Page 8 - India Economy

None in opposition can match PM Modi's dynamism, says Indian American

Observing that Prime Minister Narendra Modi is the only leader talking about the future of India in his election speeches, a prominent Indian American philanthropist said none in the opposition camp can match his dynamism. In an interview with PTI, Suresh V Shenoy said with India's economy making great strides, the country is all about opportunities. What I find in Indian elections is that Modi is the only guy who's talking about the future. He's talking about how to implement technology, said Shenoy, an IITian and a successful businessman. I'm not necessarily a Hindutva guy per se. I think that's a narrative that sort of makes political talk. But look at what India has accomplished from an economic standpoint in the last 10 years. It's incredible. They're now the fourth largest economy in the world, he said in response to a question. Yet there are 800 million underserved people in India who too have aspirations, he said. So, India will continue to be a cauldron of opportunity for

Unemployment rate in urban areas dips to 6.7% in March quarter: Govt survey

The unemployment rate for people aged 15 years and above in urban areas declined to 6.7 per cent in the January-March period from 6.8 per cent a year ago, according to the National Sample Survey Survey (NSSO). Joblessness, or unemployment rate, is defined as the percentage of unemployed people in the labour force. The unemployment rate in the March quarter of FY23 was 6.8 per cent, while it was 6.6 per cent in April-June as well as in the third quarter (July-September 2023) of the previous fiscal. It was 6.5 per cent in October-December 2023. The unemployment rate for people aged 15 years and above in January-March 2024 was 6.7 per cent in urban areas, the 22nd Periodic Labour Force Survey (PLFS) showed. It also showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 8.5 per cent in January-March 2024 from 9.2 per cent in the same quarter a year ago. It was 9.1 per cent in April-June 2023, 8.6 per cent in July-September 2023, and 8.6 pe

GST mop-up hits record on good economic momentum, efficient collections: FM

Finance Minister Nirmala Sitharaman on Wednesday said GST collection breached the Rs 2 lakh crore milestone on the back of strong economic momentum and efficient tax realisation. In a post on X (formerly Twitter), the minister also lauded the efforts of the central and state officers of the revenue department and the Central Board of Indirect Taxes & Customs (CBIC) for their "sincere and collaborative efforts" in achieving this landmark. "GST collection crosses Rs 2 lakh crore benchmark, thanks to the strong momentum in the economy and efficient tax collections," she said. Goods and Services Tax collection grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, driven by increased domestic transactions and imports. The collection was Rs 1.87 lakh crore in April 2023. Out of the IGST collection, Rs 50,307 crore was settled towards CGST and Rs 41,600 crore towards SGST. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST in April ..

Mumbai property registrations rise 11% to 11,628 units in April: Report

Registration of properties in the Mumbai municipal area rose 11 per cent in April to 11,628 units mainly on strong housing demand, according to Knight Frank. In April 2023, the registration of properties in Mumbai stood at 10,514 units. In March 2024, the registration of properties stood at 14,145 units. According to Knight Frank, the registration of properties stood at 11,628 units last month. "The enduring confidence of homebuyers in the Mumbai market has maintained a positive outlook. This optimism has driven Mumbai's property registrations consistently exceeding the 10,000 mark for the fourth consecutive month in 2024," Knight Frank said. Of the overall registered properties, residential units constitute 80 per cent. Shishir Baijal, Chairman & Managing Director, Knight Frank India, said, "The buoyant market conditions have significantly boosted the state treasury, marking its highest-ever revenue collection for April. Property registrations in April have surged, highlighting

Dell expects new hiring, economic growth to drive commercial PC sales

PC maker Dell Technologies is banking on new hirings, replacements and growth in the Indian economy to drive sales of its commercial devices this fiscal, a senior company said. While speaking at the launch of a new commercial personal computers portfolio, Dell Technologies India, Senior Director and General Manager, Client Solutions Group, Indrajit Belgundi said that faster technology adoption is another factor that will drive sales of commercial devices unveiled by the company. "Every year new students are joining the workforce. Refresh cycle is also coming in. New version of technology is now coming in and many customers who took devices during the pandemic are now looking to upgrade. Also, India's GDP is expected to grow at 6.8 per cent. I personally think the opportunity for us to grow will be higher than that GDP growth," Belgundi said. The company unveiled five new models under Latitude portfolio at the starting price range of Rs 1.11 lakh to Rs 2.61 lakh. Dell also unveiled

