Indian Economic Growth

MSME competitive scheme part of efforts to strengthen sector: PM Modi

Prime Minister Narendra Modi on Monday said the government's MSME Competitive (LEAN) scheme is a part of its efforts to strengthen the MSME sector, which is a key pillar of India's economic growth. The government on Friday launched the revamped MSME Competitive (LEAN) scheme to make it more beneficial for enterprises and stakeholders. Under the revamped scheme, the Centre's contribution will be 90 per cent of the implementation cost for hand holding and consultancy fees as against 80 per cent previously. In response to a tweet by MSME Minister Narayan Rane, the prime minister tweeted, "A part of our efforts to strengthen the MSME sector, which is a key pillar of India's economic growth.

India offers many tailwind opportunities in various sectors: McKinsey India

Companies must choose growth mindset and constantly evaluate resource allocation to boost growth, McKinsey India said. Growth is the only oxygen that India needs, McKinsey India senior partner Jaidit Brar said at the annual convention of Madras Management Association here. "The drivers of margin accretive growth are relentless cost and value engineering; quality of revenue, new business models and scale benefits," he said at the event which was held on the theme "India's Century: How to Drive Sustainable, Inclusive Growth?". Companies must choose growth mindset, constantly evaluate resource allocation, pursue adjacent opportunities, serve global markets, he said. NITI Aayog former CEO Parameswaran Iyer said the Centre wants to create facilities that would remove the divide between villages and cities and government would be an enabler and not implementer. India is very much on the path to become a developed nation, thanks to its economy, sound macro-economic fundamentals, robust .

India Inc sees winter chill as no big ticket deals in January: Report

Dealmaking activity witnessed a huge decline in January, with only 145 transactions worth USD 2.7 billion being undertaken by India Inc, a report said on Monday. By value, the overall flows suffered due to the absence of any big-ticket deal and were 56 per cent down as compared to USD 6.12 billion in the year-ago period, and 62 per cent down compared to the previous month, the report by consultancy firm Grant Thornton said. The volumes were down 41 per cent when compared with 244 deals in January 2022, while the same were down by 3 per cent as compared to the preceding month of December. "India managed to account for record deal values last year (2022), which made investors hopeful about the future. However, the deal momentum in January 2023 did not match the expectation and witnessed a declining trend," its partner Shanthi Vijetha said. The mergers and acquisition (M&A) deal volumes declined by 62 per cent at 26 deals worth USD 311 million, an 88 per cent decrease compared to ...

India on cusp of returning to high-growth trajectory: Arvind Panagariya

Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy so it's another five years. We are already in (the year) 2023. So 2027-28, India should be the third-largest economy, Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview here. A day before Finance Minister Nirmala Sitharaman presented the Union Budget on Wednesday, the Economic Survey tabled in Parliament pegged India's GDP growth at 6.5 per cent in 2023-24. The International Monetary Fund's World Economic Outlook update Tuesday said growth in India is set to "decline from 6.8 per cent in 2022 to 6.1 per cent in 2023 before picking up to 6.8 per cent in 2024, with resilient domestic demand despite external headwinds. Last week, the UN said in its flagship World Economic Situation an

Budget will lead India towards self-reliance: Byju's Divya Gokulnath

The co-founder of Byju's Divya Gokulnath has said the Union Budget 2023-24 will take the country to become a self-reliant economy. The Indian multinational education technology company co-founder said the push for infrastructure in the budget, which was presented by Union Finance Minister Nirmala Sitharaman on Wednesday, will create huge jobs and encourage investment in this sector. "The budget strengthens India's progress towards becoming a self-reliant economy. It also reinforces the government's commitment to making India a major player in the global economy," Gokulnath told PTI here. "The allocation of substantially more funds towards infrastructure development will create millions of jobs and encourage the private sector to invest more, she added. Speaking about the education sector, she said, "The budget proposals like teachers training and National Digital Library align with the NEP schools and by investing in cutting-edge digital infrastructure and nurturing an innovation .

Budget 2023 delivers on all counts; pushes hard on capex, growth

Budget 2023 has more or less maintained the ratio of size of the budget to GDP to around 15 per cent.

