Page 2 - India Economy

150,000 delegates likely to visit India for G20 meetings in 2023

Nearly 1.50 lakh foreign delegates are expected to arrive in India this year to participate in various G20 meetings to be held in 56 cities, Union Tourism Minister G Kishan Reddy said on Tuesday. Addressing reporters, Reddy said after independence and till 2014, only 13 antiquities which were smuggled out of India, were brought back. Whereas during Prime Minister Narendra Modi's visits to various countries, 229 relics or monuments were brought to the country. India is hosting (heading) G20 this year. Officials and minister and delegates from 29 countries (20 countries of G20 group and nine special invitees) will be coming to India to participate in various meeting. The meetings will be held in 56 cities in India. Approximately 1.50 lakh foreign delegates are expected. Along with them their family members and associates are also expected." Owing to COVID-19 pandemic, he said the tourism sector suffered heavily for two years. However, the revival started in 2022 as domestic tourism .

India, Nepal agree to boost economic and development ties between nations

India and Nepal agreed on Monday to further bolster their economic and development cooperation as Foreign Secretary Vinay Mohan Kwatra met his Nepalese counterpart Bharat Raj Paudyal and reviewed the wide-ranging bilateral partnership. Foreign Secretary Kwatra arrived here on a two-day official visit to hold talks with the country's top political leadership on the entire range of multifaceted cooperation between the two countries. "Foreign Secretary Shri Vinay Kwatra met his counterpart Mr Bharat Raj Paudyal and reviewed the wide-ranging India-Nepal partnership," the Indian embassy here tweeted. "Both sides agreed to further strengthen their economic and development cooperation for benefit of the two countries and region as a whole," it said. During his visit, Kwatra, who was earlier India's ambassador here, will pay courtesy calls to Nepal's Prime Minister Pushpakamal Dahal 'Prachanda' and Foreign Minister Paudyal. It is expected that Kwatra will also discuss with his Nepalese ..

How credible is path of improving quality of fiscal deficit going forward?

Centre's fiscal deficit is projected to come down to 5.9% of GDP next financial year from 6.4% in the current financial year

With vote split, RBI's MPC might hike repo rate by 25 bps: Experts

Will there be a convergence or divergence among the members of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) on the 25 basis points (bps) policy rate hike, experts debate.

Rural economy revival to take time in absence of specific triggers: Report

Focus on the rural economy in the budget has been waning over the years and in such a scenario a revival of the rural economy would take time, JM Financial said in a report

Capex push, tax rationalisation: Brokerages give a thumbs-up to Budget 2023

Our equity strategists view the budget as positive for infrastructure and capex-sensitive sectors, says Goldman Sachs

Worst over for global economy, 'softer recession' likely: RBI governor

There is a need to improve retail access to markets, particularly gilts and derivatives, he says

As wealth inequality grows, is it time for an Indian inheritance tax?

Country had had 20 billionaires at the last count: more than some other major economies

UN slashes India's economic growth forecast by 20 bps to 5.8% for 2023

Pegs world economy growth at 1.9%; trade to contract 0.4%

Indian economy expected to grow 7%: How GDP forecasts changed in 3 years

The average variation in value added is 1.5 percentage points between the first and last estimates

As world economy looks beyond China, India steps up as a new powerhouse

As powerhouses from China to Germany contend with slowing growth, the stakes are rising to find another nation equipped to propel the global economy

Financial conditions to be tighter due to Fed's decadal-high rates: Crisil

Liquidity conditions will also not return to surplus as seen in the pandemic years, which will maintain fundamental pressure on domestic interest rates

World Bank sees India growth slowing to 6.6% next fiscal from expected 6.9%

India's economic growth rate will slow to 6.6 per cent in next financial year from an expected 6.9 per cent in 2022-23, the World Bank said in its latest economic update. India however is expected to be the fastest growing economy of the seven largest emerging-market and developing economies (EMDEs), it said. The growth rate of 6.9 per cent in current fiscal year (April 2022 to March 2023) compares with 8.7 per cent in the previous year. For 2024-25, the growth rate is projected at 6.1 per cent. "The slowdown in the global economy and rising uncertainty will weigh on export and investment growth," it said. The government has increased infrastructure spending and various business facilitation measures. However, it will crowd-in private investment and support the expansion of manufacturing capacity. "Growth is projected to slow, to 6.6 per cent in FY2023/24 before falling back toward its potential rate of just above 6 per cent," it said. The GDP expanded by 9.7 per cent on an annua

Huge investments opportunities are there in India, says Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Monday said huge investment opportunities are there in India due to its large domestic consumption demand, rule of law and transparent economy. The minister is in the US for a three-day visit. India is a land of opportunity, and the Indian diaspora should take this message to the world, he added. "India offers huge opportunities due to its large domestic consumption demand, democracy, rule of law and transparent economy," Goyal said while addressing the Indian community at an event in New Jersey. He urged everyone to take this message to the world that India is the trusted partner in the supply chain and investment portfolio. He also called the diaspora for promoting made-in-India products and presenting India's investment opportunities to investors in the US. Goyal said transformational reforms that India witnessed over the last few years have made India the world's fifth-largest economy. He expressed confidence that in a few years

Top headlines: Tata Digital's loss up 6x, India's to grow at 6% in FY24

Business Standard brings you the top headlines at this hour

India's current account deficit in July-Sept rises sharply to 4.4% of GDP

Balance of Payments position sees depletion of $30.4 billion, says central bank

Investors must have moderate return expectations in 2023: Nippon India exec

Earnings could be challenging as global economic growth is weakening, says Sailesh Raj Bhan

Persistency ratio must improve for life insurance customers: CEOs at BFSI

Work done by life insurance industry led to economic revival amid Covid

Renewable energy sector to boom as investments may cross $25 bn in 2023

With an oil price shock threatening to derail economies globally, the focus has shifted to renewable energy with over USD 25 billion or Rs 2 lakh crore investment planned in India for using sunlight, water and air to produce energy. Oil and gas prices shooting through the roof in 2022 in the aftermath of Russia's war in Ukraine sent governments in import-dependent nations like India scrambling for options. Not just imports but a shift to renewables is also seen as a way to cut carbon footprint and meet net-zero targets. And so the government in 2022 aggressively pushed for the adoption of electric vehicles, the production of green hydrogen, manufacturing of solar equipment and energy storage in pursuit of its ambitious 500 GW renewable capacity target by 2030. India would have to add at least 25GW of renewable energy capacity per annum for eight years continuously to achieve the 500 GW target by 2030. At present, India has around 173GW of non-fossil fuel based clean energy capacity

BS BFSI Insight Summit: India's biggest BFSI Summit to kick off on Dec 21

The country's biggest BFSI Summit will feature some of the most prominent voices in India's economic landscape, including RBI Governor Shaktikanta Das, Deputy Governors, and SBI chairman