Page 91 - Indian Economy

Real estate players seek a host of benefits from the upcoming Budget

In 2023, the Indian real estate sector - both housing and commercial - witnessed a strong momentum fueled by demand, supply, and absorption

Yield spread between state bonds and g-sec widens to two-year high

The yield spread widened to 53 basis points on Tuesday. The last time the yield spread widened above 50 basis points was in January 2022

Coal output rises nearly 11% in Dec to 92.87 million tonnes: Govt

India's coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official statement said on Tuesday. The country's coal output was 83.86 MT in December 2022. "The coal sector has witnessed an unprecedented upswing, with production, dispatch and stock levels soaring to remarkable heights," the statement from the coal ministry said. The production of state-owned Coal India Ltd (CIL) rose 8.27 per cent to 71.86 MT last month as compared to 66.37 MT in December 2022. According to the statement, the cumulative coal production of India during April-December 2023 increased to 684.31 MT from 608.34 MT in the year-ago period. Coal dispatch in December increased by 8.36 per cent to 86.23 MT from 79.58 MT in December 2022. The coal ministry further said it reaffirms its commitment to maintain consistent coal production and dispatch, ensuring an uninterrupted supply for a reliable and resilient energy sector.

Govt issues bare minimum terms of reference for 16th finance commission

The ToRs for the Commission strictly align with what is broadly enshrined in the Constitution

A difficult mandate

Sixteenth Finance Commission will have to do tough balancing

India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion

This marks the seventh month so far this financial year with collections exceeding Rs 1.6 trillion

Import more crude grades to cut basket price: Parliamentary panel

India currently imports about 50 grades of crude oil in a year

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