Page 9 - Indian Economy

India needs more financial reforms to hit $30 trn goal, says World Bank

India needs to give further impetus to financial sector reforms and boost private capital mobilisation to become a USD 30-trillion economy by 2047, according to a World Bank report. The World Bank's Financial Sector Assessment (FSA) report has acknowledged that India's 'world class' digital public infrastructure and government programmes have significantly improved access to a wider range of financial services for men and women. It has also made suggestions to further boost account usage, especially for women, and to facilitate access to wider range of financial products for individuals and MSMEs. The Financial Sector Assessment Program (FSAP), a joint programme of the International Monetary Fund (IMF) and the World Bank (WB), undertakes a comprehensive and in-depth analysis of a country's financial sector. Since September 2010, the exercise has become mandatory for jurisdictions with systemically important financial sectors. Currently, it is mandatory for 32 jurisdictions, includ

Mandi prices of major kharif crops show little improvement, shows data

This could have serious implications on farmers' earnings as the kharif harvest has picked up pace since late October

Rajasthan govt approves land allotment in key districts for industry

The state government had already announced the one-district-one-product (ODOP) policy in December 2024, the official said.

Competition, rains drag services activity to 5-month low in October

India's services PMI slipped to 58.9 in October, a five-month low, as competition and rains slowed growth even as demand and GST relief supported business optimism

Despite digitisation, India will need more banks: DFS secy M Nagaraju

However, Nagaraju cautioned that the digital transition must be carefully managed to ensure that service quality and customer trust are not compromised

Govt to hold meet with states next week to finalise national labour policy

The Union Labour Ministry will meet state labour ministers on November 11-12 to build consensus on the draft Shram Shakti Niti 2025 and discuss expansion of social security coverage

India's services PMI eases to 58.9 in October as cost pressures cool

India's services PMI eased to 58.9 in October, marking the slowest expansion since May as competition and heavy rains weighed on growth, while cost pressures receded

Rising committed expenditure squeezing states' development spending: PRS

PRS Legislative Research says states spend over 60 per cent of revenue on salaries, pensions, and subsidies, limiting room for growth and welfare spending

Gopichand Hinduja: Bizman who set precedent for Indian global conglomerates

A personal tribute to Gopichand Hinduja - visionary industrialist, bridge-builder between India and the UK, and a friend whose warmth and wisdom inspired generations

India to protect dairy, MSMEs in FTA with New Zealand: Piyush Goyal

Commerce Minister Piyush Goyal said India will not compromise on sensitive sectors like dairy and MSMEs in its proposed trade pact with New Zealand, where talks have seen major progress

India needs to find vocations least impacted by AI: CEA Nageswaran

He further added that AI is moving in an automation-centric direction, which is likely to replace labour, instead of taking a human-centric approach

India to soon become world's third-largest economy: FM Sitharaman

Finance Minister Nirmala Sitharaman said India has grown from the 10th to the 5th-largest economy since 2014 and is on track to become the third-largest in the world soon

Reserve Bank of India's short dollar forward position up after 7 months

RBI's short dollar positions rose $6 billion in September, signalling renewed intervention in forwards to stabilise the rupee amid depreciation pressure and speculative build-up

Extended rains may hit rural consumption: AWL Agri Biz top executives

While talking about crop damage, Mallick said that groundnut crop has gone bad. The same was witnessed with the paddy crop in Punjab and Madhya Pradesh

Industry bats for long-term deals; govt aid for DAP under recoveries

Fertiliser firms expect the Centre's special package to cover under recoveries from rising DAP costs, even as global prices strain margins and import deals shape supply stability

A Sixth of Humanity: India's journey between democracy and economic growth

This narrative about India's development is described as an odyssey, perhaps because of the policy shortfalls and mishaps in the development voyage

Viksit Bharat needs a clean system: Growth depends on fighting corruption

Corruption is not a new phenomenon in India. Nor is it unique to India - indeed corruption can be found across the world

AI boom, old bubble: Why America's stock surge looks dangerously familiar

Wall Street's AI boom is built on self-reinforcing hype, shadow credit, and trillion-dollar bets - and if history is any guide, the crash could be sudden, sharp and global

Our financial concerns arise from declining central transfers: Kerala FM

During the 10th Finance Commission, Kerala received about 3.81 per cent of the total central tax devolution

Centre's fiscal deficit in H1 stood at 36.5% of full-year target

In H1 of FY26, capex grew at a robust 40 per cent, exhausting more than half (51.8 per cent) of the Rs 11.2 trillion full year target against 37.3 per cent spending during the same period a year ago