Page 2 - India Growth

World at cusp of ushering India era as we gain developed status: NK Singh

The world is at the cusp of ushering in an India era as the country's growth trajectory moves towards a developed nation status by 2047, leading economist and policymaker N K Singh has said. In his address on being conferred a prestigious Honorary Fellowship at the London School of Economics and Political Science (LSE) on Wednesday evening, the President of the Institute of Economic Growth said he was humbled to be joining the ranks of fellow Indians such as Nobel laureate Professor Amartya Sen and former president K R Narayanan. The renowned university said the honour was in recognition of Singh's long-standing and committed relationship with the LSE and his efforts to facilitate its unique relationship with India as Co-chair of LSE's India Advisory Board. It is a humbling moment for me considering the stature of many of my predecessors. The LSE has been a centre of academic excellence since its inception in 1895. Its connection with India has been an intensive, inquisitive and ...

Gender Gap index: Indian women earn Rs 40 for every Rs 100 earned by men

India slipped two spots at 129th rank in World Economic Forum's Global Gender Gap index 2024. While India's economic parity score has been improving, it's 6.2 percentage points below 2012 level of 46%

Schneider Group-owned Lauritz Knudsen to invest Rs 850 crore in 3 years

L&T Switchgear, the electrical and automation arm of L&T, which Schneider Electric acquired in 2020, is rebranded as Lauritz Knudsen

Flash composite PMI up at 61.7 in May, job creation strongest in 18 years

The survey also noted that amid reports of higher labour and material costs, input prices across the private sector rose at the fastest pace in nine months

India emerges as a curious mkt in global restructuring of industrial majors

Linde Plc, Siemens, and GE are three such entities that have made changes to their global business structures in the past few years

India likely to grow at 10% for 10-20 years: Deloitte's Romal Shetty

He urged investors to grab the opportunity India's rapid growth offers

CPI inflation to average 4.5% in FY25, growth to top 7%: RBI Governor

Observing that headline inflation substantially eased from the elevated level seen in the summer of 2022, Das said price momentum was easing across core goods and services

IT leaders Infosys, TCS kick off Q3 earnings season with weak numbers

Infosys cuts growth guidance as net drops 7.3%; TCS profit up 2%

India's GDP growth pegged at 7.3% for FY24: Govt's first advance estimates

According to a statement, the growth in real GDP during 2023-24 is estimated at 7.3 per cent compared to 7.2 per cent in 2022-23

Debates on India's progress more important than vishwa guru claims: Rajan

Former RBI governor Raghuram Rajan, who has often been trolled for his frank views, says ideas and opinions of critics should be attacked but not their motives, as for India's progress listening was more important than preaching like a know-all vishwa guru. In an interview with PTI, Rajan defended joining Congress leader Rahul Gandhi's 'Bharat Jodo Yatra' saying he very strongly believed in the ideas of national integration and of love, not hate and thought the 135-day foot march was an attempt to make that point. Rejecting as "just ridiculous" the charge by government backers that he was responsible for some of the mess in the economy that Prime Minister Narendra Modi inherited, he said he had brought down inflation from double digits and had cleaned up the bad debt which the government is taking credit for now. He also stuck to his comment -- 'India will be lucky if it achieves 5 per cent growth in 2023-24 fiscal year', saying the country was indeed lucky to achieve a 6.5 per cent

PM Modi emphasises empowering those in need through housing, gas cylinders

Prime Minister Narendra Modi Sunday mocked the Congress' slogan of 'garibi hatao' (remove poverty) and said the poor feel empowered and confident when they get a pucca house and gas cylinders for their homes. A poor now says that the day he got a gas cylinder stove in his house the difference between then rich and the poor ended for him, Modi said, addressing the Viksit Bharat Sankalp Yatra here. He termed the yatra his own "examination" and a feedback mechanism to learn directly from people if welfare schemes meant for them is reaching them. "The Viksit Bharat Sankalp Yatra is in a way my 'kasauti' (test) also,' Modi said. "It is my examination... whether whatever I had said and whatever I am doing, I want to hear from you and from the entire country whether it has happened in the right proportion. Whether it has been done for the person for whom it was intended to, and whether the work which was to be done, has happened or not." Referring to former prime minister Indira Gandhi's

To become 3rd largest economy, Indians must remain healthy: VP Dhankhar

India will become the world's third largest economy in the next four-five years leaving behind Germany and Japan, but to achieve that the citizens of the country must remain healthy, Vice President Jagdeep Dhankhar said on Sunday. Addressing the inaugural function of the two-day 'Atal Swasthya Mela' here, Dhankhar also fondly remembered former prime minister Atal Bihari Vajpayee, saying he remained firm on principles and handled sensitive issues with care. Talking about the country's progress, Dhankhar said India's economy has overtaken those of Canada, France and the UK. "Today, we are the fifth superpower in the world in terms of economy. In the coming four-five years, Japan and Germany will also be behind us, and India is going to be the third largest (economic) superpower in the world!" he said. "For all this, it is necessary that we remain healthy. No matter how much talent, ability and skill you have, if you are not healthy you will not be able to do anything," he said. He s