IMF raises India's economic growth projection to 6.8% from 6.5% in 2024

The International Monetary Fund on Tuesday raised India's growth projection to 6.8 per cent from its January forecast of 6.5 per cent citing bullish domestic demand conditions and a rising working-age population. With this, India continues to be the fastest growing economy of the world, ahead of China's growth projection of 4.6 per cent during the same period. "Growth in India is projected to remain strong at 6.8 per cent in 2024 and 6.5 per cent in 2025, with the robustness reflecting continuing strength in domestic demand and a rising working-age population," said the latest edition of the World Economic Outlook released by the IMF ahead of the annual spring meetings of the IMF and the World Bank. At the same time, growth in emerging and developing Asia is expected to fall from an estimated 5.6 per cent in 2023 to 5.2 per cent in 2024 and 4.9 per cent in 2025, a slight upward revision compared with the January 2024 WEO Update. IMF in its January update had projected 6.5 per cent

A trillion dreams: Is this realistic, or are four states chasing a chimera?

The exchange rate will play a crucial role in this calculation and some assumptions must be made on this front

Keep in mind interest of poor: President to economic service officers

President Droupadi Murmu on Tuesday asked a group of economic service officers to keep in mind the interest of the poor and backward sections of the country while taking any decision in their workplace. Addressing a group of probationers of the Indian Economic Service (2022 and 2023 batches), who had called on her at the Rashtrapati Bhavan here, Murmu said that economic growth is an important component in the country's development. "Macro and micro economic indicators are considered useful parameters of progress. Therefore, the role of economists is important in making government policies and schemes effective and useful," she said. Murmu told officers that as India is moving towards becoming the third largest economy in the world, they will get countless opportunities in the times to come to enhance their capabilities and utilise them to the fullest. She expressed confidence that they will make a significant contribution to the development of the country by taking proper advantage

UPA seized RBI to paint picture of rosy economy, says Anurag Thakur

Union Minister Anurag Thakur on Tuesday alleged that the Congress-led UPA government "seized" the RBI to paint an illusion of economic growth during its tenure in office. Referring to the revelations made by former RBI Governor D Subbarao in his memoirs, Thakur said, "From 2004 to 2014, under the guise of governance, the Congress-led UPA orchestrated a grand illusion, turning Atal Bihari Vajpayee Ji's thriving economy into a theater of economic despair." In his recent book 'Just A Mercenary?: Notes from My Life and Career', Subbarao has said that the finance ministry under Pranab Mukherjee and P Chidambaram used to pressurise the RBI to soften interest rates and present a rosier picture of growth to shore up sentiments. The former RBI governor in his memoir also wrote that there was 'little understanding and sensitivity' in the erstwhile government of the Congress-led United Progressive Alliance (UPA) on the importance of the central bank's autonomy. "They seized the RBI to hide th

Uncertainty over elections could risk Sri Lanka's economic recovery: ADB

The "uncertainty" over the impending elections in Sri Lanka will cause a possible downward trend in the country's economic outlook, the Asian Development Bank (ADB) has said. The island nation is set to face a presidential election in the last quarter of this year, while the parliamentary election is due mid-next year. However, political uncertainty prevails in the country as opposition parties have pledged to reverse the current IMF-linked reforms, which have proved to be unpopular with the masses. President Ranil Wickremesinghe, who has steered the recovery programme by going into a bailout deal with the International Monetary Fund (IMF) for a USD 2.9 billion facility, maintains that the island could once again face economic collapse if the IMF programme reforms are not adhered to. Outlining the economic risks Sri Lanka is facing, the ADB in its South Asian chapter's economic trends report released yesterday said, Among them the most important is uncertainty associated with the .

FMCG industry expects improving macro-indicators to drive consumer demand

Leading industry players expect improving macro-indicators and expectations of good monsoon and rabi crops to drive consumer demand for FMCG in the current fiscal. Consumer demand for FMCG (fast-moving consumer goods) remained sluggish amid a subdued operating condition in the March quarter. The industry expects a mid-to-high-single-digit growth in value/volume in the January-March period, along with a continuation of the gross margins expansion trend, helped by deflation in input cost. The rural demand, which was sluggish in the last few quarters, has picked up pace from the January-March period, and some FMCG makers have reported a narrowing down of the gap with the urban market. Rural India contributes nearly 35 to 38 per cent of the FMCG sales in the country. Besides, further expansion of margins will help the companies to amplify their A&P (advertising & promotional) spending behind their brands, leading listed FMCG firms like Dabur, Marico and Godrej Consumer Products ...

