Page 36 - Indian Economy

Govt sets up panel to draft plan for new National Manufacturing Mission

This mission was first announced in the Budget on February 1 to boost the Make in India initiative

Steel sector to play vital role in achieving $5 trn economy goal: Pradhan

Steel sector will play a vital role in economic growth, job creation and industrial development as the country aspire to become a USD 5-trillion economy, Union Education Minister Dharmendra Pradhan said on Friday. He also said that green steel is the priority of the government to turn industrial transformation into a competitive advantage and this transition is magnificent in progress. Pradhan, who held the portfolio of the Steel Ministry earlier, was speaking at the second day of the 6th edition of Steel India 2025 Conference and Exhibition, being hosted jointly by the Ministry of Steel and industry body Ficci here. "As India progresses towards becoming a USD 5-trillion economy, the steel sector will play a vital role in economic growth, job creation and industrial development. This is India's decade to showcase innovation and collaboration across sectors as we work to realize the vision of Vikasit Bharat," Pradhan said. The steel industry will set a global benchmark for sustainab

India could grow at 6.5% in FY26, aided by falling crude prices: EY

Indian economy could grow at 6.5 per cent in the current fiscal as lower prices of crude oil are expected to ease inflationary pressure and support domestic growth, despite intensifying global trade tensions, EY said on Friday. The 'EY Economy Watch' report for April identifies four key interlinked effects which would have a bearing on India's growth reduced exports, global slowdown, falling crude oil prices, and the impact of global excess production capacities. "With suitable fiscal and monetary policies, India may be able to sustain a real GDP growth at about 6.5 per cent in FY26 as also in the medium term, while maintaining a CPI inflation below 4 per cent. "We also expect global crude prices to remain in the range of USD 60-65/bbl in FY26, which may be to India's advantage," EY India Chief Policy Advisor D K Srivastava said. It said exports may slow due to higher tariffs and weakening global demand, but the overall GDP impact may be limited, given the subdued role of net expo

India's economic outlook dims as US tariffs hit business sentiment: Poll

Economists say beneath the headline growth numbers is an economy not generating enough well-paying jobs for millions of young people entering the labour market every year

US tariffs may cut India GDP by up to 0.5% points, says finance secy

He added that he expected potential growth rate of around 7% could be achieved over the next decade, though India needed to expand its economy

April composite PMI at 60 as biz growth hits 8-month high on export surge

Manufacturing PMI rose to a 1-year high of 58.4 in April; services hit 4-month peak at 59.1, signalling robust private sector growth and strong demand across both segments

The Great Tariff Debate — Should India Open Up? | Trump Tariffs | Trade War | Indian Economy

When Donald Trump hit Indian goods with a 26% tariff, it wasn’t just bluster — it was a message. India has some of the highest tariffs in the world.

Bold reforms, capacity boosts key to India's growth in next two decades: FM

India's quest for sustained growth over the next two decades hinges on a new paradigm, driven by bold reforms, enhanced domestic capabilities, and strategic institutional collaborations suited for the evolving global landscape, Finance Minister Nirmala Sitharaman said on Monday. The last two Union Budgets have laid the groundwork for this transformation, with a clear multi-sectoral policy agenda, she said, while speaking at Hoover Institution at Stanford University California. In the last decade, she said the government has undertaken structural reforms, rationalising over 20,000 compliances, decriminalising business laws and digitising public services to reduce friction. She further said a significant thrust on infrastructure development has also created a strong foundation for manufacturing-led growth by bolstering investor confidence over the last 10 years. This has been enabled by a more than four-fold increase in the union government's capital expenditure between 2017-18 and t

