Page 32 - Indian Economy

TMS Ep294: Indian economy, India and COP27, Telecom stocks, 5G testbed

Indian economy: Fingers crossed for the second half? India and COP27: How does the new climate report affect them? Should you buy telecom stocks ahead of 5G boom? What is 5G testbed? Answers here

Manufacturing PMI recovers to 55.3 in Oct amid contained price pressures

Manufacturing employment increases at 'marked rate' as factories report rise in orders, says survey

FM Sitharaman lists climate finance, crypto regulation as key G-20 agenda

Nirmala Sitharaman says India will push for the voice of developing and low-income nations

India needs to be flexible as G-20 chief in face of global challenges: CEA

Nageswaran flags climate finance as a key agenda of bloc in face of 'unknown unknowns'

Warehousing biz grows 45% in first 9 months of 2022 amid headwinds: Experts

Net absorption could reach an all-time high of 43 million sq ft by 2022-end as businesses open up and consumer demand improves

Rural development ministry seeks additional Rs 25,000 cr fund for MGNREGS

The rural development ministry has sought additional funds of about Rs 25,000 crore for the MGNREGS, in a clear indication of a rise in demand for work, sources said on Tuesday. The ministry has sought Rs 25,000 crore from the finance ministry and it is expected that the funds will be allocated by the second week of this month, the sources told PTI. In the Union Budget for 2022-23, an amount of Rs 73,000 crore was allocated for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). Of this amount, about Rs 54,000 crore have been allocated to the states so far, the sources said. About 181 crore person days of work has also been generated under the programme so far, they added. The total expenditure on the MGNREGS is expected to touch the last financial year's level of Rs 98,000 crore. The government would take Parliament's approval for the additional fund allocation under the MNREGA through the first batch of the Supplementary Demands for Grants to be tabled in th

India has conditions in place for an economic boom: Morgan Stanley

'We estimate that manufacturing's share of GDP will rise to 21 per cent by 2031, implying an incremental $1 trillion manufacturing opportunity'

India jobless rate rises in Oct led by sharp rise in rural unemployment

Rural unemployment rate climbed to 8.04% from 5.84% in September, while urban jobless rate was at 7.21% compared to 7.7% a month before

RBI's central board discusses prevailing economic situation, challenges

The Central Board of Directors of Reserve Bank of India on Monday reviewed the current economic situation and challenges being faced by the country due to global geopolitical crises. The 598th meeting of the central board was held under the chairmanship of Governor Shaktikanta Das, the RBI said in a statement. "The Board in its meeting reviewed the current economic situation, global and domestic challenges including the overall impact of current global geopolitical crises," it said. The board also discussed the functioning of various sub-committees of the central board, ombudsman scheme and activities of select central office departments Directors of the Central Board -- Satish K Marathe, S Gurumurthy, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel and Ravindra H Dholakia -- attended the meeting. RBI Deputy Governors Mahesh Kumar Jain, Michael Debabrata Patra, Rajeshwar Rao, and T Rabi Sankar, and Ajay Seth, Secretary, Department of Economic Affairs also

'India will continue to be a lower cost economy for two more decades'

India will continue to be a lower cost economy for around two more decades, and it will be cheaper to design and manufacture products here for many years, Infosys' co-founder Kris Gopalakrishnan said on Monday. In the next three decades, India will reach where China is today by becoming a middle-income country with a per capita income of at least USD 6-7,000, Gopalakrishnan said while addressing the first convocation of Somaiya Vidyavihar University. "India will continue to be a lower cost economy for the next 10-20 years, whereas the countries above us in development are all higher income countries. It will be cheaper to ideate, to design, to develop and manufacture products in India for many years to come," he said. It can be noted that labour arbitrage, especially on the services front, has been very helpful to the country's growth. The IT sector which emerged out of it is now a USD 220 billion industry and supports millions of jobs. Gopalakrishnan further said the country will

