India Rising Economy

Indian economy may grow at 6-7% in FY23 amid 'big' demand: PHDCCI

Industry chamber PHDCCI on Wednesday said going by the current trend, it is expecting the Indian economy to grow at 6-7 per cent during current fiscal year. Chamber's new president Saket Dalmia said production has bounced back and there is a "big" demand in the country. The statement comes a day after the International Monetary Fund (IMF) cut its economic growth forecast for India to 6.8 per cent in 2022. The Reserve Bank of India too has cut the economic growth projection for FY23 to 7 per cent from 7.2 per cent estimated earlier on account of extended geopolitical tensions and aggressive monetary policy tightening globally. Dalmia also said the chamber has identified 75 potential products such as agriculture and chemicals to promote their exports in 75 countries like the US and Europe to help India achieve trade the target of USD 750 billion by 2027. He said the US, Canada, Germany, France, the UK, Japan, the UAE, and China, among others would be the major focused markets to boo

Rice production may fall by 10-12 mn tonne in Kharif season: Food Secretary

India's rice production could fall by 10-12 million tonnes during the Kharif season of this year, due to a fall in paddy sowing area, the government said on Friday. However, Food Secretary Sudhanshu Pandey asserted that the country will have surplus production in rice. He pointed out that the paddy acreage is lower by 38 lakh hectare so far this kharif season, because of less rains in many states. The Kharif season contributes about 80 per cent of India's total rice production. "Loss of production of rice may be 10 million tonnes and in the worst case it can be 12 million tonnes this year," he told reporters here. However, the secretary said that this is an initial estimate based on drop in acreage and average yield. Pandey said the fall in production could be less as yield might improve in states where rains have been good. Total production of Rice during the 2021-22 crop year (July-June) is estimated at a record 130.29 million tonnes. It is higher by 13.85 million tonnes than

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