Page 89 - Indian Economy

Davos 2024: Is India's economic growth showing Chinese characteristics?

The talk in Mumbai's financial circles is about a cheery prediction by Goldman Sachs Group Inc. that by 2027 100 million Indians will enjoy incomes of at least $10,000 a year, five times the national

Overall imports down 4% but shipments from Russia, China up: Govt data

Overall exports, meanwhile, increased 0.9 per cent, according to the data compiled by the commerce department

India can become $5 trn economy much before 2028: Hardeep Singh Puri

Union minister Hardeep Singh Puri on Tuesday asserted that India can become a five trillion dollar economy much before 2028 and said the country's energy transition needs to be done in an orderly manner to safeguard the interests of its large population. Puri, the minister for petroleum and natural gas as well as housing and urban affairs, said India is aware of its commitments towards sustainability goals and will meet all the targets in time while meeting the requirements of a growing economy. He was speaking at a CII-EY breakfast session on 'accelerating India's energy transition towards sustainable economic growth' on the sidelines of the World Economic Forum Annual Meeting 2024. "I don't think we need to wait till 2028 to become a five trillion dollar economy, and if you look at what is happening, it should happen much before 2028," he said while listing various macroeconomic parameters. "I also think that the transition has to be orderly because transition by nature has to ha

86% Indian CEOs optimistic about country's economic growth: PwC survey

44% of global business leaders expressed a similar opinion about the economy in their countries or territories

China showcases plan for massive 'silver economy' to serve elderly

Beijing wants to mobilize state and the private sector companies, it said in an outline released by the State Council

Rates to stay higher, battle against inflation not yet over: IMF's Gopinath

Affirming that the fight against price rise is not yet over, IMF's Gita Gopinath on Tuesday said interest rates are likely to stay higher than during the period immediately after the global financial crisis. There are expectations though that it will come down sometime this year, the International Monetary Fund's First Deputy Managing Director said. Speaking at a session during the World Economic Forum Annual Meeting 2024 here, Gopinath dismissed the market bets for a cut in interest rates as premature. "The markets are expecting central banks to cut rates pretty aggressively. I think that's a bit premature to make that conclusion. "We should expect rates to come down some time this year but based on the data we see right now, we expect this to be more likely in the second half of this year," she said. She also felt that chances of a deep recession were less likely.

Fitch affirms India's long-term FX rating at 'BBB-' with stable outlook

'India is poised to remain one of the fastest-growing countries globally in the next few years as the robust economic momentum is proving resilient,' the ratings agency said

Growth-rate gap clouds India's biggest states' $1 trn dream, shows data

Maharashtra is the closest to reaching the $500 billion mark. It would have to add nearly $600 billion in the next seven years to reach the $1 trillion mark

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