Page 92 - Indian Economy

India's construction sector levels up as housing demand spurs economy

The construction sector grew 13.3% in July-September from a year earlier, up from 7.9% in the previous quarter and its best performance in five quarters, the data released on Thursday showed

India's energy needs to double by end of decade, says Mukesh Ambani

India, the world's third-largest energy consumer, will see its energy needs doubling by the end of this decade as it witnesses an unprecedented explosion of economic growth, the nation's richest man Mukesh Ambani said on Saturday. Speaking at the convocation of Pandit Deendayal Energy University (PDEU), Ambani, who heads the nation's most valuable company Reliance Industries Ltd, said the Indian economy will become a USD 40 trillion economy by 2047 from the current USD 3.5 trillion. "And to fuel this growth, the country will need enormous amounts of energy - clean, green energy that won't choke mother nature for the sake of human progress," he said. "In fact, India's energy requirement is set to double just by the end of this decade." Ambani is pivoting its largest fossil-fuel-dominated conglomerate to clean energy, investing billions of dollars in building giga factories to produce new energy ecosystems as well as generate renewable energy, and produce green hydrogen. Addressing t

Tea production rises 12.06% to 182.84 million kg in October: Industry body

Tea production in the country increased by 12.06 per cent to 182.84 million kg in October this year as compared to 163.15 million kg in the corresponding month last year. According to Tea Board data, production of the crop in West Bengal rose to 54.98 million kg in October, as against 49.75 million kg in the same period in 2022. Assam, the country's largest tea-producing state, also registered a higher crop at 104.26 million kg in October. The state produced 90.72 million kg of tea in October 2022, according to the data. In south India, production was marginally lower at 18.89 million kg in October 2023, as against 18.92 million kg in the same month of the previous calendar year. Category-wise, production of the CTC variety touched 167.72 million kg in October 2023, whereas that of orthodox tea was 12.98 million kg across both north and south India. Green tea production was at 2.14 million kg, the data said. Production by small tea growers (STGs) stood higher at 95.24 million kg

India will grow at nearly 7% in 2023-24: Member of EAC to PM Modi

India's economy will grow at close to 7 per cent during the ongoing fiscal, Sanjeev Sanyal, a member of EAC to PM, said on Friday. Addressing a programme at the Calcutta Chamber of Commerce, he said there is a need to counter global narratives built on "absurd and irrelevant" data points, and India's second-largest rating agency CareEdge will soon start publishing sovereign ratings. He said that backed by manufacturing, the economy grew by 7.6 per cent in the July-September quarter, well above expectations. "We will be growing at somewhat close to 7 per cent for the year, and that would easily make us the world's fastest-growing," he said. Sanyal, a member of the Economic Advisory Council (EAC) to the Prime Minister, said that for too long, India's growth has been defined by others. "It's time we start taking control of our own narrative and defining ourselves on our own terms," he said. "We need to create our own indices and do our own sovereign ratings. CareEdge will begin ...

Handle with care: India's latest GDP numbers flatter but don't deceive

Even if no statistical jugglery is afoot, the "noise" in India's GDP numbers should be eliminated in order to hear the underlying music without distortion, writes T N Ninan

Manufacturing PMI rises to 56 in Nov as cost inflation hits 40-month low

Inflationary pressures retreated, with purchase costs rising at the weakest pace since the current sequence of increases began in August 2020

India's GDP expands 7.6% in Q2; manufacturing, construction lead the charge

While the Reserve Bank of India (RBI) had projected GDP growth of 6.5 per cent for the second quarter of FY24, a Reuters poll of economists estimated it to be slightly faster, at 6.8 per cent

Q2 GDP: Investment growth at 5 qtr high, household consumption slows down

Rajani Sinha, Chief Economist, CARE Ratings, says that on the demand side, there was a sharp jump in investment, led by the Central and state governments, that helped pull up the GDP growth

Tight liquidity: Open-market operation not on the discussion table

The banking system liquidity widened to a near 5-year high on November 21 on the back of monthly goods and services tax payments

India's fiscal deficit between Apr-Oct 45% of FY24 target of Rs 17.87 trn

Between April and October this year, the fiscal deficit was recorded at Rs 8.04 trillion as compared to Rs 7.57 trillion in the same period last year

Indian economy expected to sustain strong growth amid global gloom

India's is seen as the bright spot globally as some Western countries are flirting with the possibility of recession, while China, the world's second-largest economy, has slowed down

Centre extends PMGKAY free foodgrain scheme for another 5 years till 2029

Extending the scheme could provide some relief to the marginalised sections from high cereal prices

India's GDP growth expected to slow to 6.3% in FY24: OECD economic outlook

The GDP growth is expected to further slow to 6.1 per cent in the next financial year (FY25), before rebounding in FY26

