Page 22 - Indian Economy

Spurt in India's liquidity surplus may not sustain through FY end: Experts

India's banking system liquidity surplus has averaged above 1.50 trillion rupees on a daily basis from Dec 1 to Dec 14, as against an average of around 500 billion rupees in November

India will grow at 7-8% next year, Rajan's views will change: Shekhawat

Union Minister Gajendra Shekhawat on Friday said former RBI governor Raghuram Rajan will soon come to change his views on Indian economy, which, according to Rajan, will be lucky to have a growth rate of 5 per cent next year. Countering Rajan's assessment of Indian economy, Shekhawat said that all major institutions, including the World Bank, have predicted that the country's growth rate next year will be between 7 and 8 per cent. Rajan had on Wednesday joined Rahul Gandhi's Bharat Jodo Yatra.' In an interaction during the Yatra, Rajan had said that the next year will be difficult for the Indian economy, which is going to be hit by economic downturn worldover. Indian interest rates have also gone up, but exports have been slowing. India's inflation problem is also going to be negative for growth. The country would be lucky if it grows at 5 per cent next year, Rajan had said in his assessment of the country. Shekhawat in his rebuttal to Rajan said only Rajan can explain the reaso

Domestic textile industry faces tough times as consumers cut spending

While overall economy is relatively strong, the textile sector is a notable exception and orders suggest the downturn will continue well into 2023, raising the risk of layoffs in an industry

Rice, wheat inflation continue to rise contrary to overall inflation

The retail inflation rate in wheat rose to 19.67 per cent in November from 17.64 per cent in October

Enhance budget for PLI scheme and widen its coverage: Assocham

The government's PLI scheme, introduced in 2021, had an outlay of around Rs 2 trillion for 13 sectors

Credit Suisse says India growing faster than what official data shows

India is growing faster than what is captured by the country's official data, and it presents a case for an upgrade of equities outlook, a Swiss brokerage said on Thursday. Upgrading Indian equities to 'benchmark' from 'underweight', Credit Suisse said there is a scope for a growth of up to 14 per cent on the benchmark indices. The brokerage firm's head of research Neelkanth Mishra said the country will grow at 7 per cent in FY24, as against the consensus estimates which peg the real growth to slip below 6 per cent. Mishra told reporters that the consensus estimates are based on official data alone, whereas the brokerage analysis has taken into account a broad data set to arrive at its expectation. Mishra said the growth in dense fuels -- which is typically below the real GDP growth as fuel efficiencies go up -- is over 4 per cent per annum for the last three years. Similarly, revenue growths of the BSE500 companies also point out to a faster growth, he said. "We are expecting a

India's CAD in July-Sept qtr likely shot up on widening trade gap: Report

The median forecast of 18 economists in a Dec. 5-14 Reuters poll was for a $35.5 billion current account deficit in the July-September quarter, or 4.3% of GDP, the most in nearly a decade

Ex-RBI Guv Raghuram Rajan predicts difficult year ahead for Indian economy

Rajan also pitched for creating a conducive environment for small and medium-scale industries and giving a push to a green revolution in the field of sustainable energy

India's Q3 current account deficit likely rose on widening trade gap: Poll

A revival in domestic demand in Asia's third-largest economy since the Covid-19 pandemic has also compounded the shortfall through higher imports

India-Australia trade pact major milestone for bolstering ties: Envoy

The India-Australia Economic Cooperation and Trade Agreement, signed in April this year, is the most strategic pact between the two countries that will bolster bilateral ties, Consul General of Australia in Kolkata Rowan Ainsworth said. Speaking at an interactive session organised by the Engineering Exports Promotion Council (EEPC) and Indo-Australian Chamber of Commerce (IACC) here on Wednesday, Ainsworth said the agreement will provide preferential market access for Indian goods in Australia. The pact is a major milestone in building stronger economic ties with India, the envoy said. She said that according to the pact, India needs to eliminate 96 tariff lines for goods imported from Australia, while Australia needs to eliminate 85 per cent tariff lines on imports from India. Ainsworth also said tariffs will be eliminated in the mineral sector, making way for competitive rates on Australian imports. Australia trades in about 6,500 tariff lines, while India has over 11,500 tariff

Infosys aims to create India different from 20th century model: Murthy

IT giant Infosys founder N.R. Narayana Murthy said on Wednesday that the company aims to create an India which would be different from the 20th century model

India highlights principles for progress on SDGs at G20 working group meet

India on Wednesday highlighted new high-level principles for accelerating progress on SDGs at G20's working group meeting

On track to meet FY23 fiscal deficit target, inflation within RBI band: FM

'We'll bring inflation down further for the sake of common people', said FM Nirmala Sitharaman

India gets support on its proposed finance track priorities for 2023 at G20

The First G20 Finance and Central Bank Deputies Meeting, under the Indian Presidency, saw broad support on the proposed priorities of India's G20 Finance Track agenda for 2023, Secretary in the Department of Economic Affairs Ajay Seth said. The meeting which concluded here on Wednesday was held under the co-chairship of Seth and Deputy Governor, Reserve Bank of India, Dr. Michael Patra. The meeting saw a gathering of over 160 foreign delegates including Deputies from G20 member countries, invitee countries, and international organisations. This marks the beginning of the G20 Finance Track under the Indian Presidency. The agenda of this meeting was crafted keeping in view the vision given by Prime Minister Narendra Modi and Indian Presidency's G20 theme. The meeting was conducted with the aim of seeking the views of G20 members on India's G20 Finance Track priorities for 2023 across various workstreams. Physical presence of most G20 delegations, invitees and international organisat

Bludgeoned bond markets hope peak inflation to bring revival: Analysis

Many of the world's big bond fund managers are optimistic that sovereign debt markets have turned a corner after a rout in 2022 with peak inflation and interest rates finally in sight

UP has potential to become India's economic powerhouse: US envoy Sandhu

Uttar Pradesh has the promise to become an economic powerhouse of India, said Indian ambassador to the US, Taranjit Singh Sandhu on Tuesday

Capital, consumer goods output under pressure as demand, investments slow

Segments are yet to recover from pre-covid period of 2019-20 when the economy started slowing down

CPI inflation eases to 11-month low of 5.9% in November; IIP contracts

Core inflation inches up; manufacturing activity declines

Memoirs of an economic savant

C Rangarajan's book is a superb record of the economic history of the initial years of reform

Towards a meaningful market economy

Currently the emphasis is on government schemes and projects. The focus needs to shift to enabling policies