Page 27 - India Economy

India may be world's 2nd-largest economy by 2075, says Goldman Sachs

The report projected India's GDP at $52.5 trillion by 2075, behind China's $57 trillion but ahead of the US' $51.5 trillion

Rupee to climb after dollar's fall on weaker than expected US jobs data

Non-deliverable forwards indicate the rupee will open at around 82.60-82.62 to the U.S. dollar, compared with 82.74 in the previous session

UN world food price index hit almost 2 years low at 122.3 points in June

The Food and Agriculture Organization's (FAO) price index, which tracks the most globally-traded food commodities, averaged 122.3 points in June

India's El Nino silver lining: Resilience to poor rainfall improving

Agriculture's role in the economy has reduced over the decades, easing impact of 'climatic shock'

Karnataka CM Siddaramaiah set to present State Budget today at 12 noon

Chief Minister Siddaramaiah has arrived at Vidhana Soudha in Bengaluru to present the state budget

Top Headlines: Tax credit on Council agenda, rupee internationalisation

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Rupee to extend decline as US hiring data points to more Fed rate hikes

Non-deliverable forwards indicate rupee will open at around 82.66-82.70 to the U.S. dollar compared with 82.51 in the previous session

Restoration of GSP benefits by US need of hour: CII EXIM committee chair

An early solution for restoration of GSP benefits by the US to Indian exporters is the need of the hour as it would help further boost the bilateral trade, Chairman of the CII national committee on EXIM Sanjay Budhia said on Wednesday. India and the US have agreed to discuss New Delhi's demand for restoration of Generalized System of Preferences (GSP) benefits to domestic exporters and now both sides will commence discussions to find a solution. The previous Trump administration in the US revoked GSP from India in 2019. GSP allows eligible developing countries to export duty-free goods to the US. Budhia said about two-thirds of the US imports under GSP are raw materials, components, or machinery and equipment used by US companies to manufacture goods in America for domestic consumption or for export. GSP also helps American consumers by eliminating duties on a variety of usually inexpensive consumer goods, he said adding these benefits are real and tangible. Both sides have mutu

Top headlines: I-T lens on reporting entities, rupee to face headwinds

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PSBs should focus on robust asset-liability & risk management: Sitharaman

Profit of public sector banks increased to Rs 1.04 trillion in 2022-23

Implementation of GST has brought in economic revolution: Puducherry LG

Puducherry Lt Governor Tamilisai Soundararajan on Saturday said the introduction and implementation of Goods and Services Tax (GST) in the country has brought in an economic revolution in the country. Addressing officers and tax payers at the celebrations of 'Six Years of GST' organised by the Commissionerate of GST and Central Excise (Puducherry), the Lt Governor said it (GST) marked a significant milestone in the indirect system of taxation. "It is a remarkable initiative in a diverse and federal country as multiple tax laws have been consolidated into a single system. It is no small feat," the Lt Governor said. She said tax compliance had also increased. "Where there is increased response and compliance the development of the nation is also ensured," the Lt Governor, who also gave away awards to the tax payers on the occasion said. Soundararajan said the GST Council meeting also took into consideration periodically the various views and feedback from Finance Ministers of state

India's external debt rises $5.6 bn to $624.7 bn at end-March 2023

India's external debt rose marginally to USD 624.7 billion annually at end-March 2023, although the debt-GDP ratio declined, as per a Reserve Bank data released on Friday. The external debt rose by USD 5.6 billion from USD 619.1 billion at end-March 2022. "The external debt to GDP ratio declined to 18.9 per cent at end-March 2023 from 20 per cent at end-March 2022," said the Reserve Bank's data on India's External Debt as at end-March 2023. Valuation gains due to the appreciation of the US dollar compared to the Indian rupee and major currencies such as yen, SDR, and euro were placed at USD 20.6 billion. "Excluding the valuation effect, external debt would have increased by USD 26.2 billion instead of USD 5.6 billion at end-March 2023 over end-March 2022," the central bank added. At end-March 2023, as per the data, long-term debt (with original maturity of above one year) was placed at USD 496.3 billion, recording a decline of USD 1.1 billion over its level at end-March 2022. The

Strong growth outlook to offset foreign mkt slowdown for India Inc: Fitch

India's resilient growth outlook will offset a slowdown in overseas markets for the country's corporates and easing input cost pressure will help widen their profit margins, Fitch Ratings said on Friday. Earlier this month, Fitch had raised India's economic growth forecast to 6.3 per cent for the current fiscal year 2023-24 from the 6 per cent it had predicted previously. The sustained economic growth will drive cement and petroleum product demand, with high-frequency data trending above pre-pandemic levels so far this year. India's rising infrastructure spending will also boost steel demand, Fitch added. "India's resilient growth outlook will offset a slowdown in overseas markets for the country's corporates and easing input cost pressure will widen profit margins by around 220bp in the financial year ending March 2024," Fitch said in a statement. Slowing demand in the US and the eurozone will moderate sales growth for the IT service sector. However, a corresponding easing of wage

