Page 137 - Indian Economy

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'Economy grew 1 position under economist PM, is 5th largest under chaiwala'

With just two days remaining before Gujarat goes to polls in the first phase, Prime Minister Narendra Modi on Monday escalated his tirade against Congress accusing it of stopping armed forces from acting against terrorism when it was in power due to vote bank politics and took a jibe at former PM Manmohan Singh over the slow pace of economy in ten years of the UPA rule. Modi said the country's economy climbed up by only one position to reach the tenth spot despite a renowned economist being the PM for ten years but it became the fifth largest in the last eight years under a government led by a "chaiwala". He also slammed the Congress for its "divide and rule" strategy over the participation of anti-Narmada activist Medha Patkar in Rahul Gandhi's Bharat Jodo Yatra. The prime minister addressed rallies in support of BJP candidates at Palitana, Anjar, Jamnagar, and Rajkot seeking another term for the BJP in his home state where the party has been in power for the last 27 years. The ra

Economy became fifth largest under a chaiwala: PM Modi slams predecessor

Prime Minister Narendra Modi on Monday took a veiled jibe at his predecessor Manmohan Singh, saying the country's economy climbed up by only one position to reach the tenth spot despite a renowned economist being the PM in the Congress-led government for ten years till 2014. Calling himself a humble "chaiwala", Modi said the Indian economy became the fifth largest in the world in the last eight years after he assumed the office of the prime minister in 2014. Addressing a rally in Rajkot in poll-bound Gujarat in support of BJP candidates, the prime minister compared his performance with former PM Manmohan Singh's tenure of ten years. Voting for 89 Assembly seats out of 182 in the state will be held on December 1 in the first phase. This was the last rally of PM Modi before the first phase of voting. "Before I assumed the office of the prime minister in 2014, the Congress had been in power for 10 years. When Congress first came to power in 2004, a renowned economist (Manmohan Singh)

S&P Global Ratings lowers India's FY23 GDP growth forecast to 7%

Says domestic demand recovery will support growth

Slower annual economic growth will be good for India, for now: Economists

India's annual economic growth is forecast to slow to about 6% for a few years, according to economists from Goldman Sachs Group Inc. and Barclays Plc.. And they say that's not such a bad thing

S&P Global Ratings cuts India's economic growth forecast to 7% for FY23

S&P Global Ratings on Monday cut India's economic growth forecast for current fiscal year to 7 per cent, but said the domestic demand-led economy will be less impacted by the global slowdown. S&P had in September projected the Indian economy to grow 7.3 per cent in 2022-23 and 6.5 per cent in next fiscal year (2023-24). "The global slowdown will have less impact on domestic demand-led economies such as India... India's output will expand 7 per cent in fiscal year 2022-2023 and 6 per cent in next fiscal year," S&P Global Ratings Asia-Pacific chief economist Louis Kuijs said. The Indian economy grew 8.5 per cent in 2021. In its quarterly economic update for Asia-Pacific, S&P said in some countries the domestic demand recovery from COVID has further to go and this should support growth next year in India. It projected inflation to average 6.8 per cent in current fiscal year and RBI's benchmark interest rate to rise to 6.25 per cent by March 2023. To control price rise, ...

Centre confident of meeting fiscal deficit target for FY23: Report

Centre expects the gross tax revenue to be "at least" Rs 3-3.5 trillion above the FY23 target of Rs 27.6 trillion

India's economy likely slowed to annual 6.2% in July-Sept qtr: Poll

In April-June, Indian economy showed explosive growth of 13.5% from a year

China plus one: Low labour costs and growing workforce give India the edge

A large and abundant workforce also gives it an edge against South East Asian rivals

A turn in the tide

India Inc's Q2 results point to pain ahead

Early warning for reform

Govt must reform quicker to tackle global adversities

Union Budget 2023-24: Centre invites suggestions, Dec 10 last date

For the union budget 2023-24, which will be unveiled in February next year, the finance ministry has requested public ideas and comments

'Western, central UP to be developed as hub for EVs, ancillary industries'

With a view to make Uttar Pradesh a USD 1 trillion economy, Chief Minister Yogi Adityanath has decided to transform western and central regions of the state into a hub for auto and electric vehicle industries, an official release said here. The chief minister has told officials that the auto and electric vehicle industries in western and central Uttar Pradesh already have ample resources and they just need to be pushed further because the demand for electric vehicles is growing, it added. He said such a move will generate employment on a large scale. In the auto industry, the Gross State Value Addition (GSVA) of Uttar Pradesh was USD 1.5 billion in 2019, which can be increased to USD 5 billion in the next five years. In western and central Uttar Pradesh, 9,000-10,000 acres of land will be needed for the development of the industry and the government will spend USD 19-20 billion on this, the release added. At the same time, auto components and electric vehicles made here will be ..

BS Views of the week: Economy's future, tax exemptions, old pension scheme, and more

Business Standard's opinion pages this week focused on Indian economy's future, tax exemptions, Data Protection Bill, and much more

Hike interest rates by 25-35 basis points in Dec: Economists to RBI

The meeting was held ahead of the RBI's next monetary policy review, which is scheduled December 5-7

The future of Indian economy: Should it play the power game or values game?

India must decide what it wants to be - a country admired for its soft power and market, or an arbitrary state that can do what it wills with both individuals and businesses - writes T N Ninan

India's forex reserves grow for second week; rise $2.54 bn to $547.25 bn

In the second consecutive week of an increase in the kitty, India's forex reserves have grown by USD 2.537 billion to USD 547.252 billion for the week ended November 18, the RBI said on Friday. In the previous reporting week, the overall kitty had swelled by USD 14.721 billion in the highest weekly rise since August 2021 to USD 544.715 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused by global developments. Foreign currency assets (FCA), a major component of the overall reserves, increased by USD 1.76 billion to USD 484.288 billion during the week to November 18, according to the Weekly Statistical Supplement released by the RBI on Friday. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the

China's tension with West 'very good opportunity' for India: Stellantis CEO

India will stay ahead of the curve amid the global economic slowdown and it offers a lot of potential for growth, according to multinational auto major Stellantis CEO Carlos Tavares. The country is also the best placed "superpower" that can leverage the opportunity arising out of the tension between the Western world (US and Europe) and China, he said here in an interaction. The company, which is gearing up to launch the electric version of its compact car C3 early next year, is also working on the possibility of exporting compact electric vehicles from the country to markets like Europe. "We all see that the global economy is going to slow down in 2023. That's also what all the competent administrations are predicting. They're also saying that India will be somewhere between 6 per cent and 7 per cent GDP growth. That's a lot," Tavares said. He further said, "So, if there was to be a concern, globally, ahead of the curve will be India, (with) 6 to 7 per cent growth." While reports

Urban unemployment rate drops for fifth quarter to 7.2%: NSO survey

The unemployment rate among men and women has been estimated at 6.6 and 9.4 per cent, respectively

India's CAD pegged at 3-3.2% of GDP in FY23: CEA V Anantha Nageswaran

'India's annual import cover comfortable; IMF does not consider external sector to be in a zone of vulnerability'