Page 35 - Indian Economy

India on track to be $5 trn economy by 2027 despite global risks: Goyal

Union Commerce and Industry Minister Piyush Goyal on Tuesday said India is firmly on track to become a USD 5 trillion economy by 2027 despite global turbulence, driven by a collective national effort and strong leadership under Prime Minister Narendra Modi. Speaking at a virtual session organised by the Merchants' Chamber of Commerce and Industry (MCCI), Goyal also hailed the government's decade-long economic reforms as transformational rather than incremental. "We are well on track to achieve the USD 5 trillion economy goal in the next three years. This will be the first milestone on our journey to 'Viksit Bharat' by 2047," Goyal said. Taking note of the global economic volatility and geopolitical headwinds, the minister said India must navigate turbulent waters with unity and determination. "Great economies aren't built in calm waters. This is India's time. We must seize the moment and work together to claim our rightful place among the world's leading nations," he said. Goyal .

Credit card spends up 14.5% to ₹1.89 trn in May 2025; HDFC, SBI lead

Spends rose to Rs 1.89 trillion in May 2025 with 2.7 per cent M-o-M growth, supported by strong card issuances and led by HDFC Bank, SBI Cards and ICICI Bank

Without structural changes to economy, India risks its demographic dividend

Migration from low- to high-productivity geographical regions and industrial sectors must also be promoted and supported

Indian carriers hit by Iran-led airspace closures after US base strike

Air India, IndiGo and others face rerouting and cancellations as airspace closures across West Asia after Iran's missile attack impact routes to Europe and North America

Private sector business activity rises to 14-month high in June: PMI data

Flash PMI rose to 61, up from a downward revised figure of 59.3 in May

Yield on AAA-rated PSU bonds breaches 7% as long-term rates firm up

Notably, REC Limited raised ₹2,865 crore through 10-year bonds at a coupon rate of 7.06 per cent

India's outward FDI declines to $2.83 billion in May, shows RBI data

India's outbound FDI declined in May as equity and guarantees fell sharply while debt commitments surged compared to last year and the previous month

Statsguru: Turmoil for India as oil price rises amid Iran-Israel conflict

Any move by Iran to restrict shipping there could escalate prices further, intensifying pressure on energy-importing nations like India

Core sectors' growth plunges to a 9-month low of 0.7% in May 2025

Electricity generation contracted for the first time in nine months, with a 5.8 per cent drop that marked the sharpest downturn since June 2020

India's core sector growth plunges to nine-month low of 0.7% in May

India's eight core sectors' growth slowed down to 0.7 per cent, lowest in nine months, in May 2025 against 6.9 per cent in the same month last year, according to the latest government data released on Friday. The previous low pace was recorded in August 2024 when the output had contracted by -1.5 per cent. In April this year, the growth in output of these key infrastructure sectors were recorded at 1 per cent. The output of four key sectors -- crude oil, natural gas, fertiliser and electricity -- recorded a negative growth in May. However, refinery products and cement output recorded a positive growth. During April-May this fiscal, the eight sectors expanded by 0.8 per cent against 6.9 per cent during the same period last fiscal.

India seeks tighter container safety, cargo disclosure norms in IMO meet

The development comes at the heels of IMO's ongoing session of the Maritime Safety Committee, where India brought up the recent sinking of the Liberian-flagged vessel MSC ELSA 3

AWS plans to add $23 bn to India's GDP by 2030, says Sandeep Dutta

AWS to invest $12.7 billion in India by 2030 as part of its digital infrastructure expansion and AI integration, supporting over 1.31 lakh jobs annually across sectors

Corporate India's revenue growth underperforms GDP expansion again

The combined revenues of BS1000 companies grew by 6.4 per cent in FY25 against 9.8 per cent growth in GDP at current prices

India emerging as key hub for data centres, chip manufacturing: Moody's

Developed and emerging economies in East and Southeast Asia are key targets for AI investments, with India, Singapore and Malaysia rapidly establishing themselves as prime destinations for data centre projects or chip manufacturing, Moody's Analytics said on Wednesday. In its report titled AI Is Beating the Odds, Moody's Analytics said at a time when cross-border investment is slowing and global trade is fracturing, spending on artificial intelligence (AI) is powering against the current. "Even though trade and geopolitical tensions are knocking economies, soaring AI demand is outpacing supply. To close the gap, global investors are pouring capital into data centres and semiconductor projects," it said. The report further said that the US share of outbound AI investment outpaces its inbound share, a sign that US tech giants are expanding their global footprint. "Developed and emerging economies in East and Southeast Asia are key destinations. In particular, India, Singapore and ...

India shares discussion paper ahead of trade discussions with Peru

Next round of negotiations in July

Uttar Pradesh targets 15 new industrial zones to push MSME growth

In total, 15 new MSME-centric industrial zones will be developed in 11 districts, including Aligarh, Firozabad, Kanpur Dehat, Prayagraj, Mirzapur, Lalitpur, Rae Bareli, among others

India 5th largest economy, leading digital, mfg push: PM Modi at CEO Forum

Addressing the India-Cyprus CEO Forum, PM Modi emphasised that India has become the fifth-largest economy globally and is rapidly moving towards becoming the third-largest economy soon

India-Cyprus cooperation has 'immense potential for growth': PM Modi

Terming Cyprus a "reliable partner" for India, Prime Minister Narendra Modi on Sunday called for strengthening bilateral cooperation, which has "immense potential for growth". Modi, who arrived here on the first leg of his three-nation tour, made the remarks while attending a business roundtable along with Cypriot President Nikos Christodoulides. Addressing business leaders, Modi highlighted the "immense potential for growth" in bilateral ties. Cyprus has been a "reliable partner to India for a long time now," he said. In a post on X after the meeting, he said, "Boosting business linkages! President Nikos Christodoulides and I interacted with leading CEOs in order to add vigour to commercial linkages between India and Cyprus." "Sectors like innovation, energy, technology and more offer immense potential. I also talked about India's reform trajectory in the last decade," he added. At the event, Modi said, "After 23 years, an Indian prime minister has come to Cyprus and the first .

Build good external relations for steady supplies of critical materials

Serious doubts have now emerged in many countries regarding dependence on other countries for critical materials because it is not easy to develop alternate sources of supplies quickly

Sika sees major growth opportunity in India amid infra, tax reforms

About 3 per cent to 4 per cent of Sika's revenue comes from India and that could grow to double digits over the next 10 years