Page 12 - Indian Economy

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

10-12 companies to get first set of incentives for textiles PLI scheme

Decision comes after panel flagged funding 'shortfall' in 3 out of 14 sectors

Bibek Debroy steps down as Chancellor of Pune-based Gokhale Institute

Noted economist Bibek Debroy on Friday resigned as Chancellor of the Gokhale Institute of Politics and Economics (GIPE), a day after the Bombay High Court extended interim relief to Vice-Chancellor Ajit Ranade, who was earlier removed from his post. Debroy, who is also chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), was appointed as Chancellor of GIPE, a deemed to be university, in July this year. In an email addressed to Ranade, who is also an eminent economist, Debroy said he is standing down from his post with immediate effect. Milind Deshmukh, secretary of the Servants of India Society (SSI), confirmed Debroy has rendered his resignation as chancellor of the institution. GIPE was established in 1930 by the Society. Earlier this month, Ranade was removed from the position of GIPE vice-chancellor after a fact-finding committee set up by Debroy found that his appointment violated University Grants Commission (UGC) norms. Ranade approached the High Court

Indian economy to grow at 6.5-7% in FY 2024-25 on steady state basis: CEA

Chief Economic Advisor (CEA) to the Union government, V Anantha Nageswaran, on Friday said that the Indian economy is expected to grow at a rate of 6.5-7 per cent in the current financial year on a steady state basis. He said the growth rate is commendable given the current global scenario. Speaking virtually at an event organised by the Bengal Chamber of Commerce and Industry (BCCI), Nageswaran said that while the economy will grow at 6.5 per cent in real terms, the nominal rate of growth will be 11 per cent, taking inflation into account. "The Indian economy is poised to remain the fastest growing in the current financial year with a growth rate of 6.5-7 per cent on a steady state basis. This is a very good achievement in the current global context," Nageswaran said. He said that while the world is facing medium-term uncertainties with global trade slowing to a crawl, post-COVID recovery in India is now cemented due to calibrated fiscal and monetary policies pursued by the ...

State-level integration under GST shows modest gains in post-Covid period

This change in the design of the tax regime was argued to shift the revenue to consuming states from producing states

India faces risk of Chinese product influx as US tariffs take effect

Tariffs up to 100% on key items from China take effect today

Pickup in public expenditure may keep growth steady: Finance ministry

The review released on Thursday said that the risk of market correction has risen amid a boom around the world, and if this risk materialises, the spillover effect may be felt globally as well

Just 3,000 nods: Trai's whitelisting deadline may be pushed by 30 days

At present, the telcos get the headers and the templates from the businesses. However, now they will also require the content to be submitted

Economists bullish on India, cautious optimism for global recovery: Survey

A majority of chief economists have shown a cautious optimism about the global economy with India's robust performance making South Asia the best performer worldwide, a survey showed on Wednesday. "Easing inflation and strong global commerce are fuelling cautious optimism for recovery but elevated debt levels are becoming a growing concern in both advanced and developing economies," the World Economic Forum said in its latest Chief Economists Outlook. The report, based on a survey of leading chief economists from across the world, highlighted that debt levels and fiscal challenges are placing significant pressure on economies worldwide leaving them vulnerable to future crises. A growing concern is a potential fiscal squeeze, where rising debt-servicing costs limit governments to invest in essential sectors such as infrastructure, education and healthcare. In developing economies, 39 per cent of economists expect an increase in defaults over the next year, the WEF said. Regionwise,

Online home searches rise again as festive season kicks in: Report

The reading on the Indian Residential Index for Online Search by proptech platform Housing.com touched 99 in August, the highest since December 2023 when it was 105

