Page 19 - Indian Economy

Indian economy resilient amid global shocks: RBI Governor Shaktikanta Das

Inflation is forecast to rise to 8.8 per cent in 2022, with both headline and core inflation staying well above targets in AEs and EMDEs, the report noted

India-Australia FTA to provide relief to Indian textile exporters: CITI

The India-Australia Economic Cooperation and Trade Agreement, which came into force from Thursday, is set to provide a "big relief" to Indian textile exporters, the Confederation of Indian Textiles Industry said. Under the pact, Australia is offering zero-duty access to India for about 96.4 per cent of exports (by value) from day one. India's goods exports to Australia stood at USD 8.3 billion and imports from the country aggregated to USD 16.75 billion in 2021-22. Confederation of Indian Textiles Industry (CITI) Chairman T Rajkumar said he is hopeful that the "India-Australia ECTA (Economic Cooperation and Trade Agreement) will help boost textile and apparel exports as the FTA is slated to provide a big relief to Indian textile exporters who had to pay about 10 per cent customs duty in countries like Australia, Canada, and the UK". Sharing that India's ready-made garment exports to Australia have seen a growth of an average of 11.84 per cent over the last five years, Rajkumar opin

CAD widens to 4.4% of GDP in Q2 due to higher trade deficit: RBI data

The country's current account deficit widened to 4.4 per cent of the GDP in the quarter ended September, from 2.2 per cent GDP during the April-June period, due to higher trade gap, as per data released by the Reserve Bank on Thursday "India's current account balance recorded a deficit of USD 36.4 billion (4.4 per cent of GDP) in Q2:2022-23, up from USD 18.2 billion (2.2 per cent of GDP) in Q1:2022-23 and a deficit of US$ 9.7 billion (1.3 per cent of GDP) a year ago [i.e., Q2:2021-22]," the RBI said. Underlying the current account deficit in July-September 2022-23 was the widening of the merchandise trade deficit to USD 83.5 billion from USD 63 billion in first quarter of 2022-23 and an increase in net outgo under investment income. Services exports reported a growth of 30.2 per cent on a year-on-year (y-o-y) basis on the back of rising exports of software, business and travel services. Net services receipts increased both sequentially and on a yearly basis.

Group financially strong, India GDP to add $1 trn every 12-18 months: Adani

Adani group is rapidly diversifying beyond ports and coal-based businesses into green energy, airports, cement, media, data centers and metals

Best of BS Opinion: Slowdown year, Indian rupee goes digital, and more

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

Slowdown year

Global and domestic factors will affect output

Youth employment remains the Achilles' heel in the Indian labour market

Conditions improving, but high unemployment rate in 15-29 age group a challenge for policymakers

Reorienting India's food programme a politically deft move, says Nomura

The govt last week discontinued a version of a free-food program for low income households, and replaced it with the new initiative that will also give out free grains while lowering the quantity

NBFCs need to be mindful of rising borrowing costs, says RBI report

'NBFCs need to be wary of rising borrowing costs as financial conditions tighten'

Focus on labour reforms, social security for informal workers in 2023

Expanding the social security coverage for unorganised workers and pursuing states to make rules for labour codes will be the key priorities for the government in 2023, as efforts continue to strengthen the country's labour market. With India set to host G-20 leaders' summit for the first time next year, the Union labour ministry will also pursue key employment-related agenda touching upon global skill gaps, gig and platform economy, sustainable financing of social security schemes and other issues. "Our efforts will be to cover a large number of unorganised sector workers under the ambit of social security schemes in 2023 and provide them with eligible benefits online. We want to make processes paperless in the ministry," Union Labour and Employment Minister Bhupender Yadav told PTI. The four labour codes on social security, industrial relations, wages, and Occupational Safety Health & Working Conditions (OSH) have already been cleared by Parliament but they can be implemented ...

Unfunded pension schemes are attack on future generations: EAC-PM member

Concerned over revival of Old Pension Scheme by certain Opposition-ruled states, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Monday said unfunded pension schemes are ultimately attacks on future generations. Sanyal further said given the current stress in the global economy and the repeated downgrades done to the world GDP growth numbers by international agencies, it is quite obvious that 2023 will also be a difficult period. "It should be very clear that unfunded pension schemes are ultimately attacks on future generations. Therefore, one should be very, very careful to reverse pension reforms that have been done with great difficulty over the last couple of decades," he told PTI in an interview. Sanyal was responding to a question on some Opposition-ruled states' decision to switch to Old Pension Scheme (OPS). The OPS, under which the entire pension amount was given by the government, was discontinued by the NDA government in 2003 from April

Inflation and agency accountability

In tune with global thinking, India created a monetary policy committee to target inflation. Six years later, it's time to strengthen its accountability

Consumer sentiments depressed in December

Like the labour market stress is concentrated in urban India, consumer sentiments have also soured essentially in urban India

India's growth rate to be 6.4% for next 5 years: UK-based research centre

Cebr further said that India had an estimated PPP-adjusted GDP per capita of $8,293 in 2022, categorising it as a lower middle-income country

TMS Ep332: Indian economy, Delhi Metro, IPO outlook, carbon-neutral IEX

What does 2022 tell about Indian economy in 2023? How Delhi Metro transformed the city's landscape? Will IPO investors remain steadfast in 2023? How IEX became a carbon-neutral platform? Answers here

What does 2022 tell us about Indian economy in 2023?

As the year comes to a close, the country has emerged as a bright spot in an otherwise dark global economic horizon. But, does that mean that all was well on the economic front in 2022? Let's find out

Economic indicators positive, but worries remain

The Russian invasion of Ukraine pushed up the prices of food, fuel, fertilizers, and other commodities

5G to digital rupee, India made great strides in digital domain in 2022

2022 has seen India make great strides in the digital domain

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

The economics behind Christmas & New Year

Traditional plum cake, gifts wrapped in bright colours, and warm lights—that's what a usual Christmas looks like. But all of this involves vast sums of money. Watch the video to know the economics behind it.