Page 44 - Indian Economy

India set to become $10 trillion economy by 2030, says Hardeep Singh Puri

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that India is on the path to becoming a $10 trillion economy in 2030 and the third largest economy in the world by 2047

FSDC stresses on the need to monitor India's financial sector risks

Meeting discusses that it's endeavour of regulators to ensure incidents like the NSE colocation scam don't repeat and there are better ways to deal with the fallout

Bond yields rise 8 bps, as OIS rates surge on US inflation data

The rupee weakened versus the dollar as the market braced for a possible 100-basis-point rate hike by the Federal Reserve next week following a higher-than-expected inflation print in the US

Infrastructure firms can resist further rupee depreciation: Moody's

Generally, corporate infrastructure issuers have features that shield them to currency weakness

India's roller-coaster ride to growth

Professor Balakrishnan dwells on key events and indicators rather than drawing up an extensive listing of milestones and data

India Ratings cuts India's FY23 GDP growth forecast to 6.9% from 7%

India Ratings projects GDP growth of 7.2 percent in July-September FY23 quarter, 4 percent in October-December and 4.1 percent in February-March

Largest states lead as e-way bill generation climbs, shows data

A government statement on September 1 noted higher GST collections for August, though it did not mention statewise numbers on e-way bill generation

WPI-based inflation softens to 11-month low at 12.41% in August

However, this is the 17th consecutive month since April 2021 that the factory-gate inflation has remained in the double digit, primarily driven by rising energy and food prices

India 2022: Getting bigger but not richer

The link between the size of the economy and prosperity is tenuous

Exports rise marginally in Aug; trade deficit more than doubles to $28 bn

India's exports rose marginally by 1.62 per cent to USD 33.92 billion and trade deficit more than doubled to USD 27.98 billion in August, data released by the commerce ministry said on Wednesday. Trade deficit in August 2021 stood at USD 11.71 billion. Imports rose by 37.28 per cent to USD 61.9 billion in August this year. During April-August 2022-23, exports registered a growth of 17.68 per cent to USD 193.51 billion. Imports during the five-month period of this fiscal grew by 45.74 per cent to USD 318 billion. Trade deficit widened to USD 124.52 billion in April-August this fiscal as against USD 53.78 billion in the same period last year.

India is counting on debut sovereign green bond to lower financing costs

The govt has developed a framework to sell the debt in line with widely-used principles from the International Capital Market Association, and is also liaising with the World Bank over best practices

WPI inflation eases to 12.41% in Aug as prices of manufactured goods dip

August is the 17th consecutive month of double-digit wholesale price inflation (WPI)

Staying out of IPEF's trade pillar: There are two sides to this debate

There is no meeting ground between politics which is looking at the elections this year, and economics, which is looking at the next decade

Amid high inflation, surge in services demand helps steady India's economy

The indicators showed sentiment in the services sector -- which accounts for over 50% of the $3.2 trillion economy -- was upbeat, tax revenue were robust and demand for loans high.

Manufacturing in dire straits: Output up just 1.1% compared with 2019-20

Electricity output has grown around 11%; consumer durables and non-durables have contracted 6.7% and 2.4%, respectively

India June quarter GDP growth second worst among G20 nations: OECD

In India, the main reasons for the slowdown were decreases in government spending and net trade (exports minus imports), according to OECD calculations.

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Pace of rate hikes by RBI should be calibrated from here on: Ashima Goyal

"We need to be very careful that growth is not snuffed out and we don't go into another decade of slowdown," Goyal told Reuters in an interview on Tuesday.

India not defending rupee, does not need to: Chief Economic Adviser

"I don't think Indian fundamentals are such that we need to defend the rupee. The rupee can take care of itself," the country's chief economic adviser, V. Anantha Nageswaran, said.

Retail sales in shopping malls to grow 29% annually to reach $39 bn by FY28

Retail sales in shopping malls across top eight cities are expected to grow 29 per cent annually to reach USD 39 billion by 2027-28 fiscal on consumption growth and opening of new malls, according to a property consultant. Knight Frank on Tuesday released a report 'Think India, Think Retail 2022 - Reinventing Indian Shopping Malls' at a webinar. "The organised retail sales volume in the top 8 Indian cities is estimated to grow at a CAGR of 17 per cent from USD 52 billion in FY 2022 to USD 136 billion by FY 2028," the report said. In the same period, the consultant said that the potential retail sales in Indian malls are estimated to grow at a CAGR (Compound Annual Growth Rate) of 29 per cent in the FY2022-28 period reaching USD 39 billion by FY2028. Retail sales in malls across the top 8 cities -- Mumbai, National Capital Region (NCR), Bengaluru, Hyderabad, Chennai, Pune, Kolkata and Ahmedabad -- grew at a CAGR of about 3 per cent to reach USD 8 billion in FY2022. In FY2023, the