Page 29 - India Economy

Suggestions of influential persons on trade policy and their scrutiny

The government is keen on giving incentives for exports but is also keen on justification on the basis of export performance

The darkness of trivialisation

Economic policy tradecraft cannot be executed with inferiority complex that constantly requires divisive religio-cultural and ethnic grievances to be sated

Better numbers in private projects

Three hoops to jump to be convinced that torrid growth will come

IPEF members "substantially conclude" deal on supply chains in Detroit

However, no mention of a proposal made earlier by US seeking advance notices on tariff changes and export curbs from partner countries, before firming up their positions

India to push back against 'agenda-driven' global ranking firms: Sanyal

Over the past year, India has in various meetings pointed out the flaws in methods used to compile global indices used by institutions like the World Bank, WEF and UNDP, Sanyal said

India's forex reserves snap 3-week rise, ease from near 1-year high

Forex reserves decreased $6.05 billion from the previous week, after rising by a total of $15.3 billion in the prior three weeks

India to be a developed country by 2047, economists agree on roadmap: SKOCH

/ -- Dr Bibek Debroy, Chairman, Economic Advisory Council to Prime Minister Narendra Modi, projects that India will grow comfortably at a real rate of 7.5% to pass through the upper-income category and approach the high-income status by 2047. Dr C Rangarajan, former Chairman, Economic Advisory Council to Prime Minister, calculates that India would need to grow at a real rate of 6.18-6.74% to achieve the status of a higher-income country by 2047. Both economists arrive at similar numbers though they take different starting figures and currencies to project their calculations in their papers on macro-economic essentials. Twenty-three renowned economists have detailed their roadmap to India 2047 in the book 'India 2047 High Income with Equity', put together by Mr Sameer Kochhar, Chairman, SKOCH Group, Reforms Historian and Author of ModiNomics. Mr Sameer Kochhar says, "It has always been my attempt to grasp the full magnitude of the direction given by the Prime Minister and translate i

India can play key role in connectivity, economic cooperation: CICA

India can play a major role in taking forward the agenda of the 28-nation grouping, CICA, in boosting "Asian spirit" and expand cooperation in areas such as connectivity and economic cooperation, a top official of the bloc said on Tuesday. Secretary General of the Conference on Interaction and Confidence Building Measures in Asia (CICA) Ambassador Kairat Sarybay also said the grouping is focusing on enhancing Asia's role in addressing various global challenges. India, China, Bangladesh, Sri Lanka, Kuwait, Kazakhstan, Egypt, the United Arab Emirates (UAE), Azerbaijan, Uzbekistan and South Korea are among the key members of the grouping. The CICA secretary general is currently on a visit to India. "The CICA is focusing on boosting cooperation in Asia in the areas of connectivity, food security and regional financial cooperation," he said during a media interaction. Replying to a question on the lingering border row between India and China, Sarybay said bilateral issues are not allow

Private consumption, rural demand revival to drive growth in Apr-Jun: RBI

India's growth in the April-June quarter is expected to be driven by private consumption, supported by reviving rural demand, and renewed buoyancy in manufacturing, a Reserve Bank article said on Monday. The global economy is transfixed in the cross-currents of slowing growth and high inflation, and an uneasy calm prevails in the global financial markets as they await clearer signals from policy authorities on banking regulation and supervision, and contours of deposit insurance, it said. In April and the first half of May 2023, domestic economic conditions have sustained the quickening of momentum seen in the last quarter of 2022-23, said the article on 'State of the Economy'. Headline inflation eased below 5 per cent in April 2023, for the first time since November 2021. It further said corporate earnings are beating consensus expectations, with banking and financial sectors posting strong revenue performance, aided by robust credit growth. "GDP growth in the first quarter of ..

Go, fish: India's blue economy surges amid call for sustainable practices

Production and exports have risen in recent years, creating employment for millions

MoS Agri pitches for adoption of new farm tech for achieving $5 trn economy

Minister of State for Agriculture Kailash Choudhary on Friday said mass adoption of new technologies like drones, artificial intelligence (AI) and precision farming in the agriculture sector is essential for India to achieve USD 5 trillion economy milestone. "... we need to leverage new technologies, such as drones, AI, precision farming, blockchain in farming to achieve Prime Minister Narendra Modi's near future target of USD 5 trillion economy," the minister said while addressing an event organised by agro-chemical firm Dhanuka Group. Choudhary also urged scientists to identify untapped areas, such as rain-fed districts to increase agriculture production substantially by empowering farmers with new agri technologies. The potential of most of the agri-land in the country has been exhausted, only the area dependant on rains is left whose potential needs to be tapped, he said in a statement. Making a strong pitch for genetically modified (GM) crops, Deepak Pental, former Vice ...

