Page 110 - Indian Economy

FII inflows, improving macros make India May's best-performing market

India is the best performing market in May so far with a 2.8 per cent rally in Nifty as against the negative returns in European markets and just 1 per cent return in S&P 500. The performance of other emerging markets also is lacklustre.

Haryana committed to make country $5 trillion economy: CM Khattar

Khattar said Haryana was the first state in the country to launch its ambitious Vision Document-2030 in 2017

India will be bright shining light for world: OYO founder Ritesh Agarwal

India will be the bright shining light for the world driven by its young people who are "driving startups", hospitality and travel-tech firm OYO Founder & Group CEO Ritesh Agarwal said on Saturday. India has become a hub of startups that have created new age services such as Ola ride sharing, OYO rooms and Paytm, which one cannot live without today but were non-existent nine year ago, he said while speaking at a conclave on completion of nine years of the Modi government. "In my opinion, India will be the bright shining light for the world and driven by of course young people in India who are driving startups...," he said. Agarwal said OYO, which also started in 2014, is also nine years old and the company has witnessed a single ecosystem where India has only moved forward. In nine years, he said, India's startup revolution has created around USD 300 billion market cap "out of nothing". Many young people from smaller towns are today aiming to not only become big entrepreneurs but

India will be able to become $5-trillion economy by 2027: Sunil Mittal

India will be able to become USD 5-trillion economy by 2027, Bharti Enterprises founder and Chairman Sunil Mittal said on Saturday. While speaking at a conclave on 9 years of the Narendra Modi government, Mittal said businesses in general require a very decisive leadership and India after a long time not only has government with full majority but also a leader who is recognised as a global leader. "This country has clearly moved to a additional USD 1.4 trillion taking us to USD 3.5 trillion and I think the audacious target of USD 5 trillion, which couple of years ago would have looked a difficult one to accomplish, is now clearly in sight and I think by 2027 we should be able to achieve it," Mittal said. He said that he personally experienced the change in last five years. Mittal said that India, according to him, is the most advanced country in the world as far as telecom is concerned. "My generation grew up in the age of very deep and long shortages of telecom and connectivity t

India is all set to be 4th largest global economy within 2 years: Vaishnaw

Enabling policies and grassroot initiatives of Modi-led government have led to social and economic transformation of the country since 2014, and the nation is all set to become the fourth largest economy in world within two years, Union minister Ashwini Vaishnaw said on Saturday. India is being seen as a bright spot globally and the world is placing its confidence in India, Vaishnaw said, urging people to continue posing their faith in the decisive leadership that will take the nation to new highs by 2047. After Prime Minister Narendra Modi-led government came to power in 2014, India moved up from tenth rank to the fifth, Vaishnaw said, adding within two years India will be fourth largest economy in world. "Within six years, India will be the third largest economy in world," Vaishnaw said highlighting the speed of progress and economic growth under the government, which is driven by determination and can-do attitude. Vaishnaw, Minister for Railways, IT and Communications, was speak

India to be 4th largest economy globally within 2 years: Vaishnaw

Enabling policies and grassroot initiatives of Modi-led government have led to social and economic transformation of the country since 2014, and the nation is all set to become the fourth largest economy in world within two years, Union minister Ashwini Vaishnaw said on Saturday. India is being seen as a bright spot globally and the world is placing its confidence in India, Vaishnaw said, urging people to continue posing their faith in the decisive leadership that will take the nation to new highs by 2047. After Prime Minister Narendra Modi-led government came to power in 2014, India moved up from tenth rank to the fifth, Vaishnaw said, adding within two years India will be fourth largest economy in world. "Within six years, India will be the third largest economy in world," Vaishnaw said highlighting the speed of progress and economic growth under the government, which is driven by determination and can-do attitude. Vaishnaw, Minister for Railways, IT and Communications, was speak

Goldman Sachs raises India's growth forecast this year by 30 bps

"In YoY terms, our Q2-Q4 CY23 GDP growth forecast is 6.5 per cent, 5.9 per cent, and 8.1 per cent, respectively"

India as 'developed country' by 2047: Attainable goal, or chimera?

