Page 23 - Indian Economy

Economy was in ICU but now India growing the fastest: FM Sitharaman

India is the fastest-growing economy under Prime Minister Narendra Modi but there are people in the Opposition who keep raising questions over the country's progress just out of jealousy, Finance Minister Nirmala Sitharaman said in Lok Sabha on Monday. The minister's remark came during the Question Hour after Congress member from Telangana A Revanth Reddy raised the issue of depreciation of the rupee against the dollar and sought to know from the government if it has any action plan to control the situation. The Congress MP from Telangana alleged that the Modi government has ruined the country's economy since 2014 and also referred to Prime Ministre Modi's remark made during the erstwhile Congress-led UPA regime that the rupee had gone into the ICU when it was valued at Rs 66 against a dollar. Replying to Reddy's question, Sitharaman said the Congress member, while referring to Modi's remarks on the value of the rupee against the dollar in the past, should have also spoken about th

India's steel output grows 5% to 10.34 million tonne in Nov, says report

India's crude steel output rose by about 5 per cent to 10.34 million tonne (MT) in November 2022, according to SteelMint India. As per the research firm, the top six steel makers -- SAIL, Tata Steel, JSW Steel, JSPL, AMNS India and RINL -- produced 6.28 MT steel and the rest 4.06 MT came from the secondary sector. The country had produced 9.88 MT of steel during the same month of 2021, the SteelMint data showed. In November 2021, large producers jointly manufactured 6.09 MT steel, while the secondary industry produced 3.79 MT, it added. The production of finished steel rose 3.41 per cent to 9.55 MT from 9.23 MT in November last year. The consumption of the alloy surged 13.42 per cent to 9.66 MT in November against 8.52 MT a year ago. According to SteelMint, the imports of finished steel during the month almost doubled to 0.60 MT from 0.31 MT, while its exports fell 53 per cent to 0.34 MT against 0.72 MT in the year-ago period.

Are states with high levels of poverty spending less on MGNREGS?

Experts said an institutionalised system of social audits will clear lots of doubt

Budget 2023-24: Govt mulls basic Customs duty cut to align with FTA

Finance Minister Nirmala Sitharaman will be presenting the Union Budget on February 1, 2023, in Parliament, outlining her tax and expenditure plans for 2023-24

Investment conundrum

Economic uncertainty may delay private investment

Five questions for 2023

These questions will shape the world economy in the new year, and matter to India

Govt seeks approval for Rs 4.36 trillion additional spending in FY23

Fertiliser, food subsidies, payments to OMCs for LPG dominated supplementary demand

Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget

This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26

India inflation likely softened to nine-month low in November, shows poll

Inflation has stayed above the upper end of the Reserve Bank of India's 2%-6% tolerance band all year and this has triggered 225 basis points of interest rate rises to the repo rate so far

Centre unlikely to conduct Census before Lok Sabha elections 2024

The gigantic exercise involves training 3 million enumerators who would visit houses in two phases to collect the data

India's public spending could crowd out private spending, says CEA

India's chief economic adviser said on Friday that the current pace of public spending in the country could crowd out private spending

India has to compete to gain from 'China Plus One' strategy: Eswar Prasad

Companies, investors around the world looking at India's policy trajectory, says the professor of trade policy at Cornell University

Rate hikes, base effect may temper credit growth in medium term: Analysts

Credit growth stayed robust in October this year amid significant rise in interest rates

No pause in sight: A 25-basis-point rate increase in Feb can't be ruled out

The key takeaway from the governor's 3,000-word statement is 'the battle against inflation is not over'

Little scope for RBI to take its foot off the gas

The RBI need not match the Fed one-to-one but there seems little scope to take its foot off the gas

MPC ups inflation projection for Q3 and Q4, keeps it at 6.7% for full FY23

Panel cuts economic growth forecast by 20 bps to 6.8% for the year; Q3 lowered by 20 bps and Q4 by 40 bps

Headwinds to more than halve H2 growth to 4-4.5%: India Ratings

The many rising headwinds, both domestic as well as external, will more than halve the GDP growth to 4-4.5 per cent in the second half of FY2023, shaving off the better numbers in the first half, says a report. In the first half of the current fiscal, the economy has grown at 9.7 per cent -- 6.3 per cent in the September quarter and 13.5 per cent in the previous three months, and forecasts for the full year vary from a low of 6.6 per cent to 7 per cent. According to India Ratings, the economic recovery in H1FY23 was resilient and encouraging, but challenges such as high inflation and weak demand (both domestic as well as external) are expected to pull down the economic growth to 4-4.5 per cent in H2FY23 from 9.7 per cent in the first half of the fiscal. The agency however did not offer a full-year forecast.September quarter data indicate that despite the geopolitical uncertainty and fear of a global slowdown, the domestic economy has shown resilience. In fact, the Q2 growth print ..

Remarkably resilient: World Bank ups FY23 India growth forecast to 6.9%

Says strong macro fundamentals place country in good stead

Target prices show shine ahead for gold; experts see upside for financiers

Analysts' target prices also indicates good upside for gold financiers

India emerging as key investment destination amid China's zero-Covid policy

As foreign investors pumped money in stocks in India over the last week, Indian benchmark Indices, the BSE Sensex and NSE Nifty, reached new highs, despite economic chaos at the global level