Page 61 - India

India a 'star' among EM economies with 7.3% growth in FY23, says S&P

S&P Global Ratings on Thursday said rising rates and increased European energy insecurity are hitting growth in almost every country, but India with an estimated 7.3 per cent growth this fiscal, would be the 'star' among emerging market economies. In a report, S&P said global macro performance over the next few quarters points towards growth slowdown with tightening financial conditions amid rate hikes by central banks. Most leading and sentiment indicators are pointing toward slower growth as well. Growth eased in the second quarter across emerging markets as inflation reduced real household income, business confidence deteriorated, and the external environment became more complicated, it said. Emerging-market central banks have been ahead of their advanced-country counterparts in hiking policy rates, and in Latin America they are now near the end of their tightening cycles. Elsewhere, core inflation continues to rise, suggesting there is more work to do. Large recent hikes ..

Innovation to be key in making India developed nation by 2047: Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday said innovation is going to be key factor in making India a developed nation by 2047, as she highlighted the immense potential of digitalisation in achieving this. She also said that if the same momentum that was seen through COVID-19 and immediately after that continues, and if all countrymen put their efforts together, building India as a developed economy by 2047 should not be difficult. "Innovation is going to be the key for many things that we can do between now and 2047. It is because of the innovation, the solutions which we have for very many of the festering problems of this economy, we can achieve that desired developed economy status," Sitharaman said. Also highlighting the emphasis that is being laid on further digitalisation, whether into medical services, education and Software as a service (SaaS), she said there is immense potential to take it up further. The Finance Minister was addressing the 105th Annual Gene

India will be pillar of global economic revival. says Piyush Goyal

Union Minister Piyush Goyal on Thursday said India will be the pillar of the global economic revival as it exhibited steady growth and emerged as the fastest-growing country among large economies of the world. Addressing the Bengal Chamber's annual general meeting virtually, he said if all stakeholders of the economy work together with a sense of 'Kartavya bhav' (spirit of duty), the national goal of USD 30-trillion economy will be achieved by 2047, the year when the country will celebrate 100th anniversary of its independence. "India is already the fifth largest economy in the world and is turbocharging its growth to become the third largest in the coming years. The prime minister's vision is to make India a developed nation by 2047 with an economy size of USD 30 trillion as we will celebrate our 100th independence in that year," Goyal, the commerce and industry minister, said. All sectors such as agriculture, manufacturing and construction are doing quite well, he claimed. "India

India, Brazil support each other's candidacy at UNSC: Brazilian envoy

India, Brazil support each other's candidacy at UNSC, said Brazilian envoy

Best of BS Opinion: Beyond a phrase, India's national priorities, and more

Here is the best of Business Standard's opinion pieces for today

India proposes 15% retaliatory duties on 22 items imported from UK

India has proposed additional customs duties of 15 per cent on the import of 22 products, including whiskey, cheese and diesel engine parts, from the UK in retaliation to Britain's decision to impose restrictions on steel products. In a communication to the World Trade Organisation (WTO), India said it is estimated that the safeguard measures taken by the UK on steel products have resulted in the decline of exports to the tune of 2,19,000 tonnes on which the duty collection would be USD 247.7 million. Accordingly, India's proposed suspension of concessions would result in an equivalent amount of duty collected from products originating in the UK, it said. "India hereby notifies the (WTO's) Council for Trade in Goods of its decision to suspend concessions or other obligations under the General Agreement on Tariffs and Trade 1994 and the Agreement on Safeguards that are substantially equivalent to the amount of trade affected by the measures of the UK," it added. The other products .

IND vs SA 1st T20I highlights: Arshdeep, Surya shine in India's 8-wkt win

India vs South Africa first T20I Highlights: India won the first match of the three-match series by eight wickets as Suryakumar Yadav and KL Rahul hit fifties while Arshdeep took 3-32 in his 4 overs

Bayer launches novel heart failure drug Verquvo for Rs 127 a pill

In India there are between 8-10 million people with heart failure, making it one of the world's largest populations with the malady

India's approach to Ukraine war will continue to be human-centric: UN envoy

India has repeatedly called for a prompt cessation of hostilities in the Ukraine conflict and the need to resolve this conflict through dialogue and diplomacy, said UN envoy Ruchira Kamboj

Amit Shah to attend formation day of National Disaster Management Authority

Union Home Minister Amit Shah will attend the 18th Formation Day of the National Disaster Management Authority (NDMA) today

India, Pakistan both partners with different points of emphasis, says US

India and Pakistan are both partners of the US with different points of emphasis, the Biden administration said Monday, a day after visiting External Affairs Minister S Jaishankar questioned the rationale behind the latest American F-16 security assistance to Islamabad. Referring to the argument made by the US that F-16 sustenance package is to fight terrorism, Jaishankar had said everybody knows where and against whom F-16 fighter jets are used. "You're not fooling anybody by saying these things," he said in response to a question during an interaction with Indian-Americans. "We don't view our relationship with Pakistan, and on the other hand, we don't view our relationship with India as in relation to one another. These are both partners of ours with different points of emphasis in each," State Department Spokesperson Ned Price told reporters at his daily news conference. "We look to both as partners, because we do have in many cases shared values. We do have in many cases shared

