Economic Transformation

CFOs focus on Finance Transformation as the key enabler of their KRAs in FY24-25

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India's shift to transition economy needs financing for equitable growth

A large migration to cities will require focus on urban development

Modi's 'mismanagement' has set economic transformation back by 20 yrs: Cong

Underlining that economic growth means diversification of employment from agriculture to industry to services, the Congress on Saturday claimed that the progress achieved under Manmohan Singh's prime ministership in this direction has been reversed by the Narendra Modi government. The current dispensation's "mismanagement" has set the economic transformation back by 20 years, the party alleged. Congress general secretary Jairam Ramesh said the number of agricultural workers in India declined by 6.7 crore between 2004-05 and 2017-18 as workers left low-wage agriculture to instead pursue higher-wage occupations in manufacturing and services. This was a historic achievement, a key landmark in India's transition to a middle-income country, he said in a post on X. "All the progress achieved, largely under Dr. Manmohan Singh's prime ministership, has been almost entirely reversed within three years of Modi's Anyay Kaal," Ramesh claimed. Since 2018-19, the number of agricultural workers

NITI Aayog plans economic transformation of 4 cities, including Mumbai

The NITI Aayog has prepared a plan for economic transformation of Mumbai, Surat, Varanasi and Vizag and help India become a developed economy by 2047, its CEO BVR Subrahmanyam said on Saturday. He also said the Aayog plans to prepare economic planning of 20-25 more cities, as they are the centre of economic activities. A vision document is being prepared by NITI Aayog for India to become a developed economy of USD 30 trillion by 2047, and it will be released by Prime Minister Narendra Modi. "We used to only prepare urban planning of cities, not economic planning..NITI Aayog has prepared economic planning of Mumbai, Surat, Varanasi and Vizag, for economic transformation of these cities," he said at an event here. Last year, Maharashtra Chief Minister Eknath Shinde had held a meeting with NITI Aayog officials during which steps needed to take the GDP of Mumbai Metropolitan Region (MMR) to USD 300 billion by 2030 were discussed. Subrahmanyam said the Centre had sought views of the ..

2023 Rewind: India helps Sri Lanka reel out of its debt-trapped economy

As Sri Lanka and India marked their 75th anniversary of diplomatic relations in 2023, New Delhi has again emerged as a steadfast ally of Colombo, playing a pivotal role in the debt-trapped island nation's steady economic recovery. When the unprecedented economic turmoil struck Sri Lanka last year, India swiftly extended a lifeline to the country with assistance of over USD 4 billion, surpassing the International Monetary Fund's 48-month bailout of about USD 3 billion. The timely financial support from India was a testament to the strong bond between the two countries. Sri Lanka, acknowledging India's role, successfully navigated the IMF negotiations in March this year, crediting India's Finance Minister Nirmala Sitharaman for her role during the early stages of discussions with the global lender. A significant development was Sri Lanka's decision to utilise the first tranche of USD 330 million of the IMF bailout to repay Indian loans. This underscored India's patience and generosity

India, Sri Lanka resume talks for economic & technology cooperation pact

India and Sri Lanka have resumed talks for an economic and technology cooperation agreement (ETCA), after a gap of nearly five years, an official statement said. The two countries had 11-rounds of talks from 2016 to 2018. Thereafter the negotiations were paused. "India and Sri Lanka held the twelfth round negotiations on the ETCA in Colombo from October 30 to November 1," the commerce ministry said in a statement. During this round, it said, both the sides engaged in discussions on various issues, including trade in goods, technical barriers to trade, sanitary (human and animal health) and phytosanitary (plant health) measures, trade in services, custom procedure, trade facilitation, rules of origin, trade remedies, and dispute settlement. It added that the conclusion of the negotiations for the agreement is expected to open new opportunities for trade and economic cooperation for both countries. "The ETCA will be a pivotal move to further enhance bilateral trade between the two .

Malawi looks to deepen trade relations with India in key economic areas

African country Malawi looks to deepen trade and investment relationship with India in areas of energy, agriculture, mining and tourism, its High Commissioner to India Leonard Mengezi said here on Saturday. Mengezi said that Malawi looks forward to cementing the "great cohesion" with businessmen in Gujarat to further strengthen India-Malawi relationship and attract investment. Mengezi was here to participate in the India-Malawi Trade Conference organised by India Africa Trade Council with the aim to enhance business cooperation with Gujarat. "Malawi has been in great trade, economic and investment relations (with India) since 1964, when Malawi got its independence. But there is a need to deepen relationships further in the areas of energy, agriculture, mining, tourism," he told mediapersons. "We need to cement great cohesion with the business people here in Gujarat so as to strengthen Malawi-India relations, so that there is a greater understanding and we take business people who a

'Union Budget laid foundation to make India developed nation in next 25 yr'

Rajya Sabha member GVL Narasimha Rao on Sunday said that the Union Budget laid the foundation to make India a developed nation in the next 25 years

A narrow window of opportunity

Thailand and China are at risk of growing old before they grow rich; India must grow its GDP at 8-9 per cent or more to avoid that fate

Martin Wolf on how he rates the performance of the government?

In an interview with Business Standard's Asit Ranjan Mishra, chief economics commentator, Martrin Wolf lists the success and failures of the Indian government on multiple fronts.

Nepal's economy slow and in danger amidst economic challenges, say experts

Amid sluggish major macroeconomic indicators, Nepal has been facing economic challenges and hassles as per the latest central bank data.

Fraternity and economic transformation

Until we see Indian society demonstrating much more fraternity than I have seen in my life, there will always be authoritarian and sectarian voices that justify limiting liberty and equality