Page 15 - Indian Economy

Chinese import of goods like umbrellas, toys hurting Indian MSMEs: GTRI

Increasing imports of goods such as umbrellas, toys, certain fabrics, and musical instruments are severely hurting MSMEs as many of these products are also made by domestic businesses, according to think tank GTRI. The report said that during January to June 2024, India exported goods worth only USD 8.5 billion, while imports stood at USD 50.4 billion, resulting in a trade deficit of USD 41.9 billion. This low export and high import makes China India's largest trade deficit partner. "China accounts for 29.8 per cent of India's industrial goods imports. India must invest in deep manufacturing to cut dependence on import of critical industrial products from China," Global Trade Research Initiative (GTRI) Founder Ajay Srivastava said. He said that these imports from China are "hurting" Indian MSMEs, as many of the imported products are also made by these local businesses. He noted that the cheaper Chinese goods make it tough for MSMEs to compete, leading to struggles for survival. "

Signs of hope in GDP data: Will RBI's 7.2% FY25 growth projection be met?

A continued growth momentum being seen will allow the central bank to focus on inflation and wait till it's durably aligned to the target of 4 per cent

India aiming for developed economy and ecology: Environment minister Yadav

Yadav also announced an extension of the deadline for idea submissions in the Ideas4LiFE initiative from September 15 to October 15

States stress on timely reporting of information on employment, job fair

States' representatives on Friday suggested timely and regular reporting of employment and job fair details to the National Career Services portal to boost job creation. Union Minister of State for Labour & Employment Shobha Karandlaje chaired a crucial regional meeting with six states/UTs -- Karnataka, Tamil Nadu, Telangana, Kerala, Puducherry, and Andaman & Nicobar Islands -- in Bengaluru today, a labour ministry statement said. This marks the first in a series of six regional meetings planned by the Ministry of Labour and Employment with all states/UTs, emphasising the spirit of cooperative federalism. The meeting focused on discussions around labour reforms, the eShram Portal, Building & Other Construction Workers (BoCW), and boosting employment generation, reflecting the government's commitment to inclusive development and welfare of all sections of the workforce. During the meeting, the states pointed towards the timely and regular submission of employment returns ...

India's fiscal deficit in Apr-Jul at 17.2% of full-year target: CGA data

The deficit stood at 33.9 per cent of the Budget Estimates (BE) in the corresponding period of 2023-24

Indian economy remains resilient amid global uncertainties: NCAER

Amid global geo-political uncertainties, the Indian economy has remained resilient but the outlook seems softer due to moderation in a couple of high-frequency indicators, according to the Monthly Economic Review for August. The review was released by the National Council of Applied Economic Research (NCAER). The report said bank credit growth of scheduled commercial banks (both food and non-food) moderated in June 2024. Personal loan credit growth and bank credit for the services sector has decelerated, it added. The economic think tank said: "The Purchasing Managers' Index (PMI) for manufacturing and services declined marginally in July 2024 but maintained its expansionary momentum". However, growth in the Index of Industrial Production (IIP) and IIP for core industries moderated in June 2024. NCAER said that while Consumer Price Index (CPI) headline inflation declined in July 2024, mainly due to an easing of food inflation, wholesale price inflation also declined in July 2024.

'Indian women wear unbelievable amounts of gold, silver,' says Jim Rogers

Millionaire investor Jim Rogers said the Indian market teaches him a lot about gold and silver. He believes that India is currently an appealing market to watch out for

Best of BS Opinion: Tale of 2 decisions, unsafe at any place and more

Here is the best of Business Standard's opinion pieces for today

India's growth likely slowed to 6.9% last qtr as govt spending lagged: Poll

Growth in Asia's third-largest economy had been well above 7 per cent during previous quarters thanks to strong capital expenditure by the government led by Prime Minister Narendra Modi

RBI's new credit risk standards are game changer for Indian economy

A well-executed model risk management framework can give a lender precise credit assessment, improve customer trust and edge over competition

'Would have liked to see RBI-staff MPC members also dissent sometimes'

Goyal, who voted for rate cut in both June and August review meetings, says that she does not see any broad-based rise in core inflation

FM Sitharaman, Goyal to attend India-Singapore ministerial meet on Monday

ISMR is a mechanism established to set a new agenda for India-Singapore bilateral relations. Its inaugural meeting was held in New Delhi in September 2022

Unemployment among women increased in first quarter, shows PLFS data

PLFS data shows it rose to 9% from 8.5% in urban areas

India's foreign exchange reserves rise by $4.54 billion to $674.66 billion

Gold reserves rose by $865 million during the week, while Special Drawing Rights (SDRs) increased by $60 million

Stats ministry to work closely with states on local GDP numbers: Secretary

While states do release district-wise data, it is usually made available with a time lag and not updated frequently across states

'Complex and expensive': Further tranches of sovereign gold bonds unlikely

The July Budget reduced the import duty on gold from 15 per cent to 6 per cent, lowering input costs for jewellers and deterring smugglers

Economic momentum intact for 6.5-7% growth in FY25: Finance Ministry

The ministry added that both the consumer and industrial outlook surveys, which showed a declining trend, need to be monitored for future trends

Non-ferrous metal products to have 5% recycled content from FY28

This initiative aims to reduce the country's dependence on primary resources and mitigate the environmental impacts of mining

Ponzi like model of P2P lenders prompt crackdown, RBI finds high NPA

Violations of regulatory guidelines were confirmed through supervisory scrutiny; the regulator dealt with some of these platforms bilaterally for remedial action

NHAI repeals 100m exemption rule for new toll plazas amid regulatory issues

In May 2021, the highway authority had introduced these provisions for projects where project reports were in progress and land for toll plazas was yet to be acquired