Page 4 - India's Economic Growth

Time for all Indians to subscribe to 'economic nationalism: VP Dhankar

Vice President Jagdeep Dhankhar on Friday called upon Indian enterprises to desist from importing non-essential items and exporting raw material and become "nerve centres" of inculcating the spirit of economic nationalism, asserting that it was imperative for India's prosperity and sovereignty. Speaking at an event here, he said, "we need to import only that item which is unavoidably essential", and drew India Inc's attention to the ill effects of export of raw material in terms of drain of foreign exchange and loss of potential job opportunities. "Nationalism is important, paramount. We have to subscribe to it. Time for us to subscribe to economic nationalism as well. We need to be vocal for local," Dhankhar said. The vice president emphasised that a fiscal benefit can never be the premise to compromise national interest or economic nationalism, observing that export of raw material needs to be "discouraged" and the discouragement has to emanate from sensitisation by trade, industr

India's economic growth may exceed 6% for rest of the decade: Goldman Sachs

India's demographics, strong government-led spending and healthy domestic demand makes it a "favorable destination for investments going forward," he said

India narrows gap with China in key MSCI index with weight hitting new high

In comparison, China's weight in the index fell to 25.4 per cent after the February revision, from 26.6 per cent a year ago

Unusual election year Budget signals PM Modi's sky-high confidence

India's economy is now the fifth-largest in the world, from the tenth-largest when Modi first took office a decade ago, and the fastest expanding among major nations

USIBC President hails India as a 'pillar of stability' in uncertain world

He underscored the mutual recognition that both the United States and India are leading global job creation and prosperity

This budget will take India closer to being third-largest economy: Gadkari

Last year in December, Prime Minister Narendra Modi promised to make India the third-largest economy in the world in his third consecutive term

Ram Temple witness to India's rise, to lay foundation for 1000 yrs: PM Modi

PM Modi underlined the importance of the current epoch and reiterated his line 'Yahi Samay Hai Sahi Samay Hai' (This is the time, the right time)

Strength of next govt's mandate to influence fiscal consolidation: Moody's

Moody's Investors Service on Monday said the strength of the next government's mandate following parliamentary elections this year will influence the medium-term trajectory for fiscal consolidation and governance in India. It said a moderation in economic conditions in the US and the persistence of subdued growth in the euro area in 2024 will further dampen demand for goods produced in Asia Pacific and curb global commodity prices, but large emerging markets like India will be able to mitigate the impact. Moody's in its 2024 outlook for APAC sovereigns said that the forthcoming elections, particularly those with greater likelihood of leadership transitions, including Indonesia, pose a degree of policy uncertainty as governments seek to manage key geopolitical relationships, especially regarding China and the US, current economic and fiscal strains, and longer-term commitments toward addressing climate change. The prevalence of social risks amid political transition could undermine .

Economy to grow 6.2% on favorable factors, positive credit momentum: Report

The Indian economy is likely to grow at 6.2 per cent in the next fiscal, mainly due to the favourable combination of neutral policy settings, positive credit momentum, and manageable macros amid a 15-year high household debt levels, a foreign brokerage report said on Tuesday. Despite the rising external headwinds, India is likely to grow 6.2 per cent next fiscal against a consensus of 6.3 per cent to USD 3.9 trillion from USD 3.57 trillion in FY24 on a likely 7 per cent growth, as consumption growth is likely to stabilise at 4.7 per cent from 4.5 per cent in FY24, Tanvee Gupta-Jain, the UBS India chief economist, said in a note. A pick-up in capex is expected to become more broad-based in FY25, led by marginally moderate public capex but higher private corporate capex after elections, Jain said. Another growth driver will be the residential housing sector along with exports, which may marginally improve, depending on global growth. "We expect India to maintain medium-term growth of

LIVE: India's GDP likely to grow by 7.3% in FY24, shows NSO data

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Gujarat surpassed national CAGR, emerged as growth engine of India: Govt

With a Compound Annual Growth Rate (CAGR) of 15 per cent from 2002-03 to 2022-23, which was higher than the national average during the period, Gujarat has maintained its position of being one of the fastest-growing states in the country, the state government said. With such strong economic fundamentals, Gujarat has for long been recognised as the 'growth engine of India', it said. "When we started the Vibrant Gujarat Summit (two decades ago when he was Gujarat CM), it was our intention that the state should become the growth engine of the country's progress. With only 6 per cent of India's land mass and 5 per cent of its population, Gujarat has achieved the distinction of being one of the most industrially developed states," Prime Minister Narendra Modi said recently. The latest edition of the Vibrant Gujarat Global Summit (VGGS) is expected to accelerate the pace of development in the state and help further strengthen the fundamentals of the economy of the state and India. The ..

