Page 69 - Indian Economy

514 million person-years employment created during 2014-24: Report

A SKOCH report on Monday claimed that 51.40 crore person years of employment was generated between 2014 and 2024 during the Modi government regime. A man-year or person-year is a unit of measurement for the amount of work done by an individual throughout the entire year expressed in hours. The report titled, Employment Generative Impact of ModiNomics: The Paradigm Shifts, is based on 80 case studies covering borrowers who took multiple loans and data of various government schemes.. "Over a period between 2014-24, a total of 51.40 crore employment has been generated. Out of which 19.79 crore employment has been generated by governance-led interventions. The rest, 31.61 crore, has been contributed by credit-led interventions," a release said. SKOCH Group is India's think tank dealing with socio-economic issues, focusing on inclusive growth since 1997.. The current study also finds that micro-loans are being used to generate employment that is steady and stable, it stated. "We have

India's imports from FTA partners up 38% during 2019-24 fiscal years: GTRI

India's imports of goods from countries with which it has a free trade agreement like the UAE, South Korea, and Australia grew about 38 per cent during 2019-24 fiscal years to USD 187.92 billion, according to think tank GTRI. On the other hand, the country's exports to the FTA (free trade agreement) partners rose 14.48 per cent to USD 122.72 billion in 2023-24 from USD 107.20 billion in 2018-19. "From FY'2019 to FY'2024, India's imports increased by 37.97 per cent, from USD 136.20 billion to USD 187.92 billion. This growth highlights the significant and varied impact of free trade agreements on India's global trade dynamics," the Global Trade Research Initiative data showed. According to the data, India's exports to the UAE increased by 18.25 per cent to USD 35.63 billion in 2023-24 as against USD 30.13 billion in 2018-19, while imports surged 61.21 per cent, from USD 29.79 billion in FY2019 to USD 48.02 billion in the last fiscal. The FTA between India and the UAE came into effect

India needs to focus on market reforms to achieve double digit growth: ADB

India needs to focus on factor market reforms like land and labour to propel India's growth to a double-digit trajectory, ADB Chief Economist Albert Park has said. "There are still concerns that the basic factor markets like land and labour in the formal sector of unemployment in India are still small. So, you really want to formalise those," he told PTI in an interview. The factor market reforms include land, labour, energy, and access to credit, among others, which are critical factors for production. Labour reforms have been approved by Parliament in 2020, but it has not been implemented. In 2019 and 2020, 29 central labour laws were amalgamated, rationalised and simplified into four labour codes -- the Code on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020; and the Occupational Safety, Health & Working Conditions Code, 2020. Labour is in the Concurrent List of the Constitution. Under the Labour Codes, rules are required to be framed by the .

Prices of pulses stable, vegetables witness rise in last one month

Traders and market players said that going forward, vegetable prices will continue to rule firm as heat wave singes supplies

Indian Tea Association raises concerns over lower production, prices

Citing Tea Board data, the association said that North Indian tea production from January to March 2024 was down by more than 21 million kilograms

FY24 fiscal deficit seen slightly better than projected Rs 17.4 trn: Report

India's income tax receipts rose 17.7% year-on-year to nearly $235 billion in 2023/24, higher than government's projection

16th Finance Commission invites suggestions on its ToR, general approach

The Commission is also mandated to review the present arrangements on financing Disaster Management initiatives, with reference to the funds constituted under the Disaster Management Act, 2005

'Omens good', India can grow 6.5-7% in the next decade: CEA Nageswaran

Inflation headed towards central bank's tolerance range; 'don't see scope for nasty upside surprises'

In FY23, investments in mining, construction and manufacturing fell

Low capacity utilisation meant firms had less incentive to invest: Economists

EPFO 'actively' evaluating options in response to Karnataka HC judgement

The Karnataka High Court had struck down the inclusion of international workers in the EPF, deeming it "unconstitutional and arbitrary"

RBI's draft project funding norms may create funding challenge: CareEdge

Reducing debt by 20% is seen as positive for demand-based projects, lowering risks from large repayments and refinancing

Household savings dip over Rs 9 trn in 3 yrs to Rs 14.16 trn in 2022-23

Net household savings declined sharply by Rs 9 lakh crore to Rs 14.16 lakh crore in three years to 2022-23, according to the latest National Account Statistics 2024 of the Ministry of Statistics and Programme Implementation. The net household savings peaked at Rs 23.29 lakh crore in 2020-21. These have been on the decline since then, the data showed. The net household savings declined to Rs 17.12 lakh crore in 2021-22 and dipped further to a five-year low of Rs 14.16 lakh crore in 2022-23. The previous low of net household savings was Rs 13.05 lakh crore in 2017-18 which increased to Rs 14.92 lakh crore in 2018-19 and Rs 15.49 lakh crore in 2019-20. The data showed that the investment in mutual funds almost trebled to Rs 1.79 lakh crore in 2022-23 in three years from Rs 64,084 crore in 2020-21. It was Rs 1.6 lakh crore in 2021-22. The household investment in shares and debentures almost doubled to Rs 2.06 lakh crore in 2022-23 from Rs 1.07 lakh crore in three years from 2020-21. I

