Page 24 - Indian Economy

Projects worth Rs 40,000 cr to be launched in Assam in next 2 months

As a part of the Assam government's initiative to launch a slew of development projects, CM inaugurated and laid the foundation stones of as many as 12 projects in Nalbari district

LIVE news: Days after AIIMS, hackers attacked top medical body ICMR

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Opposition demands talks on inflation, EWS during all-party meet: Report

In the all-party meeting on Tuesday, Opposition parties demanded discussions on price rise, unemployment and Economically Weaker Section (EWS) quota among other issues, sources said. Leaders from all major parties attended the meeting convened by the central government to discuss the legislative agenda and the issues likely to be discussed during the the Winter Session of Parliament that begins on December 7. The government was represented by Union minister and deputy leader of the BJP in Lok Sabha Rajnath Singh and Leader of House in Rajya Sabha Piyush Goyal. Parliamentary Affairs Minister Pralhad Joshi was also present. During the meeting, Congress president and Leader of Opposition in Rajya Sabha Mallikarjun Kharge demanded a discussion on the appointment of election commissioner in just one day, EWS quota and unemployment. TMC leader Derek O'Brien sought discussions on price rise, unemployment, alleged misuse of agencies and economic blockade of states, sources said. O'Brien a

Nov services PMI at a 3-month high of 56.4 thanks to new biz expansion

The headline figure has been in the expansion zone for the sixteenth consecutive month since August 2021

'Fake currency, terror financing should be tackled', Centre to SC on DeMo

Fake currency, terror financing and black money are three evils and are like 'Jarasandha' (an antagonist in Mahabharat) and should be cut into pieces, the Centre told the Supreme Court on Monday while opposing the pleas challenging the 2016 demonetisation exercise. Attorney General R Venkataramani, appearing for the Centre, submitted before a five-judge Constitution bench headed by Justice S A Nazeer that the government is duty bound to address the three evils. "They (petitioners) have said we should have conducted studies before demonetisation. For more than a decade, central government and the Reserve Bank of India have been looking at the three problems (fake currency, terror financing, black money)... They are like Jarasandha. You have to cut it into pieces. If you don't cut it into pieces, it will always be alive," he said. Venkataramani said judicial review of an economic policy may be restricted to where the court may only determine if there is a rational nexus with the objec

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Rural sentiments upbeat in November

The consolidation of consumer sentiments in November rests upon an expectation that the economy will do well in the near- and medium-term future

Women, rural poor, unemployed lagging due to digital divide: Oxfam India

The report revealed a digital divide based on employment status, where 95% of the salaried permanent workers have a phone whereas only 50% of the unemployed have a phone in 2021

Becoming 'the next China' won't save India from 2023 economic slowdown

'It's hard to see 2023 as a great year for the urban middle-class as global tech-industry layoffs affect jobs and capital availability for startups. Rural demand is anyway sluggish'

A 35-basis-point rate increase could be par for the course

This will take the policy rate to 6.25% and the RBI can continue with an open-ended statement, refraining from sounding dovish

Statsguru: Six charts explain India's global economic growth standing

A Business Standard analysis found that the country mirrored the global trend, with the rate of growth slowing from the same quarter last year

India can sustain 9% GDP growth for many years: EAC member Sanyal

Economic Advisory Council member Sanjeev Sanyal on Sunday said India is capable of sustaining an economic growth of 9 per cent for many years, even as he asserted that a high sustained GDP growth rate is key for the world to achieve the 2030 Sustainable Development Goals (SDGs). Speaking at a side event of the first Sherpa meeting under India's G20 presidency here, the economist said India has a per capita income of only USD 2,200 and that has been achieved after several years of very high growth rate. "Particularly for the Global South, sustaining high GDP growth rate is critical to achieving SDGs and without that, all we are doing will be re-distributing poverty. "Even for relatively advanced countries, most of them have very high debt levels. For them also, sustained high level of GDP growth will be very important," he said. Sanyal was speaking at the first side event of the India's G20 presidency and the topic was 'Transforming lives: Accelerating implementation of SDGs'. Adop

In King Cash's castle: Businesses in disarray, RBI to take a closer look

The CLA has submitted a "confidential update" to the banking regulator, which has also set up an internal committee to monitor developments

