Page 11 - Indian Economy

Coalition govt is good for India, says economist Jagdish Bhagwati

Bhagwati spoke on a wide range of issues, including trade protectionism, India's ambition to become a developed country, the middle-income trap, the demographic dividend

Nation in remarkable economic upsurge, will be developed nation by 2047: VP

He was speaking at the Felicitation ceremony of Dr Karan Singh on the completion of 75 Years in Public Life at the India International Centre (IIC) in Delhi

Status-quo on rates likely, say experts ahead of RBI's policy review

The Reserve Bank is unlikely to cut the benchmark interest rate in its forthcoming bi-monthly monetary policy review later in the week as retail inflation is still a cause of concern, and there is a possibility of the Middle East crisis deteriorating further, impacting crude oil and commodity prices, say experts. Earlier this month, the government reconstituted the Reserve Bank's rate-setting panel -- Monetary Policy Committee (MPC). The reconstituted panel, with three newly appointed external members, will commence its maiden meeting on Monday. MPC Chairman RBI Governor Shaktikanta Das will reveal the outcome of the three-day discussion on Wednesday (October 9). The Reserve Bank of India (RBI) has kept the repo or short-term lending rate unchanged at 6.5 per cent since February 2023, and experts think some easing could only be possible in December. The government has tasked the central bank to ensure that Consumer Price Index (CPI) based retail inflation remains at 4 per cent with

Claims on economy conceal choke points that will strangulate growth: Cong

Asserting that the last 10 years have seen "highly detrimental economic trends", the Congress on Sunday said the monsoon has receded but at least "three dark clouds" of languishing private sector investment, stagnating manufacturing and decline in real wages and productivity for labourers, still loom over the Indian economy. Congress general secretary in-charge communications Jairam Ramesh said bombastic claims on the economy are being made by Prime Minister Narendra Modi and his drumbeaters but what these claims conceal are the choke points that will strangulate growth in the years to come if not taken seriously now, in a spirit of humility. "The monsoon has receded. But new evidence has shown that at least three dark clouds still loom over the Indian economy," Ramesh said in a statement. "First, after a brief surge in private sector investment during 2022-23 on the back of the COVID-19 recovery, investment has returned to an unsteady path," he said. New project announcements by t

India undergoing transformational changes to sustain high growth: PM Modi

Describing India as a sweet spot amid global uncertainty, Prime Minister Narendra Modi on Friday said the country is undergoing transformational changes to sustain its high economic growth trajectory. Speaking at the 3rd edition of the Kautilya Economic Conclave here, Modi committed to continuing structural reforms to help India become a developed nation by 2047. Jobs, skills, sustainable growth and continuing rapid expansion are the focus of Modi 3.0, he said. "Today, amid a global emergency, we are here discussing about the Indian Era', this shows how the world trusts India...India is the world's fastest-growing and the 5th largest economy. In terms of fintech adoption rate, we stand as the top nation," he noted. India is the largest manufacturer of two-wheelers and tractors, and the second largest manufacturer of mobile phones, he said. Stressing that 'Reform, perform and transform' is the guiding mantra of his government, Modi said, "When the lives of people are transformed, t

Cabinet rationalises agri schemes into 2; okays Rs 10K cr Oilseeds Mission

The Central share in the Rs 101,321 crore allocation is Rs 69,088.98 crore, and the state share is Rs 32,232.63 crore

India, US discuss ways to strengthen critical minerals supply chain

Goyal and Raimondo also discussed opportunities to increase US investments in India, particularly in some of the new industrial cities being planned

91% Indian CEOs want to link rewards, promotions to office attendance: KPMG

CEOs in India are confident about the benefits of generative AI, but concerned about the pace of progress on regulations: KPMG 2024 India CEO Outlook

Mixed outlook: Manufacturing needs diversification and jobs focus

Economic growth at the expense of labour-income share will not be sustainable in the long term in a labour-abundant country

Govt notifies Apr 1, 2025, as sunset date for GST anti-profiteering

The government has notified April 1, 2025, as the sunset date for the anti-profiteering clause in the GST law. Also, from October 1 all pending complaints under the anti-profiteering provisions will be handled by the Principal bench of the GST Appellate Tribunal (GSTAT), instead of the Competition Commission of India (CCI), the GST policy wing of the government said in another notification. These notifications follow the recommendations of the GST Council, which in its 53rd meeting on June 22, had recommended to amend Section 171 and Section 109 of CGST Act, 2017 to provide a sunset clause for anti-profiteering under GST and to provide for the handling of anti-profiteering cases by Principal bench of GSTAT. Council has also recommended the sunset date of April 1, 2025, for receipt of any new application regarding anti-profiteering. The notification by the GST policy wing would mean that from April 1, 2025, consumers would not be able to file complaints regarding profiteering by ...

India's manufacturing PMI cools to 8-month low in Sept as output slows

'Mild setback' in manufacturing growth across India, according to HSBC survey

GST mopup growth in September slowest in H1FY25 amid high refunds

Net numbers fall 3.9% to Rs 1.5 trn

FY23 wage share in NVA below the pre-pandemic level, shows ASI data

This is despite a fall in the share of profits to NVA and a rise in the share of wages and emoluments in 2022-23 compared to 2021-22

CAIT's White Paper details violations by Amazon, Flipkart; calls for action

The White Paper focuses on the violations committed by e-commerce giants, particularly regarding the Foreign Direct Investment policy and other regulatory frameworks governing e-commerce

Make in India played tremendous role in latest GVA numbers: Piyush Goyal

Goyal further remarked that the world is increasingly viewing India as a manufacturing hub

Fiscal deficit in April-August at 27% of full-year target: Govt data

The fiscal deficit-the gap between expenditure and revenue-was 36 per cent of the budget estimates for the corresponding period last year

Key infra sectors' growth contracts 1.8% in August, shows govt data

The growth in production of eight key infrastructure sectors contracted 1.8 per cent in August this year due to a decline in the output of coal, crude oil, natural gas, refinery products, cement and electricity, according to official data released on Monday. The growth rate was 6.1 per cent in July. The growth of core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 13.4 per cent in August 2023. During April-August this fiscal, the output of core sectors rose 4.6 per cent against 8 per cent in the same period last fiscal. The eight core sectors contribute 40.27 per cent to the Index of Industrial Production (IIP) which measures overall industrial growth.

Economic growth, social development possible only where law upheld: Prez

President Droupadi Murmu on Monday said that economic growth and social development are possible only where the rule of law is upheld. Without maintaining law and order, ensuring justice and protecting citizens' rights, progress becomes a meaningless term, she said addressing a group of Indian Police Service (IPS) probationers, who had called on her at the Rashtrapati Bhavan. "One category of crime I would like to highlight here is crimes against women. While it is a complex phenomenon with its roots deep in a sick mindset as well as sickening social prejudices, it is, first of all, a crime. Therefore, fighting it requires action at many levels, but the first response comes from the police force," Murmu said. She said that police officers working on these cases are expected to have exceptional sensitivity, empathy for the victim besides utmost commitment to the task of ensuring justice. The president said police officers working on cases of crime against women are "expected to have

Wedding rush: 4.8 million couples to spark Rs 5.9 trillion economic surge

The upcoming wedding season, starting from November 12, 2024, is projected to significantly outperform last year's Rs 4.25 trillion generated by 3.5 million weddings

Net financial wealth of households touched all-time high in Q1 FY25

Motilal Oswal report shows assets have grown at a faster pace since the pandemic