Union Budget to be pro-people, will boost economic growth: Basavaraj Bommai

Karnataka Chief Minister Basavaraj Bommai on Wednesday said that the Union Budget 2023 will be a "pro-people" budget that will support the growth of the economy

Jyothy Labs consolidated profit jumps 77% to Rs 67.39 cr in Dec quarter

FMCG firm Jyothy Labs Ltd has posted a 77.25 per cent jump in its consolidated net profit at Rs 67.39 crore in the third quarter ended December 31, 2022. The company had posted a consolidated net profit of Rs 38.02 crore in the same period last fiscal, it said in a regulatory filing. Consolidated revenue from operations was at Rs 612.67 crore during the quarter under review as compared to Rs 539.03 crore in the year-ago period, it added. "The business has been resilient in spite of high commodity inflation impacting the consumption across categories. We have been focussed only on execution to drive higher operating revenues and manage margins in the inflationary environment," it said. The company said it has focussed on a strategy to build scale and gain market share backed by enhanced distribution, including reaching out to newer geographies, increase brand visibility and product innovation initiatives. "We continue to drive execution-led growth to build scale. This will deliver

Infrastructure investment trust IndiGrid Q3 profit up 27% to Rs 120 crore

India Grid Trust (IndiGrid) has posted 27 per cent rise in consolidated net profit at Rs 119.78 crore for December quarter 2022-23. The infrastructure investment trust logged a net profit of Rs 94.38 crore in the year-ago period, as per a BSE filing. Total income also increased to Rs 607.06 crore in the quarter from Rs 580.96 crore in the same period a year ago. Board of Directors of IndiGrid Investment Managers Limited (IIML), acting in the capacity of investment manager to IndiGrid, on Wednesday approved distribution of Rs 3.30 per unit comprising Rs 2.8042 per unit in the form of interest and Rs 0.4958 per unit in the form of principal payment for the quarter. The record date for this distribution will be January 31, 2023, and payment will be made on or before February 9, 2023. The board also approved a proposal for raising debt up to Rs 3,700 crore for refinancing opportunities through various sources including term loans, non-convertible debentures, among others. "We have ..

As acute inequality grows, squeeze on Indian spenders is yet to lift

While India's rapid economic growth since the 1990s has undoubtedly expanded the spending capacity of its 1.4 billion people, acute and rising inequality makes for a budget-conscious median consumer

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

India ranked second-largest market for Singapore tourism sector in 2022

India has been ranked the second-largest tourist market for Singapore in 2022 behind Indonesia, with 686,000 Indian arrivals, according to data provided by the country's tourism authority here on Tuesday. Tourists from Indonesia, India and Australia were among the top spenders in the first nine months of 2022 with a spending of 8.96 billion Singapore dollars (SGD), Singapore Tourism Board (STB) said. India was the second-largest tourist market for Singapore in 2022 with 686,000 Indian visitors. Indonesia was the largest tourist market with 1.1 million arrivals from the country. Malaysia with 591,000 tourists was in third place. Singapore's tourism receipts are estimated to reach SGD 13.8 billion to SGD 14.3 billion for 2022 - about 50 to 52 per cent of 2019 levels, said the STB. Final figures for tourism receipts will be available in the second quarter of 2023. The STB said the number of tourist visitors to Singapore reached 6.3 million in 2022, exceeding its forecast of between

Opportunities for India amid global headwinds, says PM Narendra Modi

PM Modi underscored 'Nari Shakti' as a key driver of India's growth

Indian industry leaders expect GDP to grow at 6.5% in FY24: Survey

Sixty per cent of respondents suggested raising funds through Indian Government Bonds, DTTILLP said

Rupee to open higher on Friday as data boosts smaller Fed rate-hike bets

The rupee was likely to be around 81.20-81.30 per dollar in early trades, compared to 81.55 in the previous session

Dec services PMI at a 6-month high, thanks to stronger inflow of new biz

The headline figure has now been in the expansion zone for seventeen consecutive months since August 2021

Indian economy poised for further growth despite global headwinds: Analysts

The Indian economy recovered from the COVID-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world. India recorded a growth of 9.7 per cent in the first half of 2022-23 (April-September), as against 5.6 per cent in Indonesia, 3.4 per cent in the UK, 3.3 per cent in Mexico, 3.2 per cent in the Euro area, 2.5 per cent in ...

India has become 5th largest economy in 2022: PM Modi in Mann Ki Baat

Prime Minister Narendra Modi on Sunday addressed the last Mann Ki Baat of the year 2022 and said that this year, the country had become the world's fifth largest economy

Indian economy likely to grow at over 7% in FY23, says Arvind Panagariya

The Indian economy is likely to grow at over 7 per cent in the current fiscal year, former Niti Aayog vice chairman Arvind Panagariya said on Wednesday, while observing that the growth rate should sustain next year too provided the forthcoming Budget does not have any negative surprises. Panagariya further said recessionary fears have been around for a while but so far neither the US nor the EU has gone into recession. "From the viewpoint of India, in terms of headwinds originating abroad, the worst is probably behind us," he told PTI. Earlier this month, the RBI revised down its growth estimate for FY23 to 6.8 per cent from the earlier 7 per cent, while the World Bank revised upwards its GDP growth forecast to 6.9 per cent, saying the economy was showing higher resilience to global shocks. "Overall, I still expect us to end the current fiscal year with a growth rate exceeding 7 per cent. Next year, the 7 per cent growth rate should sustain assuming the forthcoming Budget does not