Explore Business Standard
Don’t miss the latest developments in business and finance.
India's Economic Growth
India's economic growth is now 'extremely fragile' and needs all the support that it can get, as private consumption and capital investment are yet to pick up, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Friday. Varma further said out of the four engines of growth for the economy, exports and government spending supported the Indian economy through the pandemic, but other engines need to pick up the baton now. " I like to think in terms of the four engines of growth for the economy: exports, government spending, capital investment and private consumption. "...while exports cannot be the main driver of growth because of the global slowdown, government spending is necessarily limited by fiscal constraints," he told PTI. Observing that experts are waiting for many years for private investment to pick up the slack Varma said that concerns about future growth prospects appear to be deterring capital investment. "The critical question is whether the fourth engine
Moody's on Friday slashed India's GDP growth projections for 2022 to 7 per cent from 7.7 per cent earlier as the global slowdown and rising domestic interest rates will dampen economic momentum. This is the second time that Moody's Investors Service has cut India's growth estimates. In September, it had cut projections for the current year to 7.7 per cent from 8.8 per cent estimated in May. "For India, the 2022 real GDP growth projections have been lowered to 7 per cent from 7.7 per cent. The downward revision assumes higher inflation, high-interest rates and slowing global growth will dampen economic momentum by more than we had previously expected," the agency said in its Global Macro Outlook 2023-24. Moody's expects growth to decelerate to 4.8 per cent in 2023 and then to rise to around 6.4 per cent in 2024. It said the global economy is on the verge of a downturn amid extraordinarily high levels of uncertainty amid persistent inflation, monetary policy tightening, fiscal ...
Union Minister for Commerce and Industry Piyush Goyal said here on Friday that foreign trade would become a truly defining feature that would help India become a USD 30 trillion economy in the Amrit Kaal. "We have reached that inflection point, we are at the cusp, where we are going to take off. If we have the ambition to be at least ten times in the next 25 years...we are looking to cross the USD 30 trillion economy with a per capita GDP of 15,000 dollar," Goyal said. Speaking as the guest of honour after inaugurating the third campus of the Indian Institute of Foreign Trade-Kakinada, along with Union Finance Minister Nirmala Sitharaman, Goyal noted that foreign trade would become a truly defining feature in the years to come "as we work in the Amrit Kaal in the next 25 years and progress towards a developed India." "Amrit Kaal, leading to the 100 years of Indian Independence, will determine the future of our children and generations to come. You are the main stakeholders in this .
There is great merit in expanding the partnership between India and the United States towards a knowledge-based economy, a top Indian American corporate leader said on Tuesday, asserting that a successful collaboration would result in a number of joint efforts in matters of mutual interest. With India and US demographics, industrial might, and technological entrepreneurism, the two nations form a natural partnership, Vivek Lall, chief executive of the General Atomics Global Corporation, told students at the Harvard Kennedy School in Cambridge, Massachusetts. University's India Caucus, a student organisation that aims to promote India-centric discourse, had organised an interactive session on defence, innovation, and technology with Lall. He was recently honoured with the Lifetime Achievement Award by US President Joe Biden. Given the shared values of India and the United States, this relationship enjoys strong bipartisan support in both the countries, and there is great merit in ...
India's space economy is likely to be worth nearly USD 13 billion by 2025, with the satellite launch services segment set to witness the fastest growth spurred by increasing private participation, according to a report released on Monday. The growing demand for smaller satellites is set to boost satellite manufacturing in the country and will attract global start-ups in the sector to help incubate space tech companies here, said the report released by the Indian Space Association (ISpA) and Ernst and Young. India's space economy was pegged at USD 9.6 billion in 2020 and is expected to touch USD 12.8 billion by 2025, according to the report titled 'Developing the Space Ecosystem in India: Focusing on Inclusive Growth'. In dollar terms, the satellite services and applications segment would be the largest with a turnover of USD 4.6 billion by 2025, followed by ground segment at USD 4 billion, satellite manufacturing at USD 3.2 billion and launch services at USD 1 billion. "Indian spac