India Rising Economy

India signs IPEF bloc's clean, fair economy agreements to boost cooperation

India on Sunday signed the 14-member IPEF (Indo-Pacific Economic Framework for Prosperity) bloc's agreements on a clean and fair economy with an aim to enhance cooperation in these areas. The agreements would help facilitate development, access, and deployment of clean energy and climate-friendly technologies; catalyse investment and strengthen measures for anti-corruption, tax transparency etc. and improve business environment, the commerce ministry said in a statement. In June in Singapore, 13 IPEF bloc members signed these agreements, while India said it would ink the deals after getting domestic approval. "India signed and exchanged the first-of-its-kind agreements focused on Clean Economy, Fair Economy, and the IPEF Overarching arrangement under IPEF for prosperity, on September 21 at Delaware, USA, in the presence of Prime Minister Narendra Modi who is on 3-day visit to the US for the Quad Summit," it said. The agreement on clean economy intends to accelerate efforts of IPEF

Size of Indian economy can easily double by 2030: NITI CEO Subrahmanyam

India could easily double the size of its economy by 2030, NITI Aayog CEO BVR Subrahmanyam said on Wednesday. At an event organised by the Public Affairs Forum of India (PAFI), Subrahmanyam added that climate change is an opportunity for India to become a leader in climate technology. "Our economy should easily double by 2030...India's ambition to become the third-largest economy by 2026-2027 necessitates a cohesive grand strategy," he said. Currently, in US dollar terms, India is the fifth largest economy with a size of about USD 3.7 trillion in nominal terms. "India will be a big dominant player, it already matters and it will matter much more in global affairs, by 2047," he said. Subrahmanyam said by 2047, India will be among the world's youngest nations demographically, poised for prosperity, with a projected per capita income of around USD 18,000 to USD 20,000. "This growth is significant as India is expected to emerge as a major global player, building on the substantial ..

India continues to be preferred destination for FDI, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Friday said India continues to be a preferred FDI (foreign direct investment) destination despite soaring global interest rates. He said that interest rates rose worldwide including in the US and that led to the flow of capital back in the developed nations. "That was a period where one would have imagined a much deeper impact on the developing economies than what India witnessed, but the strength of demand in India, the strength of opportunities that people saw in India, ensured that we did not see the drastic fall that many of our other peer countries (witnessed)," Goyal said. The total FDI -- which includes equity inflows, reinvested earnings and other capital -- contracted 15.5 per cent to USD 32.9 billion during April-September this fiscal against USD 38.94 billion in April-June 2022. "We continue to have significant FDI coming in...a lot of reinvestment of earnings happened even during this period when ideally I would have though

India's economy showed strong growth, retained 6% forecast in FY24: S&P

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 ...

Govt looking to seek bids for ways to estimate size of digital economy

The IT ministry has floated a request for proposal seeking bids from agencies to provide an estimation of the size of the digital economy by reviewing the existing literature and methodologies

Indian economy may grow at 6-7% in FY23 amid 'big' demand: PHDCCI

Industry chamber PHDCCI on Wednesday said going by the current trend, it is expecting the Indian economy to grow at 6-7 per cent during current fiscal year. Chamber's new president Saket Dalmia said production has bounced back and there is a "big" demand in the country. The statement comes a day after the International Monetary Fund (IMF) cut its economic growth forecast for India to 6.8 per cent in 2022. The Reserve Bank of India too has cut the economic growth projection for FY23 to 7 per cent from 7.2 per cent estimated earlier on account of extended geopolitical tensions and aggressive monetary policy tightening globally. Dalmia also said the chamber has identified 75 potential products such as agriculture and chemicals to promote their exports in 75 countries like the US and Europe to help India achieve trade the target of USD 750 billion by 2027. He said the US, Canada, Germany, France, the UK, Japan, the UAE, and China, among others would be the major focused markets to boo

Rice production may fall by 10-12 mn tonne in Kharif season: Food Secretary

India's rice production could fall by 10-12 million tonnes during the Kharif season of this year, due to a fall in paddy sowing area, the government said on Friday. However, Food Secretary Sudhanshu Pandey asserted that the country will have surplus production in rice. He pointed out that the paddy acreage is lower by 38 lakh hectare so far this kharif season, because of less rains in many states. The Kharif season contributes about 80 per cent of India's total rice production. "Loss of production of rice may be 10 million tonnes and in the worst case it can be 12 million tonnes this year," he told reporters here. However, the secretary said that this is an initial estimate based on drop in acreage and average yield. Pandey said the fall in production could be less as yield might improve in states where rains have been good. Total production of Rice during the 2021-22 crop year (July-June) is estimated at a record 130.29 million tonnes. It is higher by 13.85 million tonnes than

Poised for higher growth: Digital India revolution is on a sound footing

Boldly embracing technology-based interventions will empower people and enable New India to attain the desired level of sustainable and inclusive growth

Nicholas Stern on India's road to become a developed economy and more

Prof of Economics at the London School of Economics Nicholas Stern spoke to Business Standard's Asit Ranjan Mishra on India's focus areas to become a developed economy and more

Top headlines: EVs brace for trial by fire, ATF duty hits airlines and more

The Indian economy was slightly smaller than the United Kingdom's (UK's), which deprived the former the rank of the fifth-largest economy in the world in 2021. Read more on this in our top headlines

Our goal is to lift a rising India into a new India: MJ akbar

The last hundred years have seen history somersault in unpredictable ways, for both Europe and India