India pips Japan, ranks 3rd on Asia Power Index of Australia think tank

India ranks third in the annual Asia Power Index, released by an Australian think-tank, surpassing Japan on the back of strong post-COVID 19 economic growth, while China's power appeared to plateau just below the United States. The Sydney-based Lowy Institute has put the US at the top of its Asia Power Index with a score of 81.7, followed by China with a score of 72.7, India (39.1), Japan (38.9), Australia (31.9) and Russia (31.1). The Index ranks 27 countries and territories in terms of their capacity to shape their external environment -- its scope reaching as far west as Pakistan, as far north as Russia and as far into the Pacific as Australia, New Zealand and the US. The index has cited economic growth, future potential and diplomatic influence as key factors for India's rise. However, it has pointed out that New Delhi's clout remains below the potential promised by its resources. "India has shown remarkable post-pandemic economic recovery, contributing to a 4.2-point rise in i

Slowing Indian economy to drag APAC's growth in 2025: Moody's Analytics

S&P expects RBI to cut rates next month

Strong fundamentals crucial amid global unrest: RBI Guv Shaktikanta Das

Have larger responsibility of maintaining financial stability'

Future bright for manufacturing as Make in India celebrates 10 yrs: Goyal

A series of measures to improve ease of doing business, zero tolerance for corruption and the focused effort on emerging sectors like electronics have helped promote 'Make In India' and boost both domestic and foreign investments in the country, Commerce and Industry Minister Piyush Goyal said on Tuesday. "We have achieved great success and a brilliant future is ahead for manufacturing in the country as the 'Make in India' programme is celebrating its 10 years," he said. The 'Make in India' initiative was launched on September 25, 2014, to facilitate investment, foster innovation, build world-class infrastructure, and make India a hub for manufacturing, design, and innovation. It is one of the unique 'Vocal for Local' initiatives that promoted the country's manufacturing domain to the world. "We are seeing very big investment plans on the anvil which will create millions of jobs and expand our manufacturing contribution to the economy," Goyal told PTI. Recalling the journey of the

S&P retains India's growth forecast at 6.8%; expects rate cut in October

S&P maintained India's growth forecast at 6.8% and said that it expected the RBI to cut rates in October. The US Fed rate cuts last week have sparked speculation about a potential spillover effect

Private sector in driver's seat of Indian economy, steering nation: Rajnath

Defence Minister Rajnath Singh on Monday said the role of the private sector is becoming increasingly prominent in nearly every area of the Indian economy and it is steering the nation's economic progress. Addressing the inauguration programme of a Sainik School at Shri Bhawani Niketan Public School here, he said Sainik schools are also being set up under the Public-Private Partnership (PPP) model. Sainik schools will give fresh impetus to efforts to give a new direction to society and instil values like discipline, patriotism and courage in their students, he said. Singh said that all Sainik schools established in the country till now were being run jointly by the central and state governments but the new schools are being established under the PPP model. "Whenever there is talk of Public-Private Partnership, the word 'public' comes first. In any project, we look at the role of the government first. But the situation is changing now. "Therefore, moving away from the standard ...

New-look RBI's MPC set to take rate call amid cuts by global banks

RBI's MPC has six members - three are from within RBI: Governor, deputy governor in charge of monetary policy, and one more officer from RBI who is nominated by the central board of RBI

India on right track to become Viksit Bharat by 2047: FM Sitharaman

The country was on the right track towards Viksit Bharat 2047 and institutional capacity building would play a key role in that, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said here on Sunday. Viksit Bharat 2047 is the NDA government's roadmap to make the country a developed nation by 2047, when India celebrates its centenary of achieving independence. The FM said the Centre has left no stone unturned towards enhancing self-sufficiency in defence capabilities. "We will also need to look after our banks, overall infrastructure, health of the companies in the market and prioritising the digitisation of the Indian economy," she said at the Pondy Lit Fest. "So if you are looking at what the future entails for India and how we are going to reach the destination of Viksit Bharat 2047, we are on the right track in that. We have prioritised our national security. " she said. Sitharaman said the Centre never compromised spending on Defence although the earlier regime

India's maiden auction for critical minerals turns out to be a dampener

Govt back to drawing board to improve prospects in future rounds, industry expects more support

Window for pvt entry into CPSEs open; PESB takes steps to widen talent pool

Over the past one year, the PESB has taken steps to expand the talent pool from which it selects candidates