Page 141 - Indian Economy

India's progress in next 25 years will be tech driven: Jitendra Singh

Union minister Jitendra Singh Wednesday said the progress of the country in the next 25 years will be technology driven and the sooner the youth of the country realise that the better it would be for the nation. Speaking at the inauguration of the three-day Kashmir Expo start-up for livelihood' event at SKICC here, Singh appealed to the youth to avail of unexplored start-ups. The entire progress and growth in the years to come is going to be technology-driven, and the sooner we understand this, the better for us, said the Union Minister of State (Independent charge) in the Prime Minister's Office (PMO). However, he said the country lacked a direction before Prime Minister Narendra Modi came to power in 2014. The paradox is that we had the potential, we had the capacity, but, we didn't have the direction There was no priority at the policy, planning level. That gap has been filled by Modi now with thinking that there is no alternative, no option without it in the future, he ...

India's FY24 GDP growth to slow down to 5.5%, says UBS India report

India's GDP growth will slow down to 5.5 per cent in FY24 from the 6.9 per cent expected in the current fiscal 2022-23, a Swiss brokerage said on Wednesday. The slowdown was attributed to slowing global growth and tightening of monetary policies in the report by economists at UBS India. It said India will be among the "lesser affected economies" in the world, but made it clear that the world's fifth largest economy is not immune from global headwinds. "Factoring in the delayed impact of monetary tightening on domestic demand, we continue to expect India's growth to remain below consensus in FY24. In our base case, we expect India's real GDP growth to slow from 6.9 per cent in FY23 to 5.5 per cent in FY24 before settling at the long-run average of 6 per cent in FY25," the report said. Responding to high domestic inflation and rate hikes by global central banks, the RBI has already hiked the policy rate by 1.90 per cent since May this year and is only expected to hike more, which can

Inflation targeting in letter and spirit

There have not been good enough reasons outside of the RBI for inflation to have stayed above 6 percent

India's services exports to buck recession fears; see 25-30% growth

Notwithstanding the threat of a recession looming ahead for the developed economies, exporters say they expect a similar trend to continue in the second half of the year

FY23 GDP growth may not exceed 7%, says CEA V Anantha Nageswaran

The IMF sees FY23 GDP growth at 6.8 per cent compared with 7.4 per cent earlier, while the RBI has cut its forecast to 7 per cent from 7.2 per cent

Gujarat and Rajasthan are Corporate India's investment lodestone

Gujarat tops with Rs 4 tn in fresh investments, Rajasthan is second with Rs 2.37 tn investments in FY22

Demonetisation was a colossal failure which crippled economy, says KTR

Demonetisation was a colossal failure which crippled the growing Indian economy, Telangana Rashtra Samithi (TRS) working president K.T. Rama Rao said on Monday

Growing unemployment: Battle of two parallel realities

The duality between the ground reality of tangible unemployment and the perception created by events like "rozgar melas" will likely continue till the next general election

MSMEs hold the key to $5-trn economy

A proactive and cohesive approach by the government to support micro, small and medium enterprises could raise their contribution to GDP to about 50 per cent in the foreseeable future

India in a sweet spot despite global fears of recession: IDFC AMC CEO

'Conditions are ripe for a private capital expenditure cycle over the next few years'

Demonetisation: Big jump in cash with public at Rs 30.88 trn in 6 yrs

Currency with the public has jumped to a new high of Rs 30.88 lakh crore as of October 21, illustrating that cash usage is still robust even six years after the demonetisation move. At Rs 30.88 lakh crore, the currency with the public is 71.84 per cent higher than the level for the fortnight ended November 4, 2016. On November 8, 2016, Prime Minister Narendra Modi had announced the decision to withdraw Rs 500 and Rs 1,000 denomination notes with the ultimate aim of reducing corruption and black money in the economy. The intent of the move, which was criticised by many experts for poor planning and execution, was to make India a "less cash" economy. As per the fortnightly data on money supply released by the RBI on Friday, the currency with the public increased to Rs 30.88 lakh crore as on October 21. The central bank data for Reserve Money had put the currency in circulation at Rs 17.7 lakh crore on November 4, 2016. Currency with public refers to notes and coins used by people to