Second quarter GDP numbers likely to be good: Eco Affairs Secretary

Indian economy is showing momentum and the growth rate in the second quarter (July-September) is likely to be good, Economic Affairs Secretary Ajay Seth said on Wednesday. The GDP numbers for the second quarter are scheduled to be released on Thursday. The economy grew at 7.8 per cent in the first quarter (April-June) of the current financial year. "India economy showed good momentum in the second quarter. The second quarter numbers should be good", Seth told reporters on the sidelines of a national workshop on 'Leveraging private finance for urban infrastructure developments -- Learnings from G20 Infrastructure Working Group'. He further said that the fiscal deficit target of 5.9 per cent for the current financial year was feasible despite additional outgo towards food subsidy. "We are confident of meeting fiscal deficit target this year despite the government raising food subsidy for the next five years," Seth said. The Budget 2023-24 proposes to bring down the fiscal deficit to

PM to virtually interact with 'Viksit Bharat Sankalp Yatra' beneficiaries

Prime Minister Narendra Modi will virtually interact with beneficiaries of the Viksit Bharat Sankalp Yatra on Thursday.The Viksit Bharat Sankalp Yatra is being undertaken across the country with the aim to attain saturation of flagship schemes of the government through ensuring that the benefits of these schemes reach all targeted beneficiaries in a time-bound manner.The Viksit Bharat Sankalp Yatra was launched by the Prime Minister on November 15 from Khunti, Jharkhand. As a part of On-Spot services under the Viksit Bharat Sankalp Yatra, Health Camps are being organized at the places of halt of the IEC Van in the Gram PanchayatsAs on 26 November 2023, 5,470 Health camps have been conducted in 995 Gram Panchayats reporting a total footfall of more than 7,82,000 people according to a PIB release.Under the flagship Pradhan Mantri Jan Arogya Yojna (AB-PMJAY) scheme of MoHFW for the Viksit Bharat Sankalp Yatra, Ayushman cards are being created using the Ayushman app and physical cards are

'China slows, India grows': S&P pegs 7% GDP growth for India by 2026

India's GDP growth rate will rise to 7 per cent by 2026 compared to 4.6 per cent for China, S&P Global Ratings said on Tuesday. In a report titled 'China Slows India Grows', S&P said it expects Asia-Pacific's growth engine to shift from China to South and Southeast Asia. We project China's GDP growth to slow to 4.6 per cent in 2024 (2023: 5.4 per cent), edge up to 4.8 per cent in 2025, and return to 4.6 per cent in 2026. We see India reaching 7.0 per cent in 2026; Vietnam, 6.8 per cent (4.9 per cent); Philippines, 6.4 per cent (5.4 per cent); and Indonesia remaining steady at 5 per cent, S&P said. The US-based rating agency on Monday projected India's GDP to expand at 6.4 per cent in the current fiscal year and in the next. For 2025 it projected growth rate to rise to 6.9 per cent, followed by 7 per cent in 2026. S&P said with Asia-Pacific's central banks likely to keep interest rates high, the region's borrowers will see costlier debt servicing. Concurrently, a ...

S&P Global, Morgan Stanley peg India's GDP growth at 6.4% in 2024

Those at Goldman Sachs, on the other hand, see the Indian economy growing a tad lower at 6.3 per cent in the year ahead.

Retail, e-commerce likely to see fairly good year ahead: Snapdeal CEO

Retail and e-commerce businesses are likely to see a "fairly good" year ahead, given the strength of the Indian economy and uptick of demand in various categories as well as traction from semi-urban locations, according to Snapdeal CEO Himanshu Chakrawarti. "As we are seeing currently, our economy is in a very good shape and all aspects of the business, specifically the categories that we operate in, which is in the in disposable income categories... I think we're going to see a significant boost-up next year," Chakrawarti told PTI. He was speaking on the sidelines of Digital Acceleration & Transformation Expo (DATE with Tech). "We are seeing greenshoots come through even in the semi-urban areas and with the tailwind that we have, I think both retail and e-commerce should see a fairly good year in 2024," Chakrawarti said. On Snapdeal's expansion plans, the top boss of the e-commerce platform said it is looking at ways to reach out to more and more people in the hinterland, and to .

India non-bank body appeals to RBI to review recent risk weight increase

The RBI last week increased the risk weights, or the capital that banks need to set aside for every loan disbursed, for banks and NBFCs by 25 percentage points to 125% on retail loans

India a fair market with large opportunity where anyone can compete: NetApp

Global software company NetApp feels that the lack of domestic vendors makes the Indian market an open one where anyone can compete on a fair basis, as per a top company official. The San Jose, US-headquartered company wants to make India the biggest market in Asia in the medium term by overtaking Japan. Its Kerala-born chief executive George Kurian said Asia is performing better than the rest of world, and the company will be targeting to increase the share of revenues from the continent to 20 per cent from the present 18 per cent. Size and scope of the Indian market is strong, it is the fastest growing large GDP in the worldand there is no domestic vendor, so the Indian market is open for everybody to compete on a fair basis. That's why we believe it's a good opportunity, Kurian told PTI on the sidelines of the company's annual event Insight' here. He said an increasing number of multinationals are putting up their technology centres in India, and many American companies are maki