Page 84 - Indian Economy

India to become 3rd largest economy with GDP of $5 trn in 3 yrs: FinMin

India is expected to become the third-largest economy in the world with a GDP of USD 5 trillion in the next three years and touch USD 7 trillion by 2030 on the back of continued reforms, the finance ministry said on Monday. Ten years ago, India was the 10th largest economy in the world, with a GDP of USD 1.9 trillion at current market prices. Today, it is the 5th largest with a GDP of USD 3.7 trillion (estimate FY24), despite the pandemic and despite inheriting an economy with macro imbalances and a broken financial sector, said the ministry's January 2024 review of the economy. "This ten-year journey is marked by several reforms, both substantive and incremental, which have significantly contributed to the country's economic progress," it said. These reforms, it added, have also delivered an economic resilience that the country will need to deal with unanticipated global shocks in the future. The ministry said that in the next three years, India is expected to become the ...

India awash with optimism, pride and anticipation: Kumar Mangalam Birla

In his annual note, Birla said that the viral meme 'just looking like a wow' echoes the vibrant energy of the Indian economy and captures the 'unparalleled' nature of this moment

TN economy to be worth $2.6 trn by FY48, needs $111 bn investment: Study

State must focus on industries and urbanisation to meet potential, it says

Banking on the Budget

With India's inclusion in global bond index, big fat annual market borrowing programme may not be a headache for government anymore. Let's hope that encourages it to get back on path of banking reform

'No spectacular announcements': Will FM walk the talk on interim Budget?

The Interim Budget due on February 1, 2024, will include a Vote on Account to ensure that the government's expenditure does not get affected in view of the Lok Sabha elections

Gates Foundation CEO hails India's economic growth, philanthropic market

In developing countries, it focuses on improving people's health and giving them the chance to lift themselves out of hunger and extreme poverty

India, UK relationship 'force for good': UK home secretary James Cleverly

Terming the UK-India relationship a "force for good", British Home Secretary James Cleverly has said that the two countries can work to prevent conflict from spilling over and engulfing other parts of the world. Speaking at India Global Forum's 6th annual UK-India Parliamentary Lunch at the House of Lords on Wednesday, Cleverly said that the intellectual horsepower of India is enormous and getting bigger. The intellectual horsepower of India is enormous and getting bigger. Whether it is dealing with potential future pandemics or dealing with non-communicable diseases or dealing with the opportunities and risks of Artificial Intelligence or financial services or sustainable agriculture, I struggle to think of any sector where coordination and cooperation between the UK and India will not be a force for good in the world, he said. Against the backdrop of major global conflicts, and following the first visit by an Indian Defence Minister (Rajnath Singh) to Britain in 22 years, Cleverly

Credit cards in force shy of the 100 million mark, shows RBI data

December saw highest addition of cards in 2023

Economics versus the law

Pradeep Mehta's book, critiquing six judgments impacting India's economy, is a call for introspection, highlighting the consequences of overstepping by courts and the problems with the PIL process

Budget should sustain growth momentum

The government's capital expenditure has boosted growth and provided resilience to the Indian economy. Incipient signs of this crowding in private investments are visible

Getting to grips with logistics cost

As India focuses on reducing the cost, it is important to get the numbers right

A progressive green growth narrative

For the green initiative to get off the ground, voters first need to be convinced that such investments are socially beneficial

India will have surplus domestic coal by FY26: Coal minister Joshi

The Union Cabinet on Wednesday approved Rs 8,500 crore financial incentives for coal gasification projects in three categories

Brookfield planning $1.2 billion of debt to buy India assets: Reports

Investment firm Brookfield is betting on growth in India, whose economy is outpacing that of other large countries and where smartphone usage is increasing rapidly

Direct tax-GDP ratio rises to 15-year high of 6.11% during FY23, shows data

However, direct tax collections rose higher than economic growth during FY23

India to retain top economy title as govt spending stays strong: Poll

While inflation rose to the fastest pace in four months in December to 5.69 per cent, driven by pressures from food prices, economists expect that to fade soon

EV push: FAME-III scheme set to power electric buses this Union Budget

Plans are also being drawn up to reduce the allocation for electric two-wheelers to Rs 2,500 crore from Rs 5,311 crore

Railway freight earnings second-highest since Covid, quantity carried grows

Nearly half the goods transported is coal; share of food grains declines

GST cess as an opportunity

India's economy should benefit from an early termination of the compensation cess

The rural push

Labour market conditions can affect long-term growth