity demand to touch 229 GW during summer. The demand did not reach the projected level in April-July due to unseasonal rain. The peak supply, however, touched a new high of 224.1 GW in June and before dropping to 209.03 GW in July. Peak demand touched 238.19 GW in August. Spokesperson of the Tata Power Delhi Distribution Ltd, which supplies electricity to 70 lakh people in Delhi, told PTI that the demand has remai

Delhi govt issues notification asking to renew excise licences by October 5

The Delhi government issued a notification on Friday, asking the licensees to renew their existing excise licences by October 5. The city government has decided to extend its existing excise policy by six months due to the time needed for coming up with a new liquor trade regime. The policy has been extended till March 31, 2024 following the requisite approvals from the Delhi government and the lieutenant governor, a senior officer had said on Thursday. "All the licensees of L15/L-15F and L-16/L-16F are hereby directed to submit their applications for renewal of the licences online by accessing their accounts in ESCIMS portal through their ID and passwords, along with the applicable licence renewal fee for the period w.e.f. 01.10.2023 to 31.03.2024 by providing requisite information and payment of renewal licence fee on or before 05.10.2023," the notification read. A proposal of the excise department to extend the policy, implemented on September 1 last year, was sent for the LG's

Trai seeks views on policy framework for economic development driven by 5G

Telecom regulator Trai on Friday invited views to develop a policy framework for faster adoption of new technologies for economic development driven by the 5G ecosystem. In the consultation paper on "Digital Transformation Through 5G Ecosystem", the Telecom Regulatory Authority of India (Trai) has identified emerging technologies like drones, the internet of things, and metaverse, among others, that can boost 5G utilisation and later on 6G. "The authority has come out with consultation paper on suo-moto basis to identify the policy challenges and suggest the right policy framework for faster adoption and effective utilisation of new technologies for the holistic and sustainable development of economy driven by 5G ecosystem," the regulator said. In the paper, Trai has identified security and privacy threats in the case of technologies like IoT and Metaverse and sought views on measures that should be adopted for the responsible development of these technologies. Trai's paper said th

Indian economy poised to grow at average 6.5% per annum over 2023-30: CEA

The Indian economy is poised to grow at an average of 6.5 per cent annually between 2023 and 2030, Chief Economic Advisor V Anantha Nageswaran said on Friday. Speaking at the BCC&I Indo-Pacific Economic Conclave, Nageswaran said the global economy is going to witness a period of uncertainty, and India has to plug into the global supply chain and make itself attractive for the China-plus one strategy. "We have had 9.1 per cent growth in FY22 and 7.2 per cent in FY23. We are poised to grow 6.5 per cent per annum on average for this year and the remainder of the decade. Why I am talking about 6.5 per cent and not 7.5-8 per cent? It is because we are not experiencing the kind of global growth that we experienced between 2003 and 2008," the CEA said. India has made progress in the last eight years as it has now become the fifth largest economy from the 10th rank globally in 2014, and within the end of this decade, it will become the third largest economy in the world, he ...

Key infra sector growth rises to 14-month high of 12.1% in August

The expansion in August is the highest since June 2022, when it was 13.2 per cent

India 10-year yield posts first quarterly rise in 5 on rising oil, US peers

The 10-year benchmark 7.18% 2033 bond yield ended at 7.2162% on Friday, leading to 10 basis points increase for the quarter. It had dropped by an aggregate 33 basis points in the last four quarters

India's foreign exchange reserves fall to 4-month low of $590.70 billion

Over the last few trading sessions, the RBI has been likely selling dollars via public sector banks to prevent the rupee from falling to a record low against the dollar, traders said

India's fiscal deficit rises to Rs 6.42 trillion, 36% of FY24 target

In the same period in FY23, the deficit was 32.6 per cent of the full-year target

India to be world's third-largest economy by 2027, says Amit Shah

He said the country has completed 75 years journey after Independence and has several achievements to its credit

Delhi budget: Govt begins preparing revised estimates for 2023-24

The Delhi government has begun preparing the budget estimate for the 2024-25 fiscal and the revised estimate for 2023-24 and directed all departments to furnish realistic targets. In a circular to all the departments on September 25, the Finance Department said that the departments should send the estimates by October 13 in prescribed format. "The Finance Department has initiated the process of preparation of the Revised Estimates (RE) for 2023-24 and Budget Estimates (BE) for 2024-25," read the circular. It also said meetings regarding budget estimates and revised estimates will start from the last week of October. "Revised Estimates/Budget Estimates should be formulated taking a realistic assessment of the requirement of funds which can be utilized by the department during the financial year," it said while highlighting some of the discrepancies which have continued to occur in framing of Budget Estimates by the departments. According to the circular, it has been noticed earlier

High quality standards to help become developed economy by 2047: Goyal

Food and Consumer Affairs Minister Piyush Goyal on Wednesday said high-quality standards in products and services will help India achieve its ambition of becoming a developed economy by 2047. He also stressed that "standards must support creating robust enforcement ecosystem and that they are developed after extensive consultation with all stakeholder groups". Addressing the onboarding workshop for Bureau of Indian Standards (BIS) technical committee members at the National Institute for Training in Standardization (NITS), Goyal said standards are a cornerstone of domestic trade and export, a facilitator of innovation and efficiency contributing towards national growth. As members of technical committees formulating Indian Standards, they have an enormous responsibility to ensure that standards embed the principles of sustainability, facilitate the fight against counterfeit goods and support MSMEs and startups to become more competitive, he said in a statement. Goyal further said e