India becoming economically powerful under PM Modi: Lok Sabha Speaker Birla

Lok Sabha Speaker Om Birla on Wednesday said India is changing under the leadership of Prime Minister Narendra Modi and becoming economically powerful, and all of us should contribute to this transformation. He was speaking at the inauguration of 'Agroha Dham' community hall built by the Agrawal community here. Chhattisgarh Chief Minister Vishnu Deo Sai was also present at the programme. "Today the country is changing under the leadership of Prime Minister Narendra Modi. India is becoming an economically powerful country. We should also contribute to this economic transformation. Our youth, as entrepreneurs, can strengthen the economic system by using new technologies," Birla said. Society will have to work collectively alongwith the government, and therefore the prime minister has said that if 140 crore people work together, we will be able to fulfill the vow of making India a developed nation, he added. The Agrawal community made a big contribution to the freedom movement, he ...

India's economy projected to grow at 6.3% in current fiscal year, says IMF

"India has potential for even higher growth, with greater contributions from labour and human capital, if comprehensive reforms are implemented," the IMF said.

By 2047, India to remain a lower middle country if growth remains 6%: Rajan

Former Reserve Bank Governor Raghuram Rajan said India will still remain a lower middle country if the growth rate remains at 6 per cent annually without any rise in population by 2047 (Amrit Kaal) and will be reaching the end of the demographic dividend by then. Speaking at a programme organised by Manthan here, the economist said if the country does not grow faster, it will grow older (demographically) before it gets richer, which means there is the burden of an aging population to deal with also at that point. "If you do the math, at 6 per cent a year, you double every 12 years, and therefore in 24 years, we'll be four times our per capita income. Today, the per capita income in India, as you know, is just a little below $2,500 per person. multiply by four, we get $10,000 per personSo if you do the math, at our current rate of growth, you know, strong as it is highest in the G20, we don't get rich but we stay lower middle income till 2047," he said. The former RBI chief said some

India needs high economic growth to invest in energy transition: CEA

India requires high economic growth to invest in energy transition, Chief Economic Advisor (CEA) V Anantha Nageswaran on Wednesday said, observing that the country needs time to move away from coal to renewable energy. Addressing an event here, India is well ahead of other G20 countries in meeting the Nationally Determined Contributions (NDCs) target. "(India) needs high economic growth to invest in energy transition... We basically need the time to move away from coal towards other fossil fuels, and later on towards other renewable energy," he said. NDCs are national action plans adopted by various countries to limit the earth's average temperature rise to well below two degrees Celsius and preferably to 1.5 degrees Celsius compared to the pre-industrial (19850-1900) levels. "You will have to use coal for quite some time," he said. Nageswaran noted that the fear of carbon emissions is driving the West, particularly, Europe towards the impossible trinity of net zero, fiscal pruden

As households save less, India's growth story may not have happy ending

What the data suggests, however, is that India's numbers are unsustainable. They're driven by debt-fueled household consumption and government investment

Global warming a problem but can't sacrifice growth, says CEA Nageswaran

Says global economy was going through a period of uncertainty

India to hold top spot for growth but risks to downside remain: Poll

Forecasts for this fiscal year ranged widely from 4.6 per cent to 7.1 per cent

India's economic growth threatened as household savings hit 16-year low

Household financial assets, including bank deposits, cash and equity investments, after deducting debt servicing and consumption, eased to 5.1 per cent of gross domestic product

'Bharat' is present & future of world, says Solicitor General Tushar Mehta

'Bharat' is the present and future of the world, Solicitor General Tushar Mehta asserted Saturday, as he extolled India's growing economic power which is attracting foreign investment like never before. Bharat, he said, is leading the world in terms of digital payment, and justice is being delivered to the litigants at their doorstep because of the government's initiative for digitisation. Addressing the inaugural ceremony of the Bar Council of India's (BCI) two-day 'International Lawyers Conference 2023' here, Mehta said there are 21,000 district courts, 25 high courts and the Supreme Court in the country, and now every document of every court is available in digitised format that anybody can access. "Bharat is the present and the future of the world. Even during the COVID period between 2019 and 2022, our country got the maximum foreign direct investment, and people are trusting our country even for legal adjudication," Mehta said. He described the two-day event, the first in Ind