Page 86 - Indian Economy

Quality workforce, investment in R&D essential to become 'developed nation'

To bolster its goal of becoming a developed nation by 2047, India needs to substantially increase the size of its quality workforce and investment in R&D in science and technology, including by the private sector, a top Indian official has said. In an interview with PTI on the sidelines of the PANIIT 2024 meeting in a Maryland suburb of Washington DC, Abhay Karandikar, Secretary, Department of Science and Technology, said that one of the key challenges that India has is shortage of trained manpower in R&D sector and "that requires to be enhanced substantially. Given the size and scale of our country, we need a large number of quality R&D workforce to drive the science and technology landscape of the country, he said. Another thing is that we need substantial investment in the R&D sector as a percentage of our GDP, which has been really much lower than the world average, Karandikar said in response to a question. India has taken the initiative to set up a very ...

Will interim Budget 2024 revive demand and investment?

The interim Budget 2024-25 on February 1 will likely see the central government boost investment, while still sticking to the fiscal consolidation path

Indian economy withstood geopolitical shocks; ready for future challenges

The Indian economy has withstood all geopolitical shocks in the last couple of years and it will also be able to navigate the uncertainties that lie ahead, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Sunday. Varma further said he expects a benign outcome in 2024 where inflation comes down and growth remains robust. "The Indian economy has withstood all these shocks ( Russia-Ukraine war, Israel-Hamas war, rising oil prices, Houthi attacks) in the last couple of years, and I do not believe that the geopolitical situation will be significantly worse in coming months than what we experienced in the recent past," he told PTI in an interview. Moreover, Varma, a professor at the Indian Institute of Management, Ahmedabad, said the continued slowdown in China has led to sharply reduced demand for energy and other commodities, and this too has ameliorated the adverse effects of supply shock. "On the whole, I have a great deal of confidence that India will be able to ..

Building forward better

The biggest impediment in India securing transformative prosperity for its citizens by 2047 is the suboptimal utilisation of its resources

5 ways to increase cyber resilience against increasingly diverse threats

All signs are that 2024 will be another challenging year, but by shifting practices and pursuing cooperation and best practice sharing, progress can be made

7.3% GDP growth very positive, economic climate encouraging: SBI chairman

State Bank of India chairman Dinesh Kumar Khara on Wednesday termed the 7.3 per cent growth estimate for the country for FY24 as a "very positive" development. Speaking to PTI on the sidelines of the biennial Vibrant Gujarat Global Summit here, Khara said the overall economic climate is "very encouraging" at present. Last week, the National Statistical Office (NSO) estimated the real GDP growth in FY24 to come at 7.3 per cent in its advanced estimates. The GDP growth rate is far higher than all the prevailing estimates which said the economy will expand at less than 6.5 per cent. Last month, the RBI had upwardly revised its estimate to 7 per cent from 6.5 per cent earlier, and termed the new assumption as "conservative". Citing the silent period that the bank is in right now, Khara declined to comment on the business outlook of the country's largest lender. When asked about his expectations from the upcoming Union Budget, Khara said that it will be a vote on account, hinting that

GDP of India to surpass $4 trn in 2024-25, $5 trn by 2026-27: PHDCCI report

India's economy is likely to surpass USD 4 trillion in 2024-25 and further escalate to USD 5 trillion by 2026-27, according to a PHDCCI report released on Wednesday. The industry chamber also expects the RBI to cut the repo rate by 100 basis points in a calibrated manner by the end of 2024. "The Indian economy is showing evidence of strong growth...It is imperative that there is a need to remain watchful and adaptable in the coming days to mitigate the dangers presented by the global economy through carefully calibrated policy actions," the report stated. Observing that despite global challenges, India's economy remains resilient, the report said the country is poised to attain the status of a developed economy by 2047 under the initiative of 'Viksit Bharat'. "... India is making significant strides for its futuristic growth trajectory. (Indian economy is) anticipated to surpass USD 4 trillion in the financial year 2024-25 and further escalate to USD 5 trillion by the financial yea

India growing rapidly, to be $30 trn economy by 2047: FM Sitharaman

Relationship between states and centre is of collaborative federalism, she says at Vibrant Gujarat Summit

Reduction of logistics cost is a big macro turnaround for India

The country will create jobs and encourage consumption and demand by reducing logistic cost

Airport to new resorts, Lakshadweep tourism is in for an upgrade: Details

Lakshadweep tourism: Some of the key infrastructure development projects lined up in Lakshadweep include an airport upgrade, resorts, and improved utility services among others

Jeera prices halve after sowing increases on 2023 hopes, shows data

Experts are saying the slump could be due to expectations of a bumper crop this year. Farmers had sown the crop in a larger area after prices hit multi-year highs last year

Budget and electoral tailwinds

With limited fiscal space, the Budget needs to take advantage of the ruling party's recent electoral wins

Global economy will slow for a third straight year in 2024: World Bank

Hobbled by high interest rates, persistent inflation, slumping trade and a diminished China, the global economy will slow for a third consecutive year in 2024. That is the picture sketched by the World Bank, which forecast Tuesday that the world economy will expand just 2.4 per cent this year. That would be down from 2.6 per cent growth in 2023, 3 per cent in 2022 and a galloping 6.2 per cent in 2021, which reflected the robust recovery from the pandemic recession of 2020. Heightened global tensions, arising particularly from Israel's war with Hamas and the conflict in Ukraine, pose the risk of even weaker growth. And World Bank officials express worry that deeply indebted poor countries cannot afford to make necessary investments to fight climate change and poverty. Near-term growth will remain weak, leaving many developing countries especially the poorest stuck in a trap: with paralyzing levels of debt and tenuous access to food for nearly one out of every three people," Indermi

K-shaped recovery post pandemic is flawed, prejudiced narrative: SBI report

The repeated argument that India witnessed a K-shaped recovery post-pandemic is "flawed, prejudiced, and ill-concocted", said a research report by SBI on Monday. According to the report, post-pandemic, households are reconfiguring their savings towards physical assets, including real estate, it said. "The oft-repeated conundrum debating a K-shaped recovery post-pandemic seems at best flawed, prejudiced, ill-concocted and fanning interests of select quarters to whom India's remarkable ascendance, signalling more the renaissance of the new global south, is quite unpalatable," the report said. K-shaped recovery reflects uneven recovery where certain sectors of the economy thrives while other sectors continue to decline or struggle to recover. It further said post-pandemic, there has been two-way shift between savings channelised into physical assets from financial assets in consonance with the global trend to take advantage of lower interest rates. However, it said, recent data shows

Statsguru: Record tax filings indicate potential growth challenges ahead

Gross total income has gone up 229 per cent since AY13 and was nearing Rs 70 trillion as of AY22. Tax payable was nearing Rs 10 trillion

Growth adjustments

Weak consumption demand is a risk

GDP growth data suggests a robust recovery

Economy-wide modelling while facing multiple exogenous shocks is clearly a task that is challenging and risky

Indians' willingness to spend back at pre-Covid level, shows data

Consumer sentiment in rural India highest since Dec 2019

Agri growth pegged at 7-year low of 1.8% in FY24 due to poor Kharif harvest

However, some experts said the GVA numbers could stand to be revised as the initial estimates are based on extrapolation of figures for five-six months and a final picture will emerge only around Feb

Govt capex leads investment growth, 'skewed consumption' a concern

Sunil Kumar Sinha, principal economist, India Ratings says that a robust growth in GFCF reflects the sustained focus of the government on capital expenditure