Page 79 - Indian Economy

Indians spending less on food, more on discretionary items, shows survey

The Household Consumption Expenditure Survey, released late on Saturday, estimates average rural consumer spending rose to Rs 3,773 a month per person

India's GDP to grow at around 6.75-6.8% in FY25, says Bank of Baroda

The International Monetary Fund has projected the Indian economy to grow at 6.7%

Indian economy still growing below its potential, says Jayanth R Varma

Varma says if the economy is not overheating, there is no need of a high real interest rate, which can choke growth

Tractor sales drop by 4% in FY24, signalling rural economic trouble

Maharashtra recorded a 33% drop, Karnataka 21%, and Telangana 36% in tractor sales. This decline can be attributed to erratic weather conditions and insufficient rainfall

India on track to be $10 trn economy, set for 3rd largest slot: WEF prez

India is on track to become a USD 10 trillion economy in coming years and grab the third-largest slot soon, World Economic Forum President Borge Brende said on Thursday as he described the country as a place with optimism not seen elsewhere in a very fragmented and polarised world. In an exclusive video interview with PTI, Brende also said that the World Economic Forum (WEF) hopes to come back to the country with the WEF India Summit in collaboration with Government of India when the time is ripe. "The Indian economy is the fastest growing among all large economies of the world. We saw in Davos this year that there was a huge interest in India and I think this will only continue," Brende said. Geneva-based WEF, which describes itself as an international organisation for public-private cooperation, holds its annual meeting in the Swiss ski resort town Davos every year in January. Brende said Indian Prime Minister Narendra Modi is "always very, very welcome to Davos". "When you come

Fresh formal jobs created last year fell nearly 10%, shows EPFO data

EPFO data shows 10.78 mn new users joined compared to 11.93 mn in 2022

RBI MPC minutes: Caution stays in last leg of fight against inflation

Patra said it was only when the inflation rate subsided and stayed close to the target lastingly that policy restraint could be eased

Private capital yet to embrace energy transition, says CEA Nageswaran

While urging multilateral development banks to act on the recommendations of the independent expert group under India's Group of Twenty (G20) presidency to mobilise private capital, the CEA added

IMEC has potential to create more opportunities: Albanian foreign minister

Hasani, who is in the national capital to attend the Raisina Dialogue, said the India Middle-East Economic Corridor (IMEC) has the potential to create more market opportunities

Recalibrating spend

RBI paper redefines the capex-revenue debate

India's GDP growth likely to moderate to 6.5% in FY25: India Ratings

On the consumption side, India Ratings expects private final consumption expenditure to grow by 6.1 per cent in FY25, up from 4.4 per cent in FY24

RBI to conduct 13-day VRR auction to infuse Rs 1 trillion on Friday

Despite the slew of VRR auctions being conducted by the RBI since February 8, the persistent liquidity deficit in the banking system has been largely around Rs 2 trillion in the period

We will see 2-3 more fab plants get approved soon: Ashwini Vaishnaw

In 2021, the Union Cabinet had approved the semicon India programme with a financial outlay of Rs 76,000 crore for the development of a semiconductor and display ecosystem

Politicians to economists, the changing composition of Finance Commissions

The govt is in the process of appointing a member in place of Niranjan Rajadhhyaksha, the executive director at Artha Global, who resigned from the Commission earlier this month

Tamil Nadu seeks to use state consolidated fund to meet expenditure

Tamil Nadu Finance Minister Thangam Thennarasu on Wednesday presented the TN Appropriation Bill in the Assembly seeking withdrawal of Rs 30,355 crore from the State Consolidated Fund to meet the supplementary grants and expenditure for the financial year 23-24. Of the total Rs 30,355.32 crore, Rs 26,590.09 crore was under the revenue account, Rs 3,499.98 crore in the capital account, and Rs 265.25 crore in the loan account. This appropriation out of the Consolidated Fund of the state was for services and purposes of the financial year 23-24, he said while moving the bill, which was later approved by voice vote. A Bill to replace the Tamil Nadu Medical Registration Act, 1914 and to constitute the Tamil Nadu State Medical Council was among the 12 bills introduced in the Assembly House today. The TN State Medical Council Act, 2024, seeks to repeal the TN Act IV of 1914 and re-enact a new one in its place.

FPI selling, liquidity deficit tightening financial conditions: CRISIL

Financial conditions have tightened the economy with liquidity going into a deeper deficit putting upward pressure on short-term rates, according to a research report by CRISIL Market Intelligence and Analytics. The report released during the month also said that foreign portfolio investors turned net sellers further aggravating the tight liquidity conditions. With tightening of the liquidity, the transmission of interest rates improved across lending and deposit rates in January. However, the cumulative rise in most deposit and lending rates remained lower than the 250 basis points of repo rate increase by the RBI since May 2022, the report said. This incomplete transmission of monetary policy prompted the Reserve Bank of India to keep the interest rates unchanged, the research body said in the report. "We believe that the central bank will be active in liquidity management and adopt regulatory measures to prevent excesses in credit growth. We foresee the RBI cutting rates from Ju

Higher sales tax drives Sri Lanka inflation to 6.5% in January, shows data

The National Consumer Price Index (NCPI) captures broad retail price inflation and is released with a lag of 21 days every month

India needs to grow at rapid rates to become $35 trn economy by 2047: Kant

India will be the third largest economy by 2027 and it needs to grow at rapid rates to become a USD 35 trillion economy by 2047, the country's G20 Sherpa Amitabh Kant said on Wednesday. Addressing an event organised by the All India Management Association, Kant further said that India needs to grow at 9-10 per cent year after year for the next three decades. "India will be the third largest economy by 2027. And now that Japan, the United Kingdom and Germany are all in the recession phase, we should be able to do it much quicker and much faster," he said. Currently, India is the fifth largest economy and the size of the Indian economy would be about USD 3.6 trillion by March 31, 2024 in nominal terms. "And it is important to be ambitious to make India grow at rapid rates and be USD 35 trillion economy by 2047," Kant added. He noted that India has come a long way from the time when it had faced balance sheet problems. Kant pointed out that unlike the West, where all innovation came

ICAI to suggest ways to improve country's tax to GDP ratio, says Agarwal

Chartered accountants' apex body ICAI will provide suggestions to the government on increasing the tax to GDP ratio as well as on green finance. At a briefing in the national capital on Wednesday, ICAI President Ranjeet Kumar Agarwal said the tax to GDP ratio should improve for the country to become a developed economy by 2047. The Institute of Chartered Accountants of India (ICAI) has more than 4 lakh members and 8.5 lakh students. Spelling out the vision for the institute, Agarwal, who took over as the President on February 12, also said a committee will identify irrelevant laws and make suggestions in this regard to the government. Among other initiatives, the institute will come out with a roadmap on how Artificial Intelligence (AI) can be used for its various stakeholders.

10 states, 2 Union Territories raise Rs 28,000 crore at bond auction

The weighted average cut-off of the state securities was unchanged at 7.46 per cent from last week, despite a mild decline in the weighted average tenor to 13 years from 14 years during same period