Page 160 - Indian Economy

Rupee marks biggest gain in one year on strong foreign inflows

August also marked the first month this year when overseas investors turned net buyers of India's government debt

India can become an upper-middle-income country by 2047: Bibek Debroy

Indian economy's size will touch USD 20 trillion by 2047 provided the annual average growth is 7-7.5 per cent in the next 25 years, Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy said on Tuesday. Releasing 'The Competitiveness Roadmap for India@100', Debroy also said the country's annual per capita income will be over USD 10,000 if the country grows at an average economic growth rate of 7-7.5 per cent in the next 25 years. According to him, India will also be among high human development category countries by 2047. India, which is the world's sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing nation. Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. A developed country is typically characterised by a relatively high level of economic growth, a general standard of living, and higher per capita income as well as performing well on the Human Development Index

Reserve Bank can hike repo rate to 6% by December, say economists

The RBI rate hike expectations come despite economists predicting a moderation in inflation due to slump in global commodities and easing supply chain bottlenecks

Patent officers' body moves CAT against high work targets: Report

The petition states that such high standards were adversely impacting the association's service conditions and hurting India's economic interests

Top Headlines: Adani becomes world's 3rd-richest; Ambani's plans for RIL

Reliance Industries Ltd (RIL) set the tone for the future during its 45th annual general meeting, saying it would aim to double its market value by 2027

Economy faces resilience test as policymakers prioritise prices over growth

Gross domestic product is estimated to rise 15.4% in the three months to June from a year ago, according to a Bloomberg survey

Recovery tracker: Workplace visits up 26%, vehicle registrations 2%

Fewer flights and air passengers in the latest week compared to the previous one

RBI support pulls rupee up from fresh lows, helps currency recoup losses

Central bank may have sold dollars heavily around the 80.05 mark to shield domestic unit

India's shaky energy security and growing dependency on foreign fuels

New Delhi is yet to announce a comprehensive and detailed policy across the energy spectrum to tackle this very real threat to economic growth

India's low youth employment rate

The 15-24 years age group has a relatively low labour participation rate (LPR). Between 2016-17 and 2021-22, while the average was 42.6%, the LPR for the youth was much lower at 22.7%

Rupee hits new low of 80.14 per $ as Fed's Powell talks tough on inflation

RBI interventions to determine rupee's course amid surging dollar

India's status as fastest growing major economy to be short-lived: Report

The economy is also enduring inflation pressure from a weak rupee, which for months has been trading close to 80 to the US dollar

US firms gear up to be part of India's vision to be $30 trn economy: USIBC

India is embarked on a journey to restore itself to the top of the global leadership tables in terms of economy and prosperity, the head of an India-centric American business group has said, underlining that US companies are geared up to be part of the country's ambitious vision to become a USD 30 trillion economy. I think it's clear that India is going to grow in every decade of the 21st century. It's gonna rise to be one of the biggest economies in the world, if not the biggest economy in the world," Atul Keshap, the president of the US India Business Council (USIBC) told PTI. "I've heard Indian officials talk about India potentially becoming a USD30 trillion economy, he said. A lot of American companies and members of the USIBC understand and appreciate that vision, Keshap said. India is embarked upon a journey to restore itself to the top of the global leadership tables in terms of economy and prosperity. India used to occupy as much as 25 per cent of the global GDP. I think th

PMJDY accounts hit 462.5 mn in eight yrs, deposits reach Rs 1.73 trillion

However, there was a decline in operative accounts as a percentage of the total, from 85.6% in August 2021 to 81.2% in August 2022

Govt may try new currency swap to help developing economies avert default

This is backed by trade in minerals, which is essential for India to build chip industry, expand renewable energy

Rajnath approves 'positive list' to promote domestic defence industry

Defence Minister Rajnath Singh has approved a fresh list of 780 components and subsystems which will only be procured from domestic industry after a ban on their import kicks in under a staggered time-line of around six years. It is the third such "positive indigenisation" list comprising line replacement units, sub-systems and components used for various military platforms, equipment and weapons, and the aim is to minimise imports by the defence public sector undertakings (DPSUs). The defence ministry has set specific timelines for import ban of the items, spanning a period from December 2023 to December 2028. "Singh has approved the third positive indigenisation list of 780 strategically important Line Replacement Units (LRUs)/Sub-systems/Components with a timeline beyond which they will only be procured from the domestic industry," it said in a statement on Sunday. This list is in continuation to the two similar positive lists that were brought out in December 2021 and March ...

Rupee set to test fresh lows as Powell dispels hopes of softer Fed

But depreciation likely to be orderly because of RBI support, FPI inflows

Govt bans export of wheat flour, maida, semolina to curb rising prices

After banning wheat exports in May, the government on Saturday prohibited exports of wheat flour, maida, semolina and wholemeal aata with a view to curb rising prices. Notifying a decision of the union Cabinet, the Directorate General of Foreign Trade (DGFT), however, said that exports of these items would be allowed subject to permission of the government of India in certain cases. "Export policy of items (wheat or meslin flour, maida, semolina, wholemeal aata, and resultant aata) is amended from free to prohibited," according to the DGFT's notification. Semolina also includes rawa and sirgi. It added that the provisions under the foreign trade policy 2015-20, regarding transitional arrangements, will "not" be applicable under this notification. On August 25, the government decided to put restrictions on the export of wheat or meslin flour to curb rising prices of the commodity. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA). "The Cabinet

Need to diversify agriculture towards power, energy sectors: Gadkari

With India being energy deficient, there is a need for the country to diversify agriculture into energy and power sectors, Union Minister for Road Transport and Highways Nitin Gadkari said on Saturday. "We already have energy shortage. We are making an expenditure of Rs 15 lakh crore every year for importing petrol, diesel and other petroleum products. So, this is the time we can diversify agriculture towards the energy and power sector," Gadkari said while addressing the felicitation programme of National Cogeneration Awards 2022 in Mumbai. He urged the industry to focus on alternative fuels with the help of futuristic technologies. "While 65-70 per cent of our population depends on agriculture, our agricultural growth rate is only 12-13 per cent. And the next move should be cogeneration to increase revenue from sugar. The industry should produce less sugar and more byproducts, embracing the vision for futuristic technologies and using the power of leadership to convert knowledge .

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