India to generate 8 mn jobs per year for next 10-12 years: CEA Nageswaran

India has to generate 8 million jobs per year at least for the next 10-12 years and raise the share of manufacturing in GDP as it strives to achieve the vision of becoming a developed country by 2047, Chief Economic Advisor to the Government of India V Anantha Nageswaran said. "We have a vision to achieve a developed India by 2047. The biggest challenge, apart from India's size, is that the external environment is not going to be so benign for the next 10-20 years as one might have had in the last 30 years, starting from 1990 or so, Nageswaran said here Saturday. But within this context - that's a given, you can't choose your external environment beyond a point - we have to generate 8 million jobs per year at least for the next 10 to 12 years...And raise the manufacturing share of GDP, in the context of China having achieved such a tremendous manufacturing dominance, especially post-COVID, he said. Nageswaran was addressing the Columbia India Summit 2025 hosted by the Deepak and Nee

Fitch cuts India's GDP projection by 10 bps to 6.4% as trade war escalates

Fitch says, excluding the pandemic, world growth rate to be the weakest since 2009

Indian economy to surpass Germany, Japan in 3 years: NITI Aayog CEO

The Indian economy will be bigger than Germany and Japan in the next three years, and also it could become the second largest economy by 2047, NITI Aayog CEO B V R Subrahmanyam said on Thursday. Addressing an event here, Subrahmanyam further said India can become an education hub for the world as the single biggest advantage it has, keeping all other things aside, is its democracy. "Currently, the Indian economy is the fifth largest in the world. End of next year, we will be the fourth largest. Year after that will be the third largest," he said. According to the latest IMF data, size of India economy currently stands at USD 4.3 trillion. "We will be bigger than Germany and Japan in three years' time. By 2047, we could be the second largest economy (USD 30 trillion)," he added. Subrahmanyam urged Indian companies, including law firms and accounting firms to aspire to become world leaders. The NITI Aayog CEO noted that problems faced by middle-income countries are very different f

Kerala logged highest inflation in March, Telangana lowest, shows NSO data

Only states with a population of more than 5 million, according to the 2011 census have been taken into consideration

US is top trading partner of India in FY25; trade deficit with China widens

India's exports to the US grew by 11.6 per cent in 2024-25, rising to $86.51 billion, compared to $77.52 billion in 2023-24

States put up united front in fight for a higher share in divisible pie

Most governments, including those run by BJP, want the 16th Finance Commission to increase their share to 45-50 per cent from 41 per cent

Microfinance: Its rising importance and relevance in the Indian economy

Presently, MFIs account for around 40% of the portfolio while the remainder is shared by banks, SFBs and NBFCs. The overall portfolio touched Rs 4.4 trn with around 85 mn unique borrowers last year

ADB revises India's FY26 growth forecast to 6.7% amid US tariff risks

Risks could 'potentially be mitigated' by trade agreement between India and the US, it says in April outlook

India to be 6th largest insurance market by 2032, says FM Sitharaman

Sitharaman in a tweet highlighted decriminalisation and reduction in compliance burden for businesses and individuals among reforms undertaken by the government in the last ten years

RBI's rate cut to cushion economy amidst global turmoil, says India Inc

The Reserve Bank's move to lower its benchmark repo rate for the second time in a row will cushion India's economy against external shocks in the face of reciprocal tariffs imposed by the US that has triggered a global turmoil, industry bodies said on Wednesday. The RBI on Wednesday slashed the key interest rate by 25 basis points to 6 per cent providing relief to home, auto and corporate loan borrowers. CII Director General Chandrajit Banerjee termed the decision to continue with the rate easing cycle as timely and prudent. "The rate cut coupled with the shift in monetary policy stance from 'neutral' to 'accommodative', too, is a big positive," Banerjee said. The RBI's rate cut, and stance change reflect concerns about the impact of slower global growth on domestic economy and a relatively benign outlook for domestic inflation, he added. CII is of the view that RBI's accommodative monetary policy combined with the government's growth-centric fiscal policy will help boost domestic

India's growth trajectory remains strong, says FM Nirmala Sitharaman

"Our government remains committed to continued reforms, maintaining macroeconomic stability, and ensuring that growth benefits every section of society," she said

Piyush Goyal calls for 'economic nationalism' to boost local supply chains

The Minister's comments come as India positions itself as a viable manufacturing alternative amidst shifting global trade patterns