Page 88 - Indian Economy

Offshore mining: Rules to be eased to bring small players to auction table

Proposed plan involves cap of Rs 100 cr each for performance security and upfront payment for a PL

RBI's draft framework advocates for independent members in SRO boards

The struggle to get top-flight IDs on their boards found indirect mention in the first-of-its-kind interaction between the RBI's brass and the boards of state-run banks and private banks

Best of BS Opinion: Decoding India's dress code, Instant settlement & more

Here is the best of Business Standard's opinion pieces for today

Maintaining the momentum

Several drivers will support growth

With localisation, electronics manufacturing to be $115 bn in 2024: Report

India's electronics manufacturing sector is set to grow 15 per cent to be worth USD 115 billion in 2024, with players continuing to focus more on higher levels of value addition in terms of components and development of products. The production of mobile phones, the poster boy of the country's electronics manufacturing, is expected to surpass USD 50 billion by March 2024 from around USD 42 billion in the previous financial year. Google's Pixel smartphone production in India from the first quarter of 2024 will complete the manufacturing presence of all global majors in the country. India Cellular and Electronics Association (ICEA) Chairman Pankaj Mohindroo said the total production of electronic goods in the financial year 2023-24 is estimated to reach USD 115 billion, buoyed by an exceptional contribution of mobile phones, which is estimated to exceed USD 50 billion in the current fiscal. According to data shared by the government, domestic electronics manufacturing increased over

India to be fastest-growing economy in 2024 after withstanding headwinds

India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent. The growth momentum is expected to sustain in the December quarter, making India the fastest-growing major economy in the world much ahead of China. According to the latest growth projections of the Organization for Economic Cooperation and Development (OECD), which appear conservative, India will record a growth of 6.3 per cent in 2023, ahead of China and Brazil at 5.2 per cent

Forex reserves recover after a year of decline, RBI adds $58 bn this fiscal

The total reserves in the recent week increased due to the $4.6 billion rise in foreign currency assets

Core sector output growth slowed to a six-month low of 7.8% in Nov

Madan Sabnavis, chief economist at Bank of Baroda, said core sector growth in November showed steady growth and the slight moderation had been due to base effects

Govt's prudent fiscal policy to support economic growth: FinMin review

The FinMin report also highlighted that the relatively stable Indian rupee against the US dollar and other prominent currencies, and adequate foreign exchange reserves, add to the optimism

India on road to becoming developed country by 2047, says PM Modi

On the BJP scoring a hat trick in 2024, Modi said, We have lost 30 years due to instability resulting from mili-juli sarkars. People have seen the lack of governance, the appeasement politics

The last quarter-century has turned out to be less Brics, more China-India

China and India have proved the Brics forecast right in the quarter-century gone by. In the second quarter-century expect broadly more of the same, with India gaining prominence, writes T N Ninan

Mega events lined up ahead to elevate India's position globally: Goyal

A series of mega-events are slated in the coming months to elevate India's position as a global economic powerhouse, Commerce and Industry Minister Piyush Goyal has said. The planned lineup of mega events commences with the Aatmanirbhar Bharat Utsav scheduled from January 3-10 at Bharat Mandapam in the national capital. This event aims to exhibit a rich array of offerings -- including products from artisans, weavers, khadi, tribal crafts, MSMEs (Micro, Small and Medium Enterprises), and cottage industries -- and provide a direct interface between producers and consumers. Following this, the 'Indus Food' exhibition will be held at India Exposition Mart, Greater Noida, from January 8-10. The Bharat Mobility Global Expo 2024 will take place on February 1-3 at Bharat Mandapam. "Covering a sprawling 10 lakh square feet, this extensive mobility exposition will feature stakeholders across the automobile and mobility sector, showcasing their strengths and innovations. The expo will highli

Fiscal deficit for Apr-Nov narrows to 50.7% at Rs 9.07 trillion: Govt

Earlier this month, finance minister for state Bhagwat Karad said that the Centre was confident of meeting the fiscal deficit target of 5.9% in FY24

RBI tweaks D-SIB designation methodology, inserts digital payments aspect

The value of securities reported under 'Total Marketable Securities issued by bank' would be based on their market value

Rate impact, inflation decline: Axis MF forecasts 2024 as year of contrast

Citing the recent state election results, the note stated that the risks from the general election are low

Risk of Oil price spike impacting India in Fy25 is low: CEA Nageswaran

An oil price surge of 10 per cent from the baseline of $85 per barrel could weaken domestic growth by 15 basis points and increase inflation by 30 basis points

Bad assets of banks decline multi-year low to 0.8% in Sept: RBI report

The Reserve Bank on Thursday said net non-performing assets ratio of banks declined to a multi-year low of 0.8 per cent at the end of September 2023 and the country's domestic financial system remains resilient. "The resilience of the non-banking financial companies (NBFCs) sector improved with CRAR at 27.6 per cent, GNPA ratio at 4.6 per cent and return on assets (RoA) at 2.9 per cent, respectively, in September 2023," said the RBI's Financial Stability Report (FSR). The gross non-performing assets (GNPA) ratio of banks also declined to a multi-year low of 3.2 per cent, it said. The report reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the Indian financial system. It further said that the capital to risk-weighted assets ratio (CRAR) and the common equity tier 1 (CET1) ratio of scheduled commercial banks (SCBS) stood at 16.8 per cent and 13.7 per cent, respective

India likely to remain fastest growing major economy in 2024: Assocham

India is likely to remain the fastest-growing major economy in the world in 2024 on the back of strong consumer demand leading to a pick up in investment across sectors such as construction, hospitality and infrastructure including railways and aviation, Assocham said on Thursday. India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in the July-September quarter on booster shots from government spending and manufacturing. The country's Gross domestic product (GDP) growth of 7.6 per cent beat most estimates, including 6.5 per cent projected by the Reserve Bank of India (RBI). The growth compares to 6.2 per cent in the same quarter last year and 7.8 per cent expansion in the preceding quarter, official data released on Thursday showed. India's GDP growth beat China's 4.9 per cent rise in July-September, while the Western economies are getting crushed under high-interest rates and energy ...

Current account gap narrows to 1% of GDP at $8.3 bn in Q2FY24: RBI

Services exports grew by 4.2 per cent on a y-o-y basis on the back of rising exports of software, business and travel services, the Reserve Bank said

MGNREGA spend spike, subsidies to lead to fiscal slippage in FY24: Report

Despite the handsome growth in tax collections, there is a possibility of a fiscal slippage in FY24 because of higher spends on employment guarantee scheme and subsidies, a domestic rating agency said on Tuesday. India Ratings and Research, which is a unit of international rating agency Fitch Ratings, said the fiscal deficit for FY24 will come at 6 per cent, as against the budgetary target of 5.9 per cent. "Higher-than-budgeted revenue expenditure triggered through the first and likely second supplementary demand for grants in combination with lower-than-budgeted nominal GDP will push the fiscal deficit," the agency said in a note. It said the fiscal slippage will happen despite higher tax and non-tax revenue collections, and also added that these will be more than sufficient to offset the lower-than-budgeted divestment proceeds. In the first supplementary demand, the union government will spend more on prioritised areas/sectors such as food, fertiliser and LPG subsidy and Mahatma