Page 10 - Indian Economy

129 mn Indians living in extreme poverty in 2024: World Bank report

Earlier, the World Bank had said that extreme poverty in India declined by 38 million in 2021 to 167.49 million, following a surge in the two preceding years

RBI looking to establish a global model of risk-focused supervision: DG

He highlighted that historically, crises have acted as catalysts for bringing supervisors together to address shared challenges

Inflation may align with target in FY26: RBI Deputy Governor Patra

Patra says climate, tech risks seen as a threat to inflation-targeting

FM Sitharaman to start US, Mexico visit from today; IMF, WB meets on agenda

The finance minister will also take part in G20 Finance Ministers and Central Bank Governors meetings, in addition to bilateral meetings with various countries and organisations

India's outward FDI dips to $3.7 billion in September 2024: RBI data

Singapore emerges as top destination for Indian FDI in Q2

India less export-oriented, US tariff hike won't impact nation: Fitch

India, which is less export-oriented than many other Asian economies, would be relatively unaffected in case the US levies higher tariffs on imports, Fitch Ratings said on Monday. Fitch said higher trade barriers in the wake of the US elections could pose additional challenges for issuers across multiple credit sectors in Asia-Pacific (APAC). Also, weaker growth globally would weigh on macroeconomic prospects in Asia in the event of sharp US tariff increases, especially if China's economic prospects are affected disproportionately. It said that the high share of exports going to the US, coupled with high dependence on exports for growth within the region, means that any hit to exports to the US would have negative repercussions for GDP in many Asian economies, albeit to varying degrees. Fitch views Vietnam as the most vulnerable on this front, but Taiwan, Thailand, Hong Kong, Singapore, Malaysia and South Korea would also have significant exposure. A sharp increase in US tariffs cou

Gujarat to lead India's bid to become a developed nation by 2047: CM Patel

Gujarat Chief Minister Bhupendra Patel on Monday said the state will lead India's effort to become a developed nation by 2047 in 'Amrit Kaal' by serving as the country's growth engine. Patel was launching projects of Rs 2,000 crore as part of the ongoing 'Vikas Saptah, (development week) to mark the state's development under the chief ministership of Narendra Modi. Modi served as Gujarat's CM from 2001 to 2014 and then went on to become the prime minister. The state government recently announced that it would celebrate 'Vikas Saptah' (development week) every year starting October 7, the day Narendra Modi took oath as the state's 14th chief minister in 2001. "Prime Minister Modi inspires us by showing how much a single person can achieve," Patel said. Patel spoke about three phases of Gujarat, the first being since its formation in 1960 till 2001 when it faced several issues. Then came the second phase when under Modi's leadership Gujarat witnessed transformation in different ...

PM's internship scheme registers over 90,849 opportunities, says MCA

The scheme would target providing 125,000 internship opportunities to youth aged 21 to 24 in FY 2024-25 with a budget of Rs 800 crore

Forex reserves breaks 7-week rising streak, stand at $701 bn as of Oct 4

In the period for which the forex reserves data pertains, the rupee had logged its worst week since May and had slipped 0.3% week-on-week

Less than 33% of youth can search Net, transact online: NSO survey

The share of the ones performing these tasks stood lower than the national average in as many as 16 states and Union Territories (UTs)

Net direct tax collection grows 18% to Rs 11.25 trillion: Govt data

Net direct tax collection grew 18.3 per cent to about Rs 11.25 lakh crore as of October 10 this fiscal, government data showed on Friday. The mop-up includes personal income tax collection of Rs 5.98 lakh crore and corporate tax collection of Rs 4.94 lakh crore. Securities Transaction Tax (STT) stood at Rs 30,630 crore, while other taxes (including equalisation levy and gift tax) earned Rs 2,150 crore. The income tax department had collected Rs 9.51 lakh crore during the same period a year ago. Refunds worth Rs 2.31 lakh crore were issued between April 1 and October 10, a growth of 46 per cent. On a gross basis, direct tax collection grew 22.3 per cent to Rs 13.57 lakh crore. The collection includes PIT (personal income tax) of Rs 7.13 lakh crore and corporate tax of Rs 6.11 lakh crore. The government has budgeted to collect Rs 22.07 lakh crore in the current fiscal from direct taxes.

Glasses for Indian students with poor vision can boost economy by Rs 156 bn

A child who receives glasses at age five and wears them consistently until age 18 could earn 55.6 per cent more over their lifetime than those who never have their vision corrected

Centre considers seed funding to establish a shipping insurance entity

The finance ministry may undertake an amendment to the Insurance Act, which will allow mutual insurance associations

Govt repurchases Rs 24,453 crore worth of bonds through buyback auction

The demand at the auction was better than in previous buyback auctions conducted by the RBI in the current financial year

World Bank raises S Asia growth forecast to 6.4% on Indian domestic demand

India's economic growth forecast for the current fiscal year, ending in March 2025, was revised to 7 per cent year-on-year

Consumer confidence improves in Sept on better economic conditions: RBI

Price and inflationary pressures eased across all product groups

Banks should avoid long-term, high-risk lending: FM Nirmala Sitharaman

Indian regulators are doing a world class job, Sitharaman said

MFIN to review compliance of its members with norms on indebtedness

Stock-taking in November to include cap on number of lenders per borrower

India's reformist attitude not seen in many countries: OECD Chief Economist

Pereira said that India needs to prioritise education, skilling and take up reforms to improve business climate, reduce informality, ease FDI restrictions in the economy to attract investments

India's equity-market valuation premium over China narrows to 54.2%

Equity market trend attributed to faster growth in India Inc earnings