Page 83 - Indian Economy

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

Prospects bright for capital formation, upturn in pvt capital expenditure

The government also expects inflation to further reduce due to measures announced to rein in food prices

Govt debt to GDP may fall in contrast to global trend: RBI report

Dismisses IMF's contention of ratio exceeding 100%

RBI net bought $2.07 billion in spot foreign exchange market in December

The RBI said it purchased $31.73 billion and sold $29.66 billion in the spot market. In November, it had sold a net $1.93 billion

16th Finance Commission: Centre to replace Rajadhyaksha as member

Niranjan Rajadhyaksha was appointed as a member to the 16th Finance Commission on January 1, 2024

Petty dispute relief scheme: Govt to waive interest, fee, penalty, too

The withdrawal does not entitle taxpayers to take credit or refund

Artha Global's Rajadhyaksha expresses inability to join Finance Commission

Artha Global Executive Director Niranjan Rajadhyaksha has expressed his inability to join as a member of the 16th Finance Commission due to personal reasons, the Finance Ministry said on Monday. The government had on January 31, appointed four members of the 16th Finance Commission chaired by Arvind Panagariya. Apart from Rajadhyaksha, former expenditure secretary Ajay Narayan Jha and retired bureaucrat Annie George Mathew were appointed as full-time members of the commission. SBI Group Chief Economic Advisor Soumya Kanti Ghosh was named a part-time member. "Dr. Rajadhyaksha has expressed his inability to take up this responsibility due to unforeseen personal circumstances. Action will be taken to appoint a Member of the 16th Commission in lieu of Dr. Rajadhyaksha," a ministry statement said. Officials said Rajadhyaksha did not attend the first meeting of the 16th Finance Commission which was held on February 14. The government constituted the 16th Finance Commission under the ...

Fourth round of talks: 'Won't settle for anything less,' say farmers

Urge govt to bring Ordinance on legal guarantee for MSP

MSME apparel makers may face losses up to Rs 7,000 crore in Q4: CMAI

Says retailers dropping order because of amendment to I-T Act on payment to MSMEs

Finding the right policy for edible oil

The strategy mooted by the finance minister to attain atmanirbharta in edible oilseeds like mustard, groundnut, sesame, soybean, and sunflower involves research on high-yielding crop varieties

Valuations elevated, but earnings growth provides comfort: Anish Tawakley

Tawakley expresses confidence in domestic cyclicals driving future performance

India needs to grow at 9-10% for 3 decades to be $35 trn economy: Kant

India needs to grow at an annual rate of 9-10 per cent for around three decades and constant innovations to become a USD 35 trillion economy by 2047, India's G-20 Sherpa and former NITI Aayog CEO Amitabh Kant said on Sunday. "We are the fifth largest economy in the world and by 2027 we will surpass Japan and Germany to become the third largest economy in the world. And our aim is that by the time we turn 100 in 2047, India should be a USD 35 trillion economy," Kant said while addressing a session at Mumbai Tech Week (MTW) hosted by Tech Entrepreneurs Association Mumbai (TEAM). Which means, India will become the second largest economy in the world, Kant stated. "And to be a USD 35 trillion economy means that we need to grow year after year for close to three decades by 9-10 per cent annually and this means that we need to do a lot of disruptions and constant innovation," he noted. Kant said that India created the digital identity of 1.4 billion people and technologically the country

Meghalaya needs to sustain 11.5% GSDP growth to become $10 bn economy: CM

Meghalaya Chief Minister Conrad K Sangma on Saturday asserted that the state needs to sustain 11.5 per cent annual GSDP growth to achieve the ambitious target of becoming a USD 10 billion economy by 2028. Addressing a gathering after laying the foundation of a Rs 100 cr bulk water supply project at Ballonggre in West Garo Hill district, Sangma said that the state is at present a Rs 45,000 crore economy and that needs to be improved. "It is a herculean task but the state government has charted out a roadmap to achieve the target," he said. The CM asserted that his government has a vision for the state and investments are being made to build better and sustainable infrastructure, create jobs through entrepreneurship and adopt innovative policies and programmes to increase farmers' income. He said a thrust has been laid on improving rural economy by focusing on enterprises that will leverage the potential of the rich natural resources of the state. He asserted that Meghalaya has won