Page 49 - Indian Economy

NextGen CEOs to focus on innovation and inclusion to build Viksit Bharat

During a panel discussion on young leadership at the 11th SBI Banking and Economics Conference, young CEOs explored strategies to future-proof Indian enterprises

India's smartphone exports surpasses $2 bn mark in Oct, sets new record

In 7 months of FY25, total outbound shipments breach $10 bn on the back of iPhones

FM Sitharaman responds to X user seeking tax relief for middle class

Finance Minister Nirmala Sitharaman on Sunday responded to an X user seeking tax relief for the middle class, saying the Prime Minister Narendra Modi-led government attends to people's concerns. "PM @narendramodi's government is a responsive government. Listens and attends to people's voices. Thanks once again for your understanding. Your input is valuable," Sitharaman replied to the user on X. The user had posted: "I humbly request you to consider providing some relief for the middle class. I understand the immense challenges involved, but it's just a heartfelt request." Sitharaman also said, "I recognise and appreciate your concern.

India's economy strong, inflation moderating, says RBI Governor Das

Reserve Bank of India (RBI) Governor Shaktikanta Das on Saturday said that the Indian economy and financial sector are well placed to handle any kind of spillovers from global events. The country's external sector is also strong and our current account deficit has remained within manageable limits and stood at 1.1 per cent. "Today, the growth of the Indian economy presents a picture of stability and strength," he said, while addressing a programme as part of the launch of the Kochi International Foundation here. Earlier, in 2010 and 2011 it was in the range of six to seven per cent, he pointed out. Das also cited that India has one of the largest foreign exchange reserves in the world at about USD 675 billion. On inflation, the RBI Governor said, "it is expected to be moderate despite periodic humps," India's inflation rose to 6.2 per cent in October from 5.5 per cent in September because of food inflation. He compared inflation to an elephant in the room. "Now the elephant has

With huge infra, India becomes biggest lab in digital world: NITI Aayog CEO

Backed by huge digital infrastructure, India has become the biggest laboratory in the digital world where one can experiment at a scale, NITI Aayog CEO BVR Subrahmanyam said on Friday. In his keynote address at Indian School of Business (ISB) here, he said the country is expected to become a USD 30 trillion economy by 2047 surpassing the present size of US and Chinese economies. According to him, though one university and two colleges were opened every week in the past ten years, only 29 per cent of the age cohort enroll in the varsities. India has become the biggest laboratory in the digital world. A laboratory where you can experiment at a scale, which is impossible and inconceivable anywhere else, probably except the United States. Maybe we even leapfrog them for a variety of reasons, he said. Subrahmanyam said India has created a huge architecture called digital public infrastructure by going the public route rather than the private. The official further said, Estonia was the

Moody's says Indian economy in 'sweet spot,' predicts 2024 growth of 7.2%

India's real GDP expanded 6.7 per cent year-on-year in the June quarter of 2024, driven by a revival in household consumption, robust investment, and strong manufacturing activity

Nigeria, Guyana visits: Stronger oil trade tops PM Narendra Modi's agenda

Nigeria among India's top crude suppliers; OVL eyes offshore Guyanese blocks

CLSA does U-turn on China, ups India exposure after Donald Trump win

Reverses overweight; India once again biggest OW in Asia-Pac portfolio

Moody's says Indian economy in sweet spot, forecasts 7.2% growth in 2024

Indian economy is in a sweet spot, with a mix of solid growth and moderating inflation, Moody's Ratings said, forecasting a 7.2 per cent GDP growth in the 2024 calendar year and 6.6 per cent in the next. In its Global Macro Outlook 2025-26, the rating agency said the global economy has shown remarkable resilience in bouncing back from supply chain disruptions during the pandemic, an energy and food crisis after the Russia-Ukraine war began, high inflation and consequent monetary policy tightening. "Most G-20 economies will experience steady growth and continue to benefit from policy easing and supportive commodity prices," it said. However, post-election changes in US domestic and international policies could potentially accelerate global economic fragmentation, complicating ongoing stabilisation. The aggregate and net effects of trade, fiscal, immigration and regulatory policy changes will expand the range of outcomes for countries and sectors. On India, Moody's said the real GDP