India's logistics cost 7.8-8.9% of GDP in FY22, shows govt survey

The World Bank has also reviewed the methodology and has acknowledged it has an appropriate baseline and framework to fine-tune it in the future, government officials said on Thursday

India has potential to offer AI apps that can be used globally: Meity secy

India has the potential to create artificial intelligence models and applications that can be used across the world, especially in the Global South, a senior government official said on Thursday. While speaking at the Global Partnership on Artificial Intelligence (GPAI) Summit 2023, Ministry of Electronics and IT Secretary S Krishnan said there is a need to develop more models, which are suited to the Global South and all other countries compared to existing models. He said that existing AI models are based on limited databases and therefore have their inherent biases. "This being the case, what India has the potential to do and what India has the potential to offer to the world is the possibility of developing AI models, developing AI applications, which can be used across the world, especially in the Global South," Krishnan said. He said whether it is in the area of agriculture, healthcare, education, or translation of languages, India has the potential to develop AI-based digita

JPMorgan touts India, Mexico in 'bumpy' 2024 for emerging stocks

JPMorgan says 2024 could see markets with strong growth, robust earnings outlooks or close ties with the US economy outperform

Bank credit to industry decelerates to 5.4% in October, reveals RBI data

Bank credit to industry decelerated to 5.4 per cent in October compared to 13.5 per cent in the year-ago month, according to Reserve Bank data released on Thursday. The data also revealed that credit growth to agriculture and allied activities improved to 17.5 per cent (year-on-year) in October 2023 from 13.8 per cent a year ago. Among major industries, credit growth (year-on-year) to basic metal & metal products, food processing and textiles accelerated in October 2023, while that to all engineering, chemicals and chemical products and infrastructure decelerated. Advances to the services sector grew by 20.1 per cent (y-o-y) in October 2023 compared to 22.5 per cent a year ago, with non-banking financial companies (NBFCs) and trade being the major contributors. Further, personal loan growth decelerated to 18 per cent annually in October 2023 against 20.5 per cent a year ago. On a year-on-year basis, non-food bank credit2 registered a growth of 15.3 per cent in October 2023 ...

'Vision India @2047' document in making for 'Viksit Bharat': NITI Aayog CEO

NITI Aayog CEO BVR Subrahmanyam on Wednesday said a vision document is being prepared for India to become a developed economy of about USD 30 trillion by 2047. The draft 'Vision India @2047' document will outline the institutional and structural changes/ reforms that will be needed for the country to become a developed nation by 2047. "A vision plan is being prepared for India to become a developed economy...the prime minister will release the document in January," Subrahmanyam said while addressing an event organised by industry body FICCI. In 2023, NITI Aayog was entrusted with the task of consolidating the 10 sectoral thematic visions into a combined vision for Viksit Bharat @2047. Subrahmanyam said the government wants college enrolment rate in India to increase from 27 per cent to 50-60 per cent. "So, the college going population would go up from 4 crore to 8- 9 crore. So we need thousand more universities, in addition to thousand universities we have today," he ...

India needs to forge ties with Global South to accelerate growth: Kant

The country needs to work in partnership with Global South to accelerate its growth rate to achieve the dream of Vikshit Bharat (developed India) by 2047, G20 Sherpa Amitabh Kant said on Monday. The next two decades are said to be the most significant of India's growth story, he said while speaking at the First Regional Conference on Access to Legal Aid. According to a Niti Aayog roadmap, India would be Vikshit Bharat with a USD 30 trillion economy by 2047 and per capita income of about USD 18,000, he noted. "If this level of sustained growth that we aim to achieve and opportunities must now catalyse this, we need to work in partnership with Global South," Kant said. The Global South is critical and important because this year, 80 per cent of the world's growth will come from emerging markets and the Global South, he said. According to the IMF, he said, almost two-thirds of global growth would come from emerging markets in the next two decades. "This year itself, six of the faste

Domestic demand to sustain India growth in the near term, says Moody's

Economy's strong second-quarter momentum continued in the third quarter, says agency's 'Global Macro Outlook 2024' report

Growth needs to be in tandem with sustainable economy: Sebi's Bhatia

India's rapid economic growth needs to be accompanied with the transition to a sustainable economy, Sebi's whole-time member Ashwani Bhatia said on Thursday and stressed that financial markets will play a critical role in promoting sustainable finance. Speaking at an international finance conference on the "Role of Financial Markets in Sustainable Growth through ESG Investments", Bhatia said, countries including India, have made a number of important commitments in the last few years to address climate change and moving to sustainable and inclusive economies. The one-day conference was hosted by the Anjuman-I-Islam's Allana Institute of Management Studies in association with the BSE here. Anjuman-i-Islam has completed 150 years of its establishment this year. "The Indian economy is at a stage of rapid growth. However, this growth needs to be accompanied with the transition to a sustainable economy. As regulators, we are putting in place holistic regulatory framework covering aspects