Page 6 - Indian Economy

WPI inflation hits 4-month high of 2.36% in October on food price spike

The latest WPI data comes days after Consumer Price Index data showed retail inflation hit a 14-month high of 6.2 per cent, also spurred by a rise in food prices

Inflation surge dims hopes for early RBI rate cut despite slowdown fears

Since GDP estimates depend significantly on company data, subdued corporate performance is likely to play a role

Severe action to be taken for causing harassment to taxpayers: Sitharaman

The finance minister added that manufacturing is a priority for the government, and various schemes have been developed for this purpose

Money matters: States' borrowings at 60% of Dec target, shows data

States are allowed to go for a fiscal deficit of 3 per cent of their GSDP and 0.5 per cent relaxation is given in case they pursue power sector reforms

Centre may relax expenditure norms for Q4 to speed up capital expenditure

The Centre's capex, through which it builds physical infrastructure, reached Rs 4.1 trillion or 37.3 per cent of the annual target in the first five months of FY25

Employers up 6.6% at 766,000; members rise 7.6% in FY24: EPFO report

Retirement fund body EPFO has seen a 6.6 per cent year-on-year rise in contributing employers to 7.66 lakh while recording 7.6 per cent growth in members to 7.37 crore in 2023-24, a labour ministry statement stated. According to a statement issued on Sunday, the labour secretary and Chairperson of the Executive Committee, Central Board, Employees' Provident Fund Organization (EPFO), presided over the 109th Meeting of the Executive Committee on November 8, 2024, at EPFO Head Office in the national capital. This was the first meeting of the Executive Committee after the re-constitution of the panel on September 27, 2024. The Executive Committee is a statutory panel under the EPF Act 1952, with the mandate of rendering assistance to the Central Board of Trustees, EPFO in the discharge of its functions. The Annual Report for the year 2023-24 on the functioning of EPFO was also considered by the Executive Committee. As per the statement, while deliberating on the Annual Report, the ...

Job, wealth creators must not feel 'heat of system': VP Jagdeep Dhankhar

Those in commerce and business must not feel "heat of the system" as they are the job and wealth creators and contribute to social harmony, Vice President Jagdeep Dhankhar said on Sunday. He also said that the principle of "economic nationalism" was more important than fiscal gains of a few individuals. Addressing an event of a private educational institution here, Dhankhar said he has always advocated that "those in trade, commerce, industry must not feel heat of the system. They must have respect in society". The vice president was of the view that this segment was the job and wealth creator and contributes to social harmony. "They are economy drivers ...They have learned the art in this country to give back to the society. By and large they do it," he said while noting that the freedom movement of India is dotted by their contribution. The vice president also underlined the need to follow the principles of economic nationalism, whereby unnecessary imports can be curbed to save

Double engine of private investment, consumption derailed under Modi: Cong

The Congress on Sunday claimed that India was facing a "demand crisis" due to sustained income stagnation and said the 'double engine' of private investment and mass consumption that powered the UPA's decade of sustained GDP growth has been "derailed" in the last ten years of the Modi government. Congress general secretary in-charge communications Jairam Ramesh urged the government to accept what the Congress has been proposing - raising MGNREGA wages to a minimum of Rs. 400 per day, guaranteeing MSP and a loan waiver for farmers, and a monthly income support scheme for women - to kickstart income growth in rural India. He said that with each passing day, the tragedy of India's dying consumption story becomes more evident. Last week, several CEOs from India Inc raised the alarm over the 'shrinking' middle class and now, new data from NABARD's All India Rural Financial Inclusion Survey (NAFIS) 2021-22 adds to the evidence that India's demand crisis is a result of sustained income ...

BS BFSI Summit: RBI action on some NBFCs warranted, says K V Kamath

Kamath said that the Reserve Bank of India's action on unsecured lending and non-banking finance companies (NBFCs) was warranted

Indian Tea Association suggests quality grading system for packet tea

About 75 to 80 per cent of tea consumption has shifted to the packaged format

BS BFSI Summit: Tracking food inflation as well as US Fed, say economists

BS BFSI Summit: While food inflation is a prominent factor in India's economic policy, global influences, particularly from the US Fed, cannot be overlooked, say economists at Business Standard summit

BS BFSI Summit: Why go to Mauritius, come to GIFT City, say fund managers

BS BFSI Summit: As GIFT City gains traction, panellists agreed it is well-positioned to become a key player in international finance, transforming India's role in the global financial landscape

India will become $35 trillion economy in next 25 years: Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Friday said India's growth story will take the country's USD 3.5 trillion economy now to USD 35 trillion in the next 25 years. Addressing the inaugural session of Amazing Goa Global Business Summit 2024, Goyal said that the 21st century belongs to India and it was on track to become the third largest world economy in three years. Chief Minister Pramod Sawant, former Union minister Suresh Prabhu and others were present during the inaugural function of the summit, an initiative of the Vibrant Goa Foundation. "Prime Minister Narendra Modi has rightfully said the 21st century is India's century. He also said that the 21st century has stopped being small. What we do today is the best and the biggest," Goyal said. "We are working with a focused approach to make India a developed and prosperous nation by 2047 when we celebrate 100 years of Independence," he said. He said India's growth story will take the economy from USD 3.5 trillion

Education: The secret sauce that helped China in beating India at growth

Thanks to a 50-year head-start in exposure to Western learning, India had a student population that was eight times bigger than China's at the turn of the 20th century

Banks' credit-deposit ratio on downward trend, at 79.5% on Sept 20

Banks have intensified efforts to strengthen their liability franchise

India's smartphone market becomes second largest globally by unit volume

In Q3 smartphone shipments, India accounted for 15.5 per cent of global shipments, second only to China, which led with a 22 per cent share

Reimagining agriculture's role in economic development and growth

An agriculture worker in China generates merely one-fourth of the income generated by a non-agricultural worker. India and Vietnam are close to China while Indonesia shows lower disparity

BS BFSI Summit: MF CIOs flag market risks, stress need for diversification

BS BFSI Summit: Certain pockets may present risks, but the broader market is not in bubble territory, say leading mutual fund CIOs. They also highlight the need for diversified investment portfolios

Managerial roles waning in formal manufacturing sector, shows ASI data

Experts attribute the changing nature of the manufacturing workforce to the adoption of automation in various administrative job roles and increasing contractualisation by producers

Rising small-loan defaults may throw risk into India's broader economy

Personal-loan growth is moderating as the central bank last year clamped down on risky lending practices following a post-pandemic surge in credit