Page 21 - Indian Economy

With growth steady, policy must focus on inflation: RBI Governor Das

Reserve Bank Governor Shaktikanta Das on Friday said the monetary policy has to be "clearly and unambiguously" focused on inflation in an environment like the current one, where growth is steady. Amid a debate around neutral rates, Das said "theoretical and abstract concepts" as arrived at are based on a person's judgment and cannot determine the policy in the real world. It can be noted that the RBI has been steadfastly maintaining the status quo on interest rates, and there is increasing dissent among some members of the rate-setting panel who are in favour of rate cuts to promote economic growth lately. Replying to those who flag the impact on growth because of the elevated interest rates, Das said that the growth has been robust even with the current interest rates and added that RBI is optimistic that its 7.2 per cent real GDP expansion estimate for FY25 is being achieved. Moreover, the nowcast team is pointing towards a 7.4 per cent growth in the June quarter as against the .

Shrinking informal economy: Sign of formalisation or growing hardship?

The 2022-23 Annual Survey of Unincorporated Sector Enterprises shows a grim employment situation in the non-farm informal sector

Fiscal consolidation

Both Centre and states need to reduce deficit

India's fintech industry projected to reach $420 bn by 2029 at CAGR of 31%

The Indian fintech industry is estimated to be around USD 110 billion in 2024 and its projected to reach about USD 420 billion by 2029, Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, National Payments Corporation of India, said. The sector, he said, is expected to continue to grow due to factors like favourable policies of the government. The government's push towards a digital economy, coupled with a young and tech-savvy population, is likely to propel the fintech sector to new heights, he added. "As of 2024, Indian FinTech Industry is estimated to be around USD 110 billion and by 2029, it is projected to reach an impressive number of around 420 billion at a cumulative annual growth rate of 31 per cent," industry chamber Assocham said in a statement, quoting Choudhary. It said the advent of the fintech ecosystem, driven by technology-linked innovation, has revolutionised traditional financial services and led to improvement in the efficiency of delivery of

PM Modi's new govt spending plans to remain in line with early projections

A modest expenditure plan could give an extra fillip to India's bond market, where benchmark yields are edging toward a 2-year low

Fintech Budget wishlist: Simplified tax structures, regulatory clarity

Fintech players have called for a lower TDS for startups to ease working capital challenges

Fiscal policy reset needed, especially after a difficult Covid phase

Government intervention during the pandemic seemed conscious of the fact that India's fiscal position was not very strong at the beginning of the crisis

Union Budget 2024-25: Here are the key challenges in retail sector

Digital transformation needs to have zero tolerance on consumer data breaches

Farmers in India face income decline amid rising costs: Madhura Swaminathan

The professor advocated for raising subsidies to support a diversified food basket, necessary for achieving a balanced diet for the Indian population

The real challenge of Viksit Bharat@2047

The primary hurdle of the 2047 development goal lies in job creation for surplus agricultural workers and fresh workforce entrants

Statsguru: Six charts explain increasing defence production in India

The rise in exports comes even as India remains among the world's biggest arms importers, with others such as Saudi Arabia and Qatar topping the list between 2018 and 2023

Growth or decline? Understanding non-agricultural informal enterprises

Efforts at providing robust data for unorganised sector, which plays an important role in livelihood and survival of the poor, has so far been half-hearted, producing no comparable evidence over time

Budget 2024-25: Here are key challenges in artificial intelligence infra

Increased funding for AI research through a greater thrust on R&D, such as academic institutions, innovation centres, and a thriving startup ecosystem

Commercial banks in India step up their control to check 'mule' fraud

0.5-1% of new accounts opened by mules

More instructions on FTA-COO for claiming exemptions

For availing exemptions under FTAs, the importers have to obtain certificates of origin (COO) from the sellers

Fintechs' lending biz is growing but industry must mind the warning signals

FY24 sees record loan surge and customer growth

Costs & time overruns in infrastructure

Working within the same legal, social, political, and governance system, delays and cost overruns are only going to increase manifold

HM Amit Shah reviews implementation of 'Vibrant Villages Programme'

As per the MHA, Shah also focussed that the residents of the nearby villages should get the benefit of healthcare facilities available for the Army and CAPFs

India can be world's second-largest economy by 2031: RBI DG Patra

Evidence of households switching to physical assets; FY26 average inflation seen at 4.1%

India to clock GDP growth of 7% in FY25: NITI Aayog member Arvind Virmani

The Indian economy will grow around 7 per cent in the current fiscal year and is on track to maintain a similar growth rate for several years, NITI Aayog member Arvind Virmani said on Friday. Virmani said there are new challenges facing the country and they will have to be dealt with. "Indian economy will grow at 7 per cent plus minus point 0.5 per cent... I expect that we are on track to grow at 7 per cent for several years from today," he told PTI in an interview. Last month, the Reserve Bank of India (RBI) pegged the FY25 gross domestic product (GDP) growth rate at 7.2 per cent. Responding to a question on the decline in private consumption expenditures in the last fiscal year, Virmani said it is actually recovering now. "The effect of the pandemic was to draw down savings... and very different from previous financial shocks," he said. Explaining further, Virmani said it is like what he calls a double drought situation. "We also had, of course, El Nino last year, but what the