Page 90 - Indian Economy

GenAI can add $1.2-1.5 trillion to India's GDP by 2030: EY report

75 per cent of organisations said customer engagement was a segment that was most influenced by generative AI

To become 3rd largest economy, Indians must remain healthy: VP Dhankhar

India will become the world's third largest economy in the next four-five years leaving behind Germany and Japan, but to achieve that the citizens of the country must remain healthy, Vice President Jagdeep Dhankhar said on Sunday. Addressing the inaugural function of the two-day 'Atal Swasthya Mela' here, Dhankhar also fondly remembered former prime minister Atal Bihari Vajpayee, saying he remained firm on principles and handled sensitive issues with care. Talking about the country's progress, Dhankhar said India's economy has overtaken those of Canada, France and the UK. "Today, we are the fifth superpower in the world in terms of economy. In the coming four-five years, Japan and Germany will also be behind us, and India is going to be the third largest (economic) superpower in the world!" he said. "For all this, it is necessary that we remain healthy. No matter how much talent, ability and skill you have, if you are not healthy you will not be able to do anything," he said. He s

Office space leased in Noida in last 3 years almost same as between 2010-20

Around 10 million sq feet of office space was leased out in Noida between 2010 and 2020 while almost the same has happened within the last three years, real estate stakeholders said Friday, noting the city's growth in the sector. Noida, they said, also has a chance to develop as a more sustainable city in terms of infrastructure as compared to Gurugram or Delhi while noting that the upcoming airport would also be a growth vector in western Uttar Pradesh region. Politicians, realtors, property consultants and researchers shared their views at 'the Growth Story of Noida', an industry event organized at CRC The Flagship here. "Between 2010 and 2020, the office leasing in Noida was around 10 million sq feet while since 2020 the region has seen nearly 9 million sq feet of total grade A leasing till September 2023 and the figure is likely to reach 10 million square feet by this year-end," Managing Director, North India, Colliers Bhupindra Singh said. "This speaks volumes about the growth

SEZ rules amendments to benefit commercial office leasing: Report

The recent changes in the SEZ rules will benefit commercial office leasing and allow flexibility in demarcating parts of the SEZ area without significant cost implications, according to a report. The department of commerce on December 6 notified amendments to the Special Economic Zones (SEZ) rules of 2005. The amendments permit demarcation of parts of an SEZ area into non-SEZ area after repayment of tax benefits availed to date. Such demarcated areas are expected to have better occupancy, in line with the existing non-SEZ spaces, Crisil Ratings said in a note on Friday. Hence, benefits from better leasing and higher income from such parts will outweigh associated costs, the report said. The SEZ Act was introduced in 2005 to drive exports by providing tax exemptions for companies operating in such areas. While the sunset clause on these benefits kicked in from April 2020, higher compliance requirements continued. Also, prior to the amendments, SEZ operators could de-notify only th

Engineering exports register 3% on-year fall in November to $7.85 billion

India's engineering goods exports registered a 3-per cent year-on-year decline in November to USD 7.85 billion, an industry body report said. The dip was primarily attributed to the festive season that disrupted operations in major engineering export belts across the country, particularly in northern and western regions, it said. While acknowledging the recent decline, the Engineering Export Promotion Council of India (EEPC) expressed cautious optimism about exceeding last year's overall engineering exports. "After experiencing a slump in the first half of 2023, the sector witnessed positive growth from August to October, which instilled hope for a continued positive trajectory," EEPC India Chairman Arun Kumar Garodia said. The industry remains cognizant of the current global challenges, including high inflation and interest rates, particularly in key markets like Europe and the United States, he said. These factors contribute to the ongoing trade slowdown and necessitate continue

WPI turns positive after 8 months in November as food, mineral prices jump

The uptick in factory gate inflation comes days after retail inflation bucked the downward trend and touched a three-month high in November due to a seasonal spike in vegetable prices

Das' final frontier: To bring down inflation to 4% before his term ends

During his five-year tenure, the banking sector has become resilient, improving profitability and maintaining healthy capital

