Economy Of India

The economy would be more stable if the exchange rate fluctuated more

In the same period last year (April 2022-February 2023), FDI inflows were at $39.61 billion, while outflows touched $12.90 billion

Economic growth won't be sustainable if it is K-shaped, says economist at Business Standard Manthan 2024

Uttar Pradesh Chief Minister Yogi Adityanath on Sunday said India is poised to become the world's third-largest economy during Prime Minister Narendra Modi's third term. Addressing the Nari Shakti Vandan programme held at the Sugar Mill Ground here, Adityanath said, "With India becoming the third-largest economy, the income of every individual in the country will rise, leading to enhanced prosperity in the lives of people." During the programme, the chief minister inaugurated and laid the foundation stone of 673 development projects worth Rs 679 crore. Adityanath said the entire nation is committed to realising the vision of a "Viksit Bharat" (developed India), with widespread support for "Phir ek baar Modi sarkar" (Modi government once again). He expressed confidence that the NDA would secure more than 400 hundred seats in the Lok Sabha elections. The chief minister said the dream of having Ram Lalla seated in the grand temple in Ayodhya, cherished by our ancestors, has finally c

Finance Minister Nirmala Sitharaman on Friday said many countries are negotiating to start trade in rupee as the country's fundamentals are strong and the Indian unit has been "mostly stable" against most of the international currencies. Addressing the Pandit Hriday Nath Kunzru Memorial Lectures 2024 at JNU, Sitharaman also said India has opened up every sector for private investments and will extend fiscal and policy support to sunrise sectors like artificial intelligence, semiconductors and manufacturing using innovative tools. "Indian Rupee being mostly stable against most of the international currencies except for the US dollar, where it had volatility. But even in that case, compared to many other currencies, the Indian rupee has been far more stable even against the US dollar. "And therefore, you find countries today wanting to have trade relations built on rupee trade," said Sitharaman while addressing students and professors at her alma mater. "As a central university, JNU

The BJP on Friday described the UPA's 10 years as the "lost decade of corruption and cronyism" and said Prime Minister Narendra Modi's "politics of performance" has made India the world's fastest-growing economy. The UPA government left behind a "devastated" economy and Prime Minister Modi "rebuilt" it in five years, senior BJP leader and Union minister Rajeev Chandrasekhar said at a press conference at the party headquarters here. Prime Minister Modi's two consecutive terms have seen "tremendous structural changes" in the country, he said. "The most defining changes have been Prime Minister Narendra Modi's politics of performance, his ability to transform and execute it at an unprecedented scale and depth, solve problems that remained unsolved for decades and change the narrative about India," he said. The country's economy is a very good and shining example of how Prime Minister Modi's politics of performance has transformed India over the last 10 years and taken it from the ...

External Affairs Minister S Jaishankar on Thursday said India in the next 25 years must build "deep national strengths" that will drive its transition towards a developed economy and leading power. Flagging the dangers of dependence on a limited number of suppliers, challenges of technology, and "weaponization of market dominance," he asserted that the country's goals and ambitions can not be determined by "the goodwill of others." The minister's recorded video message was played during the inaugural event of the 5th Asia Economic Dialogue, a three-day annual geo-economics conference organised jointly by the Ministry of External Affairs and Pune International Centre. The theme of the conference this year is 'Geo-economic challenges in the era of flux.' Jaishankar said the present geo-economic challenges fall in three categories -- supply chain challenge, technology challenge, and the challenge of "over-concentration stemming from the nature of globalisation". Whether it is finishe

Union Finance Minister Nirmala Sitharaman on Friday said under Prime Minister Narendra Modi's leadership, India has moved up to the fifth position from the 10th spot in the world in terms of economy. "In the next year and a half, we will be at the third position," she said, adding that the standard of living of the citizens is better in a country that has a strong economy and everyone benefits from it. The senior Bharatiya Janata Party (BJP) leader said this is the first government in the country that listens to people, then makes schemes and works to deliver the benefits of such schemes to people. "The BJP is such a party in which even the smallest worker can reach the highest position by working for the party," she said. Claiming that the INDIA opposition bloc has disintegrated, Sitharaman said nothing is achieved by taking photographs. "They (Congress leader Rahul Gandhi and Samajwadi Party chief Akhilesh Yadav) have nothing left to say to the public. Prime Minister Modi has a

