Page 87 - Indian Economy

Wheels India Q3 results: Net profit at Rs 12.58 cr amid low-demand

Wheels India, a company manufacturing wheels for trucks and passenger vehicles, has registered a net profit of Rs 12.58 crore for the October-December 2023 quarter, attributing it to the impact of low-demand tractor and mining wheel segments, the company said on Tuesday. The Chennai-headquartered company registered a net profit of Rs 15.36 crore during the corresponding quarter of the last financial year. Revenues during the quarter under review grew to Rs 1,131 crore driven by a strong recovery in exports, as compared to Rs 1,018 crore registered in the same period of last year. Export revenues stood at Rs 307 crore for the quarter under review as compared to Rs 205 crore recorded in the corresponding quarter of last year. "The profits in Q3 were impacted by low demand in the tractor and mining wheel segments and by the floods that affected our Padi plant in the first week of December 2023. There was no power for a week at the plant and we were not able to run it to full capacity i

Steel imports hit five-year high in April-December amid soaring demand

India's steel demand is likely to stay strong as the government expects economic growth will outpace the global economy in the next fiscal year

Interim Budget 2024: Some key imperatives that are need for the economy

Simplifying taxes would help businesses navigating turbulent times, writes Ketan Dalal

Indian economy is 'looking like a wow': Birla

India is striding forward with unwavering optimism even as large pockets of the world remain engulfed in pessimism, Birla added

FY25 likely to see 7% growth: Finance ministry ahead of Interim Budget

Review report flags elevated risk of geopolitical conflicts only area of concern

Use of tech a common thread in reforms undertaken in 9 yrs: Economy review

The report states that a common thread through all the reforms undertaken during the last nine years has been the use of technology and digital platforms

Policy consistency needed to expand production choices for farmers: FinMin

Innovation, tech needed for nutritious food basket

Adani Group central to India's economic ambitions, says US-based analyst

Billionaire Gautam Adani's sprawling conglomerate is core to India's ambitions to become the world's third-largest economy by 2030, as it plays a key role across the infrastructure sector, US-based Cantor Fitzgerald & Co said in a note. Adani Enterprises Ltd, the group's flagship company, can deliver a gain of more than 50 per cent, analysts Brett Knoblauch and Thomas Shinske wrote in a note dated January 28, initiating coverage of the company. "India is now the most populous country in the world and has ambitions to be the world's third-largest economy by 2030. To get there, India needs to invest in both digital and physical infrastructure, in addition to increasing its energy production, as energy consumption will be meaningfully higher," the US-based broker said. These investments, it said, are paramount for India to drive productivity growth, as GDP per capita of USD 2,250 is meaningfully below that of China (USD 12,556). "Adani Enterprises Ltd is at the core of everything ...

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