Page 7 - Indian Economy

India's EV market sees festive season boost, reversing recent slump

This year has seen the EV sector on a roll, as it took only 10 months to hit the 1.5 million mark-a feat that took a full 12 months last year

Indian economy expected to follow its natural course of modest growth

India's economy has long been characterised by modest growth cycles, rarely experiencing recession, but also failing to achieve sustainable acceleration

41% workers on contract in formal manufacturing sector in FY23: ASI data

Contract workers are employed by an industrial establishment through contractual agreements for a specified period or task

Statsguru: Delhi AQI worst among major cities after Diwali celebrations

Delhi experienced a significant drop in air quality following Diwali, marking a stark contrast to relatively clearer skies over the past two years

Trade gains or headwinds? Experts debate US election's impact on India

Experts say higher trade curbs under Donald Trump could hurt India's export competitiveness

Six industries contribute over 50% of formal sector manufacturing GVA: NSO

According to NSO data, this highlights the skewed nature of productivity

Freight corridors driving equitable economic growth across India: Study

The dedicated freight corridors of the Indian Railways have had a social-equalising effect with states that have a lower per-capita GDP experiencing significant benefits, a study by the University of New South Wales, Australia, has revealed. This suggests that the corridors are helping bridge the economic gap, offering a path towards more equitable economic growth across the country, it stated. Though the study, published in Elsevier Journal, focused on the Western Dedicated Freight Corridor (WDFC) for the financial year 2019-20, experts say that overall, it benefits several industries and consumers, giving a big push to the Indian economy. The study said the dedicated freight corridor gives financial benefits to all regions of the country. However, areas closer to it gain more due to a significant reduction in the travel cost, it said. "The model finds a universal decrease in the cost of freighting, with GDP improvements being observed in regions with the greatest decreases in cos

Climate change to put APAC GDP on thin ice with 41% melt by 2100

India alone could face 24.7% loss in GDP by 2070

Brics+ group expected to surpass G7 in global trade by 2026: EY India

The BRICS+ grouping of nations like India, China and Russia is rapidly increasing its share in global merchandise exports and imports and is expected to surpass G7 group by 2026, EY India said in its latest edition of EY Economy Watch. The share of BRICS+ group in global merchandise exports has increased from 10.7 per cent in 2000 to 23.3 per cent in 2023, an increase of 12.6 percentage points. On the other hand, the share of the G7 group in global exports has fallen by a margin of 16.2 percentage points from 45.1 per cent to 28.9 per cent over the same period. The share of the rest of the world has largely remained stable increasing only marginally from 44.2 per cent to 47.9 per cent during this period. This implies that largely it is the BRICS+ group which has replaced the G7 group in terms of share in global merchandise exports, the report said. A similar pattern is visible in the case of share in merchandise imports. While the share of BRICS+ group has increased from 7.2 per c

RBI well-equipped to deal with any volatility post US elections: Report

The Reserve Bank of India would be able to tap its large foreign exchange reserves to defend the domestic currency in the event of global market volatility and an outflow of foreign funds

Framework on sustainability for textile industry on cards amid global focus

The ministry of textiles is preparing the framework and has been in consultations with the industry to take into consideration its views

Inflation debate: Current target holds merit, but 4% midpoint needs teeth

In inflation-averse Indian polity, people complain about high inflation and high prices all the time. Thus, there may also be handsome electoral dividends from low inflation

Positives outweigh negatives in economy: RBI Governor Shaktikanta Das

Says action against NBFCs in the best interest of customers

WTO accepts India request to defer ICT import duty dispute ruling until Apr

The WTO's dispute settlement body on Monday again accepted a request from India and Chinese Taipei not to adopt the ruling against New Delhi's import duties on certain information and technology products till April next year, as both sides are engaged in resolving the matter mutually, an official said. The issue came up during a meeting of the dispute settlement body (DSB) in Geneva. "The DSB agreed to the latest requests from Chinese Taipei and India," the Geneva-based official said. At the October 28 meeting, India and Chinese Taipei once again requested additional time from the DSB to consider the adoption of the panel rulings in the case initiated by Chinese Taipei regarding India's tariffs on certain high-tech goods. The two sides had requested that the DSB further delay consideration of the panel reports until October 28, 2024, to help facilitate the resolution of the disputes. "The parties asked that the DSB further delay consideration of the panel report until 25 April 202

India, EU FTA negotiation priority, both sides pushing for early deal: MEA

During their bilateral talks at the Laxmi Vilas Palace in Vadodara, PM Modi and Sanchez discussed a wide range of topics, including trade, defence, and technology collaboration

Govt report maintains economic growth forecast but flags global risks

"Risks to growth arise from escalating geopolitical conflicts, deepening geoeconomic fragmentation and elevated valuations in financial markets in some advanced economies," the report said

Progress on MDB reforms 'disappointing', says G20 expert group report

The report card comes a year after the G20 independent expert group on Strengthening MDBs had made its recommendations for reforming these institutions

Statsguru: India's journey to become 5th largest economy since 2000

Union Finance Minister Nirmala Sitharaman has said that India can become the third-largest economy in the world by 2027

Assam Cabinet approves 3% dearness allowance hike for state govt employees

The Assam Cabinet on Sunday approved 3-per cent dearness allowance (DA) hike for state government employees, Chief Minister Himanta Biswa Sarma said. The increase will be effective from July this year, he said. Addressing a press conference after chairing a cabinet meet here, Sarma said, With this, the total DA will be 53 per cent, which is at par with central government employees. He said the increased DA will be payable with retrospective effect from July, and the arrear amount will be paid in four equal installments with the monthly salaries from January to April next year. The employees will draw salary with revised DA from December, the CM said. The cabinet also decided to do away with the earlier provision in the Assam Tea Plantation Provident Fund scheme, which barred a tea garden worker whose monthly wage is more than Rs 15,000 from getting provident fund (PF) benefits. As wages of the workers are now increasing, we do not want anyone to be deprived of PF benefits. Hence,

MGNREGS demand-driven scheme, not possible to fix enrolment targets: Govt

The rural development ministry on Sunday dismissed reports that enrolment under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) is going down and said it is not possible to fix targets for total enrolment in the demand-driven scheme as the financial year is still going on. According to a report of Libtech India on the implementation of the MGNREGS, there has been an 8-per cent drop in the number of active workers under the scheme compared to last year. The report also said there has been a net deletion of 39 lakh workers, raising concerns about wrongful deletions. While the names of 84.8 lakh workers were deleted, only 45.4 lakh workers were added under the scheme. "Since MGNREGA is a demand-driven scheme and current FY is still ongoing, hence, it is not possible to fix an exact target of person days generation. However, the states/UTs can send proposals for labour budget revision as per the locally felt needs," the ministry said in a statement. "It may be .