Page 55 - Indian Economy

India's manufacturing PMI cools to 8-month low in Sept as output slows

'Mild setback' in manufacturing growth across India, according to HSBC survey

GST mopup growth in September slowest in H1FY25 amid high refunds

Net numbers fall 3.9% to Rs 1.5 trn

FY23 wage share in NVA below the pre-pandemic level, shows ASI data

This is despite a fall in the share of profits to NVA and a rise in the share of wages and emoluments in 2022-23 compared to 2021-22

CAIT's White Paper details violations by Amazon, Flipkart; calls for action

The White Paper focuses on the violations committed by e-commerce giants, particularly regarding the Foreign Direct Investment policy and other regulatory frameworks governing e-commerce

Make in India played tremendous role in latest GVA numbers: Piyush Goyal

Goyal further remarked that the world is increasingly viewing India as a manufacturing hub

Fiscal deficit in April-August at 27% of full-year target: Govt data

The fiscal deficit-the gap between expenditure and revenue-was 36 per cent of the budget estimates for the corresponding period last year

Key infra sectors' growth contracts 1.8% in August, shows govt data

The growth in production of eight key infrastructure sectors contracted 1.8 per cent in August this year due to a decline in the output of coal, crude oil, natural gas, refinery products, cement and electricity, according to official data released on Monday. The growth rate was 6.1 per cent in July. The growth of core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 13.4 per cent in August 2023. During April-August this fiscal, the output of core sectors rose 4.6 per cent against 8 per cent in the same period last fiscal. The eight core sectors contribute 40.27 per cent to the Index of Industrial Production (IIP) which measures overall industrial growth.

Economic growth, social development possible only where law upheld: Prez

President Droupadi Murmu on Monday said that economic growth and social development are possible only where the rule of law is upheld. Without maintaining law and order, ensuring justice and protecting citizens' rights, progress becomes a meaningless term, she said addressing a group of Indian Police Service (IPS) probationers, who had called on her at the Rashtrapati Bhavan. "One category of crime I would like to highlight here is crimes against women. While it is a complex phenomenon with its roots deep in a sick mindset as well as sickening social prejudices, it is, first of all, a crime. Therefore, fighting it requires action at many levels, but the first response comes from the police force," Murmu said. She said that police officers working on these cases are expected to have exceptional sensitivity, empathy for the victim besides utmost commitment to the task of ensuring justice. The president said police officers working on cases of crime against women are "expected to have

Wedding rush: 4.8 million couples to spark Rs 5.9 trillion economic surge

The upcoming wedding season, starting from November 12, 2024, is projected to significantly outperform last year's Rs 4.25 trillion generated by 3.5 million weddings

Net financial wealth of households touched all-time high in Q1 FY25

Motilal Oswal report shows assets have grown at a faster pace since the pandemic

10-12 companies to get first set of incentives for textiles PLI scheme

Decision comes after panel flagged funding 'shortfall' in 3 out of 14 sectors

Bibek Debroy steps down as Chancellor of Pune-based Gokhale Institute

Noted economist Bibek Debroy on Friday resigned as Chancellor of the Gokhale Institute of Politics and Economics (GIPE), a day after the Bombay High Court extended interim relief to Vice-Chancellor Ajit Ranade, who was earlier removed from his post. Debroy, who is also chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), was appointed as Chancellor of GIPE, a deemed to be university, in July this year. In an email addressed to Ranade, who is also an eminent economist, Debroy said he is standing down from his post with immediate effect. Milind Deshmukh, secretary of the Servants of India Society (SSI), confirmed Debroy has rendered his resignation as chancellor of the institution. GIPE was established in 1930 by the Society. Earlier this month, Ranade was removed from the position of GIPE vice-chancellor after a fact-finding committee set up by Debroy found that his appointment violated University Grants Commission (UGC) norms. Ranade approached the High Court

Indian economy to grow at 6.5-7% in FY 2024-25 on steady state basis: CEA

Chief Economic Advisor (CEA) to the Union government, V Anantha Nageswaran, on Friday said that the Indian economy is expected to grow at a rate of 6.5-7 per cent in the current financial year on a steady state basis. He said the growth rate is commendable given the current global scenario. Speaking virtually at an event organised by the Bengal Chamber of Commerce and Industry (BCCI), Nageswaran said that while the economy will grow at 6.5 per cent in real terms, the nominal rate of growth will be 11 per cent, taking inflation into account. "The Indian economy is poised to remain the fastest growing in the current financial year with a growth rate of 6.5-7 per cent on a steady state basis. This is a very good achievement in the current global context," Nageswaran said. He said that while the world is facing medium-term uncertainties with global trade slowing to a crawl, post-COVID recovery in India is now cemented due to calibrated fiscal and monetary policies pursued by the ...

State-level integration under GST shows modest gains in post-Covid period

This change in the design of the tax regime was argued to shift the revenue to consuming states from producing states

India faces risk of Chinese product influx as US tariffs take effect

Tariffs up to 100% on key items from China take effect today

Pickup in public expenditure may keep growth steady: Finance ministry

The review released on Thursday said that the risk of market correction has risen amid a boom around the world, and if this risk materialises, the spillover effect may be felt globally as well

Just 3,000 nods: Trai's whitelisting deadline may be pushed by 30 days

At present, the telcos get the headers and the templates from the businesses. However, now they will also require the content to be submitted

Economists bullish on India, cautious optimism for global recovery: Survey

A majority of chief economists have shown a cautious optimism about the global economy with India's robust performance making South Asia the best performer worldwide, a survey showed on Wednesday. "Easing inflation and strong global commerce are fuelling cautious optimism for recovery but elevated debt levels are becoming a growing concern in both advanced and developing economies," the World Economic Forum said in its latest Chief Economists Outlook. The report, based on a survey of leading chief economists from across the world, highlighted that debt levels and fiscal challenges are placing significant pressure on economies worldwide leaving them vulnerable to future crises. A growing concern is a potential fiscal squeeze, where rising debt-servicing costs limit governments to invest in essential sectors such as infrastructure, education and healthcare. In developing economies, 39 per cent of economists expect an increase in defaults over the next year, the WEF said. Regionwise,

Online home searches rise again as festive season kicks in: Report

The reading on the Indian Residential Index for Online Search by proptech platform Housing.com touched 99 in August, the highest since December 2023 when it was 105

India pips Japan, ranks 3rd on Asia Power Index of Australia think tank

India ranks third in the annual Asia Power Index, released by an Australian think-tank, surpassing Japan on the back of strong post-COVID 19 economic growth, while China's power appeared to plateau just below the United States. The Sydney-based Lowy Institute has put the US at the top of its Asia Power Index with a score of 81.7, followed by China with a score of 72.7, India (39.1), Japan (38.9), Australia (31.9) and Russia (31.1). The Index ranks 27 countries and territories in terms of their capacity to shape their external environment -- its scope reaching as far west as Pakistan, as far north as Russia and as far into the Pacific as Australia, New Zealand and the US. The index has cited economic growth, future potential and diplomatic influence as key factors for India's rise. However, it has pointed out that New Delhi's clout remains below the potential promised by its resources. "India has shown remarkable post-pandemic economic recovery, contributing to a 4.2-point rise in i