India is world's fastest growing innovation ecosystem: Rajeev Chandrasekhar

India is the fastest growing innovation ecosystem in the world where around 102 unicorns have been created in the last few years, Minister of State for Skill Development, Entrepreneurship, Electronics and Information Technology Rajeev Chandrasekhar has said here. Speaking at 'Vishwa Sadhhavna' event here on Saturday, Chandrasekhar said that none of these unicorns have famous last names. They don't have any political connection. They have been built on enterprise and capability, and determination and hard work, he said. The minister spoke about various initiatives taken by Prime Minister Narendra Modi and transforming India into "New India" during the Dubai Chapter of the event, organised by the NID Foundation. He said that Prime Minister Modi "is very clear that businesses create investments, they create jobs, and most importantly, they create revenues for the government to support those who are vulnerable." Chandrasekhar said that India has covered a great distance in the electron

External sector could face some anxious moments, says CEA Nageswaran

He said that the way the oil price cap is being discussed has encouraged oil and gas traders to stock up on volumes, creating unintended consequences

Financial strength critical for 'Atmanirbhar Bharat': FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said indiscriminate borrowing and spending by certain States on non-merit goods and expenditure is a matter of concern, and fiscal strength is a critical component for 'Atma Nirbhar Bharat'. The temptation to borrow beyond capacity would create inter-generational burden and affect fiscal soundness of the country, she said. "The tendency to get into such not-so-viable, non-merit expenditure is very high in some States," she said. As per the Constitution, the Centre can discuss with and raise questions to the States on borrowing but many of them see it as an interference in their space of authority, she said. Sitharaman was delivering the P Parameshwarji Memorial Lecture on "Cooperative Federalism: The Path Towards Atma Nirbhar Bharat" organised here by Bharatiya Vichara Kendram in memory of Sangh ideologue P Parameshwaran. Lamenting that a wrong political narrative is being made to spoil the Centre-State relations, she said ..

ICCI ties up with Taiwan for green technology to curb carbon footprints

The local chapter of Indian Chamber of Commerce and Industry (ICCI) has joined hands with National Productivity Council, and Taiwan which would provide industries innovative green solutions to curb carbon footprints in the wake of growing climate change threats. ICCI president Sriramulu and the productivity council director-general Sandeep Kumar Nayak signed a memorandum of understanding (MoU) in this regard on Friday, a release from the chambers said on Saturday. Earlier, an 8-member delegation of Taiwan-China Productivity Centre held a meeting with industrialists and entrepreneurs during which Taiwan assured to provide technology to promote green technology in energy efficieny, smart e-mobility, water treatment and smart agriculture, said the release. The green technology would reduce energy consumption while reducing an equal amount of greenhouse gas in India, it said. Technology such as cloud-connected e-mobility, power-generating elevators, electrodialysis for industrial wast

Best of BS Opinion: Data goes private, the Chief Twit takes over & more

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

Centre likely to raise authorised fund in NSFDC by Rs 1,000 crore

The Department of Social Justice, the nodal authority, has floated a draft cabinet note for inter-ministerial consultation

India raises serious concerns over growing trade deficit with Korea

India has raised its "serious" concerns over the growing trade deficit with Korea, which stood at about USD 9.5 billion in 2021-22, an official statement said on Friday. The issue came up for discussion during the ninth 9th round of the India-Korea comprehensive economic partnership agreement up-gradation negotiation, which was held in Seoul on November 3-4. The two sides underlined the need to have negotiations based on a win-win approach and are forward-looking and outcome-oriented. During the meeting, sub-groups on trade in goods, services, rules of origin, investment, sanitary and phytosanitary/technical barriers to trade issues held in-depth discussions. "India raised serious concerns on the growing trade deficit between the two countries and discussed market access issues. Both sides agreed to work closely to address tariff and non-tariff barriers and deepen the relationship in the services sector," the commerce ministry said. They also shared a common view that both sides .

Commerce ministry to release exports, imports data once every month

The commerce ministry has decided to resume the practice of releasing monthly exports and imports data only once in a month with a view to providing a clear picture of the country's trade, an official said. Since October 2020, the ministry was releasing the data twice every month -- the preliminary data in the first week and then the revised numbers by the middle of the month. The decision assumes significance as stark contrast between the preliminary and final export growth rate numbers was witnessed in the data for the month of September this year. According to the preliminary data, released on October 3, the merchandise exports contracted by 3.5 per cent in September to USD 32.62 billion. However, the final data released on October 14 showed a growth of about 5 per cent to USD 35.45 billion. Some variations in export growth rate figures were seen in the previous months as well. For example, preliminary data released on September 3 showed a decline of 1.15 per cent to USD 33 bil

Bet on infrastructure funds to gain from government push: Experts

High cost of capital, change in policy key risks for these funds