Page 105 - Indian Economy

July Services PMI rises most since June 2010 on robust global demand

According to S&P, finance & insurance sector was the "brightest spot" regarding business activity and new orders, topping the growth rankings in both instances

Morgan Stanley upgrades India's rating to overweight, downgrades China

The brokerage firm added that it expects Sensex to reach 68,500 by the end of December this year

Formula E race in India made economic impact of nearly Rs 700 cr: Report

Formula E's first-ever race in India, held in February earlier this year, made an economic impact of nearly Rs 700 crore, according to a report. The economic study conducted by Nielsen Sports Analysis calculated an USD 83.7 million (Rs 693 crore approximately) uplift to Hyderabad's economy as a result of the ABB FIA Formula E World Championship's debut race in Hyderabad on February 11. More than 31,000 people attended or supported the race event, with the majority (59 per cent) coming from outside of Hyderabad and generating significant inward investment into the local economy, a Formula E press release said. Formula E's only double champion Jean-ric Vergne won the highly competitive race, which was watched live in more than 150 countries around the world. However, Hyderabad is not part of the provisional calendar for next year. Formula E along with local promoters Telangana government and Greenko is keen to bring the race back to Hyderabad in 2024. "The first Formula E race in In

P-note investments touch over 5-yr high of Rs 1.13 trn at June-end

Driven by stable macroeconomic fundamentals, investment in the Indian capital markets through participatory notes rose to Rs 1.13 lakh crore in June-end, making it the highest level in five-and-half years. This includes the value of P-note investments in Indian equity, debt, and hybrid securities. Also, this marks the fourth consecutive monthly increase in the investment level through this route, data with the Securities and Exchange Board of India (Sebi) showed. Participatory notes (P-notes) are issued by registered Foreign Portfolio Investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly. They, however, need to go through a due diligence process. According to Sebi data, the value of P-note investments in Indian markets -- equity, debt, and hybrid securities -- stood at Rs 1,11,291 crore at the end of June as compared to Rs 1,04,585 crore in May-end. In comparison, the investment through the route was Rs 95,911

India's July edible oil imports hit record at 1.76 mn metric tonnes

India's average monthly edible oil imports in 2021/22 marketing year were 1.17 mn tonnes, trade body SEA said. In June, India imported 1.3 million tonnes of edible oils

July GST collection comes at Rs 1.65 trillion, rises 11% YoY

The government has settled Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST

India's July manufacturing PMI comes at 57.7 on sustained improvement

Meanwhile, growth in new export business picked up to the fastest since last November

Per capita income to grow nearly 70% to $4,000 by FY30 from $2,450 in FY23

The country's per capita income is likely to grow by close to 70 per cent to USD 4,000 by fiscal 2030 from USD 2,450 in fiscal 2023, helping it become a middle-income economy with USD 6-trillion GDP, more than half of which will be coming in from household consumption, says a research report. Per capita income/GDP has risen from USD 460 in fiscal 2001 to USD 1,413 in fiscal 2011 and further to USD 2,150 in fiscal 2021. The biggest growth driver will be external trade which may nearly double to USD 2.1 trillion by 2030 from USD 1.2 trillion in fiscal 2023 when the GDP printed in at USD 3.5 trillion, Standard Chartered Bank said in a weekend report which assumes a 10 per cent nominal GDP growth annually from now on. According to the report, the second biggest growth driver will be household consumption which is seen jumping to USD 3.4 trillion by fiscal 2030which as big as the current size of the GDPfrom USD 2.1 trillion in fiscal 2023. Household consumption is as much as 57 per cent

PM's 'guarantee', cyclists, and the challenge of long-run economic growth

The important question is whether India can also get rid of multi-dimensional poverty - a modest concept that stipulates a bare-bones minimum income, education and quality of life, writes T N Ninan

India can become $7 trn economy by 2030: Volvo Group president Kamal Bali

India can become a USD 7 trillion economy, doubling its current size, by 2030, and the impact of this economic expansion will also be felt on an individual level with per capita income expected to surge, Volvo Group India president and managing director Kamal Bali said on Friday. India is the fifth-largest economy, with a GDP of over USD 3.7 trillion. Commenting on the exponential growth, Kamal Bali, who is also Chairman, CII Southern Region, said, "We can become a USD 7 trillion economy, doubling our current size by 2030. This remarkable growth signifies something of utmost significance beyond mere numbers." He was speaking at the CII Northern Region Conference on 'achieving excellence in manufacturing' with the theme of 'Powering the Disruptive Technologies.' According to a CII release, Bali said that the impact of this economic expansion will be felt on an individual level, as the per capita income of Indians, currently around USD 2,300, is expected to surge to nearly USD 4,500