Nation will become 'viswaguru' in 25 years, says President Droupadi Murmu

President Droupadi Murmu on Sunday exuded confidence that the country would become the viswaguru' by the time it celebrated the centenary of its Independence (in 2047) with its pride restored. Addressing the Navy Day celebrations at the Ramakrishna Beach here, the President said India was called great because it was such a country with people full of energy. People of India have such energy be it in music, sports, culture, soldierseveryone is marching ahead to take India forward. I am confident by the time India celebrates the centenary of its Independence, it will become the viswaguru and restore its pride, Murmu observed. She, however, noted that there was a need to bridge certain gaps so that every Indian can march forward with pride and step into the new and developed India. The President said the Navy Day reminded one of the need to rededicate ourselves to taking India forward, transiting through Amrit Kaal, towards a great future. Noting that India was an inherently maritime

RBI likely to moderate rate tightening amid retail inflation, say experts

According to experts, after three consecutive 50 basis point rate hikes, the RBI may decide to reduce the rate increase by 25 to 35 basis points for lending rates

Foreign investors upgrade India as dedicated allocation in their portfolios

Foreign investors have upgraded India as a dedicated allocation in their investment portfolios given the strong economy, stable government and significant reforms undertaken over the last eight years, equity experts have said. According to the experts, who participated in Futures Industry Association (FIA) Asia trade conference held in Singapore from November 29 to December 1, investment is flowing into India's growth story. Previously, the investors had grouped India within emerging markets and comparatively only China was a dedicated allocation emerging market, according to Anant Jatia, Founder & CIO at Greenland Investment Management LLP in Mumbai. Investment is flowing into India's Growth Story. We see investments being redirected as FPIs reposition their dollars amidst uncertainties in China, Jatia told PTI on the sidelines of FIA Asia 2022. We are seeing the current pickup gaining momentum as FPIs have turned net buyers of India with over USD 5 billion coming in over ...

Cong to seek discussions on reservation, border, economy in winter session

The Congress on Saturday decided to seek discussions on issues of EWS reservation, state of the economy and situation at the border during Parliament's winter session, even as many of its leaders, including Rahul Gandhi, are unlikely to be present due to the Bharat Jodo Yatra. Besides these, the party during its parliamentary strategy group's meeting at Sonia Gandhi's residence also decided to raise the issue of "weakening" of constitutional institutions in the country. Sonia Gandhi is the chairperson of the Congress Parliamentary Party. During the session, which begins on December 7, the party is seeking to corner the government on the border issue with China, economic situation in the country, "weakening" of constitutional institutions and reservations for economically weaker sections (EWS). It will seek discussions on all these issues. Three big issues have emerged from the Congress' side for this short session of Parliament of 17 days, All India Congress Committee general ...

India's bio-economy grew 8 times under PM Modi since 2014: Union Minister

Union Minister Jitendra Singh on Saturday said India's bio-economy has grown eight times in the last 8 years under the Modi government from 10 billion dollars in 2014 to over 80 billion dollars in 2022. The Minister of State in the Prime Minister's Office said three biotech startups were incorporated every day in 2021 and a total of 1,128 biotech startups were set up last year alone, signalling the rapid growth of the sector in the country. Addressing an 'International Conference on Emerging Trends in Biosciences and Chemical Technology- 2022' here, Singh said the biotech startups have grown 100 times in the last 8 years from 52 odd startups in 2014 to 5,300 plus in 2022. The conference is being organized by Shri Mata Vaishno Devi University, School of Biotechnology, Jammu in collaboration with CSIR-IIIM Jammu and the Biotech Research Society of India, from December 3 to 5. There are 14 international participants like USA, Greece, South Korea, Scotland, Singapore, Thailand, Argenti

Yogi govt to boost real estate sector for achieving $1 trn economy goal

The Yogi Adityanath-led Uttar Pradesh government is eyeing at real estate sector as a key pillar in fulfilling its goal of making the state reach a $1 trillion economy

TMS Ep317: Industry trends, Cyberattacks, Markets, Modular nuclear reactor

What do industry trends reveal about the economy? How can India fend off cyberattacks? Will RBI play spoilsport or cheer the bull party? What is a modular nuclear reactor? Answers here