Page 13 - Indian Economy

India will be a leading power after becoming 'atmanirbhar': S Jaishankar

India has seen a huge transformation in the last eight to nine years and the country will be a leading power after it becomes 'atmanirbhar' (self reliant), External Affairs Minister S Jaishankar said here on Saturday. In Pune to launch 'Bharat Marg', the Marathi translation of his book 'The India Way', the EAM said the aim was to get people to associate with the nation's foreign policy and not just listen to the "mandarins" (a term generally used for powerful bureaucrats). He also spoke on China and the challenges the country faces with the ambitious northern neighbour as well as India's ties with Japan and the role in the Indo-Pacific. "There are eight chapters. I wanted people to be associated with (the country's) foreign policy. I want to involve people from other states as well, not just Delhi. I have written this book in simple language and it is an easy read," he said. The first chapter is about two nawabs losing Awadh to the British East India Company while playing chess, th

India's 1.4 bn population could become world economy's new growth engine

Bloomberg Economics expects the nation's per capita income to pull even with some developed countries in that span, putting Modi's goal within reach

Budget 2023: FM may bring fiscal deficit target down to less than 6% of GDP

Fiscal deficit helps in assessing macroeconomic stability of a nation, which also impacts inflation

Govt may peg gross market borrowing below Rs 16 trillion in 2023/24: Report

The poll also suggested that the government would bring the budget deficit down to 6.0% of GDP in 2023/24. It aims to reach a target of 4.5% by 2025/26

Indian economy yet to revive from effects of Covid-19 pandemic, says CPI(M)

Ahead of the Union Budget, the CPI(M) has alleged the Indian economy is yet to revive from the blow it was dealt with during the Covid pandemic and blamed the government for the way it was handled. The party demanded that taxation and public expenditure be used to tilt distribution in the favour of the working masses, improve the incomes of farmers, generate employment, and attain improved health and educational outcomes. The latest editorial of the party mouthpiece "People's Democracy" said the budget for 2023-24 is to be presented before Parliament at a time when both Indian and world economies are facing a grim situation. "Notwithstanding the tall claims of the (Narendra) Modi government, India's economy is yet to recover from the crippling effects of the Covid pandemic and the disastrous way in which it was handled by the Government of India... "India has to, however, be prepared for not merely a temporary world recession, but the possibility of a prolonged world capitalist cri

India sells first green bonds at 5-6 basis points below sovereign yields

The proceeds would be used for 'green' projects such as solar power, wind and small hydro projects and other public sector projects that help reduce the economy's carbon footprint

MP growth rate touched 19.74% on current prices in 21-22: Governor Patel

Madhya Pradesh Governor Mangubhai Patel on Thursday said that the state was buzzing with development activities and recalled that MP kept its economy robust during the COVID19 pandemic when the global economy was hit. Speaking at a function held here on the occasion of the 74th Republic Day, the governor listed out various programmes undertaken by the Madhya Pradesh government for its development. This is a matter of joy that against all odds during COVID-19, when the world's economy was affected, Madhya Pradesh was successful in keeping its economy strong, Patel said. Once our state's economic growth rate was negative but in 2021-22 it rose to 19.74 per cent, the highest in the country at current prices, he said. Hectic efforts are on to achieve the capital investment target of Rs 48,800 crore in the state this year, the governor said. Stressing that evaluation and statistics help bring forth the desired results of development programmes and schemes, the governor said Madhya Prad

As world's fastest-growing economy at 5.8%, India bright spot: UN economist

For next year, the UN is projecting a growth rate of 6.7 per cent, a "very high growth relative to other G20 member countries"

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%

Most sectors of Indian economy have shaken off pandemic effects: Prez Murmu

Most sectors of the Indian economy have shaken off effects of COVID-19 which has hurt it badly in the initial phase, President Droupadi Murmu said in her maiden address to the nation on the eve of 74th Republic Day. "With the outbreak of the pandemic, the world has changed within a matter of days. During these three years, whenever we have felt that we have finally put the virus behind, it raises its ugly head," she said. Asking people to not let the guard down and remain alert, the President said "there is no need to panic" because the country has learnt in this period that "our leadership, our scientists and doctors, our administrators and corona warriors" will make every possible effort to meet any situation. Speaking on the economic front, the President said last year, India became the fifth largest economy in the world. She underlined that this achievement comes against the backdrop of high economic uncertainties around the world. "The pandemic has entered the fourth year, ..

