Page 113 - Indian Economy

Highest direct tax buoyancy in 15 years in FY22, shows CBDT data

Gross direct tax collection increased 173 per cent to over Rs 19.68 trillion in 10 years to 2022-23

Govt committed to reforms for a stronger India: FM Nirmala Sitharaman

Sitharaman is in the US to participate in the World Bank and International Monetary Fund (IMF) Spring meet

Retail inflation falls to 15-month low in March on easing price pressure

Industrial output rose to 3-month high in Feb

India's economic growth projected to decelerate to 6% in 2023: UN

India's economic growth is projected to decelerate to 6 per cent in 2023 from 6.6 per cent in 2022, according to the United Nations. The UN Trade and Development Conference (UNCTAD) in its latest Trade and Development Report Update released Wednesday expects global growth in 2023 to drop to 2.1%, compared to the 2.2% projected in September 2022, assuming the financial fallout from higher interest rates is contained to the bank runs and bailouts of the first quarter. It warned that developing countries are facing years of difficulty as the global economy slows down amid heightened financial turbulence. Annual growth across large parts of the global economy will fall below the performance registered before the pandemic and well below the decade of strong growth before the global financial crisis. The report said that India grew 6.6 per cent in 2022, ceding the pole position among G20 countries in 2022 to oil-rich Saudi Arabia, which grew at 8.6 per cent. Meanwhile, as current governme

India likely to have stable debt-to-GDP ratio going forward: IMF official

India is expected to have a stable debt-to-GDP ratio going forward, a senior official from the International Monetary Fund said on Wednesday and recommended rationalization and simplification of Goods and Services Tax (GST). According to Paolo Mauro, Deputy Director of the IMF Fiscal Affairs Department, there will be a gradual resumption of the rise in the global public debt-to-GDP ratio in the medium-term. "Our baseline projection is for the global public debt-to-GDP ratio to reach 100 per cent again by 2028. It is going to take a few years, but that seems to be the direction of travel," Mauro told PTI in an interview. In 2020 there were massive interventions on the part of governments around the world to support people and firms. That implied a lot of spending and a big rise in government debts. "We reached the peak at the end of 2020 of a 100 per cent when it comes to the ratio of public debt-to-GDP. In subsequent years there was a recovery and globally at the end of 2022, the .

India's industrial production rises 5.6% in February vs 5.2% in January

Factory output measured in terms of the Index of Industrial Production (IIP) grew 1.2 per cent in February 2022

Indian economy today is transparent, open: Sitharaman to US biz community

The Indian economy today is transparent, open and watchable, Union Finance Minister Nirmala Sitharaman told the American business community on Tuesday making a strong pitch before them to come and invest in India and be part of the country's amazing growth story. Addressing a luncheon meeting of the US-India Strategic and Partnership Forum, Sitharaman told representatives of the top US companies that these are results of the pathbreaking and futuristic reforms, including digitisation being undertaken by Prime Minister Narendra Modi in the last nine years. Digitisation has had an immense impact on the Indian economy, bringing transparency, Sitharaman said. Earlier, nearly 40 per cent of the Indian economy was grey. Today, the government has incentivised many of these transactions, if it is digital, you get concessions and then onboarded people onto the digital system. Now, the Indian economy is not small, (it is) transparent, open, watchable if you want to use that word. With all t

India will become third largest economy in the world: Mahendra Nath Pandey

Union Minister for Heavy Industries Mahendra Nath Pandey on Tuesday said India is moving fast towards becoming the third largest economy following the thrust on the manufacturing sector. "The country is moving fast towards becoming the third largest economy due to the promotion of manufacturing under the able leadership of Prime Minister Narendra Modi," Pandey said addressing the inaugural session of the two-day international conference on 'India's Progress towards Third Greatest Economy after 75 Years of Independence'. The conference was jointly organised by Lucknow University's Department of Commerce and Indian Accounting Association. "Seeing the changing picture of the country socially and economically, even the critics of India are believing that with the speed with which the economy is growing, it is estimated that by the year 2027, India will become the third largest economy in the world," he said. "Today, not only are new opportunities opening up for the youth in the country

Interest rates may fall to pre-Covid levels in advanced economies: IMF

The IMF did not say, however, exactly when interest rates were set to fall back to lower levels

India's March fuel demand jumps to record high on robust economic activity

India's fuel consumption jumped to a record high in March, data showed on Monday, fuelled by robust economic activity in the world's third biggest oil consumer

Consumer sentiments fall short

Expectations of household incomes a year later turned positive in March 2023 for the first time since April 2020

India to witness 'below normal' rainfall this monsoon season: Skymet

Skymet said that there is a 0% chance of excess rainfall in the upcoming monsoon season

Want to make India an engineering and manufacturing hub: Legrand Group CEO

He said Legrand is planning to expand in the country, doubling down on investments and hiring about 500 people this year as well as make acquisitions

Rolling the dice on growth

As the inflation rate declines, India has paused its interest rate hikes and there is optimism in the air that we have crossed the cyclical hump of a slowdown and should enjoy strong growth

Goldman Sachs says 2,400 women entrepreneurs funded under its programme

Goldman Sachs, which has funded the business and management education of 2,400 women in India, has claimed these beneficiaries have helped create around 12,000 new jobs as well as add Rs 2,800 crore in revenues to the country's economy in the past 18 months. The investment banking major first launched the graduation programme in the country in 2008. It relaunched the same 18 months ago when it claims to have funded the business and management education of 10,000 women under its 'Womeninitiative'. The numbers, it said, are based on a study carried out by the Indian School of Business (ISB) among 2,400 women entrepreneurs who participated in Goldman Sachs women initiative. The study found that these 10,000 women have doubled their existing workforce, quadrupled their revenue, and increased their productivity by five times on an average, within 18 months of graduating from the programme and most of them expect to increase hiring and grow revenue. Sonjoy Chatterjee, chairman and chief

2,400 women funded under prog added Rs 2,800 cr to economy: Goldman Sachs

Goldman Sachs, which has funded the business and management education of 10,000 women in India, has claimed these beneficiaries have helped create around 12,000 new jobs as well as add Rs 2,800 crore in revenues to the country's economy in the past 18 months. The investment banking major first launched the graduation programme in the country in 2008. It relaunched the same 18 months ago when it claims to have funded the business and management education of 10,000 women under its 'Womeninitiative'. The numbers, it said, are based on a study carried out by the Indian School of Business (ISB) among 2,400 of these 10,000 women entrepreneurs who participated in Goldman Sachs women initiative. The study found that these 10,000 women have doubled their existing workforce, quadrupled their revenue, and increased their productivity by five times on an average, within 18 months of graduating from the programme and most of them expect to increase hiring and grow revenue. Sonjoy Chatterjee, ..

Reserve Bank of India goes for a hawkish pause

The RBI has paused because it wants to evaluate the cumulative impact of the past rate hikes

Households in India expect inflation to moderate, find RBI surveys

Inflation expectations over the next three and 12 months declined by 30 basis points each in its March round of surveys, from the January round, the Reserve Bank of India said

Inflation seen easing in March to 5.80% on softening food price rises

Forecasts ranged from 5.40% to 6.40%, with a quarter of survey respondents predicting inflation above 6.00%. It was 6.52% in January and spent most of last year above 6.00%

No change: MPC presses 'pause' after hiking rate by 250 bps since May 2022

RBI governor makes it clear that if required, MPC could hike rates in future meetings