India set for strong economic rebound seen in 2000s: RBI Dy Guv Patra

While private consumption remains pivotal, the economic resurgence will be fuelled by investments and exports, said Michael Debabrata Patra

India's richest 1% enjoy 22.6% of national income: Kharge in swipe at BJP

He added that the Congress, as part of the guarantees under 'Participatory Justice', will conduct a comprehensive social, economic and caste census

RBI board reviews domestic economic situation, outlook and challenges

The Reserve Bank of India's (RBI) central board on Friday reviewed the domestic economic situation and outlook, including the challenges posed by the global financial market volatility. The board also approved the bank's budget for the accounting year 2024-25, the central bank said in a statement. The 607th meeting of the Central Board of Directors of the RBI took place in Nagpur under the chairmanship of Governor Shaktikanta Das. "The Board reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility," the RBI said. Further, the board also discussed the RBI's activities, including the progress made in digital payments, consumer education and awareness during the current accounting year 2023-24. Directors of the central board Satish K Marathe, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, and Ravindra H Dholakia attended the meeting. Deputy governors Michael Debabrata Patra,

India's economic outlook for next fiscal positive, says finance ministry

The finance ministry on Friday said with an uptick in private investment and inflation trending down, India's outlook for the next fiscal looks positive. The Monthly Economic Review also said that inclusion of Indian bonds in Bloomberg bond index from January 2025 should bolster inflows. It said robust investment activity is driving growth amid a steady rise in consumption. "The continued focus on public investment seems to have crowded in private investment," said the February edition of the review by Department of Economic Affairs. The National Statistical Office (NSO) has revised upwards the GDP growth estimate for current fiscal to 7.6 per cent from 7.3 per cent. India grew above 8 per cent for three consecutive quarters, reaffirming its position as a standout performer amid sluggish global growth trends. Various agencies echo a similar sentiment revising the FY24 growth estimates of India closer to 8 per cent, the ministry said. "On the whole, India looks positively toward

India will become third top economy in few years, says FM Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said India currently needs economic freedom to achieve developed nation status by 2047 and assured that the country would move to the third spot in world economy from the current fifth position in the near future. Criticising those who compared India with China, Sitharaman said that certain things could not be replicated from them. "India should attain self sufficiency on economic matters. It should become an economic power. The country has come from 10th position to 5th in global rankings and a few years down the line we will achieve the third spot", Sitharaman said, after unveiling a bust of Mahatma Gandhi at Shrimati Indira Gandhi College here. Appealing to the students gathered at the venue to contribute to the progress of the nation, she said, "It is through the efforts of students like you that our country will become a developed nation by 2047." Referring to people talking about how China has progressed and comparisons wi

FY24 GDP growth to be closer to 8% on higher activity in industry: CEA

India's real GDP growth in FY24 will be "closer" to 8 per cent on higher activity in industry and services verticals, Chief Economic Advisor V Anantha Nageswaran said on Tuesday. Addressing a conference organised by ARIA (Association of Registered Investment Advisors) virtually, Nageswaran said the growth will be higher than the Ministry of Statistics' estimate of 7.6 per cent, and added that there is much reason to be optimistic in the near term about the prospects in India. "...unless the Q4 GDP numbers fall very significantly from the momentum that we have seen in the first three quarters, the GDP will be closer to 8 per cent rather than 7.6 per cent as the Ministry of Statistics is currently estimating," Nageswaran said. However, he stressed on the need to put heads down and work towards the goal without "succumbing to triumphalism and exuberance". "As a country, we should realize that we are in it for the longer haul, not for the short term," he said, adding that the ...

Nation first policy helped manage oil prices despite global conflicts: Puri

The Union Minister for Petroleum and Natural Gas said 85 per cent of India's crude requirements are met by imports, with the price of crude in the international market being the benchmark

Valley breathing freely and tourism flourishing: PM Modi in Kashmir

Prime Minister Narendra Modi on Thursday said while he has a roadmap for the development of the country for the next 25 years, the opposition only has "anger and abuses" to offer and no solutions. Addressing a conclave organised by Republic TV, Modi highlighted the speed and scale of the work done by his government so far and said in the last 75 days, he has laid the foundation stone or dedicated to the nation projects worth Rs 9 lakh crore. "I have a roadmap for the development of the country for the next 25 years. But on the other side (opposition), there is only anger, abuses and disappointment. They neither have any issue to raise nor any solution to offer," the prime minister said. Modi said this decade is for strengthening the foundation of a capable and a developed India. This decade will be of India's high-speed connectivity, high-speed mobility and high-speed prosperity, he said. He said people of the country are "seeing and feeling" the scale and speed of his government's

India's surprise GDP driven by more than just one-off factors, says CEA

The surprise 8.4% surge in gross domestic product was largely due to base effects related to subsidies, which boosted the net indirect tax category, CEA V Anantha Nageswaran said