Page 32 - India Economy

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

Caste consolidation

India needs politics of economic development

Once booming, Indian start-ups set for more pain as funding crunch worsens

"Indian startups are not catering to a billion consumers. All of them are selling to the same 100 million"

PM Modi made India a powerhouse of exports in various sectors: Vaishnaw

"When we talk about sectors like Defence, Information technology or electronics we see that these are the sectors which have shown a considerable rise in the numbers of exports," he added

Forecast for a below-normal monsoon added risk to economy: Report

The report mentions that the likelihood of El Nino is increasing and that the probability of it becoming the dominant category during the 2023 monsoon is increasing too

Reserve Bank likely to help states to analyse, frame their capex numbers

As of now, the states are handicapped because there is no format they can borrow from the centre to guide them on tracking their capex except the financial support

India will be third largest economy by 2027-28, says Piyush Goyal

The Minister said that exports were $676 billion last year. "We had a target to reflect the sentiment of young and enthusiastic Indians. In the 75th Year of Independence, we crossed $750 billion

Sitharaman gives detailed rebuttal of negative perception of India in West

Union Finance Minister Nirmala Sitharaman on Monday (local time) gave a befitting reply to the negative Western 'perception' of India at the Peterson Institute for International Economics (PIIE)

You make the tea or the tea makes you?

Move over Reserve Bank of India. It's the commercial banks, which are creating money and moving the economy

India's new trade policy: Blinded by local market, a dry recitation of laws

India's trade policy remains blinded by its huge domestic market. This was underlined last week when the govt released its latest trade policy - three years late

LIVE news updates: India elected to United Nations' statistical body

Catch all the latest updates from across the globe here

Retail inflation for agriculture, rural workers up marginally in Feb 2023

Retail inflation for agricultural and rural workers increased to 6.94 per cent and 6.87 per cent, respectively, in February 2023, due to increases in prices of medicines, doctor's fees, and bus fares, among others, an official statement said. Point to point rate of inflation based on the CPI-AL (consumer price index for agricultural labourers) and CPI-RL (rural labourers) were at 5.59 per cent and 5.94 per cent, respectively in January 2023, the Ministry of Labour and Employment said. Inflation based on CPI-AL and CPI-RL were 6.85 per cent and 6.88 per cent in January 2023. The all-India CPI-AL and CPI-RL increased by 1 point each to stand at 1,171 and 1,182, respectively. The maximum upward pressure on general index of AL and RL came from miscellaneous group to the extent of 0.93 and 0.98 points respectively mainly due to increase in prices of medicine, doctor's fee, barber charges, bus fare, washing shop, cinema ticket, etc," it said. The maximum increase in the CPI numbers for

GDP to grow at 7% in FY23, inflation set to moderate: FinMin Report

Indian economy is expected to grow at 7 per cent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January, the Finance Ministry said on Monday. Supported by the gains from high services exports, the moderation in oil prices, and the recent fall in import-intensive consumption demand, India's current account deficit is estimated to fall in FY23 and FY24, providing a buffer to the rupee in uncertain times, Monthly Economic Review by the ministry said. This will provide a much-needed cushion to India's external sector at a time when the Fed is likely to raise rates further and ensure that India's external finances are not a major cause of concern, it said. The jump in net service exports over the previous year is a critical development as India increases its market share in both IT and non-IT services, whose demand has been triggered by the pandemic, it said, adding, imports are also less costly now

PM Modi exhorts India Inc to make most of budget, ramp up investments

Urges financial sector to re-engineer processes to pare costs, speed up credit for small businesses; extols India's digital thrust as model for the world, lauds credit schemes for micro entrepreneurs

India's Q4 economic growth in 2022 to be temporary: Moody's Analytics

The country's economic slowdown late last year will be temporary and even salutary, helping to wring some of the demand-side pressures out of the economy without stopping it wholesale