Page 19 - Indian Economy

India in position to help lift the world out of slow growth: PM Modi

Prime Minister Narendra Modi on Saturday said that guided by the mantra of reform, perform, and transform, India is in a position to help lift the world out of slow growth. Addressing the Economic Times World Leaders Forum here, the Prime Minister said India will soon become the world's third-largest major economy, and is on the way to becoming a developed nation by 2047. Observing that reform is a matter of commitment and conviction for his government, Modi said the next-generation GST reform process, which seeks to make the law simpler, will be completed before Diwali and bring down prices. The Prime Minister also asked the private sector to increase investment in research and development in sectors like clean energy, quantum technology, battery storage, advanced materials and biotechnology. This will strengthen the resolve of a developed India. "It is not in my nature to be satisfied with what has already been achieved. The same approach guides our reforms," he said. "For us,

India's GDP growth likely at 6.3% in FY26, below RBI estimates: SBI report

India's economic growth is expected to be lower at 6.3 per cent this fiscal compared to the RBI's projection of 6.5 per cent, a SBI Research Report said on Thursday. The report pegged the first quarter GDP estimate at around 6.8-7 per cent, mainly due to muted private capex. India's economy is likely to grow at 6.3-6.8 per cent in 2025-26 on the back of strong macroeconomic fundamentals, though strategic and prudent policy management will be required to navigate global headwinds, as per the latest Economic Survey. The country witnessed a muted growth at 6.5 per cent in 2024-25 (April 2024 to March 2025), down from 9.2 per cent in the previous year. Sharing the quarterly growth estimates, the report said the Indian economy is expected to grow at 6.5 per cent in the second quarter and at a lower rate of 6.3 per cent in the next quarter. In the fourth quarter of the current financial year, the GDP growth will be lowest at 6.1 per cent, it added. Compared to the SBI report, the Reser

A balanced exchange: The trade that binds Indian and American economies

President Trump focuses on the trade in manufactured goods, where India sells more to the U.S. than it buys. But the countries share a balanced trade in services

Trump tariff shock: A wakeup call for India as challenges intensify

The crisis may not be as visible this time as in 1991, but the stakes are just as high

GST restructuring key reform, will boost India's economy: RC Bhargava

The proposal to restructure the GST structure is an exceedingly important reform measure that will result in a substantive improvement in the country's economy, Maruti Suzuki India (MSI) Chairman R C Bhargava said on Monday. The Centre has proposed a two-tier GST structure of 5 and 18 per cent, besides a 40 per cent special rate on a select few items to the group of ministers (GoM) on GST rate rationalisation. Goods and Services Tax (GST) is currently levied at 5, 12, 18 and 28 per cent. While food and essential items are either at nil or 5 per cent, luxury and demerit goods are in 28 per cent slab, with a cess on top of it. If the Centre's proposal is accepted by the GoM, it would be placed before the GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising finance ministers from all states and UTs, in its meeting likely next month. "The move by the government to restructure GST is an exceedingly important reform measure, and I think the government is doing an ..

India's rivals China, Turkey seek cheaper Urals, capping oil price rise

This comes as Trump-Putin meet remains inconclusive

Govt seeks to revamp entire tax system with GST reform, Income-Tax Bill

The Centre has proposed a two-tier GST with 5 per cent and 18 per cent slabs, along with a 40 per cent slab for a few items in the sin goods category

Giving soybean its due: 2026 Year of Soy may put sector on growth path

An appropriate response, by way of favourable policies and programmes to boost the production and consumption of soybean, is imperative to prop up this sector

Building a better GST: New reforms mark progress, but more is needed

The call for a single rate correctly identifies this multiplicity as a central problem

Reforms for growth: Independence Day announcements can go a long way

Among biggest announcements was the formation of a task force for next-generation reforms, which would evaluate all laws, rules, and procedures related to economic activities in a time-bound manner

Govt confident of meeting fiscal deficit target despite planned tax cuts

In the biggest tax overhaul since 2017, PM Modi on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper

Govt to set up task force to carry out next-gen reforms: PM Modi

Prime Minister Modi announces a task force to revamp economic laws, cut compliance costs, and boost India's competitiveness as part of the 2047 developed nation vision

