Page 150 - Indian Economy

House panel flags poor placements, under-utilisation of funds in PMKVY 3.0

The committee is particularly concerned about the third edition of the scheme, as placement figures fall below 10%

Finance ministry confident of keeping FY23 fiscal deficit in check

Robust tax mop-up, savings through SNA dashboard bode well for balance sheet, say officials

Power consumption grows 13.31% to 127.39 billion units in September

India's power consumption grew 13.31 per cent on an annual basis to 127.39 billion units (BU) in September 2022 and 11.65 per cent during the first six months of this fiscal, as per government data. The double-digit growth highlights recovery in economic activities following the pandemic-induced lockdown, experts said. They are also of the view that demand as well as consumption of electricity will increase due to the festive season and improvement in economic activity. Power consumption in September last year was recorded at 112.43 BU, higher than 112.24 BU in the same month of 2020, power ministry data showed. Electricity consumption during April-September 2022 grew by 11.65 per cent to 786.5 BU compared to 740.40 BU in the same period in 2021. It was 625.33 BU in April-September 2020. The peak power demand met, which is the highest supply in a day, in September 2022 rose to 199.47 gigawatts (GW). The peak power supply stood at 180.73 GW in September 2021 and 176.41 GW in Septe

Inflation may fall to 5.2% next fiscal on normal rains, supply ease: Report

Persistently high inflation remains a key policy concern for the Reserve Bank, which has raised rates aggressively so far this year, but the pressure might ease next fiscal assuming normal rains and further normalisation of global supply chains without any exogenous shocks, according to an RBI report. The Reserve Bank of India (RBI) expects retail inflation to come under control at 5.2 per cent in the next financial year beginning April, down from 6.7 per cent it has forecast for the current year. "For 2023-24, assuming a normal monsoon, a progressive normalisation of supply chains, and no further exogenous or policy shocks, structural model estimates indicate that inflation will average 5.2 per cent," RBI said in its 'Monetary Policy Report September 2022'. The central bank is mandated to keep retail inflation in a range of 2-6 per cent. However, inflation has been above the RBI's upper tolerance level since January 2022 mainly due to adverse supply shocks amid geopolitical tensio

Fuel sales jump in Sep as economy activity picks up before festival season

Petrol and diesel sales in India jumped in September as economic activity picked up with the nearing festival season and the ending of the monsoon raised the demand, preliminary industry data showed. Petrol sales soared 13.2 per cent to 2.65 million tonnes in September when compared to 2.34 million tonnes of consumption in the same month last year. Sales were 20.7 per cent higher than Covid-marred September 2020 and 23.3 per cent more than pre-pandemic September 2019. Demand was, however, 1.9 per cent lower than the previous month of August 2022. Diesel, the most used fuel in the country, posted a handsome 22.6 per cent rise in sales in September to 5.99 million tonnes when compared to the same month last year. Consumption was up 23.7 per cent over September 2020 and nearly 15 per cent higher than pre-Covid 2019. The fuel, which had seen a near 5 per cent drop in sales in August when compared to the previous month of July, saw demand rise 1.3 per cent month-on-month. Industry sour

China's $5 trillion rout creates historic gap with Indian stocks

The MSCI India Index rallied almost 10% in the just-ended quarter, compared with a 23% slump for the MSCI China Index

Higher rates to hit real estate and infrastructure projects, say experts

Worried that the rising rates will hit new projects, CEOs said new loans will cost more this increasing the cost of projects

MSMEs mainstay of economy, can make India self-reliant: LS Speaker Birla

Lok Sabha Speaker Om Birla on Friday said the campaign to make India self-reliant can be achieved only through the micro, small and medium enterprises (MSMEs) as they are the mainstay of the economy. Stating that India has long been one of the fastest growing economies of the world, Birla said the present government has implemented many reforms in trade and business sectors, which has raised the inflow of foreign investments. The Atmanirbhar Bharat campaign will be achieved only through MSMEs and the nation will be empowered. MSMEs are the mainstay of the economy, Birla said while speaking at the Annual Session of PHD Chamber of Commerce and Industry. He further said local supply chains should be strengthened for Make in India, which can reduce India's dependence on foreign countries. India has made progress in every field like agriculture, industry and services and the country is rapidly moving towards becoming self-reliant, Birla said. The manufacturing and exports in sectors li

India's April-August fiscal deficit recorded at 32.6% of FY23 target

Sabnavis said the progress till August shows that the government's accounts are on course compared with last year

How should India respond to future shocks in an off-balance changed world?

The global engines of growth have become the sources of instability and uncertainty. T N Ninan explores what India should do

RBI expects inflation to come down to 4% over the next two years

RBI which announced the review of policy today, decided to increase the policy repo rate by 50 bps to 5.9%

Inflation, external pressure priority over growth: Finance ministry

The MPC also cut its FY23 GDP growth forecast to 7 per cent from 7.2 per cent, with Governor Shaktikanta Das acknowledging that there were downside risks to economic growth

RBI Monetary Policy: Repo rate up by 50bps; here's how it will impact you

On Friday, RBI increased the repo rate by 50 basis points taking the key repo rate to 5.9%; here is why it should matter to you

RBI policy: Repo rate hiked by 50 bps to 5.9%; FY23 GDP forecast cut to 7%

CPI inflation for the current financial year is seen at 6.7%, with the price gauge seen at 7.1% in July-September

India to soon emerge as pillar of global economic revival: Piyush Goyal

Union Minister Piyush Goyal on Thursday said India will be the pillar of the global economic revival as it exhibited steady growth and emerged as the fastest-growing country among large economies of the world. Addressing the Bengal Chamber of Commerce and Industry's annual general meeting virtually, he said if all stakeholders of the economy work together with a sense of 'Kartavya bhav' (spirit of duty), the national goal of USD 30-trillion economy will be achieved by 2047, the year when the country will celebrate 100th anniversary of its independence. "India is already the fifth largest economy in the world and is turbocharging its growth to become the third largest in the coming years. The prime minister's vision is to make India a developed nation by 2047 with an economy size of USD 30 trillion as we will celebrate our 100th independence in that year," Goyal, the commerce and industry minister, said. All sectors such as agriculture, manufacturing and construction are doing quite

Centre cuts FY23 borrowing target by Rs 10k cr amid robust tax collections

The government will borrow Rs 5.92 trillion, or 41.6 per cent of the new FY23 target, in October-March, including from the issuance of its maiden sovereign green bonds of Rs 16,000 crore

Govt must curb non-essential imports to stem rupee fall: CEO poll

India Inc encourages FDI, raising dollar deposits from NRIs

Current account deficit widens to 2.8% of GDP in Q1; trade deficit jumps

Services exports, remittances show firm momentum in Q1

IT industry logged 25% attrition in FY22, trend to continue: Report

Non-technology lapping up as employees seek work flexibility and opportunities for career development

Structural reforms keep economic recovery on course, says DEA secy

India today is focusing on infrastructure led capital spending aimed at enhancing productivity and employment while ensuring fiscal prudence with 'targeted' interventions: Ajay Seth