Page 28 - Indian Economy

India's GDP growth may average 6.3% between 2021 and 2030: S&P report

This will help India pip Japan and Germany to become the third-largest economy, S&P says

India fast emerging as leader of technological change in geospatial sector

India is fast emerging as one of the most important leaders of technological change, especially in the arena of digital technology and other frontier technologies

Abolish exemptions

Instead of reducing tax rates, Budget 2023 should take steps to reverse the decline in tax buoyancy

OECD cuts India FY23 GDP forecast to 6.6% on slowdown at home, global fears

Says India is set to be second-fastest growing G-20 economy in FY23, despite decelerating global demand and tightening of monetary policy to manage inflationary pressures

India among fastest growing economies in Asia amid global slowdown: OECD

India, with a growth rate of 6.6 per cent in this financial year, is among the fastest growing economies in Asia amid a global slowdown triggered by a massive energy shock due to the ongoing Russia-Ukraine conflict, the OECD said on Tuesday. The Organisation for Economic Cooperation and Development (OECD), the Paris-based intergovernmental body that focuses on economic policy reports in its latest Economic Outlook' that India is set to be the second-fastest growing economy in the G20 in FY 2022-23 behind Saudi Arabia, despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures. The GDP growth in the country will slow to 5.7 per cent in FY 2023-24 as exports and domestic demand growth moderate, but it would mean it would still be growing more than many other G20 economies including China and Saudi Arabia. After hitting 6.6 per cent in FY 2022-23, GDP growth is expected to slow in coming quarters, to 5.7 per cent in FY 2023-24, before ...

Ambani says Indian economy to grow 13-fold to $40 trillion by 2047

India is likely to become a USD 40 trillion economy by 2047 -- a 13-fold jump from its current size -- driven primarily by a clean energy revolution and digitalisation, billionaire Mukesh Ambani said on Tuesday. Ambani's estimate for the Indian economy, currently the fifth largest in the world behind only the US, China, Japan and Germany, is more optimistic than Asia's richest man Gautam Adani, who last week stated that India will become a USD 30 trillion economy by 2050 on back of rising consumption and socio-economic reforms. "From a 3 trillion-dollar economy, India will grow to become a 40 trillion-dollar economy by 2047, ranking among the top three economies of the world," Ambani said at the 10th convocation of Pandit Deendayal Energy University here. As the 'Amrit Kaal' -- the period between now and 2047 when India will be celebrating 100 years of independence -- unfolds, the country will witness an unprecedented explosion in economic growth and opportunities, he asserted. "Th

Focus on job creation, capex boost, tax measures in Budget: Industry to FM

Employment-linked incentive scheme for services sector suggested

Cumulative stamp duty, registration fee revenue jumps 35% in H1: Report

Cumulative revenue collection from stamp duty and registration fees across 27 states and the Union Territory of J&K rose to Rs 94,800.47 crore in the first half of 2022-23 (H1FY23), logging in a robust 35 per cent on-year growth from Rs 70,100.20 crore in the year-ago period, shows a report. The average monthly revenue collection from these levies rose to Rs 15,800.07 crore in the reporting first half period, up from Rs 11,600.87 crore in H1FY22, according to the data collated by Motilal Oswal Financial Services. Being the largest state in terms of the size of its economy and the sky-high Mumbai property prices, it is not surprising that Maharashtra leads the table with the highest collection of revenue from this head at Rs 18,600 crore which grew 65 per cent from the previous year, the report said, adding this is 20 per cent of the overall stamp duty and registration charges for the country in H1. In the second slot is Uttar Pradesh with Rs 12,300.94 crore in revenue from this ...

Crisil, Icra revise India's growth projections for FY23, Q2 GDP slashed

Rating agencies Crisil and Icra on Monday revised down their India growth projections for the current fiscal and the second quarter mainly due to the ripple effect of slowdown in global growth and mixed crop output. Crisil downgraded the India growth forecast by 30 bps to 7 per cent while Icra pegged the economic expansion at 6.5 per cent for the second quarter of FY2022-23. "We have revised down our forecast for real gross domestic product growth to 7 per cent for fiscal 2023 from 7.3 per cent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity. This will test the resilience of domestic demand," Crisil chief economist Dharmakirti Joshi said in a note. Aditi Nayar, his counterpart at Icra, in her report pencilled a 6.5 per cent growth in Q2 of the current fiscal, nearly half of the year-ago quarter when the economy had clipped at 12.7 per cent, but which is still a tad higher than the monetary policy committee's Septembe

Minorities face little bias in labour markets

The major religious minorities - Muslims and Christians - have withdrawn from the labour markets more than the majority faith. But again, the difference is not alarming

Goldman sees India's growth slowing in 2023 as post-pandemic benefits fade

Gross domestic product may expand by 5.9% in calendar year 2023 from an estimated 6.9% this year

Sovereign investors favour US, India as top 2022 investment markets: Study

Among developing nations, India has overtaken China as the most popular emerging market, having climbed to No. 2 in 2022 from No. 9 in 2014.

Global accounting standards convergence crucial for capital inflows: Khara

Khara said the accounting profession has contributed to identifying the quality of assets that are sitting in the books of various banks

India to be a net green energy exporter by 2050, says Gautam Adani

Asia's richest man Gautam Adani on Saturday said India, which took 58 years to become a trillion dollar economy, will add an equivalent sum to GDP every 12-18 months and will be the world's second largest economy by 2050. Speaking at the 21st World Congress of Accountants here, he said back-to-back global crises have challenged several assumptions, including that China should adopt western democratic principles, secular principles are universal, the EU would stay together, and that Russia would be forced to accept a reduced international role. "This multilevel crisis has shattered the myth of a unipolar or a bipolar world of superpowers that could step in and stabilize global environments," he said. "In my view - in this emerging multipolar world - superpowers will need to be those that take responsibility to step in and help others in a crisis and not bully other nations into submission, those that keep humanity as their foremost operating principle." A superpower, he said, must

Best of BS Opinion: Voting against self-interest, fiscal deficit, and more

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

Economy resilient, on track to grow at about 7% in FY23: RBI report

Headline inflation showing signs of easing, it says

India on its way to become $30 trn economy, developed nation by 2047: Goyal

Piyush Goyal said that ONDC is a game-changing initiative, which aims to democratize e-commerce to give equal opportunity to start-ups and young entrepreneurs

Inflation moderation key to sustain retail sales growth: Retail body chief

Kumar Rajagopalan of Retailers Association of India sounds hopeful that the industry will grow by 20% in the Oct-Dec wedding season

Something deficient in fiscal deficit

GDP alone isn't an adequate measure to calculate a safe level of budget deficit. Population also has to be worked into the method. It is just common sense

Why optimism on India's present does not extend much beyond visible horizon

Structural unemployment problem, social unrest, poor state of education and health care, and nutrition deficits among children - tomorrow's workforce - temper optimism on India, writes T Ninan