India to address death bowling concerns in final tune-up ahead of T20 WC

India will be looking to round off their T20 World Cup preparation with a marked improvement in their death bowling besides providing crucial game time to its untested players in the three-match series against South Africa, beginning here on Wednesday. India skipper Rohit Sharma, expectedly, singled out death bowling as an area that requires improvement following the series win over Australia. The hosts will be without two of their key bowlers, Hardik Pandya and Bhuvneshwar Kumar, who have been rested ahead of the ICC event next month. Mohammad Shami, who is one of the World Cup reserves, is yet to recover from COVID-19 and will be missing the three games against the Proteas after being unavailable the rubber against Australia. Harshal Patel did not have the best of times in his comeback series against Australia but he will be expected to get back to his best in the final three games before the World Cup. His career economy rate stands at 9.05 but he conceded more than 12 runs pe

Ten days after global launch, Apple starts assembling iPhone 14 in India

Apple effectively pays 26 per cent duty on the free on board (FOB) value of imported phones

Duleep trophy incident highlights the very masculine art of sledging

West Zone captain Rahane sent his teammate to the dressing room because of sledging at a recent match

Australian companies delegation visiting India for better trade tie-ups

The delegation is visiting India as a part of Australia India Business Exchange (AIBX) programme. The delegation of companies will be led by the Australian Trade and Investment Commission (Austrade).

India beat Australia by six wickets in third T20I, clinch series 2-1

This was Kohli's second century partnership at the Rajiv Gandhi Stadium after figuring in a 102-run stand with K.L Rahul against West Indies in 2019.

Shehbaz Sharif-led govt wants to resume trade ties with India: Imran Khan

Pakistan's former prime minister Imran Khan said on Sunday that his government had snapped trade ties with India after New Delhi revoked the special status of Jammu and Kashmir in 2019 and claimed that the Shehbaz Sharif-led government wanted to resume it. Addressing a rally in Karak, Khyber Pakhtunkhwa, 69-year-old Khan also said that Pakistan Muslim League-Nawaz Vice President Maryam Nawaz was "incapable of telling the truth" as he once again accused her of keeping nepotism above national interests. "Maryam wants to import power plant machinery from India for her son-in-law," he said, while referring to a audio leak in which Prime Minister Sharif is allegedly being told that Maryam's son-in-law wants to import a power plant from India. "Our government had stopped trade with India because itended the special status of Kashmir," Khan said, adding that the present imported rulers wanted to resume trade relations with India at the cost of Pakistan's integrity and solidarity. In recen

Volvo plans to expand certified used-car business pan-India by early 2024

Swedish car maker Volvo plans to expand its certified used-car business pan-India by early 2024 and expects as much as one-third of its volumes to come from this segment, a top company official has said. Volvo operates its pre-owned car business under the Selekt' platform globally and it recently launched the platform in India with two dealerships. According to a study published early this month, the pre-owned car market is expected to grow at a compounded annual growth rate of 19.5 per cent till financial year 2027 and reach up to 8-million units. A recent CRISIL-OLX Auto report suggested that within the used-car market, the premium segment has seen a sharp uptick in demand as well as in supply in the first half of this calendar year. We have just started a pilot for our pre-owned certified car platform Volvo Selekt with two dealers in India. We want to expand it in phases and we are looking to ensure that the platform is across our network by 2023 or early 2024, Jyoti Malhotra, .

Defence exports up 334% in last 5 yrs, now exporting to 75 nations: Govt

Defence exports have grown by 334 per cent in the last five years and India is now exporting to over 75 countries due to collaborative efforts, the government said on Sunday. The Press Information Bureau (PIB) said in a tweet: "The Indian Defence sector, the second largest armed force is at the cusp of revolution." "Defence exports grew by 334 per cent in the last five years; India now exporting to over 75 countries due to collaborative efforts," it said. The PIB India Twitter handle also shared some data in a poster attached with the tweet to underline the indigenisation and boost of production in the defence sector. It mentioned the recent commissioning of India's first indigenous aircraft carrier INS Vikrant in Kochi. It also mentioned about the indigenous Advanced Light Helicopter Mk-III's squadron being commissioned into the Indian Coast Guard, and successful testing of new generation nuclear-capable ballistic missile 'Agni P'. Defence Secretary Ajay Kumar, during an interac

Europe's energy crisis: The looming winter of discontent that awaits India

Europe's bid to reduce its dependence on Russian gas ahead of the cold season will put pressure on prices and impact India's growing gas economy