Page 51 - Indian Economy

Gujarat to lead India's bid to become a developed nation by 2047: CM Patel

Gujarat Chief Minister Bhupendra Patel on Monday said the state will lead India's effort to become a developed nation by 2047 in 'Amrit Kaal' by serving as the country's growth engine. Patel was launching projects of Rs 2,000 crore as part of the ongoing 'Vikas Saptah, (development week) to mark the state's development under the chief ministership of Narendra Modi. Modi served as Gujarat's CM from 2001 to 2014 and then went on to become the prime minister. The state government recently announced that it would celebrate 'Vikas Saptah' (development week) every year starting October 7, the day Narendra Modi took oath as the state's 14th chief minister in 2001. "Prime Minister Modi inspires us by showing how much a single person can achieve," Patel said. Patel spoke about three phases of Gujarat, the first being since its formation in 1960 till 2001 when it faced several issues. Then came the second phase when under Modi's leadership Gujarat witnessed transformation in different ...

PM's internship scheme registers over 90,849 opportunities, says MCA

The scheme would target providing 125,000 internship opportunities to youth aged 21 to 24 in FY 2024-25 with a budget of Rs 800 crore

Forex reserves breaks 7-week rising streak, stand at $701 bn as of Oct 4

In the period for which the forex reserves data pertains, the rupee had logged its worst week since May and had slipped 0.3% week-on-week

Less than 33% of youth can search Net, transact online: NSO survey

The share of the ones performing these tasks stood lower than the national average in as many as 16 states and Union Territories (UTs)

Net direct tax collection grows 18% to Rs 11.25 trillion: Govt data

Net direct tax collection grew 18.3 per cent to about Rs 11.25 lakh crore as of October 10 this fiscal, government data showed on Friday. The mop-up includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. Securities Transaction Tax (STT) stood at Rs 30,630 crore, while other taxes (including equalisation levy and gift tax) earned Rs 2,150 crore. The income tax department had collected Rs 9.51 lakh crore during the same period a year ago. Refunds worth Rs 2.31 lakh crore were issued between April 1 and October 10, a growth of 46 per cent. On a gross basis, direct tax collection grew 22.3 per cent to Rs 13.57 lakh crore. The collection includes PIT (personal income tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore. The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.

Glasses for Indian students with poor vision can boost economy by Rs 156 bn

A child who receives glasses at age five and wears them consistently until age 18 could earn 55.6 per cent more over their lifetime than those who never have their vision corrected

Centre considers seed funding to establish a shipping insurance entity

The finance ministry may undertake an amendment to the Insurance Act, which will allow mutual insurance associations

Govt repurchases Rs 24,453 crore worth of bonds through buyback auction

The demand at the auction was better than in previous buyback auctions conducted by the RBI in the current financial year

World Bank raises S Asia growth forecast to 6.4% on Indian domestic demand

India's economic growth forecast for the current fiscal year, ending in March 2025, was revised to 7 per cent year-on-year

Consumer confidence improves in Sept on better economic conditions: RBI

Price and inflationary pressures eased across all product groups

Banks should avoid long-term, high-risk lending: FM Nirmala Sitharaman

Indian regulators are doing a world class job, Sitharaman said

MFIN to review compliance of its members with norms on indebtedness

Stock-taking in November to include cap on number of lenders per borrower

India's reformist attitude not seen in many countries: OECD Chief Economist

Pereira said that India needs to prioritise education, skilling and take up reforms to improve business climate, reduce informality, ease FDI restrictions in the economy to attract investments

India's equity-market valuation premium over China narrows to 54.2%

Equity market trend attributed to faster growth in India Inc earnings

Coalition govt is good for India, says economist Jagdish Bhagwati

Bhagwati spoke on a wide range of issues, including trade protectionism, India's ambition to become a developed country, the middle-income trap, the demographic dividend

Nation in remarkable economic upsurge, will be developed nation by 2047: VP

He was speaking at the Felicitation ceremony of Dr Karan Singh on the completion of 75 Years in Public Life at the India International Centre (IIC) in Delhi

Status-quo on rates likely, say experts ahead of RBI's policy review

The Reserve Bank is unlikely to cut the benchmark interest rate in its forthcoming bi-monthly monetary policy review later in the week as retail inflation is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts. Earlier this month, the government reconstituted the Reserve Bank's rate-setting panel -- Monetary Policy Committee (MPC). The reconstituted panel, with three newly appointed external members, will commence its maiden meeting on Monday. MPC Chairman RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday (October 9). The Reserve Bank of India (RBI) has kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December. The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with

Claims on economy conceal choke points that will strangulate growth: Cong

Asserting that the last 10 years have seen "highly detrimental economic trends", the Congress on Sunday said the monsoon has receded but at least "three dark clouds" of languishing private sector investment, stagnating manufacturing and decline in real wages and productivity for labourers, still loom over the Indian economy. Congress general secretary in-charge communications Jairam Ramesh said bombastic claims on the economy are being made by Prime Minister Narendra Modi and his drumbeaters but what these claims conceal are the choke points that will strangulate growth in the years to come if not taken seriously now, in a spirit of humility. "The monsoon has receded. But new evidence has shown that at least three dark clouds still loom over the Indian economy," Ramesh said in a statement. "First, after a brief surge in private sector investment during 2022-23 on the back of the COVID-19 recovery, investment has returned to an unsteady path," he said. New project announcements by t

India undergoing transformational changes to sustain high growth: PM Modi

Describing India as a sweet spot amid global uncertainty, Prime Minister Narendra Modi on Friday said the country is undergoing transformational changes to sustain its high economic growth trajectory. Speaking at the 3rd edition of the Kautilya Economic Conclave here, Modi committed to continuing structural reforms to help India become a developed nation by 2047. Jobs, skills, sustainable growth and continuing rapid expansion are the focus of Modi 3.0, he said. "Today, amid a global emergency, we are here discussing about the Indian Era', this shows how the world trusts India...India is the world's fastest-growing and the 5th largest economy. In terms of fintech adoption rate, we stand as the top nation," he noted. India is the largest manufacturer of two-wheelers and tractors, and the second largest manufacturer of mobile phones, he said. Stressing that 'Reform, perform and transform' is the guiding mantra of his government, Modi said, "When the lives of people are transformed, t

Cabinet rationalises agri schemes into 2; okays Rs 10K cr Oilseeds Mission

The Central share in the Rs 101,321 crore allocation is Rs 69,088.98 crore, and the state share is Rs 32,232.63 crore