India to become third largest economy by 2027, say SBI economists

Economists at the country's largest lender SBI on Thursday advanced their estimate on the Indian economy becoming the third largest in the world by two years to 2027. In a note that comes a day after Prime Minister Narendra Modi exuded confidence of winning a third term and India galloping to being the third largest till 2029, SBI economists said India's real GDP will grow at over 6.5 per cent in FY24. "The path taken by India since 2014 reveals that India is likely to get the tag of the third largest economy in 2027 (or FY28) based on actual GDP data as on March 2023, a movement of 7 places upwards since 2014, when India was ranked 10th and two years earlier than our previous forecast of 2029," the economists said in the note. PM Modi-led NDA government came to power in 2014. The RBI estimates the real GDP to grow at 6.5 per cent, which is one of the highest estimates by any watchers. At present, India is the fifth largest economy in the world. The SBI report said the GDP will gro

IMF raises India's FY24 GDP growth forecast by 20 basis points to 6.1%

Agency also revises upward growth outlook for global economy by 20 basis points for 2023 to 3%

Govt to release two commemorative coins to mark India's G20 presidency

It will also be flanked on the left periphery with the word 'Bharat' in Devnagari script and on the right periphery with the word 'India' in English

Sentiments for real estate sector remain bullish for next 6 months: Survey

The sentiment index for the real estate sector remained positive during the April-June period with an improvement from previous quarter while the outlook for the next six months is also bullish, according to Knight Frank India and NAREDCO survey. In its 37th edition of the Real Estate Sentiment Index Q2 2023 (April-June), real estate consultant Knight Frank and industry body NAREDCO said that the current sentiment score has scaled up from the previous quarter's 57 to 63, in the optimistic zone. "This is due to the continued resilience of the Indian economy amid a recessionary environment globally. The Current Sentiment Score signifies stakeholders' current outlook in comparison to the preceding six months," Knight Frank said. During Q2 2023, the Future Sentiment Score rose from 61 in Q1 of 2023 to 64 in the optimistic territory as India's macroeconomic indicators remained firm, despite headwinds on some parameters, the consultant said. The Real Estate Sentiment Index is based on a

India to be world's largest economy by 2060, says UK MP Karan Bilimoria

British Parliamentarian Lord Karan Bilimoria has predicted that India will become the world's largest economy by 2060. India has overtaken the United Kingdom and it's now the fifth largest economy in the world, he said on the sidelines of the Investiture Ceremony of his alma mater Hyderabad Public School (HPS), Begumpet, recently. "The whole world is looking up to India. India is now, without doubt, going to be one of the three superpowers in the world very shortly. Within 25 years, my prediction is India will have a GDP of 32 trillion dollars and would be the second largest economy in the world. I go one step further, I believe by 2060 India would be the largest economy in the world," Bilimoria, Member of the Britain's House of Lords, told PTI. He expressed hope that the India-UK free trade agreement being discussed is "imminent". Trade between the two countries was increasing very rapidly and it is now over 30 billion pounds a year, the UK lawmaker noted. "But, I still think tha

Missing the real achievements: Why India needs introspection, not bluster

Neither is India the fastest-growing large economy any longer, nor the prime beneficiary of 'China Plus One', but it is surely a key emerging player with a market larger than others, notes T N Ninan

India likely to be rising great power: Economics commentator Martin Wolf

India is indeed likely to be a rising "great power" and its economy will have the size similar to that of the US by 2050, according to noted economics commentator Martin Wolf who has also highlighted that Western leaders are making a sensible bet on the country. "I judge that India should be able to sustain growth of GDP per head at 5 per cent a year, or so, up to 2050. With better policies, growth might even be a bit higher, though it could also be lower," Wolf said in a column written in the Financial Times. He also said India is an obvious location for companies following a "China plus one" strategy and has the advantage over obvious competitors of a large home market. India is the world's fifth largest economy and third largest one in terms of purchasing power. The United Nations has forecast the country's population to touch 1.67 billion by 2050 and currently it is 1.43 billion. Wolf noted that the country's bank balance sheets have been repaired and in all, "the credit engine

New Industrial Policy 2023 - crystal ball gazing

The Industrial Policy 2023, which is in the works, is likely to focus on new industries, carbon neutrality, and endeavour to make India a major manufacturing hub

Back to the new-old: West wind, East wind, or the warnings of a storm?

India has been well and truly bitten by the big-country bug, and is committed once more to import substitution-on-crutches, writes T N Ninan

Top headlines: Chandrayaan-3 launch, Foxconn's change of heart, and more

Business Standard brings you the top headlines at this hour