The Future Of Indian Economy

Union Education Minister Dharmendra Pradhan has asserted that India will become a USD 30 trillion-economy by 2047. Delivering a lecture at the concluding function of XLRI-School of Management's year-long platinum jubilee celebration here on Saturday, Pradhan said that India, the fastest-growing global economy, is currently in the fifth position and will bag the third spot in the next three years. "The world didn't even count India on the economic front when XLRI came into being 75 years ago. Today, we are the fastest-growing economy and fifth-largest economy in the world, with a size of US 3 trillion. We will be the third-largest economy in the next three years at USD 5 trillion. Our economy will grow to USD 30 trillion by 2047," he said. "We have to be wealth creators, job creators. We have the potential to create millions of jobs. The world is looking at India for digital public infrastructure... 46 per cent of digital transactions in the world take place in our country. We have .

The Indian economy could grow higher than 7 per cent and possibly closer to 7.5 per cent in the current fiscal on the back of normal monsoon and receded electoral uncertainty, economic think tank NCAER has said. In its July 2024 issue of Monthly Economic Review (MER), NCAER said real GDP grew by 8.2 per cent in FY2023-24, driven by stable consumption demand and steadily improving investment demand. "Based on the momentum in the high-frequency indicators, normalised monsoon, a relatively benign global outlook and receded electoral uncertainty, both in India and in the rest of the world, growth will likely turn out to be higher than 7 per cent, and possibly closer to 7.5 per cent," NCAER director general Poonam Gupta said. Gupta said the Union Budget 2024-25 lived up to the expectations of unwavering commitment to fiscal consolidation, prudence, and quality. The Budget has kept the fiscal deficit target at 4.9 per cent of GDP and capital expenditure at 2.4 per cent of GDP during ...

India needs to focus on factor market reforms like land and labour to propel India's growth to a double-digit trajectory, ADB Chief Economist Albert Park has said. "There are still concerns that the basic factor markets like land and labour in the formal sector of unemployment in India are still small. So, you really want to formalise those," he told PTI in an interview. The factor market reforms include land, labour, energy, and access to credit, among others, which are critical factors for production. Labour reforms have been approved by Parliament in 2020, but it has not been implemented. In 2019 and 2020, 29 central labour laws were amalgamated, rationalised and simplified into four labour codes -- the Code on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020; and the Occupational Safety, Health & Working Conditions Code, 2020. Labour is in the Concurrent List of the Constitution. Under the Labour Codes, rules are required to be framed by the .

The surprise 8.4% surge in gross domestic product was largely due to base effects related to subsidies, which boosted the net indirect tax category, CEA V Anantha Nageswaran said

US investment firm BlackRock sees India and Indonesia as two Asia-Pacific countries offering a lot of investment opportunities, its head of research for the region said on Tuesday

Prime Minister Narendra Modi on Friday said India is moving fast and will become the world's third largest economy in the third term of his government. The general elections are due in April-May this year. Addressing the Bharat Mobility Global Expo here, the prime minister also announced that 1,000 modern rest houses in Phase-1 will be constructed along national highways for truck and taxi drivers. "India is certain to become the third largest economy in the world in the third term of our government," he said. Further, Modi said that in the 10 years before 2014, around 12 crore vehicles were sold in the country. However, since 2014 more than 21 crore vehicles have been sold in the country, he added. According to him, 10 years ago, around 2,000 electric vehicles were being sold. Now 12 lakh electric vehicles are being sold. In the last 10 years, around 60 per cent growth has been registered in passenger vehicles, he added. He also talked about the advancements India is making in

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

Singh said India could rise to become an economic powerhouse in the coming decades through an emphasis on manufacturing and production combined with services

The Indian economy will grow at around 6.5 per cent in the current fiscal, notwithstanding high oil prices and increased geopolitical tensions, NITI Aayog member Arvind Virmani has said. Virmani further said that he does not see any impact of the US and European banking crisis on the Indian financial sector. "So in the current fiscal year because of all the changes which have happened in the last year, I have reduced my India's economic growth forecast by 0.5 per cent. "So it is 6.5 per cent, again plus minus 0.5 per cent," he told PTI. Recently, the World Bank and the Asian Development Bank projected moderation in Indian economic growth between 6.3 per cent and 6.4 per cent due to a slowdown in consumption and challenging external conditions. The International Monetary Fund (IMF) also lowered India's economic growth projection for the current fiscal to 5.9 per cent from 6.1 per cent earlier. Yet, India will continue to be the fastest-growing economy in the world. Replying to a .

The rising capital expenditure trend of Indian corporates is likely to continue and grow at 10%-12% a year during the next fiscal year to March 2024, Fitch Ratings said in a release on Tuesday

Union Minister for Commerce and Industry Piyush Goyal said on Thursday that PM GatiShakti National Master Plan and National Logistics Policy (NLP) together will greatly help both businesses and people

Prime Minister Narendra Modi on Monday said that India's share in the global oil demand is expected to increase to 11 per cent, while the gas demand is expected to rise up to 500 per cent.

The Indian government's borrowing will likely hit a record high next fiscal year, as it prioritizes growth, which could push bond yields higher, ICICI Bank's treasury head told on Thursday

Pandemic protocols, speedier vaccination, ramping up health care capacity, and remaining resolutely focused on a post pandemic future is the way forward, state-of-economy report says

Here are the five people who best represent the story of the Indian economy in the 2010s

Book review of The Future of Indian Economy