India Economic Growth

Startups positioning India for exponential economic growth: Zupee CEO Malhi

Startups in India are revolutionising experiences, and positioning the nation for exponential economic growth, Dilsher Malhi, founder and CEO of online gaming platform Zupee, said on Monday. Speaking at the India Internet Governance Forum (IIGF) 2024, Malhi said startups are adding value to society's experiences and redefining how people experience education, healthcare, travel, and entertainment. "India has become the world's third-largest startup ecosystem and we believe this has happened mainly because of the endless possibilities that arise from a credible digital public infrastructure consisting of UPI and Aadhaar, and the penetration of mobile phones across the country. Now with the Bharat 6G vision, the semiconductor mission and the AI mission, startups are positioning India for an exponential economic growth," he said. Speaking on the concept of "gamification" in addressing real-world challenges, Malhi described how startups are evolving from merely providing solutions for .

India's growth in last decade driven by science, tech: Jitendra Singh

Union minister Jitendra Singh on Saturday asserted that the country's growth over the last decade was propelled by advancement in science and technology, and innovation. He said that empowering youth and fostering innovations are key to achieving development goals for the nation. Delivering the presidential address at the inaugural session of the 10th India International Science Festival (IISF) here, the Union Minister of State for Science and Technology said, "India's remarkable growth story is deeply rooted in its advancements in science and technology, and innovation." "Over the past decade, under the visionary leadership of Prime Minister Narendra Modi ji, we have seen a profound transformation across sectors -- from the rise of startups to revolutionary breakthroughs in biotechnology, space technology and quantum science," he added. The northeastern region, once on the periphery of development, has become a shining example of growth, embodying both economic progress and ...

Economic potential eroding rapidly while PM Modi generates hype, says Cong

The Congress on Saturday attacked the government over India's economic growth slowing to near two-year low, saying the country's medium and long-term economic potential is "eroding rapidly" and asked how long will the grim reality of stagnant wages for crores of workers continue to be ignored. Congress general secretary in-charge communications Jairam Ramesh said the GDP growth figures released last evening for July-September 2024 are much worse than anticipated, with India recording a measly 5.4% growth and consumption similarly growing by an unimpressive 6%. "The non-biological PM and his cheerleaders are wilfully blind to the causes of this sharp slowdown, but a new report on 'Labour Dynamics of Indian States' released by a leading Mumbai-based financial information services company, India Ratings and Research, on the 26th of November 2024 reveals its real cause: stagnant wages," Ramesh said in a statement. The Congress leader pointed out that the report uses Periodic Labour Forc

Growth likely slowed in Q2 but no significant downside risk in FY25: DEA

India's economic growth may have slowed in the September quarter, but overall there is not much downside risk to 6.5-7 per cent growth in the current fiscal year, Economic Affairs Secretary Ajay Seth said on Wednesday. Seth said while some goods and services may not have have grown at the same pace as in the last year in the second quarter of the current fiscal year, data on e-way bills and e-invoices does not indicate any significant downside possibility to the full year 6.5-7 per cent growth projected in the Economic Survey. The secretary also said food prices have been a concern but other than that, inflation is not a challenge for India. On capex, Seth said the government's capital expenditure may see some undershooting of the Rs 11.11 lakh crore in the current fiscal year. But the capex will be higher than Rs 9.5 lakh crore in the last fiscal year. "We started the year with estimates in the economic survey of 6.5-7 per cent growth. I don't see any significant downside risk to

Festive retail growth down by half, Nomura notes strong online demand

While retail sales, both online and offline, saw some increase during the festive season, the overall growth was slower compared to prior years

India fastest growing major economy, soon to become 3rd largest: Prez Murmu

India is the fastest growing major economy and is likely to become the third largest economy soon, President Droupadi Murmu said on Tuesday. Addressing an event in Delhi, she said the Indian economy had been demonstrating resilience in the face of geopolitical challenges and the country's economy was likely to grow tenfold by 2047. "India is the fastest growing major economy and is likely to become the third largest economy soon," Murmu said. According to the latest World Bank estimate, India contributed 16 per cent to global economic growth in 2023. "Our economy is likely to grow tenfold by 2047," the president said, addressing probationers of the Indian Trade Service and the Indian Cost Accounts Service who had called on Murmu at the Rashtrapati Bhavan. With a rapid economic growth of 8.2 per cent in 2023-24, the Indian economy has been demonstrating resilience in the face of geopolitical challenges, she said. India needs to attract private investment to increase per capita inc