Cerberus eyes private debt growth in India as shadow banks retreat

India is fast emerging as a big market for private credit activity, as global firms deploy billions, lured by the fastest-growing major economy

Next 5 years for India going to be of economic stability: J Sai Deepak

The next five years for India are going to be of economic stability coupled with volatility on different fronts, a prominent Supreme Court advocate has said, observing that the country's growth story will be impeded by law and order issues if the government doesn't come out with a mechanism to deal with the street warfare. I think the economic success of Bharat is a foregone conclusion for multiple factors, and I'm not being overconfident here. There is a hunger for economic growth within the population, which is significantly driving the India story," J Sai Deepak, who is also a popular public speaker among the BJP's support base, told PTI in an interview here. This hunger coupled with the enabling factors that the government has decided to create, in terms of a conducive atmosphere, will certainly help the growth story, he said. But the growth story will be impeded by law-and-order issues if the government doesn't come out with a mechanism to deal with the revised form of street .

Spice row: Govt plans greater scrutiny, guidelines on use of ethylene oxide

ETO, a flammable, colourless gas is generally used as a disinfectant, sterilising agent as well as an insecticide to reduce microbial contamination in spices

India urges ADB not to overlook its focus on growth, shared prosperity

India on Sunday urged the Asian Development Bank (ADB) not to overlook its focus on reduction of remaining poverty while promoting sustainable growth for the member nations in the Asia Pacific region. Making intervention at the Board of Governors Business Session at the 57th Annual Meeting of ADB, India's Temporary Alternate Governor Vikas Sheel said the bank has played a critical role in facilitating measures of faster economic development, reducing poverty and promoting regional cooperation while effectively addressing the challenges and delivery of global public goods. "We note with concern that economic growth and dealing with the remaining poverty do not find a place in the enhanced focus areas of the ADB in the review of its Strategy 2030. We urge ADB not to overlook the ADB's charter mandate on growth and shared prosperity," he said. He assured India's continued support to work towards accelerated inclusive and sustainable growth in Asia and the Pacific. Due to ongoing gener

Economy will regress into 'fragile five' if Cong manifesto implemented: FM

If Congress' poll manifesto were to be implemented, the Indian economy currently ranked among the top five globally, would regress into the "fragile five", Union Finance Minister Nirmala Sitharaman said on Saturday. She claimed the Congress poll document is "more akin to a Muslim League document" and the BJP is duty-bound to question its import. Sitharaman's attack comes against the backdrop of the 'conducting an economic survey and x-ray of society' remarks made by Rahul Gandhi and the BJP's allegation that Congress is planning redistribution of wealth if voted to power. "It is the worst manifesto which is not in the interest of the nation," Sitharaman said. Speaking at a meeting with select journalists in Pune, the finance minister wondered whether the Congress has conducted the necessary financial planning to fulfil the assurances listed in its manifesto. "I know they are not coming to power, but I would still like to ask, even if the subject of the Congress manifesto were to b

INDIA bloc PM will be first among equals, will listens to others: Tharoor

Opposition parties, campaigning together or against each other, will join hands after the Lok Sabha polls, says Congress leader Shashi Tharoor, asserting that the people will get a prime minister who is first among equals and listens to others with an INDIA bloc coalition government. Including the Trinamool Congress in his argument on opposition parties getting together after the day of reckoning on June 4, Tharoor said in an interaction with PTI editors at the news agency's headquarters that a coalition government is nothing to be afraid of. The growth performance of the Indian economy has been better under such dispensations than under single party governments, he said. In his view, this is an election for "change" and as of now the BJP has "lost its grip" on the narrative. The Congress Working Committee (CWC) member also defended the party's decision to not attend the 'pran pratishtha' ceremony at the Ram temple in Ayodhya, saying it was right to turn down the invitation as it w

India's services exports growth enters slow lane in FY24: RBI data

Falls to 3-year low of 4.9%, but net services exports grow at 13.6%

More private investment will be focus for Patna Sahib constituency: Prasad

'In Bihar, there is strong support for Narendra Modi among the people. This indicates that we (NDA) are likely to secure all the 40 seats in Bihar'