Page 46 - Indian Economy

India becoming world's 5th largest economy no ordinary achievement: PM Modi

Prime Minister Narendra Modi on Thursday said India has become the fifth largest economy in the world and this is not an ordinary achievement. "We need to maintain this enthusiasm," Modi said while virtually addressing beneficiaries of various government schemes and those present at a medical camp organised in Olpad area of Gujarat's Surat city. "Recently, India has become the fifth largest economy in the world. This achievement gave us confidence to work even harder and achieve bigger goals in this Amrit Kaal. This progress is not ordinary. Every Indian is feeling proud of it. We need to maintain this enthusiasm," the prime minister said. Referring to the Centre's Pradhan Mantri Awas Yojana, Modi said, "As many as three crore houses were built by the government across the country for the poor during the last eight years. Of these, nearly 10 lakh houses were constructed in Gujarat alone.

Indian economy linked to world, decoupling not possible in reality: Analyst

A global slowdown will have severe repercussions for India's balance of payments BoP through lower exports; a meaningful slowdown of late and lower capital inflows.

Best of BS Opinion: Policy balance, slowdown in global demand, and more

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

Democracy holds India together as country and economy: BS Panel

For the next 25 years, the panellists picked equitable wealth distribution as the biggest issue to be addressed

US, EU demand slowdown, global uncertainties impacting India's exports

Subdued demand from developed countries and blocs like the US and EU is impacting exports of key sectors including engineering, gems and jewellery and may have implications on India's exports in case the global situation does not improve in coming months. Global inflation, Russia-Ukraine war, simmering China-Taiwan crisis and supply disruptions are hurting economic growth worldwide, leading to poor demand, experts say. The world merchandise trade volume is expected to grow 3 per cent in 2022 against the earlier forecast of 4.7 per cent, mainly due to the ongoing war between Russia and Ukraine, according to the World Trade Organization forecast, released in April. Organisation for Economic Cooperation and Development (OECD), a grouping of developed nations, has stated that G-20 merchandise trade growth has slowed markedly in value terms in second quarter of 2022 (April-June). Exporters are keeping their fingers crossed over the country's exports growth and are hopeful that the ...

Private players dominate external debt growth amid economic recovery

External borrowings up 8.2% overall in FY22; private debt accounts for 60%, against 29% a year ago

India inflation rate likely rose to 6.9% in August, says Deutsche Bank

The risks to food inflation persist with negative seasonality kicking in for the September-November period, the bank said

Nomura raises India's CAD estimate on fears of slowdown in export

Research house Nomura expects CAD as a share of the gross domestic product to triple this fiscal year, saying that a global economic slowdown will further skew the country's trade imbalances

India@75 - Past, Present & Future

Thought exchange on India Potential

India is a trusted partner of the world, says Piyush Goyal during US visit

Union Commerce and Industry Minister Piyush Goyal, who is on a six-day visit to San Francisco and Los Angeles, highlighted that India has emerged as the trusted partner of the world

Centre to have enough rice even at half of next season's procurement target

As of August 16, the government has rice stocks of around 26.35 million tonnes in the Central pool

Top Headlines: Roadmap to advance economy, 100 mn demat accounts, and more

The country's demat account tally topped the 100 million-mark for the first time, in August. Over 2.2 million new accounts were opened last month

Working on road map to advanced economy, says FM Nirmala Sitharaman

Sitharaman said the principal focus would be equitable distribution of wealth so that India grows to become an advanced economy by 2047

Services PMI accelerates in Aug; job creation strongest in 14 years

Rebound due to gains in new business, improvements in demand, and overtime work: Survey

Fixing the quality problem of Make in India

India needs to enforce stringent quality norms for goods produced within the country for both domestic and international consumers if it wants to become a manufacturing hub

SME Chatroom: 'Assessable value can be different from invoice value'

There is a specific box in the bill of entry for Free of Charge (FOC) imports

Tough for India to replicate the outperformance over EMs: Manish Gunwani

We have relatively strong growth and a healthy corporate earnings cycle as positives, but a worrisome current account deficit and high inflation as challenges, says Manish Gunwani.

'Must provide jobs to those not well-educated to go beyond freebies'

Harvard Business School professor Christian Ketels says it isn't useful to think of manufacturing versus services jobs; a range of sectors need to be mobilised for job creation

Exports fall 1% in August to $33 billion; trade deficit remains elevated

"Conservative" merchandise export target set at $450 billion in FY23, says commerce secretary. Department's internal target remains $470 billion

Q1 GDP growth below expectation, cause for concern: Ex-RBI guv Subbarao

India's GDP growth of 13.5 per cent in the April-June quarter of 2022-23 has turned out be a cause for 'disappointment and concern', as there was expectation of a bigger bounce back from the first quarter of last year when economic activity was crippled by the Delta wave of COVID-19, former RBI governor D Subbarao said on Sunday. Subbarao added that risk factors for the country's growth outlook in the short term include high commodity prices, possibility of a global recession, monetary tightening by the RBI and an uneven monsoon that could threaten crop output, especially of rice. "The economy clocked growth of 13.5 per cent in the first quarter (April-June) of this fiscal year which would have been cause for celebration in any other circumstance. "In the event, it's turned out be a cause for disappointment and even concern," he told PTI in an interview. India's economy expanded 13.5 per cent in the April-June quarter, the quickest pace in a year. As per the RBI's estimates, the ..