Growth next year to be better than IMF projections, says CEA Nageswaran

Chief Economic Adviser V Anantha Nageswaran on Monday said India is expected to clock better growth than IMF's projections next year aided by enhanced capital formation. Recently, the International Monetary Fund (IMF) projected 6.8 per cent real growth for this year and 6.1 per cent for next year for India. "I think in fact, the growth rates for the coming years may be slightly more, slightly better than what these numbers are, because I think there is a possibility that India's capital formation cycle will do better after one decade of retrenchment," he said. India's public digital infrastructure has probably crossed an inflection point and that will also be contributing to both formalisation of the economy and therefore higher growth, he said. So, he said, maybe there could be 0.5-0.8 per cent addition to the 6 per cent baseline numbers. He also said that fiscal policy and monetary policy are usually synchronised and counterbalance each other. On high debt-to-GDP ratio, he said

Retail inflation for industrial workers rises to 6.49% in Sept: Govt data

Retail inflation for industrial workers rose to 6.49 per cent in September from 5.85 per cent in August 2022 mainly due to higher prices of certain food items, according to the government data released on Monday. "Year-on-year inflation for the month (of September 2022) stood at 6.49 per cent compared to 5.85 per cent for the previous month (August, 2022) and 4.40 per cent during the corresponding month (September 2021) a year before," a labour ministry statement said. Similarly, it stated that the food inflation stood at 7.76 per cent against 6.46 per cent of the previous month and 2.26 per cent during the corresponding month a year ago. The All-India CPI-IW (Consumer Price Index-Industrial Workers) for September, 2022 increased by 1.1 points and stood at 131.3 points. It was 130.2 points in August 2022. On one-month percentage change, it increased by 0.84 per cent with respect to previous month compared to an increase of 0.24 per cent recorded between corresponding months a year

Core sector output sees rebound, grows by 7.9% in Sept against 5.4% YoY

Production of eight infrastructure sectors expanded by 7.9 per cent in September against 5.4 per cent in the same month last year on better show by coal, fertiliser, cement and electricity segments, according to official data released on Monday. In August, the core sectors' output growth stood at 4.1 per cent. The production growth of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 9.6 per cent during April-September this fiscal, compared to 16.9 per cent a year ago.

April-Sept fiscal deficit at 37% of FY23 target, net tax receipts Rs 10 trn

Net tax receipts rose to Rs 10.12 trillion while total expenditure was Rs 18.24 trillion, the data showed

On high inflation, here is what RBI needs to tell govt: It is your fault

All the research since 1980 shows that loose fiscal policy causes inflation, and the RBI MPC needs to tell the govt just that

Global turmoil not over, volatility to remain: MD, ITI Long Short Eq Fund

In Q&A, Rajesh Bhatia spells out the key tailwinds and risks the domestic markets face at this juncture and how a long-short fund can help protect downside risks

Statsguru: Six charts show India's declining foreign exchange reserves

RBI has scheduled an off-cycle meeting for November 3

Despite Covid waves, India one of fastest-growing economies: Rijiju

Union Law and Justice Minister Kiren Rijiju on Saturday said despite the three waves of the Covid-19 pandemic, India is currently one of the fastest-growing economies in the world

Govt likely to surpass FY23 tax collection goal by over $24 billion

India's union budget, due to be presented in February, will outline the federal spending plan for the coming fiscal year

High inflation a result of exogenous price shocks, says MPC member

The high inflation rate in the last three quarters is mainly a consequence of the 'exogenous' price shocks, and addressing the issue will require coordinated policy efforts, RBI Monetary Policy Committee (MPC) member Shashanka Bhide has said. Bhide further said the inflationary pressures are high and it certainly is a test for India's inflation targeting framework. "The high inflation rate in Q2 FY2022-23 follows high inflation in the previous two quarters. "High fuel and food prices and their spillover to other sectors have sustained the high inflation rate," he said in an email interview with PTI. The retail inflation based on CPI has remained above 6 per cent since January 2022, and it was 7.41 per cent in September. The MPC factors in retail inflation while deciding the RBI's bi-monthly monetary policy. "While this pattern is mainly a consequence of the exogenous price shocks, it is important to take measures to limit the spillover of the price shocks to the rest of the ...