India on track to become third-largest economy by 2028: IEA projection

India will over the next decade add more than 12,000 cars a day, expand built space equivalent to the built space in South Africa, and its air-conditioners will consume more electricity than entire power consumption in Mexico, the IEA said. It is likely to see a rise in demand for all forms of energy -- from oil and gas to coal, electricity and renewable energy -- through 2035, making it the growth engine for energy demand globally, the International Energy Agency (IEA) said in its World Energy Outlook 2024. India, the world's third largest oil consuming and importing nation, will see its demand for oil rise by almost 2 million barrels per day by 2035 and become the main source of oil demand growth in the world. According to IEA projections, the country is on track to become the third-largest economy in the world by 2028. It was the world's fifth largest economy and the fastest growing major economy in 2023, with output increasing by 7.8 per cent. India overtook China in 2023 to .

India's per capita to income to increase by $2,000 over 5 years: Sitharaman

Speaking at Kautilya Economic Conclave, Finance Minister Nirmala Sitharaman noted that while it took the country 75 years to achieve a per capita income of $2,730, the next leap will be much faster

Make in India needs a reset. It won't work unless we focus on exports

The trouble is that Indian manufacturers appear less and less interested in becoming export powerhouses

India needs faster growth for a decade to meet goals: RBI Dy Guv Patra

It's possible for India's per capita income to climb to levels required to be considered a high income or developed country, Patra said

'Railways adds 14.5 km of new tracks daily': Minister Ashwini Vaishnaw

Ashwini Vaishnaw made the remarks during a Cabinet briefing in New Delhi and highlighted that a decade ago, the average construction pace in Railways was 4 km per day

India can become a $55 tn economy by 2047 with 8% growth: IMF exec director

IMF Executive Director Krishnamurthy V Subramanian noted the remarkable progress being made in financial inclusion through initiatives like the 'Pradhan Mantri Jan-Dhan Yojana'

Rupee worst Asian currency in U-turn as yuan carry trades unwind

The contrasting fortunes have carried over into August. The offshore Chinese yuan climbed to nearly 7.11 on Monday, its best level since the first week of this year

Samsung views India as one of fastest-growing markets with huge potential

India is one of the rapidly growing markets globally, and South Korean tech firm Samsung sees huge growth potential in the country, a senior company executive has said. Jong-Hee (JH) Han, Vice Chairman, CEO and Head of the Device eXperience (DX) Division at Samsung Electronics visited the company's Noida factory on Monday. "India is one of the biggest and fastest-growing markets globally and offers a huge opportunity for Samsung. We were among the first companies to invest in India, and I am happy that the Noida factory has emerged as one of our biggest facilities, manufacturing not only for India, but for the world," he said. The company manufactures smartphones, tablets and refrigerators at its facility, for both domestic and global markets. Besides its Noida facility, the company has a manufacturing plant in Sriperumbudur, Tamil Nadu. Han lauded the contributions that Samsung's India-based R&D teams are making in the development of new products and services for the ...

India's economy likely to record over 7% growth in FY25, says NCAER

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 ...

Indian carriers should be strengthened for long-haul flights: Eco Survey

"A large proportion of Indian international traffic for the long haul goes through connectivity hubs in the Middle East and Southeast Asia"

'We are positive about growth, disinflation', says RBI Governor Das

Addressing the 188th AGM of Bombay Chamber of Commerce & Industry, RBI Governor Shaktikanta Das says, "India is at the threshold of a major structural shift in its growth trajectory

A blueprint for boosting exports

Nine suggestions to revitalise trade and spur economic growth

Inclusive development

India must reduce the gender gap

India remains world's fastest growing major economy globally: World Bank

The global economic report of the World Bank noted that in the South Asian region, India is set to sustain its robust growth momentum although it will moderate in coming years