Page 106 - Indian Economy

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

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LIVE: India's role in new global order is changing rapidly, says PM Modi

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PM Modi wants every mindset to be that of developed nation's mind: Goyal

'Till we make our mind accept that we are going to be a developed nation, we will never become a developed nation. And wealth sustainability is a harsh reality we all have to accept

CPI-based inflation rose to 4.81%, food inflation to 4.49% in June

The IIP growth rate for the month of May came at 5.2%, according to the government release

Deal values plummet by 78% from Jan-Jun to $23 billion, says report

Deal making by India Inc has suffered severely due to economic challenges in the first half of this year, a report said on Tuesday. There were only 676 deals with an underlying value of USD 23 billion in the January-June 2023 period, 78 per cent down in value terms and a fall of 42 per cent in terms of volume, consultancy firm Grant Thornton Bharat said. Merger and acquisition activity suffered the most, with the values down 92 per cent to USD 6.685 billion, the report said, adding that there was a much higher base in the year-ago period which witnessed the mergers of HDFC-HDFC Bank and also LTI with Mindtree. "The first half of 2023 witnessed a decline in deal activity in India, primarily due to uncertainties causing supply chain disruptions, leading to inflation, and fluctuating interest rates," its partner Shanthi Vijeta said. Vijetha, however, feels more optimistic about the future quarters, given macroeconomic conditions, reduced market volatility, and stable interest rates.

India's natural gas ambitions tripping even though imported LNG prices fall

The slowdown could impact India's net zero targets

Piyush Goyal to visit UK for FTA negotiations, review progress of TEPA

India and the UK began negotiations on the FTA in January 2022, and set a Diwali deadline last year for the trade pact

India could become a magnet for foreign direct investment: Martin Wolf

'The global environment is more dangerous and chaotic than prior to 2007, but for India, it also offers opportunities', says Wolf

CEA Anantha Nageswaran outlines growth strategy in the time of polycrisis

CEA said that at a time when multiple routine tasks could be handled by technology and AI, India needed to adapt to these growth challenges in terms of the education system

India poised for more durable growth than ever, says finance ministry

Annual Economic Review 2022-23 warns of geopolitical stress, El Niño fears, modest FDI inflows

Centre should spell out reform agenda, take everyone along

When the minority government of Narasimha Rao was formed on June 21, 1991 after the general elections, very few expected major initiatives

LIVE: SC protects Setalvad from arrest, stays Gujarat HC order for a week

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Economy has moved from twin-balance sheet problem, banks now profitable: FM

Finance Minister Nirmala Sitharaman said on Saturday that the Indian economy has moved away from the twin-balance sheet problem of banks and corporates to twin-balance sheet advantage because of the concerted efforts of the Modi government. Profit of public sector banks increased to Rs 1.04 lakh crore in 2022-23, tripling from what it was in 2014, the minister said while inaugurating the corporate office of Punjab & Sind Bank here. The twin-balance sheet problem refers to deterioration in financial health of banks and corporates at the same time. "As a result (of various initiatives of the government) I'm glad to say the problems of twin-balance sheets have gone away like the Reserve Bank observing it is a twin-balance sheet advantage that the Indian economy is benefiting from,", Sitharaman said. The minister said the term twin-balance sheet was heard after a long time and according to the Reserve Bank, the Indian economy is now benefiting from the twin-balance sheet ...

India's app economy to touch $792 bn by 2030, 20% of estimated GDP: Report

India's app economy is expected to reach USD 791.98 billion by 2030, contributing 12 per cent to the country's estimated GDP of USD 6.59 trillion, a report commissioned by Broadband India Forum said on Friday. The report prepared jointly by ICRIER Senior Visiting Professor Rekha Jain and IIM Ahmedabad Professors Viswanath Pingali and Ankur Sinha is based on the assumption that the app economy will grow at the rate of 2.5 times the GDP growth as of 2030. The researchers defined app economy as the range of economic activities surrounding mobile applications including the development and sale of apps, in-app purchases, subscriptions, advertisements, public relations generated by free apps and the hardware devices and software on which apps are designed to run. "Our main conclusion is that by 2030, the amount of money spent on apps is likely to be around USD 800 billion. Given that the Indian economy is expected to be around USD 6600 billion, the app spending is likely to be around 12 p

