Page 148 - Indian Economy

Involving private players in grain procurement needs clear modalities

The idea in itself is not new and previously several attempts have been made to involve private players in official procurement, most recently in oilseeds

Indian economy's slow-but-steady activity awaits festive season boost

India's economy showed signs of slowing-but-steady growth last month, with businesses holding on to optimism that domestic demand will revive as the peak shopping season approaches

India lost out more than its peers in forecast revisions for 2022

The IMF had revised India's forecast from 1.6 percentage points from 9 per cent in January 2022 to 7.4 per cent in July 2022

Bengal Durga Puja economy this year crosses Rs 45,000-cr mark: Stakeholders

Even though the World Bank has downgraded India's growth forecast to 6.5 per cent for the current fiscal, business activities surrounding West Bengal's Durga Puja this year witnessed a "sharp upswing" with estimated value of the festive transactions "crossing Rs 45,000-crore mark" after the last two years of the COVID-19 pandemic. All stakeholders, ranging from retailers to hoteliers and restaurateurs, reported sales "more than expectations", while puja organisers were ecstatic with the festive spirit among people. "The trend is much better than expected. In our opinion, the puja economy in Bengal crossed the Rs 45,000-crore mark if we compare this year's festival with that of 2019 when there was no COVID. "Large-scale pujas were organised in districts this time. On average, the advertisement expenditure has increased by 45-50 per cent," Forum For Durgotsab, an umbrella organisation of community pujas, president Kajal Sarkar told PTI. Retailers and hoteliers experienced "30-40 per

Recovery tracker: More air passengers, retail and recreation visits rise

Railway freight indicators growing slower than before

FM Sitharaman to leave for US to attend IMF-World Bank, G-20 meetings

The finance minister will also have a one-on-one meeting with Janet Yellen

India's space economy expected to be worth $12.8 bn by 2025: Report

India's space economy is likely to be worth nearly USD 13 billion by 2025, with the satellite launch services segment set to witness the fastest growth spurred by increasing private participation, according to a report released on Monday. The growing demand for smaller satellites is set to boost satellite manufacturing in the country and will attract global start-ups in the sector to help incubate space tech companies here, said the report released by the Indian Space Association (ISpA) and Ernst and Young. India's space economy was pegged at USD 9.6 billion in 2020 and is expected to touch USD 12.8 billion by 2025, according to the report titled 'Developing the Space Ecosystem in India: Focusing on Inclusive Growth'. In dollar terms, the satellite services and applications segment would be the largest with a turnover of USD 4.6 billion by 2025, followed by ground segment at USD 4 billion, satellite manufacturing at USD 3.2 billion and launch services at USD 1 billion. "Indian spac

Run-up to Budget 2023-24: Centre looks to cut non-priority expenditure

Direct and indirect tax revenues may not be enough to offset food and fertiliser subsidies

Statsguru: Six charts show mounting trade troubles amid uncertain outlook

WTO also revised global growth figures downwards. It now expects the world to register a 2.3 per cent growth, compared to the April estimate of 3.2 per cent for 2023

Direct tax mop-up rises 24% YoY to Rs 8.98 trillion in FY23 so far

Refunds amounting to Rs 1.53 lakh crore have been issued between April 1-october 8, an increase of 81 per cent over the corresponding period last year

Need for rules to assist imported goods valuation unclear

The draft rules specify 11 types of imports that will be exempted from application of the rules

Nomura moderates India's FY24 GDP growth to 5.2%, says optimism misplaced

Japanese brokerage Nomura has projected a sharp moderation in India's growth rate for FY24 to 5.2 per cent as compared to FY23, saying Indian policymakers are misplaced about their optimism on the country's growth prospects. After a week-long meetings with policymakers, corporates, commercial banks and political experts, its economists said its FY23 GDP growth estimate is at 7 per cent at par with the RBI's revised down forecast but it expects a "sharp moderation" to 5.2 per cent in FY24. While we broadly agree with our interlocutors on the growth prospects in FY23, we believe the optimism in FY24 may be misplaced and that the spillover effects from the global slowdown are being underestimated, its economists Sonal Verma and Aurodeep Nandi said in a note. The RBI has hiked repo rate by 190 basis points since May to tame inflation and is expected to do more, especially amid faster rate tightening by the US Fed, which is bound to impact growth. The economy grew at 4 per cent in FY2

India will stand out with 7% growth rate in FY23 amid global gloom: Sanyal

Amid fears of the world slipping into recession, India will perhaps emerge as the strongest major economy with 7 per cent growth rate in FY23, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal said on Sunday. Sanyal observed that India can grow at 9 per cent in an external conducive environment like in early 2000s when the global economy was growing. "We are clearly entering an environment where many countries around the world will be facing much slower growth or even slipping into recession. "This is due to a combination of factors ranging from tighter monetary policy to higher energy costs, as well as disruptions caused by the Ukraine war," he told PTI in an interview. The World Bank on October 6 projected 6.5 per cent growth rate for the Indian economy for 2022-23, a drop of one percentage point from its June 2022 projections, citing deteriorating international environment. "Under those circumstances, India's performance will stand out as being .

India, UAE can benefit from energy, skills, education cooperation: Report

Economies of India and the UAE can benefit significantly from their free trade agreement by sharing knowledge and best practices in several areas of mutual interest such as education, energy, skills and defence, according to a report by Deloitte. Both the countries have implemented the Comprehensive Economic Partnership Agreement (CEPA) from May 1 this year to boost bilateral trade and investments. It is aimed at increasing the trade to USD 100 billion in the coming years. "Under the preferential trade agreement, the two economies may benefit from sharing knowledge and best practices in several areas of mutual interest," the report said. It said the Indian economy is heavily dependent on crude oil imports to meet its domestic requirements and the current geopolitical tensions between Russia and Ukraine and shrinking supplies from Iran are further affecting macroeconomic fundamentals. "These turbulences suggest that India must work towards decreasing its energy dependence by explori

PE investments in real estate grew 40% in H1FY23 despite global headwinds

Top 10 deals accounted for 86% of total PE inflows in the first half of this year, as compared to 80% a year ago

OPEC+ production cut ahead of winter puts India on a slippery slope

A higher than expected production cut by the group will add to the strain on government finances

Unmistakable slowdown: Some indicators disappoint, some flatter to deceive

It is hard to square the picture painted by the different indicators with the RBI's 7% full-year growth forecast. The World Bank's revised forecast of 6.5% may be closer to the mark, writes T N Ninan

Government identifying PSUs with land bank but little business for selloff

The government is identifying public sector organisations with little to no business activities that are sitting on land banks to privatise or sell off

Top headlines: Growth forecast, Maiden Pharma cough syrup issue, and more

From World Bank slashing India's economic growth to Maiden Pharma's cough syrup issue, here are the top headlines on Friday morning

The economy is losing momentum

India will need to adjust to slowing global trade