Vice President Jagdeep Dhankhar on Sunday pitched for economic nationalism, saying if Indians pledge to use locally manufactured products, it will boost the economy and millions will get jobs. Speaking at a programme on the death anniversary of RSS ideologue Deendayal Upadhyay at Dhankya near Jaipur, Dhankhar said the country, which was among the fragile five before 2014 has now become the fifth largest economy in the world. "What was the situation of India before 2014? We were counted among the Fragile Five'. India's name was among those five countries of the world which were becoming a burden on the world," he said. "Today we have moved from the Fragile Five' from the bottom 5 to the top 5. We have left behind Canada, England and France. We have left behind those who ruled us for centuries and in the coming two-three years, we will definitely leave Germany and Japan behind to become the world's third largest economic power," the vice president said. Dhankhar said that India is

Finance Minister Nirmala Sitharaman on Friday lambasted the previous Congress-led UPA government for its mismanagement of the economy saying the party put "family first" and left the country in "dire straits" in 2014, but it is now lecturing the Modi government on handling the economy. Initiating the debate on the 'White Paper on Indian economy and its impact on the lives of people of India' in the Lok Sabha, Sitharaman said the Modi government put "nation-first", and took the economy from 'fragile five' to 'top five'. India is now on the way to become the third largest global economy, she said. Amid constant bickering by the Congress members, Sitharaman said the White Paper is for record of posterity and the youth should know what efforts Prime Minister Narendra Modi has put in to restore India's past glory. "Ten years of one government with some crisis and 10 years of a different government with a different crisis. The comparison shown in this 'White Paper' clearly says how if th

To bring down the debt burden, the government has taken various measures like increasing the tax revenue buoyancy, enhancing the public expenditure effectiveness, commitment to reducing fiscal deficit and augmenting the productive efficiency, Finance Minister Nirmala Sitharaman said on Monday. In addition to strengthening the financial system, the government has more than doubled its effective capital expenditure from Rs 6.57 lakh crore in 2020-21 to Rs 13.71 lakh crore and Rs 14.97 lakh crore in 2023-24 (BE) and 2024-25 (BE), respectively, to crowd in private investments, she said in the Lok Sabha. The government's emphasis on increasing capital expenditure will not only boost the investments, but also return a higher GDP growth to lower the debt burden, she said. Simultaneously, she said, the state governments have been incentivised to increase their capital spending through measures like 50-year interest-free capex loans and front-loading of tax devolution instalments. Various .

The government has taken a slew of initiatives for infrastructure development as it has a strong multiplier effect and plays pivotal role in the country's development, Financial Services Additional Secretary M P Tangirala said on Friday. Speaking at the 19th Foundation Day of the India Infrastructure Finance Company Ltd (IIFCL), he said infrastructure sector has strong backward and forward linkages. To support the sector, he said the government has taken slew of initiatives, including the USD 1.3 trillion-PM Gati Shakti National Master Plan (NMP) that has been front runner in bringing about systemic and effective reforms in this sector. Launched in 2021, the PM Gati Shakti targets to cut logistic costs, increase cargo handling capacity and reduce the turnaround time. Another initiative is the National Infrastructure Pipeline (NIP) that was started with 6,800 projects and now, there are over 9,000 projects across 34 sub-sectors, he said. NIP was launched with 6,835 projects and h

The overall hiring this year is expected to grow 8.3 per cent this year with the job market showing signs of recovery in December, a report said on Thursday. December witnessed a 2 per cent growth in hiring, the foundit Annual Trends Report said. It projected an overall hiring expansion of 8.3 per cent for 2024, with Bengaluru expected to see an 11 per cent surge. Key sectors that will experience increased hiring include manufacturing, BFSI, automotive, retail, and travel and tourism, it said. According to the data from the foundit Insights Tracker (fit), hiring activity in 2023 was 5 per cent lower than in 2022, indicating a slowdown in the job market. However, the index also showed a 2 per cent increase in the last month of 2023, suggesting a possible turnaround in the hiring scenario. "The economy experienced a shift towards the end of 2023, breaking the previous trend that had been consistent since mid-2022. The job market entered a phase of variability, where both quit and hi

