Page 47 - Indian Economy

BJP says inflation under control due to PM's policies, slams Congress

Hitting back at the Congress for its criticism on the issue of price rise, the BJP on Sunday said Prime Minister Narendra Modi has brought the inflation rate under control despite adverse circumstances which is being "appreciated" by citizens but the Congress party is not able to see it. BJP national general secretary and in-charge for Rajasthan Arun Singh said inflation rate in other countries has gone up to 20-25 percent but it is the vision and policies of the prime minister that inflation is under control. Inflation is not going to be an issue here because the prime minister has controlled the inflation, Singh told reporters when asked about the issue of inflation being raised by the Congress. Singh is in Jaipur to attend the core committee meeting of the state unit. Look at the neighbouring countries of Sri Lanka, Pakistan, Bangladesh, even you go and see in the UK or US...the way inflation has increased in the countries of the world, 10 percent, 15 percent and up to 20-25 ...

Sweets-snacks trade can touch all-time high of Rs 1.25 trn: Manufacturers

As markets are regaining the traditional excitement this festive season after lacklustre sales during the COVID-19 pandemic, the trade of sweets and namkeen (snacks) in the current financial year is likely to reach an all-time high of Rs 1.25 lakh crore, says an industry body representative. During the Rakshabandhan festival last month, the trade of sweets and snacks witnessed a tremendous growth, Federation of Sweets and Namkeen Manufacturers director Firoz H Naqvi told PTI. "The demand of modak and other sweets has also increased in the ongoing Ganesh festival and this trend is expected to continue during the forthcoming Dussehra, Diwali and Holi festivals too, he said. The federation is an apex body of sweets and other snacks manufacturers. In view of the current trend in the market, the total trade of sweets and snacks during this financial year is likely to cross all previous figures and touch an all-time high of Rs 1.25 lakh crore, as the online sale and home delivery of thes

China missing among nations driving India's foreign fund inflows

Foreign direct investment (FDI) into India stood at $58.8 billion in 2021-22 with Singapore and the US being the top two major contributors among the list of 15 nations

Congress to hold protest rally against inflation at Delhi's Ramlila Maidan

Congress will hold a 'Mehngai par halla bol' protest rally today at the Ramlila Maidan in the national capital against price rise and policies of the central government

India is likely to become third largest economy by 2029: SBI report

As per the SBI report, India had surpassed the UK as the fifth largest economy as early as December 2021 itself

Economic 'Long Covid': India better, but it's on the same planet as others

In a difficult pandemic-hit period, India may be doing better than almost all other large economies, but the over-arching goal of rapid economic growth just does not show on the map, notes T N Ninan

Can India's GDP grow 7% annually over 25 yrs? Data suggests it's tough

India has seen GDP growth of 7% or more for five straight years only once in the past 30 years

Rupee closes at 79.8 versus dollar amid rise in crude oil, hawkish Fed view

Rupee logs first weekly gain in four, outperforms all EM currencies

1-year median MCLR rise moderates in August, up 40 bps since June

Foreign banks have raised it the most, median rate up 90 bps; just 20-bp rise for private banks

Goyal to attend IPEF ministerial in US next week; focus on trade ties

To meet US commerce seretary, trade representative in Los Angeles next week

Britain slips behind India to become world's sixth biggest economy

The former British colony leaped past the UK in the final three months of 2021 to become the fifth-biggest economy

Modi govt destroying economy with its cluelessness, incompetence: Congress

The Congress on Friday hit out at the Union government alleging India's growth story is being pushed back due to the inept handling of the economy and cluelessness on the part of the Modi government. It also asked the government whether it will now go back on its promises of making the country a USD 5 trillion economy, doubling farmers' income, and providing pucca houses to all by 2022. "It is evident now that the BJP government due to its inept handling of the economy, no focus, and cluelessness, is pushing the Indian growth story back," Congress spokesperson Gourav Vallabh said at a press conference. Citing the GDP growth numbers, he said India has seen a growth of only 3 per cent in the last three years and accused the government of "destroying" the Indian economy. "These are highly worrying numbers, with prospects not looking very bright due to inaction by the Modi government. Even SBI had a downward growth forecast for FY23 from 7.5 percent to 6.8 percent," he said, noting tha

CAD may touch nine-year-high in Q1FY23 as net exports soar

India's CAD stood at 1.5% of GDP in the March quarter of FY22 compared to a CAD of 2.6% of GDP in the preceding quarter of FY22

Day after Q1 GDP data, a spate of forecast cuts by banks, institutions

Moody's cut its forecast to 7.7%, from 8.8%, citing dampening economic momentum in the coming quarters on rising interest rates, uneven monsoon, and slowing global growth

Investments rise in June quarter, but still lower than 30% of GDP

Though GFCF growth at 10-year high in constant price terms, but experts say that is overstated

India's manufacturing growth stays robust in Aug, inflation eases

S&P Global's Manufacturing Purchasing Managers' Index dips slightly to 56.2 in August from 56.4 in July

India leading globally in digital payments, says Rajeev Chandrasekhar

Under PM Kisan Samman Nidhi Yojana, up to Rs 19,000 crore were transferred directly into bank accounts of 95 million beneficiaries in a single day, he added

'Economy grew by 1% annually in 3 yrs': Cong slams govt over GDP numbers

The Congress hit out at the Narendra Modi government on Thursday over the latest GDP numbers, saying the country's economy has grown by a meagre 1 per cent annually in the last three years. "While the Modi Government ministers are congratulating each other over the 13.5 per cent GDP growth, the real truth is that the Indian economy has grown only 3.3 per cent in last 3 years. From Rs 35.67 trillion in Q1 FY20 to Rs 36.85 trillion in Q1 FY23. This is an annual growth rate of around 1 per cent," Leader of Opposition in the Rajya Sabha Mallikarjun Kharge wrote on Twitter. The Congress also said on its official Twitter handle that the GDP growth in the first quarter of 2022-23 was 13.5 per cent, but the reality is horrifying. "The reality is horrifying. Not only GDP growth, GDP itself decreased. 2019-20 Q1 GDP: Rs 35.49 lakh crore. 2020-21 Q1 GDP: Rs 27.04 lakh crore. 2021-22 Q1 GDP: Rs 32.46 lakh crore. 2022-23 Q1 GDP: Rs 36.85 lakh crore. "Only 3.8 per cent GDP growth in 3 years. ...

LIVE news: NIA announces Rs 25 L reward on fugitive gangster Dawood Ibrahim

The agency has also announced a cash reward of Rs 20 L on Ibrahim's close aide Chhota Shakeel

Moody's slashes India's economic growth forecast to 7.7% for 2022

Moody's Investors Service on Thursday slashed India's economic growth projection for 2022 to 7.7 per cent, saying that rising interest rates, uneven monsoon, and slowing global growth will dampen economic momentum on a sequential basis. Moody's had in May projected India's GDP to expand by 8.8 per cent this year. The economy grew by 8.3 per cent in 2021 and contracted by 6.7 per cent in 2020, the year when the pandemic struck the country. In its update to Global Macro Outlook 2022-23, Moody's said India's central bank is likely to remain hawkish this year and maintain a reasonably tight policy stance in 2023 to prevent domestic inflationary pressures from building further. Our expectation that India's real GDP growth will slow from 8.3 per cent in 2021 to 7.7 per cent in 2022 and to decelerate further to 5.2 per cent in 2023 assumes that rising interest rates, uneven distribution of monsoons, and slowing global growth will dampen economic momentum on a sequential basis, Moody's ...