Economy Of India

Inflation and its discontents

Central banks are incapable of dealing with the political and economic outcomes of inflation, and the sooner this is recognised, the less dangerous the consequences will be going forward

Our ultimate goal is social, economic equality, says Nitin Gadkari at C20

Social and economic equality is the ultimate goal of the government and Vasudhaiva Kutumbakam' (world is one family) embodies a powerful message from India's G20 Presidency, signalling the commitment to pursue fair and equitable growth for all in the world, said Union minister Nitin Gadkari on Tuesday. He was speaking at the concluding session of the Civil20 India 2023 Inception meeting in Nagpur. C20 is one of the official Engagement Groups of the G20 that provides a platform for Civil Society Organisations around the world to voice the people's aspirations to the world leaders of G20. Gadkari said value-based education and a value-based family system are India's biggest strengths. The minister said that reaching out to the last man and making his life meaningful is the most important challenge of the government. Social and economic equality is the ultimate target for all of us, he said. The Bharatiya Janata Party leader called Antyodaya', the welfare of the people at the bottom

Banking system remains stable, resilient: RBI governor Shaktikanta Das

RBI governor Das cautions banks against any build-up of asset-liability mismatches

FinMin holds webinar on services for better implementation of Budget

As part of a post-Budget Webinar, the Finance Ministry on Tuesday hosted virtual discussions on the six chosen subjects following an address by Prime Minister Narendra Modi. The webinar had six breakout sessions on various themes, including creating growth opportunities in GIFT International Financial Services Centre, facilitating seamless credit flow for MSMEs and enhancing customer ease for account opening and digital payments. "As part of post-Budget Webinar on 'Enhancing Efficiency of Financial Services for Creating growth opportunities', a breakout session on "Facilitating Seamless Credit Flow" to #MSMEs was held via virtual mode today," the Finance Ministry said in a tweet. The webinar was the 10th in the series of 12 post-Budget webinars being held to seek ideas and suggestions for effective implementation of the initiatives announced in the Union Budget 2023-24. "As part of post-Budget Webinar on 'Enhancing Efficiency of Financial Services for Creating growth opportunities'

India's per capita income grew faster before 2014-15, shows data

The latest numbers available are for 2021; income grew at 21.3 per cent between 2015 and 2021 in India

'Lahiri's law': A mathematical analysis of social divisions

Ashok Lahiri's book is a collection of thoughtful observations on India's economic journey since 1947, spiced up with views on our society and its politics

India's forex reserves see a fall of $325 million to $560.94 billion

India's foreign exchange reserves dropped USD 325 million to USD 560.942 billion as of February 24, making it the fourth consecutive week of decline in the kitty, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had declined USD 5.68 billion to USD 561.267 billion. In October 2021, the forex kitty reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the reserves to defend the rupee amid pressures due to various factors, mainly global developments. For the week ended February 24, the foreign currency assets, a major component of the reserves, decreased USD 166 million to USD 495.906 billion, according to the Weekly Statistical Supplement released by the RBI. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves decreased for the fourth

It's not 'K': CEA Nageswaran says urban recovery faster than rural

The CEA said there was still pent-up demand in the system, as in the past three years, India had been growing below potential

All India House Price Index rises 2.8% in Oct-Dec quarter: RBI data

The all India house price index (HPI) rose 2.8 per cent in the October-December quarter of 2022-23 as compared with 3.1 per cent a year ago, according to data released by the Reserve Bank of India on Tuesday. The RBI releases quarterly HPI based on transaction-level data received from the registration authorities in ten major cities. The cities are: Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai. The movements in HPI during the third quarter of the current fiscal varied widely across the cities - ranging from a growth of 7.1 per cent (Kochi) to a contraction of 9 per cent (Jaipur). "On a sequential (q-o-q) basis, all India HPI increased by 1.3 per cent in Q3:2022-23; while Lucknow, Kolkata, and Jaipur recorded sequential contraction in the index, it rose for the remaining cities," the RBI said. Beginning with Mumbai city, the Reserve Bank initiated the work of compiling a house price index (HPI) in 2007 and brought out a quarterly HPI for

India will have exponential growth in next 25 years, says IPM India MD

/ -- India became the fifth largest economy of the world, overtaking the UK and is set to become the third largest by 2029. According to the IMF (International Monetary Fund), India is expected to leap further ahead of the UK up to 2027 - making it the fourth largest economy by that time. The recent geo-political re-alignments coupled with global supply chain issues provide an opportunity for the country to become a global manufacturing hub. Organizations are focusing on de-risking their supply chain dependencies and are exploring newer markets to bolster their manufacturing capabilities. This shift creates a conducive environment for India, which is the most suited candidate to establish itself as the next best destination owing to its strategic geographical location, infrastructure and skilled workforce. Sharing his views, Alexander Reisch, Managing Director, IPM India,opined, "India is poised to become the preferred destination for manufacturing and is paving its way to becoming a

