Page 138 - Indian Economy

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'

Need to promote circular economy to deal with climate change: Amitabh Kant

State chief secys' meet to address challenges faced in implementation of circular economy, says India's G20 Sherpa

We should see core inflation dipping: RBI MPC member Ashima Goyal

Core inflation is calculated by largely stripping away the volatile components of food and fuel. Goyal was referring to certain products that have linkages with oil prices

Indian economy expected to maintain growth above 6.5% in coming years: CEA

Chief Economic Advisor V Anantha Nageswaran on Thursday expressed hope that the economy will maintain the trend growth rate of 6.5 per cent and above for the rest of the years in the current decade. The economy will close the current fiscal logging in a growth of 6.5-7 per cent, he said, citing the projections of private sector analysts, Reserve Bank of India (RBI) and international agencies like OECD and the IMF. "This appears to be reasonable at this point in time although we will get the data on the fiscal second quarter in a few days, which will give more clarity on these numbers. By and large, the projections for FY24 coming from international agencies is converging around 6-6.2 per cent," he said at the SBI Banking and Economic summit here. For the current financial year ending March 2023, Citigroup has projected an economic growth of 6.7 per cent, S&P Ratings has estimated 7.3 per cent expansion and RBI has pegged the growth at 7 per cent. Going ahead, Nageswaran expressed .

Best of BS Opinion: Meritocracy & reservations, trading on growth, and more

Here is the best of Business Standard's opinion pieces for today:

India's GDP growth may average 6.3% between 2021 and 2030: S&P report

This will help India pip Japan and Germany to become the third-largest economy, S&P says

India fast emerging as leader of technological change in geospatial sector

India is fast emerging as one of the most important leaders of technological change, especially in the arena of digital technology and other frontier technologies

Abolish exemptions

Instead of reducing tax rates, Budget 2023 should take steps to reverse the decline in tax buoyancy

OECD cuts India FY23 GDP forecast to 6.6% on slowdown at home, global fears

Says India is set to be second-fastest growing G-20 economy in FY23, despite decelerating global demand and tightening of monetary policy to manage inflationary pressures

India among fastest growing economies in Asia amid global slowdown: OECD

India, with a growth rate of 6.6 per cent in this financial year, is among the fastest growing economies in Asia amid a global slowdown triggered by a massive energy shock due to the ongoing Russia-Ukraine conflict, the OECD said on Tuesday. The Organisation for Economic Cooperation and Development (OECD), the Paris-based intergovernmental body that focuses on economic policy reports in its latest Economic Outlook' that India is set to be the second-fastest growing economy in the G20 in FY 2022-23 behind Saudi Arabia, despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures. The GDP growth in the country will slow to 5.7 per cent in FY 2023-24 as exports and domestic demand growth moderate, but it would mean it would still be growing more than many other G20 economies including China and Saudi Arabia. After hitting 6.6 per cent in FY 2022-23, GDP growth is expected to slow in coming quarters, to 5.7 per cent in FY 2023-24, before ...

Ambani says Indian economy to grow 13-fold to $40 trillion by 2047

India is likely to become a USD 40 trillion economy by 2047 -- a 13-fold jump from its current size -- driven primarily by a clean energy revolution and digitalisation, billionaire Mukesh Ambani said on Tuesday. Ambani's estimate for the Indian economy, currently the fifth largest in the world behind only the US, China, Japan and Germany, is more optimistic than Asia's richest man Gautam Adani, who last week stated that India will become a USD 30 trillion economy by 2050 on back of rising consumption and socio-economic reforms. "From a 3 trillion-dollar economy, India will grow to become a 40 trillion-dollar economy by 2047, ranking among the top three economies of the world," Ambani said at the 10th convocation of Pandit Deendayal Energy University here. As the 'Amrit Kaal' -- the period between now and 2047 when India will be celebrating 100 years of independence -- unfolds, the country will witness an unprecedented explosion in economic growth and opportunities, he asserted. "Th

Focus on job creation, capex boost, tax measures in Budget: Industry to FM

Employment-linked incentive scheme for services sector suggested

Bear market to continue into 2023, say Goldman Sachs strategists

Goldman's strategists said the gains aren't sustainable, because stocks don't typically recover from troughs until the rate of deterioration in economic and earnings growth slows down

Cumulative stamp duty, registration fee revenue jumps 35% in H1: Report

Cumulative revenue collection from stamp duty and registration fees across 27 states and the Union Territory of J&K rose to Rs 94,800.47 crore in the first half of 2022-23 (H1FY23), logging in a robust 35 per cent on-year growth from Rs 70,100.20 crore in the year-ago period, shows a report. The average monthly revenue collection from these levies rose to Rs 15,800.07 crore in the reporting first half period, up from Rs 11,600.87 crore in H1FY22, according to the data collated by Motilal Oswal Financial Services. Being the largest state in terms of the size of its economy and the sky-high Mumbai property prices, it is not surprising that Maharashtra leads the table with the highest collection of revenue from this head at Rs 18,600 crore which grew 65 per cent from the previous year, the report said, adding this is 20 per cent of the overall stamp duty and registration charges for the country in H1. In the second slot is Uttar Pradesh with Rs 12,300.94 crore in revenue from this ...

Crisil, Icra revise India's growth projections for FY23, Q2 GDP slashed

Rating agencies Crisil and Icra on Monday revised down their India growth projections for the current fiscal and the second quarter mainly due to the ripple effect of slowdown in global growth and mixed crop output. Crisil downgraded the India growth forecast by 30 bps to 7 per cent while Icra pegged the economic expansion at 6.5 per cent for the second quarter of FY2022-23. "We have revised down our forecast for real gross domestic product growth to 7 per cent for fiscal 2023 from 7.3 per cent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity. This will test the resilience of domestic demand," Crisil chief economist Dharmakirti Joshi said in a note. Aditi Nayar, his counterpart at Icra, in her report pencilled a 6.5 per cent growth in Q2 of the current fiscal, nearly half of the year-ago quarter when the economy had clipped at 12.7 per cent, but which is still a tad higher than the monetary policy committee's Septembe

Minorities face little bias in labour markets

The major religious minorities - Muslims and Christians - have withdrawn from the labour markets more than the majority faith. But again, the difference is not alarming

Goldman sees India's growth slowing in 2023 as post-pandemic benefits fade

Gross domestic product may expand by 5.9% in calendar year 2023 from an estimated 6.9% this year

Sovereign investors favour US, India as top 2022 investment markets: Study

Among developing nations, India has overtaken China as the most popular emerging market, having climbed to No. 2 in 2022 from No. 9 in 2014.

Global accounting standards convergence crucial for capital inflows: Khara

Khara said the accounting profession has contributed to identifying the quality of assets that are sitting in the books of various banks