US crude production may rise and ease prices, says Hardeep Singh Puri

Government hoping to pass Oilfield Amendment Bill in upcoming winter session of Parliament, oil minister says

India's merchandise exports surge 17% in Oct, fastest pace in 28 months

Trade deficit widens to $27 bn as imports hit a high

Rupee settles at new low of 84.41 as US dollar strengthens, FII outflows

The dollar index rose to 106.66 per cent on Thursday post the US CPI data. Dollar index measures the strength of the greenback against a basket of six major currencies

WPI inflation hits 4-month high of 2.36% in October on food price spike

The latest WPI data comes days after Consumer Price Index data showed retail inflation hit a 14-month high of 6.2 per cent, also spurred by a rise in food prices

Inflation surge dims hopes for early RBI rate cut despite slowdown fears

Since GDP estimates depend significantly on company data, subdued corporate performance is likely to play a role

Severe action to be taken for causing harassment to taxpayers: Sitharaman

The finance minister added that manufacturing is a priority for the government, and various schemes have been developed for this purpose

Money matters: States' borrowings at 60% of Dec target, shows data

States are allowed to go for a fiscal deficit of 3 per cent of their GSDP and 0.5 per cent relaxation is given in case they pursue power sector reforms

Centre may relax expenditure norms for Q4 to speed up capital expenditure

The Centre's capex, through which it builds physical infrastructure, reached Rs 4.1 trillion or 37.3 per cent of the annual target in the first five months of FY25

Employers up 6.6% at 766,000; members rise 7.6% in FY24: EPFO report

Retirement fund body EPFO has seen a 6.6 per cent year-on-year rise in contributing employers to 7.66 lakh while recording 7.6 per cent growth in members to 7.37 crore in 2023-24, a labour ministry statement stated. According to a statement issued on Sunday, the labour secretary and Chairperson of the Executive Committee, Central Board, Employees' Provident Fund Organization (EPFO), presided over the 109th Meeting of the Executive Committee on November 8, 2024, at EPFO Head Office in the national capital. This was the first meeting of the Executive Committee after the re-constitution of the panel on September 27, 2024. The Executive Committee is a statutory panel under the EPF Act 1952, with the mandate of rendering assistance to the Central Board of Trustees, EPFO in the discharge of its functions. The Annual Report for the year 2023-24 on the functioning of EPFO was also considered by the Executive Committee. As per the statement, while deliberating on the Annual Report, the ...

Job, wealth creators must not feel 'heat of system': VP Jagdeep Dhankhar

Those in commerce and business must not feel "heat of the system" as they are the job and wealth creators and contribute to social harmony, Vice President Jagdeep Dhankhar said on Sunday. He also said that the principle of "economic nationalism" was more important than fiscal gains of a few individuals. Addressing an event of a private educational institution here, Dhankhar said he has always advocated that "those in trade, commerce, industry must not feel heat of the system. They must have respect in society". The vice president was of the view that this segment was the job and wealth creator and contributes to social harmony. "They are economy drivers ...They have learned the art in this country to give back to the society. By and large they do it," he said while noting that the freedom movement of India is dotted by their contribution. The vice president also underlined the need to follow the principles of economic nationalism, whereby unnecessary imports can be curbed to save

Double engine of private investment, consumption derailed under Modi: Cong

The Congress on Sunday claimed that India was facing a "demand crisis" due to sustained income stagnation and said the 'double engine' of private investment and mass consumption that powered the UPA's decade of sustained GDP growth has been "derailed" in the last ten years of the Modi government. Congress general secretary in-charge communications Jairam Ramesh urged the government to accept what the Congress has been proposing - raising MGNREGA wages to a minimum of Rs. 400 per day, guaranteeing MSP and a loan waiver for farmers, and a monthly income support scheme for women - to kickstart income growth in rural India. He said that with each passing day, the tragedy of India's dying consumption story becomes more evident. Last week, several CEOs from India Inc raised the alarm over the 'shrinking' middle class and now, new data from NABARD's All India Rural Financial Inclusion Survey (NAFIS) 2021-22 adds to the evidence that India's demand crisis is a result of sustained income ...