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

Former Reserve Bank Governor Raghuram Rajan said India will still remain a lower middle country if the growth rate remains at 6 per cent annually without any rise in population by 2047 (Amrit Kaal) and will be reaching the end of the demographic dividend by then. Speaking at a programme organised by Manthan here, the economist said if the country does not grow faster, it will grow older (demographically) before it gets richer, which means there is the burden of an aging population to deal with also at that point. "If you do the math, at 6 per cent a year, you double every 12 years, and therefore in 24 years, we'll be four times our per capita income. Today, the per capita income in India, as you know, is just a little below $2,500 per person. multiply by four, we get $10,000 per personSo if you do the math, at our current rate of growth, you know, strong as it is highest in the G20, we don't get rich but we stay lower middle income till 2047," he said. The former RBI chief said some

Software exports from Tamil Nadu have reached an all-time high of USD 4.8 billion surpassing all other states in the country as of October 31, 2023, State Minister T R B Rajaa said on Wednesday. The Minister for Industries said the software exports from the state could hit USD 8 billion this financial year, marking a 'significant leap' from last year's USD 5.37 billion. "Exciting news ahead as we get ready for Tamil Nadu Global Investors Meet 2024. State-wise data on Electronic Exports from India till October 2023 are in, and the story of Tamil Nadu's success is truly remarkable yet again," he said on Wednesday. Tamil Nadu leads in electronic exports with USD 4.78 billion as of October 31, 2023, followed by Uttar Pradesh at USD 2.58 billion. Karnataka ranked third at USD 2.29 billion, the data shared by Rajaa showed. "The state's strategic policies, skilled workforce, robust infrastructure and of course the Dravidian Model of governance have propelled its exports to new heights," h

Measures like comprehensive trade pacts, reduction in cost of capital, power, and land reforms will help boost India's exports of goods and services to USD 2 trillion by 2030, an industry chamber report said on Thursday. The PHDCCI's report also recommended schemes for 75 potential export products including marine items, iron ore, some chemicals, pharma, cotton, aluminium, and tankers to promote shipments. "The 75 products have been identified from nine most promising sectors. These products contribute around USD 222 billion, which is around 50 per cent of India's total exports. At the global level, these 75 products have significant presence in world exports, whereas India's share of these products is only 6 per cent of the total world exports," it said. The report - India's Emerging Export Dynamics: Vision USD 2 Trillion Exports by 2030. - added that India's service exports have traditionally been concentrated in North America and Europe, but growing continents like Asia, Africa,

Pre-Diwali Dhanteras buying of gold and silver in India, the world's largest gold consumer, kick-started on a positive note on Friday on recovery of consumer demand with the softening of gold prices. Gold prices have fallen by Rs 800-1,500 per 10 gram (24 carat) from the peak Rs 63,000-level on October 28 and this has evoked buying on Dhanteras, considered the most auspicious day in Hindu calendar for buying items ranging from precious metals to utensils, with traders expecting gold sales to surpass last year's level. On Thursday, Gold prices plunged Rs 400 to Rs 60,950 per 10 grams in the national capital. Gold prices in Delhi were ruling at Rs 50,139 per ten grams, excluding taxes, on 2022 Dhanteras day. In normal years, about 20-30 tonnes of gold are sold on a Dhanteras day. Traders said footfalls are expected to pick up after 12 noon and will continue till late at night. The best muhurat to buy silver and gold on Dhanteras will start at 12.35 pm on Friday and end at 1.57 pm on

Consolidated net profit at the 'India Gate' basmati rice maker fell to 1.53 billion rupees ($18.37 million) for the quarter, from 2.13 billion rupees a year ago.

S&P Global Ratings on Wednesday said India's economy has a track record of strong growth and retained its 6 per cent growth forecast for current fiscal year. In Asia-Pacific Credit Outlook 2024 titled 'Slowing Dragons, Roaring Tigers', S&P said gradual capital deepening, favourable demographics, and improving productivity are essential growth factors. "India's economy has a track record of strong growth. We expect this momentum to continue and forecast growth of 6 per cent for FY 2024, then 6.9 per cent for FY 2025 and FY 2026," S&P said. It said India's economic growth shines brightly. However, its yields remain higher, as they have been historically, which puts additional pressure on the cost of funding India's large debt stock. While growth supports market confidence and revenue generation, rates dynamics will be an additional determinant of India's debt trajectory over the next few years, the US-based rating agency said. Gradual capital deepening, favourable ...