Even as India strives to climb the development mountain, the fact is that the mountaintop is already crowded. If it got there in 2047, India would be very much a late-comer, notes T N Ninan

'9 saal, 9 sawaal': Congress asks questions as Modi govt completes 9 years

The document which is titled '9 saal 9 sawaal' lists queries on various subjects which include the economy, corruption, Coronavirus management, and China border row among other things

Don't see another US Fed rate hike soon, says CEA V Anantha Nageswaran

Steel, cement sectors in India ready for greenfield investment, says Nageswaran

India poised for world-beating growth, says CEA V Anantha Nageswaran

Data next week is likely to show the economy expanded 7% in the year that ended March

Integrating NE with neighbouring nations could raise GDP by 8%: World Bank

Responding to a query regarding India's potential for export and import in the region, the official remarked that currently India only trades one-third of its potential with the South Asia region

Inflation war not over; FY23 growth may top 7%: RBI Guv Shaktikanta Das

Entire exercise of withdrawing Rs 2,000 note will be completed in a non-disruptive manner, says Das

April macroeconomic data shows strong start to FY24: Finance Ministry

The report stated that inflationary pressures across countries are waning with commodity prices easing in the current year following weakened prospects for global demand and improving supply chains

FMCG makers expect sustained recovery with price reduction in FY24

Encouraged by volume growth, margin improvement and recovery in rural sales, India's top fast-moving consumer goods (FMCG) companies are now back to their normal growth cycle as they step up investments as well as spending on advertising and marketing. FMCG companies are chasing volume growth again after a gap of a few quarters, offering higher grammage and price cuts thanks to inflationary pressures softening on key raw materials for everything from soaps to food items. Hindustan Unilever (HUL), Dabur, Marico, Godrej Consumer Products, ITC, Tata Consumer Products and Nestle reported volume recovery in the March quarter and said they expect a gradual pickup in consumption in FY24. "The prospects of a sustained recovery have strengthened. After five quarters of volume decline, the sector has posted volume growth, Marico MD and CEO Saugata Gupta said in the company's earnings conference call. "Urban consumption has been steady while rural is showing some convincing signs of having ...

FPIs bring in Rs 30,945 cr in May on strong economic fundamentals

Foreign investors have put in Rs 30,945 crore in the Indian equities in May so far, driven by strong macroeconomic fundamentals, prospect of reducing interest rates, positive earnings outlook and falling valuations of stocks. With this, net inflows by Foreign Portfolio Investors (FPIs) reached Rs 16,365 crore in 2023 so far, data available with the depositories showed. Going forward, FPI investment in India is expected to continue since the prospects for the Indian economy and corporate earnings growth appear bright now, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. According to data from the depositories, FPIs invested a net sum of Rs 30,945 crore in Indian equities during May 2 - May 19. This came following a net infusion of Rs 11,630 crore in equities in April and Rs 7,936 crore in March. The March investment was mainly driven by bulk investment in the Adani Group companies by the US-based GQG Partners. However, if one adjusts for the investmen

Rs 2,000 note withdrawal non-event, won't impact economy: Ex-finance secy

Withdrawal of Rs 2,000 currency notes is a 'non-event' and will have zero impact on the economy and monetary policy, former finance secretary Subhash Chandra Garg said on Saturday. The higher denomination currency note of Rs 2,000, he said, was pressed into service at the time of demonetisation in 2016 for 'accidental reasons' to meet the temporary currency shortage. With rapid growth of digital payments over the last five-six years, Garg said withdrawal of Rs 2,000 currency notes, which is actually a replacement by other denominations, will not affect total currency in circulation and therefore will have no monetary policy effect. "Neither will it affect the operation of India's economic and financial system. There is going to be zero impact on GDP growth or public welfare," he told PTI. In a surprise move, the Reserve Bank on Friday announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or .

No perceptible effect on economy: NITI Aayog VC on Rs 2,000 note withdrawal

The RBI's decision to withdraw Rs 2,000 currency notes from circulation will not have any 'perceptible effect' on the economy as any such notes returned will be replaced by either equivalent cash in lower denomination notes or a deposit, former NITI Aayog Vice Chairman Arvind Panagariya has said. Panagariya further said the likely motive behind this move is to make the movement of illicit money more difficult. " We will not see any perceptible effect on the economy. Any currency in Rs 2,000 notes returned will be replaced by either equivalent cash in lower denomination notes or a deposit. So money supply will not be impacted," he told PTI. Panagariya noted that Rs 2,000 currency notes represent only 10.8 per cent of the cash currently in the hands of the public and probably most of it is being used for illicit transactions. The Reserve Bank of India on Friday announced withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited

Here's what RBI's decision to scrap the Rs 2,000 note mean for the economy

"It will not create any big disruption, as the notes of smaller quantity are available in sufficient quantity but small businesses and cash-oriented sectors could see inconvenience in the near term"

A sustainable growth rate: At what level will India have no output gap?

Domestic commentators need to engage with the issue of growth rate at which India will have no "output gap" - is it really significantly lower than that achieved over two decades? - writes T N Ninan