Boosting manufacturing to help India become developed economy: AIMA prez

India needs to increase the share of manufacturing to one-third of its GDP to become a developed economy by 2047, AIMA President Shrinivas Dempo said on Tuesday. India's per capita Gross Domestic Product (GDP) needs to multiply about 9 times over the next 25 years, Dempo said while speaking at the National Management Convention session of All India Management Association (AIMA) here. As per the Reserve Bank of India (RBI), the Indian economy needs to grow at an average rate of 7.6 per cent till 2047 to become a developed country, he said. "To get there, the Indian economy needs a rebalancing by raising the share of manufacturing in its output to about one-third. All this requires an exponentially rising investment in infrastructure, technology, education, skills, health and a major realignment of management and governance," Dempo, the Chairman of Dempo Group of Companies, said. India is the fifth-largest economy, with a GDP of over USD 3.7 trillion. The share of manufacturing in to

Govt extends export benefits under RoDTEP scheme by a year till June 2024

The government on Tuesday extended export benefits under the RoDTEP scheme for one more year till June 2024, according to an official release. The Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods and are not being reimbursed under any other mechanism at the centre, state or local level. The scheme is operational since September 2021. "The RoDTEP support which was notified till 30th September 2023 is now being extended till 30th June 2024 at the same rates to the existing export items," the commerce ministry said in the release. It will help the exporting community to negotiate export contracts in the present international environment on better terms. The RoDTEP Committee has again been constituted in the Department of Revenue to review and recommend the ceiling rates under the RoDTEP Scheme for different export sectors, it .

Indo-US ties should vie for frictionless trade relationship: US Ambassador

India and the US need to strive towards a more ambitious and frictionless bilateral trade relationship, US Ambassador to India Eric Garcetti said here on Tuesday. Speaking at the 20th Indo-US Economic Summit organised by the Indo-American Chamber of Commerce, Garcetti lauded the recently concluded G20 Summit in New Delhi, saying India has demonstrated its global leadership through the "most successful" G20 in the history of the organisation. The theme of the 20th Indo-US Economic Summit is 'Sharing ideas and potential for a sustainable partnership between India and the US for the next 25 years'. "The goal that we should be setting for each other is how can we be more ambitious. Not just settle for another deal, not just settle for as we have done in the last few months bringing down the retaliatory tariffs and trade disputes between our countries. That's not good enough. "I think we need to close our eyes and dream of what this relationship can be like even more than we would imagi

India to become 3rd largest economy by 2030, UP to play big role: Minister

India is expected to become the third largest economy by 2030 and Uttar Pradesh will have a major role to play, Union Minister Narayan Rane said on Monday. Addressing the valedictory session of the UP International Trade Show in Greater Noida, Rane said that the per capita income of citizens needs to be improved to tackle migration, noting that the state is aiming to become a USD 1 trillion economy. He also drew a reference to the per capita income of the US and India to stress the need for economic growth in order for people to be able to live a better life. Citing example of his home state Maharashtra in industrialisation, Rane said due research and study are required to make sure which industry should be set up in which areas or districts. He said the prerequisite for bringing industries in any state also depends on the atmosphere for business there and said the way Adityanath is working towards promoting industries is laudable. "I come from Mumbai in Maharashtra. Mumbai is the

Brazil, Mexico, India in good position to attract capital, says Haddad

The finance minister added his team would meet with 25 U.S. investors in Sao Paulo later in the day, following up on the bilateral meeting Presidents Biden and Inacio Lula da Silva held last week

Centre has 'mismanaged' economy across all sectors, says Congress

The Congress on Sunday alleged that the government has mismanaged the economy across all sectors and since it is "too inept" in fixing issues such as unemployment and price rise, it is distorting the data instead. Congress general secretary Jairam Ramesh said now that the special session of Parliament is over, it is clear that the Modi government was trying to "distract and divert" the nation from some critical issues "the Adani scam, the caste census and especially the rising unemployment, growing inequality and the economic distress". In a statement, he said no matter how much the Modi government hides the data, the reality is that the vast majority of people are suffering. He claimed that some of the facts reported last week are being "brushed under the carpet". He said RBI's latest bulletin of September 2023 shows the "complete failure" of the Modi government to execute a recovery from the COVID-19 pandemic. "Forty-three per cent of people were in the labour force in February

G20 declaration should spur govt to give big push to MSMEs: Experts

The declaration of G20 nations under India's presidency should spur the government to give a big push to the MSME sector by simplifying the regulatory process and enhancing their access to affordable capital, say experts. The commitments made in the G20's New Delhi declaration with regard to the MSMEs ought to be followed by the member nations as the sector has the potential to generate employment and promote sustained growth. The New Delhi Declaration adopted early this month said the G20 recognise that startups and Micro, Small and Medium Enterprises (MSMEs) are natural engines of growth. They are key to socio-economic transformation by driving innovation and creating employment. "We welcome the establishment of the Start-up 20 Engagement Group during India's G20 Presidency and its continuation," it said. Chairman of CII Delhi State Council and MD and CEO of Samtel Avionics Limited Puneet Kaura said the MSME is considered important the world over and the G20 declaration has once