Rupee falls 15 paise to close at 82.73 vs US dollar on muted domestic trend

The rupee fell by 15 paise to close at 82.73 (provisional) against the US currency on Monday, weighed down by gains in the greenback in the overseas markets and a muted trend in domestic equities. Firm crude oil prices further dented investor sentiments, forex traders said. At the interbank foreign exchange market, the rupee opened at 82.68 against the greenback, and fell to an intra-day low of 82.77. It finally settled at 82.73 (provisional), down 15 paise over its previous close. In the previous session on Friday, the rupee settled at 82.58 against the dollar. According to Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas, the Indian rupee depreciated on a weak tone in Asian markets and a strong dollar. Traders also pared their positions ahead of CPI data which is expected a tad higher from the previous month's reading. However, a weak start to crude oil on Monday cushioned the downside. "We expect the rupee to trade with a negative bias amid risk aversion in global

RBI rejects RTI seeking information on its correspondence with govt

The report mentioned the debate on disclosure of the RBI's failure to meet the flexible retail inflation target of 2-6% for three straight quarters between January and September

Country's service exports are doing 'extremely well': Piyush Goyal

The country's services exports are doing extremely well and going by the current trend these outbound shipments would register about 20 per cent growth in this fiscal and cross the USD 300 billion target despite global economic uncertainties, Commerce and Industry Minister Piyush Goyal has said. He said that on the merchandise front also, exports are so far registering healthy growth despite the world being under recession, huge inflationary pressure , and overstocking of various commodities. With all these stress, where every global leader is talking of very tough times, India's exports rose 9 per cent year-on-year during April-December 2022-23. On services though, we have done extremely well. On services we are probably going to do at least a 20 per cent growth and by the current trends, we will exceed the target of USD 300 billion this year. So all in all, it will be a very very satisfying year, given the global headwinds and the stress that is reported from almost every part of

2023 to be tough on trade as global economies will slow down: GTRI to Govt

Announcement of measures like quick refund of duties, resolving inverted duty issues and bringing exports through post and courier at par with standard customs clearances in the forthcoming Budget

Kerala FM Balagopal seeks inputs to revitalise state's sagging economy

Ahead of the state budget to be presented on February 3, Kerala Finance Minister K.N. Balagopal has sought the people's suggestions to reinvigorate the sagging economy of the state

CAIT urges union FM on financial support for small traders in Budget

Traders' body, the Confederation of All India Traders (CAIT) has urged the Union Finance Minister for financial support policies for small traders in the upcoming Budget

Fintech startups in India raise $5.65 bn in 2022, 47% drop from 2021

Fintech startups in India raised $5.65 billion in 390 rounds last year, a massive drop of 47% in terms of funding amount and 29% in the number of rounds when compared with 2021

Shift to old pension scheme may lead to liability add-up in future: Rajan

In an interview to online portal on sidelines of World Economic Forum (WEF) at Davos, Rajan said that reason why new pension scheme was adopted because in old scheme, huge liabilities had built up

What are PM, FM hiding: Cong leader Jairam on Rane's 'recession' remark

What are Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman hiding from the country, Congress leader Jairam Ramesh asked on Tuesday after Union minister Narayan Rane's remarks indicating that India may face an economic slowdown after June. The minister for Micro, Small and Medium Enterprises (MSME) told reporters in Pune in Monday that if India faces an economic recession, it will happen only after June, but the Centre was making all efforts to avoid such a situation. He said developed countries were already facing an economic downturn. "Narayan Rane, Union Cabinet Minister of MSMEs - that have been destroyed since 2014 - forecasts recession in India after 6 months. He said this in Pune to a G20 gathering. What are the PM & FM hiding from the country?" Ramesh asked on Twitter. Rane's comments came after inaugurating the G20's 1st Infrastructure Working Group (IWG). India currently holds the presidency of the G20 grouping. "As I am in the Cabinet, some information

Cryptoverse: Bitcoin on the charge in 2023, clocks a 26% gain in January

Bitcoin is on the charge in 2023, dragging the crypto market off the floor and electrifying bonk, a new meme coin. The No.1 cryptocurrency has clocked a 26% gain in January