Page 75 - Indian Economy

Indian economy likely to register 8-8.3% growth in FY25, says PHDCCI

India's economy is estimated to grow at 8-8.3 per cent in the current fiscal, industry body PHDCCI said on Wednesday. The country's GDP will grow at an average of 6.7 per cent over the next 23 years to become a USD 34.7 trillion economy by 2047, with a per capita income of USD 21,000, it added. "We are projecting a growth rate of 8 to 8.3 per cent for India's economy for the current financial year," PHDCCI Chief Economist SP Sharma said. Addressing a press conference, he said India's economy has robust growth fundamentals. "Gradually after 2035, the growth rate will start decelerating from the peak, and on an average, our growth rate, the real GDP (gross domestic product), will be 6.7 per cent overall in the next 23 years," Sharma noted. India's economy will attain the size of USD 34.7 trillion by 2047 with a per capita income of USD 21,000, the industry body said. The chamber has suggested 10 key enablers for the country to become a developed economy by 2047 in a report. It has

Quality Control Orders: What do they mean for the domestic industry?

India believes developed countries and China use quality control orders as a trade barrier, and seeks to play catch-up

UP's women self-help groups weaving success stories, thread by thread

Out of 1.2 crore self-help groups (SHGs) in the country, 88 per cent are women groups, according to the Economic Survey 2022-23

India will be $34.7 trn economy by 2047; per capita to be $21k: PHDCCI

The report said that the share of agriculture in total GDP would come down to 12% in FY47

Indian economy projected to grow 6.5% in 2024, suggests UNCTAD report

India's economy is projected to grow by 6.5 per cent in 2024, according to a report by the UN which noted that multinationals extending their manufacturing processes into the country to diversify their supply chains will have a positive impact on Indian exports. UN Trade and Development (UNCTAD) in its report released on Tuesday said that India grew by 6.7 per cent in 2023 and is expected to expand by 6.5 per cent in 2024, continuing to be the fastest-growing major economy in the world. The expansion in 2023 was driven by strong public investment outlays as well as the vitality of the services sector which benefited from robust local demand for consumer services and firm external demand for the country's business services exports, the report said, adding that these factors are expected to continue to support growth in India in 2024. The report also noted the increasing focus by multinationals on India as a manufacturing base as they diversify their supply chains, a reference to ...

India fastest growing economy during last 3 financial years: Sitharaman

Union Finance Minister Nirmala Sitharaman said here on Tuesday that India has been the fastest growing economy in the last three consecutive financial years and this growth can continue in the coming years as well. She said the next 25 years will be critical for India. In the financial year 2023-24, India witnessed a growth rate of eight per cent in three quarters and is expecting a similar level of growth in the fourth quarter, she said, adding it has been a sustainable growth. "India has been the fastest growing economy in the last three consecutive financial years and this growth can continue in the coming years as well. The next 25 years will be very critical for India," Sitharaman said in a dialogue programme with industrialists and businessmen. She said that foreign investors are coming to invest in India due to the credibility of its economy. "Due to the economic policy, larger macroeconomic stability, stable government, stable taxation policy, transparent tenders and ...

Some states saw higher inflation than national average, shows data

Some had higher inflation every month of the year

Wholesale price inflation rises to three-month high of 0.53% in March

The overall FY24 wholesale headline inflation stood at -0.7 per cent as compared to 9.6 per cent in FY23

India may remain poor even after becoming 3rd largest economy: Ex-RBI chief

Even after becoming the third largest economy in the world by 2029 as envisaged by Prime Minister Narendra Modi, India may still be a poor country and therefore there is no reason for celebration, former Reserve Bank Governor D Subbarao said here on Monday. Addressing a gathering at a book launch programme, Subbarao also said, citing Saudi Arabia, that becoming a rich country does not necessarily mean becoming a developed nation. Recalling PM Modi saying that if he returns to office, India will become the third-largest economy before 2029 -- before the end of his third term, he said many economists predict that the country would become the third largest after the US and China, much sooner. In my view, that is possible (India becoming the third-largest economy), but it's not a celebration. Why? We are a large economy because we are 1.40 billion people. And people are a factor of production. So we are a large economy because we have people. But we are still a poor country, Subbarao ..

BJP manifesto to maintain fiscal prudence, make India 3rd largest economy

The government has set a fiscal deficit target of 5.1 per cent for FY25 to stick to the glide path set in 2021-22. It aims to trim the fiscal deficit to 4.5 per cent by FY26

Fuelling tensions: West Asian conflict reveals India's oil vulnerability

Iran attacked Israel after an airstrike by Jerusalem on April 1 on an Iranian embassy compound in Damascus killed an Iranian general and six officers

March retail inflation eases to 10-mth low of 4.85%; IIP grows 5.7% in Feb

But remains well above RBI's 4 per cent target

Global woes spook mkts: Sensex sinks 793 pts, bonds weaken and rupee falls

Gold soars and FPIs sell Rs 8K cr equities

Inflation down in key peers: Here's how some Brics countries fare

Among Brics countries, Brazil, China, and India have shown a decline compared to the previous month and Russia has seen an uptick

India's foreign exchange reserves hit fresh peak of $648.56 billion

In the current calendar year, the reserves have expanded by 23 billion so far. As of 29 December 2023, India's foreign exchange reserves amounted to $623 billion

Moody's Analytics projects India's economy to expand by 6.1% in 2024

The rating agency's arm said that India's recent consumer price inflation at around 5 per cent was without clear evidence of a trend towards slowing price pressures

Citroën becomes the first multinational carmaker to export EVs from India

Citroën despatched 500 units of the Made-in-India ë-C3 to Indonesia from the Kamarajar Port

Govt focus on infra to nurture sustained revival in investment: RBI report

The government's focus on infrastructure development, coupled with buoyant business optimism, could nurture a sustained revival in the investment cycle, according to a Reserve Bank report. According to the RBI's Monetary Policy Report- April 2024, domestic economic activity, backed by strong fundamentals, remained robust in the first half of 2023-24, weathering challenges from muted global demand. The report further said that while the fixed investment and the lower drag from net external demand propelled real GDP growth, private consumption received support from steady urban demand. On the supply side, it added, manufacturing activity strengthened further, benefiting from lower input costs and the improvement in global supply chains. Construction activity remained firm on the back of buoyant housing demand and the government's thrust on infrastructure. "Going ahead, private consumption will get support from improved prospects for rural demand and rising consumer confidence. "The

PLI incentives for FY24 remain at Rs 6,800 crore, far from govt estimates

Singh shared government's plans to make PLI schemes for textiles, bulk drugs, food products, and solar PV modules relatively attractive by adding more product lines and extending the timelines

Lamba's 2047 vision: Enhancing human capital, services-led growth

Says economic growth overstated at 8%, actually 6-6.5% and unsustainable without addressing K-shaped recovery