Rural demand continued to outpace urban in April-June period: NielsenIQ

India's FMCG market grew 13.9% in April-June, driven by rural demand, smaller packs, and e-commerce gains in metros, even as urban recovery narrowed the rural-urban gap

If India becomes strong in every sector, world will listen to it: Gadkari

Union minister Nitin Gadkari on Thursday pitched for making India a super power and "vishwaguru", saying the world would certainly listen to India if it becomes strong in every sector. The road transport and highways minister was addressing a gathering at a programme to mark 'Akhand Bharat Sankalp Din' organised by the Rashtra Nirman Samiti (social organisation) in Nagpur. "We recall this day because on this day in 1947, the country was divided into two - India and Pakistan. We all as a mission accept that our country's partition was unnatural, and one day our country will become 'akhand' (unified), this is the resolve we take today in this programme," he said. Gadkari praised India's unity in diversity and also lauded the country's armed forces. Prime Minister Narendra Modi has resolved to make India a 5 trillion-dollar economy, the third largest economy of the world as well as "atmanirbhar" and "vishwaguru", he noted, adding all these resolutions will be achieved with efforts of

India's quasi-sovereign wealth fund seeks to double assets to $10 bn

The move comes as the likes of KKR & Co., Brookfield Asset Management Ltd. and GIC Pte are pumping in hundreds of millions of dollars to develop the country's roads, renewable energy projects

Expect an income tax refund rush as new law approaches implementation

These refunds, reckoned to be close to ₹1,000 crore, largely relate to tax demand cases in which taxpayers had secured favourable orders from appellate authorities

Rupee posts biggest single-day gain in over a month on Fed rate cut hopes

Rupee strengthens 0.46% to 87.44/$, buoyed by weaker dollar, falling CPI, and gains in Indian equities and Asian currencies

India to be key driver of our long-term growth: Amazon's Samir Kumar

India is expected to become one of the largest contributors to Amazon's long-term growth, its country head Samir Kumar said on Wednesday, adding that the e-commerce giant is doubling down on its focus in the market, where it is investing billions of dollars. India is still not as deeply penetrated in terms of online consumption and therefore, presents a "very large opportunity" for Amazon, Kumar, who is now helming operations here as the Country Manager of Amazon India, told PTI in an interview. It is pertinent to mention that Amazon has committed to significant investment in its India infrastructure, about Rs 2,000 crore for 2025 alone. It has previously outlined a broader investment pledge of USD 26 billion by 2030, with close to USD 15 billion between 2023 and 2030. Kumar said India is among the fastest-growing markets for the company. "And we are a big believer that in the long run, India will be one of the biggest contributors to our growth," Kumar said, but did not give a ...

India has growth potential: IKEA CEO at first Delhi store opening

Swedish home decor and furniture retailer IKEA sees growth potential coming over the next three decades in India on the back of the country's economic growth, demographic dividend and young families coming into the consuming class, said IKEA India CEO Patrik Antoni. IKEA, which on Wednesday entered the Northern market with the opening of a city store here, is also working to increase local sourcing for its local retail operations from 30 per cent to 50 per cent in the next five years, he said. "The population size itself, the economic growth, but also the whole demographics of the society, where there are so many young people, so many young families that are coming out. So, I think it's probably the growth potential we see over the coming 30 years," Antoni told PTI. IKEA, which has now entered into the second phase of growth in the country, is working with an omnichannel strategy here, where it has classical large-size stores, along with small city stores, supporting its online sale

India's headline inflation likely to average 3.5% in FY26: Crisil

Ratings firm Crisil said that headline inflation is expected to average 3.5 per cent this fiscal as compared to 4.6 per cent in the last financial year. In its research report for August, the rating agency said that healthy agricultural production is likely to keep food inflation in check. The kharif sowing is up a healthy four per cent year-on-year as of August 8. "We expect headline inflation to average 3.5 per cent this fiscal from 4.6 per cent in the last," Crisil said in its research report. Headline inflation is defined as a rise in prices of all items in the CPI, including food and energy. Assuming geopolitical uncertainties remain under control, Brent crude oil prices are projected to be subdued at USD60 to USD65 per barrel in the current financial year, which should help contain non-food inflation, the report said. Crisil said another bout of repo cut is expected this fiscal. A cumulative cut of 100 basis points so far, along with adequate liquidity, has ensured a swift