Page 2 - Indian Economy

ADB slashes India GDP growth forecast to 6.4% for FY24, cites risks

Private consumption will be the main driver of growth, says international agency

Labour churns in March

The labour markets have been weak during the last quarter of 2022-23

India's surging services exports may shield economy from external risks

India's services exports rose 24.5% on year in October-December 2022, hitting a record $83.4 billion during the quarter, shows data

Govt's priority is to maintain balance between economy & ecology: CM Dhami

Uttarakhand Chief Minister Pushkar Singh Dhami on Monday underlined his government's priority to maintain a balance between economy and ecology in the hill state and asserted that all development projects are being implemented keeping in mind environmental concerns. Speaking to reporters after meeting Prime Minister Narendra Modi, Dhami said all arrangements for the 'Char Dham' yatra have been made and more than eight lakh people have registered for the pilgrimage. Concerns about safeguarding the state's ecology have been raised following the land subsidence in Joshimath that had prompted authorities to relocate many families. Besides discussing a number of the state's development projects with the prime minister, Dhami invited him for the yatra and to Adi Kailash, a sacred Hindu site, as well, he said. The meeting lasted for nearly an hour during which he sought Modi's "guidance" on a number of issues. A statement later said the chief minister informed Modi that Rs 2,942.99 crore

Chatroom: Replacement part can be imported under EPCG scheme for spares

There is no stipulation that a free replacement must come only after re-export of the wrong shipment

Acuite Ratings revises downward India's BoP for FY23 to $17 bn from $38 bn

Credit rating agency Acuite Ratings & Research on Monday said it has revised its forecast of India's current account deficit to $68 billion from $106 billion and the balance of payments deficit to $17 billion from $38 billion earlier.

Improved output pushes India's manufacturing PMI to 3-month high in March

Optimism about future output slipped to an eight-month low due to concerns surrounding competitiveness and general inflation

The dynamism of services exports

Funding research in a set of autonomous or private knowledge organisations will help

Fiscal deficit at 82.8% of Revised Estimates till February: Govt data

Total expenditure of Rs 34.93 trillion for April-February FY23 was 83.4 per cent of the RE

Why the answer to India's export and employment worries may lie in R&D

Even if 'China plus One' offers new labour-intensive opportunities, India's trading success may lie more in value-added exports, and spending on R&D and innovation will pave the way, writes T N Ninan

Fiscal deficit touches 82.8% of full-year target in February: Govt data

Out of the total revenue expenditure, Rs 7,98,957 crore was for interest payments and Rs 4,59,547 crore was on account of major subsidies

Current account deficit narrows to 2.2% of GDP in Q3, shows RBI data

Non-resident deposits recorded net inflows of $2.6 billion in the third quarter of the current fiscal as compared to net inflows of $1.3 billion in the year-ago period

Output of eight core industries jumps 6% in February, dip in crude oil

At 22.2 per cent year-on-year (YoY), the sharpest jump was noted in fertiliser production

India unveils 'dynamic' foreign trade policy, eyes $2 trn exports by 2030

India on Friday came out with a 'dynamic and responsive' foreign trade policy with the objective of raising the country's outward shipments to USD 2 trillion by 2030, making Indian Rupee a global currency and incentivising e-commerce exports. The approach of Foreign Trade Policy (FTP) 2023 is to move from 'incentive to remission' based regime; encourage collaboration between exporters, states, districts and Indian Missions; reduce transaction cost; and develop more export hubs. India is likely to cross USD 765 billion merchandise and services exports in financial year 2022-23 which ends on Friday. The total exports were USD 676 billion in previous fiscal year. Unlike the practice of 5-year FTPs, this time the government has come out with a dynamic and responsive trade policy without any end date, and will be updated as per the emerging global scenario. "We have ensured there is no end date to this policy, it will be updated from time to time," said Director General of Foreign Trade

Current saving, investment rate insufficient for 8% growth: India Ratings

Savings and investment rates in the financial year (FY) 2021-22 were 30.2 per cent and 29.6 per cent, respectively

Indian economy to grow at 6.5% in coming decade: Chief Economic Advisor

The Indian economy is likely to grow at the rate of 6.5 per cent in the coming decade on the back of the turnaround in financial and investment cycle, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Wednesday. Addressing an event here, Nageswaran further said going forward, global exports growth volumes may be somewhat tepid in terms of their growth rates due to the kind of uncertainties the world is facing. "So, I think the restoration of the financial, credit and the investment cycle in the commercial sector and the real estate sector will probably see us growing on an average of six and a half per cent in the coming decade," he said. The Asia's third-largest economy recorded year-on-year growth of 4.4 per cent in October-December, down from 11.2 per cent a year back and 6.3 per cent in the preceding quarter. The finance ministry's Economic Survey has projected the economic growth to be 6.5 per cent in the 2023-24 fiscal beginning April 2023, while the RBI has projected

Banks need to strike balance for economic progress: President Murmu

President Droupadi Murmu on Tuesday said that banks need to strike the right balance between creation of assets and protecting people's money to ensure economic progress. Speaking at an event of UCO Bank here, the President said if this balance is disturbed, there will be a problem, which could upset the development process. "The first responsibility of banks is to protect people's money. The other important aspect of banks is creation of assets. This balance has to be maintained, and if disturbed, there will be an economic problem, Murmu said. Stating that she belongs to family of bankers, Murmu said fintech has done enormous job during the COVID-19 pandemic for settling transactions. "Fintech has helped in forging social equity. UPI (Unified Payments Interface) has also helped in building the digital infrastructure of the country and in settling transactions during the pandemic years, she said. The President virtually inaugurated 50 branches of UCO Bank across 18 states in the .

No new incentive plan for services exports under foreign trade policy

Services exports, however, grew over 36 per cent in February at $29.15 billion, according to the Department of Commerce's estimates

Statsguru: Six charts show an uncertain year amid global headwinds

India is relatively better placed than much of the world.

India pitches for ratings upgrade at meeting with representatives of Fitch

Fitch currently rates India's long-term sovereign debt at BBB- with a stable outlook