PM Modi's 'Make in India' had visible effect on Indian economy: Putin

The Russian President drew India's example to encourage domestic products and brands in Russia, as per RT

India's average growth rate likely to be 6.7% till FY27, says S&P

Indian economy is expected to clock an average growth rate of 6.7 per cent till 2026-27 fiscal driven by domestic consumption, S&P Global Ratings Senior Economist (Asia Pacific) Vishrut Rana said on Wednesday. He said the economic growth in the current fiscal is expected to come in around 6 per cent, lower than 7.2 per cent clocked in 2022-23. "We are seeing some headwinds from the trade side which is affecting activity and that is one of the factors that is affecting growth this year," Rana said at a webinar. The factors that are driving the slowdown from 7.2 per cent growth last fiscal are weaker external environment, moderation in pent-up demand, and softening private consumption activity, Rana said, adding, with tighter monetary policy there is expected to be some impact on consumer demand. "We expect 6.7 per cent growth on average over the course of our forecast horizon which extends to FY26-27. This fiscal (2023-24) we expect growth to be 6 per cent," Rana said, adding that .

Indian economy makes solid recovery despite global headwind: RBI Governor

Reserve Bank Governor Shaktikanta Das on Wednesday said that the Indian economy has made a solid recovery and is among the fastest-growing large economies despite heightened uncertainties and formidable headwinds. He said that financial stability is non-negotiable and all stakeholders in the financial system must work to preserve this at all times. "The Reserve Bank and the other financial regulators remain steadfast in their commitment to safeguard financial stability in the face of potential and emerging challenges," he said in a foreword to Financial Stability Report (FSR). In this fragile global milieu, he said, balancing the policy trade-offs, preserving macroeconomic and financial stability, shoring up confidence and supporting sustainable growth are top priorities for policymakers the world over. Over the last three years, the global economy has been navigating successive high-amplitude shocks: the COVID-19 pandemic waves; protracted geopolitical hostilities; rapid monetary

Need to raise MSMEs contribution for India to be 3rd largest economy: Rane

There is a need to increase the contribution of India's micro, small and medium enterprises to become the third largest economy in the world by 2030, Union Minister Narayan Rane on Tuesday said. The MSME minister also said that a survey should be conducted to ascertain the number of micro-enterprises that have been shut in the country. According to the Udyam Registration Portal, 97 per cent of the MSMEs registered are micro units. "Even if we make efforts to increase the productivity of micro-enterprises we can become the third largest economy in the world by 2030," Rane said. The minister said at present, Japan (USD 4.3 trillion) and Germany (USD 4.03 trillion) are third and fourth largest economies, while India has a GDP of USD 3.46 trillion. He asked officials to make more efforts for entrepreneurs' transition to small from the micro category. Rane also said the latest technology needs to be adopted and related information must be disseminated among entrepreneurs. Various ...

Markets have been over-optimistic in foreseeing rate cuts: Rahul Bhuskute

The biggest possible risk for Indian equities and for all asset classes globally is the possibility of delayed interest rate cuts by central banks globally, says Rahul Bhuskute, CIO, Bharti AXA Life

Horticulture output to rise marginally at record 350.87 mn tonne in 2022-23

India's horticulture production is estimated to rise 1 per cent to record 350.87 million tonnes in 2022-23, mainly on the back of higher output of fruits and vegetables. The production stood at 347.18 million tonnes in the previous year. The agriculture ministry on Monday released its first advance estimates (2022-23) of area and production of horticultural crops. Union Agriculture Minister Narendra Singh Tomar attributed the record production to efforts made by farmers and scientists, besides favourable policies made by the central government and co-operation from states. Fruits production is estimated to rise to 107.75 million tonnes from 107.51 million tonnes in 2021-22, while the output of vegetables is projected to rise to 212.53 million tonne as compared to 209.14 million tonne. Among vegetables, onion production is estimated to fall to 31.01 million tonne from 31.69 million tonne in 2021-22. The production of potatoes is set to increase to 59.74 million tonnes in 2022-23 f