Page 3 - Indian Economy

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

Indo-Pacific economic framework for prosperity to deepen development: Govt

Delegation that participated in IPEF negotiations in Bali said the framework will deepen economic engagement through enhancement in trade and investment in the region

Premium hotels revenue likely to surge 80% in fiscal year 2023-24: Report

Premium hotels are expected to log in strong growth across operating parameters, especially on the revenue side, which is expected to surge 80 per cent this fiscal and a further 15-20 per cent next, buoyed by the continued recovery across categories, as per a report. Hotels are getting higher bookings across leisure, corporate, MICE (meetings, incentives, conferences, and exhibitions), and international travels, leading to a decadal-high occupancy for premium hotels, a Crisil Market Intelligence report said. The report is very bullish on the revenue growth of the premium segment owing to better operational parameters, primarily due to higher demand, increase in room rates and employee rationalisation The revenue of premium hotels is expected to surge 80 per cent in fiscal 2023, and a further 15-20 per cent in fiscal 2024, according to the report. Rising demand has the average room rates (ARRs) hitting the pre-pandemic levels, leading to record high operating margins, which is also

Top headlines: Govt to bring down tax burden, Foxconn gets Karnataka's nod

Business Standard brings you the top headlines at this hour

Unlike global economy, India would not slow down in FY24: RBI article

Unlike the global economy, India would not slow down and maintain the pace of expansion achieved in 2022-23, an RBI article said on Tuesday. "We remain optimistic about India, whatever the odds," said the article on the state of the economy published in the March edition of the Reserve Bank bulletin. The NSO's end-February data release indicates that the Indian economy is intrinsically better positioned than many parts of the world to head into a challenging year ahead, mainly because of its demonstrated resilience and its reliance on domestic drivers, it said. Even as global growth is set to slow down or even enter a recession in 2023 as global financial markets wager, India has emerged from the pandemic years stronger than initially thought, with a steady gathering of momentum since the second quarter of the current financial year, it said. "Year-on-year growth rates do not reflect this pick-up of pace because by construction they are saddled with statistical base effects, and ..

Taking a look at some high-frequency indicators for January-February

CEA V Anantha Nageswaran had said that to get to 7 percent GDP growth in FY23, the January-March quarter will have to register a 5.1% real GDP growth

India's steadying economy shows early signs of weakening consumption

Economic expansion may be under pressure as the "full-blown impact" of the Reserve Bank of India's 250 basis point hike in borrowing cost since May gets transmitted to end-consumers, Crisil Ltd., the

India can achieve energy independence by 2047, says US Energy Dept study

India can achieve energy independence by 2047, when it celebrates 100 years of independence, according to a study by the US Department of Energy's Lawrence Berkeley National Laboratory. The study titled "Pathways to Atmanirbhar Bharat" also notes India's energy infrastructure needs an investment of USD3 trillion in the coming decades. It determined that achieving energy independence will generate significant economic, environmental, and energy benefits for India which include USD2.5 trillion in consumer savings through 2047, reducing fossil fuel import expenditure by 90 per cent or USD240 billion per year, enhancing India's industrial competitiveness globally, and enabling its net-zero commitment ahead of schedule. "India's energy infrastructure requires a USD3 trillion investment in the coming decades, and our study finds that prioritizing new energy assets that are cost-effective and clean is crucial for long-term financial sustainability," said Berkeley Lab staff scientist and ..

India's economic, banking systems strong even amid global turmoil: PM Modi

"Amidst a global crisis, today India's economic system is strong, the banking system is strong. This is the power of our institutions," Modi said

Indian economy losing steam, says former finance minister Chidambaram

Senior Congress leader and former Union finance minister P Chidambaram Saturday said India is growing but the sequential quarter growth is declining and the economy is "losing steam". He also accused the Narendra Modi government of "neglecting" the poor and the very poor. "The reality is we are growing but the quarter upon quarter growth or the sequential quarter growth is declining -- 13.2 per cent, 6.3 per cent, 4.4 per cent and the fourth quarter, my estimate is, between 4.1 per cent and 4.3 per cent. "So, it is a declining quarterly growth rate, which means the Indian economy is losing steam," Chidambaram said at the India Today Conclave. Asked about India growing faster among the major economies of the world, the former finance minister said, "There is no boast in saying 'I am the one-eyed monarch of the blind'. The point is China, when it grows at 3 per cent or 3.5 per cent, will still add every year to its annual wealth or annual output several times more than India growing

Weekend Bites: Banking blues, exiting CEOs, and a new Cola War

Suveen Sinha takes you through the dust that might somewhat be settling down on the big news of the week

OECD raises India's FY24 growth forecast by 20 basis points to 5.9%

OECD expects India's gross domestic product (GDP) to grow at 6.9 per cent in FY23 against 7 per cent estimated by the Central Statistical Organisation

Assessing contagion: 'Little, then lottle', like ketchup coming out of bottle

In every systemic crisis, there are initial soothing noises from regulators and commentators: There won't be contagion. Except that eventually there is contagion more often than not, writes T N Ninan

PM Modi's adviser says India economy can withstand heat wave impact

Even if heat waves strike again and crops get affected, overall growth should not suffer, according to Poonam Gupta, head of the National Council of Applied Economic Research

Expect India's GDP to moderate to 6% in FY24: CRISIL MD & CEO Amish Mehta

Amish Mehta discusses the factors behind this downgrade and road ahead for the Indian economy

Keep 'margins of safety' amid global turmoil, says CEA Nageswaran

Nageswaran says IMF's latest estimates for global growth appear outdated

Global uncertainty rising, need to maintain margins of safety: V Nageswaran

Chief Economic Advisor V Anantha Nageswaran on Thursday said the global uncertainty has been rising after the recent developments in the United States and governments, businesses and individuals should keep 'margins of safety' in fiscal, corporate and savings account planning. He said the global growth estimates of the International Monetary Fund (IMF) given in January looks outdated and countries will have to watch what the developments in the US over the last week would do to confidence, bank lending growth and the subsequent chain effects. Two banks in America have gone belly up over the last week. Signature Bank, New York, which lent mostly to crypto industry was shut down by the regulators on Sunday after there was a run on their deposits. Besides, the failure of Silicon Valley Bank last week left many startups, tech companies, entrepreneurs and VC funds nervous and jittery. SVB, the 16th largest bank in the United States, was closed on Friday last by the California Department

A tall order reaching $5 trn GDP a year ahead of IMF's FY27 projection

India's economy is officially projected to reach Rs 272 trillion, or $3.58 trillion, this financial year

India's exports, imports shrink over 8% in February, shows govt data

Merchandise exports witnessed annual contraction in 16 of the 30 key sectors last month

India's export cushion

Rising services surplus is likely to offset the goods trade deficit in the short and medium term