Page 98 - Indian Economy

October GST collection rises 13% to Rs 1.72 trn, second-highest ever

With this, the average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, an 11 per cent increase year-on-year, the ministry observed

GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever

Average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, 11 per cent higher Y-o-Y, said the Ministry of Finance on Wednesday

Festive season spending booms as consumers splurge, buoying economy

The sales are a key indicator of the health of consumption, which makes up about 60% of India's gross domestic product

Reserve Bank of India may conduct OMO auction in first week of Nov

According to market participants, the Reserve Bank of India (RBI) will issue a notification on OMO sales by October 31

Vision plan to become $30 trn economy by 2047 in works: NITI Aayog CEO

NITI Aayog CEO BVR Subrahmanyam on Sunday said a vision document is being prepared for India to become a developed economy of about USD 30 trillion by 2047. The vision document will outline the institutional and structural changes/ reforms that will be needed for the country to become a developed nation by 2047. The draft Vision India @2047 will be ready by December 2023 and it will be presented before the country in the next three months, he said. "A vision plan is being prepared for India to become a developed economy of about USD 30 trillion (USD 29.2 trillion) by 2047... the whole purpose of the vision document is to avoid the middle-income trap," he told reporters here. According to the Asian Development Bank (ADB), the middle-income trap captures a situation where a middle-income country can no longer compete internationally in standardized, labor-intensive goods because wages are relatively too high, but it also cannot compete in higher value-added activities on a broad enou

India Mobile Congress 2023: India will lead the world in 6G, says PM Modi

After the fastest roll-out of the 5G technology in India, the government is now working on becoming a leader in 6G, the PM said

Dues from wilful defaulters rose by Rs 100 cr per day since Covid-19 struck

Wilful defaulter dues up by Rs 1.2 trillion since the Covid-19 pandemic began. Some states have seen a larger rise than others

India will be the world's third largest economy by 2030, says VP Dhankhar

Vice President Jagdeep Dhankhar on Friday said India will go past Japan and Germany to become the third largest economy in the world by 2030. Addressing the closing ceremony of the 'Country-led Initiative' organised under the United Forum on Forests (UNFF) here, the vice president said India was among the "Fragile Five" two decades back, but it has now become the fifth-largest economy in the world. In 2022, India went past Britain and France to become the fifth-largest economy in the world, he said, adding that there are full indications that by the end of the decade, it will take the third spot. Dhankhar said international organisations such as the International Monetary Fund have called India a"shining destination" in terms of investment and opportunities. He said that India's digital transactions are four times that of the US, UK, France and Germany. The vice president added that per capita internet data usage in India is also more than the total data consumption of the US and .

Five MSME lending products complete test phase under RBI's sandbox cohort

Products of the entities that completed the test phase were evaluated based on mutually agreed test scenarios and expected outcomes

No policy for troubled times: Does inflation targeting really work?

On the evidence at hand, inflation targeting works only when the world economy is normal, and demand swings up and down in small cycles that monetary policy tackles, writes T N Ninan

Having 8-9% growth in economy for next 3 decades a challenge: Kant

India is poised to become a USD 5 trillion economy and the challenge for the country will be to grow at 8-9 per cent for the next three decades, India's G20 Sherpa Amitabh Kant said on Thursday. Addressing an event organised by Public Affairs Forum of India (PAFI) here, Kant said India's economy can't grow at higher rates without the support of the private sector. "This is India's moment. India is poised to become a USD 5 trillion economy," he said, adding that the government has pushed the limit on infrastructure. "The challenge (for India) is to grow at 8-9 per cent for three decades," he said. Pointing out that presently the size of China's economy is five times of India, Kant said, "To catch up with China, we will have to grow at 10 per cent." Asserting that the quality of Indian airports is better than those in Europe, he said, "Our domestic airlines are also much better than international airlines." India's growth story will remain intact, he said, while emphasising on the

TMS Ep550: Tech recruitment, third largest economy, oil stocks, OBCs

Is there light at the end of the tunnel for tech sector workers? What will India becoming the third largest economy mean for you? Should you buy stocks of oil explorers? Who are the OBCs? Answers here

Festival season to bring some cheer to economy, say economists: Poll

Battered during the pandemic, consumption, which makes up for about 60 of Asia's third-largest economy has been slow to reach its pre-Covid levels

India set to be world's third-largest economy by 2030, says S&P Global

By 2030, India's GDP is forecast to surpass Germany's too

India to surpass Japan, be second largest Asian economy by 2030: S&P Global

India, the world's fifth largest economy in the world, is likely to overtake Japan to become the world's third-largest economy with a GDP of USD 7.3 trillion by 2030, S&P Global Market Intelligence said in its latest issue of PMI. After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year. India's gross domestic product (GDP) is expected to grow 6.2-6.3 per cent in the fiscal year ending in March 2024, being the fastest-growing major economy this fiscal year. Asia's third-largest economy grew by a stellar 7.8 per cent in the April-June quarter. "The near-term economic outlook is for continued rapid expansion during the remainder of 2023 and for 2024, underpinned by strong growth in domestic demand," S&P Global said. The acceleration of foreign direct investment inflows into India over the past decade reflects the favourable long-term growth outlook for the Indian economy, helped by a

Govt cautious of unexpected spike in sovereign bond yields: Official

"If (government bond) yields go beyond tolerance level, we will take appropriate remedial actions," the official said, without giving details

India's going back to import substitution is wrong way to go: Anne Krueger

Anne Krueger, First deputy managing director of the International Monetary Fund spoke on India's growth prospects

India to become world's third largest economy by 2027, says JP Morgan MD

JPMorgan's managing director of Asia Pacific equity research, James Sullivan, said that India's GDP will double to $7 trillion by 2030

Here's why India's war on informal labour is bad for its workers

Where the survey shows some progress is that, among regular wage earners, more people now have work contracts than two years ago

India is high on list for prestige beauty brands: Shiseido Apac CEO

The market is better placed now with organised retail, which provides accessibility and reach