Provide chances to youth to take demographic advantage: RBI Deputy Guv

India will have to provide economic opportunities to the young population if the country is to take advantage of the demographic dividend, RBI Deputy Governor M D Patra said on Wednesday. Addressing the Reserve Bank of India-promoted Indira Gandhi Institute of Development Research's maiden alumni meet here, Patra said only half of the working population is part of the labour force at present and added that India has to prioritise to get the skilling strategy right. Pointing out that the median age of India is 28 years at present and over a sixth of the increase of the world's working age population between now and 2050 will be provided by India, Patra said India can emerge as the "economic powerhouse of the future" and is poised to be the second biggest economy in the world by 2048. However, a slew of challenges will have to be overcome to ensure that the opportunity gets translated into action, he said. "Our population presents an exciting opportunity which can be realised only if

Enhanced competitiveness of economy will attract more investments: PHDCCI

Industry body PHDCCI on Wednesday said enhanced competitiveness of the Indian economy will attract more investments and create new employment opportunities for the growing young population in the country. In a study, the chamber said India is constantly growing above the pre-Covid level of GDP growth showing its strong resilience post-pandemic and geopolitical developments. According to the recent IMF data, India recovered significantly from (-)5.8 per cent GDP growth in 2020 to 9.1 per cent in 2021 and 6.8 per cent in 2022 with projected growth rate of 5.9 per cent in 2023, the chamber said. "The growth rates for 2021 and 2022 (average) are significantly above the growth rate of 3.9 per cent posted in pre-pandemic year 2019," it added. The growth projections for 2023 to 2028 are also at the highest as compared with the top 10 leading economies, said Dalmia. "Going ahead, continued economic reforms in India would further strengthen the economic fundamentals of the country to maint

Need to focus on infra, innovation for sustainable growth: FM Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday underlined the need for focussing on four Is -- infrastructure, investment, innovation and inclusivity -- to achieve sustainable growth in the long-term. The global economy in the past few years has faced trials and tribulations, she said, adding countries have made efforts to protect the vulnerable section of the society at the cost of higher government borrowing. Speaking at the Asian Development Bank (ADB) Governor's seminar on 'Policies to Support Asia's Rebound', Sitharaman stressed that there is also a need to involve the private sector to step up investment and innovation. Elaborating on the four Is, the Minister said investment is essential to spur infrastructure development, which has a potential to generate jobs. The third I is for innovation, she said adding innovative solutions from startups are required to deal with issues facing the countries. Unless you have innovative thoughts to address your local problems, and ...

Tripura CM Manik Saha signs 8 MoUs worth Rs 312.38 cr to promote industries

Tripura Chief Minister Manik Saha said his government on Tuesday signed eight Memorandum of Understanding (MoU) with private players amounting to Rs 312.38 crore to promote industries in the northeastern state. The MoUs include setting up of a medical college with an estimated cost of Rs 247 crore on Public Private Partnership (PPP) model in Dhalai, a tribal-dominated district. At present, the state has two medical colleges - government-run Agartala Govt Medical College (AGMC) and a society-run Tripura Medical College (TMC) and one Dental College. "Connectivity is key for development of socio-economic condition and the northeastern has state witnessed massive improvement in connectivity - be it railways, national highways or airway", Saha said at 'Tripura Roundtable on Investment Opporunities' here. Asserting that Prime Minister Narendra Modi has given the HIRA model (highways, internet, railway and airway), Saha said the people of Tripura never thought of getting 12 express trains

Record GST collection but IGST on imports fell 5% on lower commodity prices

If this trend continues, the decline in IGST might indicate weak customs duty collections in FY24

India's core sector growth slows to five-month low of 3.6% in March

In FY23, core sector growth decelerated to 7.6 per cent from 10.4 per cent in FY22. While crude oil output (-1.7 per cent) contracted for the past 11 years and growth in coal (14.8 per cent)

India's growing economy will become more essential for US businesses: USIBC

The economic growth of India offers an opportunity for US businesses and advancing the bilateral trade ties might be one of the most important projects of the time, the president of a top American trade body has said. President of the US India Business Council (USIBC) Atul Keshap said on Wednesday that US' business-to-business ties with India are directly creating good jobs for the American middle class. He said this year saw US-India bilateral trade cross USD 190 billion, and with that American exports of industrial machinery, pharmaceuticals, and electronics equipment, all increased. As India continues to grow, its economy will become more essential for American businesses. As its population urbanises and enters the global middle class, its appetite for American goods, innovation, and culture will only expand, he said at an event here on Wednesday. Keshap said as India pursues its ambitions of becoming a global manufacturing hub, its demand for the best American industrial equipm

India will become third largest economy in world by 2030: VP Dhankhar

India is transforming and will become the third largest economy in the world by 2030, Vice President Jagdeep Dhankhar said on Sunday. Addressing a gathering at a state-level programme on saint Dhanna Bhagat's birth anniversary in Haryana's Kaithal, Dhankhar said India's prestige in the world has never been as high as it is now. Haryana Chief Minister Manohar Lal Khattar also attended the event. The vice president said the contributions of saints in the country's history have been tremendous. "Today the country is witnessing something that was never imagined before.... India has become the fifth largest economy, surpassing the Britishers who had ruled us for 200 years, and farmers and workers have a major contribution in this. "By the end of this decade...India will be the third largest economy on this planet," he said. Dhankhar lauded the Haryana government for celebrating the birth anniversary of Dhanna Bhagat on a large scale. At the event, Khattar announced that his governmen

India's economic activity signals resilience even as exports dim outlook

India's economic activity stayed resilient in March though the weakening pace of exports and an increase in unemployment dimmed the outlook for the country that's surpassing China as the most populous