Union Budget 2024: What is Economic Survey and why it is important

Budget 2024: The Economic Survey is the official report card of the country's economy and is tabled in Parliament by the finance minister a day before the presentation of the Budget

ADB raises India FY24 growth forecast to 6.7%, cites industry performance

China in 2024 is expected to slow down to 4.5%, says lender in report raising estimate for Developing Asia

Gas firms seek price deregulation as city distribution targets fall behind

International gas prices, typically one-sixth of oil prices, have risen since late 2021, touching $100 per barrel

Agriculture to play important role in development trajectory: NITI VC

Agriculture will play a central role in India's development trajectory as strong rural demand supports manufacturing and economic revival, Niti Aayog Vice Chairman Suman Bery said on Wednesday. According to an official statement, the Aayog and the International Food Policy Research Institute (IFPRI) signed a Statement of Intent (SoI), aiming to fortify policy and programme frameworks contributing to India's development objectives. "In India's development trajectory, agriculture will play a central role", the statement said, quoting Bery. Bery said increasing productivity of agriculture, coupled with a shift towards natural and soil-friendly practices, is crucial. "Strong rural demand supports manufacturing and economic revival and is critical for India's transformation over the next 25 years," he said. Speaking at the event, Niti Aayog member Ramesh Chand said the SoI will lead to collaborative work between the government think tank and IFPRI that can generate new insights into th

When 'development' is a zero-sum game

A combination of political ambition and religious nationalism is destroying Uttarakhand's potential, not least for the state's inhabitants

Job creation single most important pressure point: Raghuram Rajan

Indian economy, dubbed the fastest growing major economy in the world, is faced with the single most important pressure point of job creation, says former RBI Governor Raghuram G Ranjan as he makes a strong case for improvement of human capital through skill development. Talking about the book 'Breaking the mould: Reimagining India's economic future', written jointly by him and Rohit Lamba, assistant professor of economics at Pennsylvania State University, Rajan said one of the greatest strength of India is its human capital of 1.4 billion and the question is "how do you make it strong?" The nation needs to create jobs at every level going along the path of development, said Rajan, presently Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth, USA. "Jobs is the single most important pressure point... If we had many more private sector jobs showing up, would there be so much pressure on reservations? Perhaps there'll be less so to some extent," he said,

Nine states record a higher rate of inflation in November, shows data

India's overall inflation rate is higher than all the advanced economies

Fiscal prudence is govt's top priority, says FM Nirmala Sitharaman

The Lok Sabha approved the additional gross spending of Rs 1.29 trillion, which includes net cash outgo of Rs 58,378 crore

CPI inflation rises to 5.55% in November: IIP growth rate at 11.7% in Oct

Retail inflation: In the recent MPC announcement, RBI Governor Shaktikanta Das had said that the inflation figures may show an uptick in November and December owing to food output pressures

The tradeoffs of waste taxation

Policymakers have been grappling to understand the implicit micro-foundations along with behavioral idiosyncrasies of waste regulation and designing the appropriate fiscal instruments for the same

States' gross fiscal deficit below Budget Estimate for a 2nd yr: RBI report

The implementation of goods and services tax (GST) has led to increased tax buoyancy for the states," the report said

Inflation now stable, temporary rises due to demand-supply mismatches: FM

Finance Minister Nirmala Sitharaman on Monday said retail inflation is now "stable" and temporary increases in inflation on a few occasions are caused by demand-supply mismatches arising out of global shocks and adverse weather conditions. In a written reply to the Lok Sabha, Sitharaman said India's retail inflation has declined from an average of 7.1 per cent in April-October 2022 to 5.4 per cent in the corresponding period of 2023. "The retail inflation is now stable and within the notified tolerance band of 2 per cent to 6 per cent. A steady decline in core inflation, estimated after removing volatile food and fuel items from retail inflation, has been critical in weakening the inflationary pressure in the Indian economy," she said. The core inflation rate has declined from 5.1 per cent in April 2023 to 4.3 per cent in October 2023. The minister said retail inflation in India has been mostly within acceptable limits after the notification of the inflation tolerance band in ...

Economics before politics good for the industry, says Ficci president

Shah explains his key focus areas and views on the economy as well as the industry