One in four Indians concerned about threat of job layoff, finds survey

Every one in four Indians is concerned about the threat of job layoff while three out of four are worried about rising inflation yet half of them believe that the country's economy will grow in 2023, according to a survey by marketing data and analytics firm Kantar. In its second edition of India Union Budget survey, Kantar found that consumers expect an announcement in policy changes with respect to income tax, with increasing basic income tax exemption limit from current Rs 2.5 lakh being the most common expectation. "At a macroeconomic level, most have a positive outlook -- 50 per cent believe that the Indian economy will grow in 2023 as against 31 per cent, who feel there will be a slowdown. Non-metros at 54 per cent are more optimistic as compared to metros," Kantar said. However, it said the global economic slowdown and a potential resurgence of COVID-19 are key areas of worry for Indians. "Three out of four people are worried about the rising inflation and want the governmen

India's FY24 gross borrowing could be less than expected: Economists

There are chances of the central bank paying the government a higher dividend, which could allow for a surprise at the budget presentation on Feb 1

Stock investors expect Budget to focus on job creation, infra spending

Stock market investors are expecting a balanced Budget with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, experts said on Wednesday. Stock markets have been subdued in the run-up to the Union Budget with BSE's benchmark Sensex is almost flat so far this month. Even the corporate earning season failed to excite the markets, while some indices like IT and bankex have seen some positive movements. The muted performance of the markets could be due to Foreign Portfolio Investors (FPIs) moving funds out of India as they are looking for emerging markets with cheaper valuations. They have taken out over Rs 16,500 crore from domestic equities so far this month. Moreover, inflation and possible global recession continue to play on investors' minds. Narendra Solanki, Head- Equity Research Anand Rathi Shares & Stock Brokers, said that investors are expected to remain focused on three key factors from the ...

Union Budget 2023 likely to focus on deficit reduction, say experts

As India faces weakening demand for its exports from the slowing economies of trading partners, its own growth is still recovering from the damage of pandemic controls

Rupee gains 20 paise to 81.50 against US currency in morning trade

The rupee rose by 20 paise to 81.50 against the US currency in morning trade on Wednesday following a weak dollar in the global markets. Early losses in domestic stock markets and a rebound in oil prices, however, restricted the rupee's gains. At the interbank foreign exchange, the rupee opened higher at 81.62 and rose further to a high of 81.49 in morning trade. The rupee was trading at 81.50 to a dollar at 0950 hrs. The local currency had closed lower at 81.70 on Tuesday. The US dollar index, which gauges the greenback's strength against a basket of six currencies, slipped 0.04 per cent to 101.88. The Brent crude was trading 0.43 per cent lower at USD 86.48 per barrel while the oil for the Indian basket traded down 2.69 per cent at USD 79.98 per barrel. On the domestic equity market front, the 30-share BSE Sensex declined by 268 points or 0.44 per cent to 60,709.93. The broader NSE Nifty declined by 90.25 points or 0.5 per cent to 18,028.05. Foreign Institutional Investors (FI

Farmers are backbone of Indian economy: Lok Sabha Speaker Om Birla

India will become self-reliant only when farmers adopt innovations, new techniques and trends in agriculture to ensure maximum production from minimum land and investment, Lok Sabha Speaker Om Birla said on Tuesday. Birla, along with Union Minister of State for Agriculture Kailash Choudhary, inaugurated a two-day agriculture fair and exhibition at the Dusshera Ground in Kota. The Lok Sabha speaker said farmers are the backbone of India's economy and brought in the green revolution to make the country the highest producer of wheat in the world. The focus should now be laid on the white revolution in the form of milk production and animal husbandry, aided by modern innovations and techniques, he said. "It is the power of farmers (annadata) that they did not allow any shortage of wheat during the coronavirus pandemic when production had dropped in every sector," he said. During the pandemic, the Narendra Modi government distributed free wheat to 80 crore people and it was possible ..

Analysts expect Budget to focus on job creation, investment-driven growth

Any roadmap to build and bolster the entrepreneurship culture can promote self-reliance and go a long way in employment generation

India's first green bond sale to command 'greenium' on strong demand

The government is expecting a green premium, or 'greenium,' on prices to push yields 5-10 basis points (bps) below sovereign bonds

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

India may peg nominal GDP growth at about 11% in upcoming Budget: Sources

The government expects nominal growth of 15.4% for the current fiscal year that ends on March 31