Page 2 - India Economic Growth

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

India deserves faster, ecologically sustainable economic growth: Ramesh

India deserves faster economic growth that is socially just and ecologically sustainable, former environment minister and senior Congress leader Jairam Ramesh said on Wednesday. On World Environment Day, Ramesh called for enforcement of laws and regulations, without fear or favour and strengthening of institutions. In a post on X, Ramesh said, "June 5th is celebrated as World Environment Day to mark the opening of the first-ever UN Conference on the Human Environment in Stockholm in 1972." It was in this assembly that Indira Gandhi had made her historic speech on June 14, he said. "India deserves faster economic growth that is, at the same time, socially just and ecologically sustainable. This is not an impossible trinity. It is both doable and essential," Ramesh said. "It demands enforcement of laws and regulations, without fear or favour, strengthening of institutions, and a deep understanding of and actions based on a fundamental truth that our ancient heritage teaches us," he

'Omens good', India can grow 6.5-7% in the next decade: CEA Nageswaran

Inflation headed towards central bank's tolerance range; 'don't see scope for nasty upside surprises'

Interest rate cuts in India 'off the table' in FY24-25, says Morgan Stanley

The central bank seeks to ensure inflation aligns durably and sustainably to its 4 per cent target

Lamba's 2047 vision: Enhancing human capital, services-led growth

Says economic growth overstated at 8%, actually 6-6.5% and unsustainable without addressing K-shaped recovery

Subramanian's remark on 8% growth projection for India not ours, says IMF

The recent remarks of Krishnamurthy Subramanian, Executive Director at the International Monetary Fund, about India's growth figures does not represent the views of the IMF and were in his role as India's representative at the global body, the IMF has said. "The views conveyed ...by Mr. Subramanian were in his role as India's representative at the IMF," Julie Kozack, IMF spokesperson, told reporters here on Thursday. She was responding to a question on recent remarks by Subramanian, in which he projected a growth rate of 8 per cent for India, which is different from the last growth rate projections by the IMF. Subramanian, at a event in New Delhi on March 28, had said Indian economy could grow at 8 per cent till 2047, if the country redoubles the good policies that it has implemented over the last 10 years and accelerate reforms. "So, the basic idea is that with the kind of growth that India has registered in the last 10 years, if we can redouble the good policies that we have ...