Rising tomato prices: Heatwaves and heavy rain impact supply in India

Consumer affairs ministry maintains that these price hikes are normal for this time of year and are a temporary phenomenon while households cut back on their tomato budgets

Govt to sell tur dal from buffer stocks to millers for augmenting supply

The government will sell tur dal from its buffer stock to eligible millers as part of its efforts to boost domestic supply and keep prices under control. "The government has decided to release tur from the national buffer in a calibrated and targeted manner till imported stocks arrive in the Indian market," an official statement said. The Department of Consumer Affairs has directed National Agricultural Cooperative Marketing Federation (NAFED) and National Cooperative Consumers Federation (NCCF) to dispose of tur dal through online auction among eligible millers to augment the available stocks for milling into tur dal for the consumers, it added. The quantities being auctioned and the frequency will be calibrated on the basis of the assessed impact of the disposal on the availability of tur to consumers at affordable prices. On June 2, the government imposed stock limits on tur and urad by invoking the Essential Commodities Act, 1955 in order to prevent hoarding and unscrupulous ..

US market share in apples, almonds, and walnuts plunged in five years

Similarly, the US-dominated as the source of shelled walnuts for India at 70% share in FY18 with Chile at a distant second with a 29.7% share

India to remove retaliatory customs duties on eight US-origin products

The duties on these eight US-origin products would revert to the current applied most-favoured-nation (MFN) rate after India notifies the rescinding of additional duties

At 23% spend, Andhra Pradesh leads laggards in state capex in FY23

Most large states have fallen behind their budgeted capex targets by a wide margin in FY23, which was pegged at Rs 7.4 lakh crore but could spend only Rs 5.71 lakh crore or 76.2 per cent only, according to an analysis. Only four states -- Karnataka, Sikkim, Arunachal and Bihar -- have over-achieved their targets, while Jharkhand and Madhya Pradesh's capex spending stood at 98 per cent each. Eleven states fared better with 80 per cent target achievements, as per the analysis by Bank of Baroda economists. As against this, in FY21, the underachievement level was a high 72 per cent, primarily due to the pandemic emergency spending, and had improved to 95 per cent in FY22. Surprisingly, none of the 25 states whose data are available has been able to achieve the target by even three-fourths as the peak success rate is only 72.4 per cent, according to the analysis. This is surprising as the Centre had disbursed the required amounts for the year. The poor show was led by Andhra, which cou

India's steel production rises 4.1% in May, global output falls 5%

India has registered a 4.1 per cent growth in its crude steel production at 11.2 MT amid 5.1 per cent downfall in the global output at 161.6 MT in May 2023, according to the World Steel Association (worldsteel). Despite a 7.3 per year-on-year (y-o-y) fall, China remained the top steel producing country in May with 90.1 MT crude steel production, worldsteel data showed. India produced 11.2 MT crude steel, up 4.1 per cent over May 2022, the body said in its latest report. Japan's output was also 5.2 per cent down y-o-y at 7.6 MT. The United States produced 6.9 MT steel registering a 2.3 per cent fall annually. Russia is estimated to have produced 6.8 MT, up 8.8 per cent. South Korea registered a marginal fall of 0.1 per cent to 5.8 MT. While Germany produced 3.2 MT, Brazil 2.8 MT, Trkiye 2.9 MT and Iran produced 3.3 MT in May 2023. Brussels-based World Steel Association is one of the largest industry associations in the world, with members in every major steel-producing country. I

Govt authorises DGFT for TRQ items allocation under new India-Nepal Treaty

The commerce ministry's arm DGFT has been authorised to allocate and monitor imports of 10,000 tonne of copper products and 2,500 tonne of zinc oxide from Nepal under a concessional customs duty provision of a treaty between the countries, according to a public notice. The directorate general of foreign trade (DGFT) will be the designated authority for allocation and monitoring of all TRQ (tariff rate quota) items under the revised India-Nepal Treaty. Under TRQ, a specified quantity of an item is allowed for export or import at concessional customs duties. Beyond that quantity, the product attracts normal duties. "DGFT is authorised for allocation and monitor of 10,000 MT of TRQ of copper products...and 2500 MT of zinc oxide from Nepal," the public notice said on Thursday. It said the allocated quota to each manufacturer/exporter on a quarterly basis would be communicated by the designated authority of Nepal to DGFT. Imports will be permitted through the land customs stations at .