Page 50 - Indian Economy

India's status as fastest growing major economy to be short-lived: Report

The economy is also enduring inflation pressure from a weak rupee, which for months has been trading close to 80 to the US dollar

US firms gear up to be part of India's vision to be $30 trn economy: USIBC

India is embarked on a journey to restore itself to the top of the global leadership tables in terms of economy and prosperity, the head of an India-centric American business group has said, underlining that US companies are geared up to be part of the country's ambitious vision to become a USD 30 trillion economy. I think it's clear that India is going to grow in every decade of the 21st century. It's gonna rise to be one of the biggest economies in the world, if not the biggest economy in the world," Atul Keshap, the president of the US India Business Council (USIBC) told PTI. "I've heard Indian officials talk about India potentially becoming a USD30 trillion economy, he said. A lot of American companies and members of the USIBC understand and appreciate that vision, Keshap said. India is embarked upon a journey to restore itself to the top of the global leadership tables in terms of economy and prosperity. India used to occupy as much as 25 per cent of the global GDP. I think th

PMJDY accounts hit 462.5 mn in eight yrs, deposits reach Rs 1.73 trillion

However, there was a decline in operative accounts as a percentage of the total, from 85.6% in August 2021 to 81.2% in August 2022

Govt may try new currency swap to help developing economies avert default

This is backed by trade in minerals, which is essential for India to build chip industry, expand renewable energy

Rajnath approves 'positive list' to promote domestic defence industry

Defence Minister Rajnath Singh has approved a fresh list of 780 components and subsystems which will only be procured from domestic industry after a ban on their import kicks in under a staggered time-line of around six years. It is the third such "positive indigenisation" list comprising line replacement units, sub-systems and components used for various military platforms, equipment and weapons, and the aim is to minimise imports by the defence public sector undertakings (DPSUs). The defence ministry has set specific timelines for import ban of the items, spanning a period from December 2023 to December 2028. "Singh has approved the third positive indigenisation list of 780 strategically important Line Replacement Units (LRUs)/Sub-systems/Components with a timeline beyond which they will only be procured from the domestic industry," it said in a statement on Sunday. This list is in continuation to the two similar positive lists that were brought out in December 2021 and March ...

Rupee set to test fresh lows as Powell dispels hopes of softer Fed

But depreciation likely to be orderly because of RBI support, FPI inflows

Govt bans export of wheat flour, maida, semolina to curb rising prices

After banning wheat exports in May, the government on Saturday prohibited exports of wheat flour, maida, semolina and wholemeal aata with a view to curb rising prices. Notifying a decision of the union Cabinet, the Directorate General of Foreign Trade (DGFT), however, said that exports of these items would be allowed subject to permission of the government of India in certain cases. "Export policy of items (wheat or meslin flour, maida, semolina, wholemeal aata, and resultant aata) is amended from free to prohibited," according to the DGFT's notification. Semolina also includes rawa and sirgi. It added that the provisions under the foreign trade policy 2015-20, regarding transitional arrangements, will "not" be applicable under this notification. On August 25, the government decided to put restrictions on the export of wheat or meslin flour to curb rising prices of the commodity. The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA). "The Cabinet

Need to diversify agriculture towards power, energy sectors: Gadkari

With India being energy deficient, there is a need for the country to diversify agriculture into energy and power sectors, Union Minister for Road Transport and Highways Nitin Gadkari said on Saturday. "We already have energy shortage. We are making an expenditure of Rs 15 lakh crore every year for importing petrol, diesel and other petroleum products. So, this is the time we can diversify agriculture towards the energy and power sector," Gadkari said while addressing the felicitation programme of National Cogeneration Awards 2022 in Mumbai. He urged the industry to focus on alternative fuels with the help of futuristic technologies. "While 65-70 per cent of our population depends on agriculture, our agricultural growth rate is only 12-13 per cent. And the next move should be cogeneration to increase revenue from sugar. The industry should produce less sugar and more byproducts, embracing the vision for futuristic technologies and using the power of leadership to convert knowledge .

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Surplus parked with RBI falls below Rs 1 trillion as liquidity shrinks

RBI's forex moves, strong credit off-take lead to faster liquidity decline

Not convinced of durable fall in inflation: RBI Deputy Guv Michael Patra

CPI inflation was at 6.7% in July, the first time in four months that the price gauge fell below 7%

FinMin sees Q1 growth at 15.6% ahead of GDP data, impact on trade component

This is lower than RBI's April-June (Q1FY23) GDP projection of 16.2%

Animal spirits? Chris Wood surprised by resilience of Indian stock market

Further evidence of economic resilience and animal spirits, according to Wood, is continuing strong goods and services tax (GST) revenues and buoyant retail sales

Despite headwinds from Ukraine war, India exhibits many bright spots: Birla

Despite global headwinds due to the ongoing Russia-Ukraine war and lingering post-pandemic challenges, the Indian economy has some "bright spots" to help sail through the choppy waters, industrialist Kumar Mangalam Birla said on Friday. Addressing shareholders of Aditya Birla Capital Ltd (ABCL) at the company's Annual General Meeting (AGM), Birla said the turn of the decade felt like a "moment of departure", making 2020 an unprecedented year marred by the pandemic, followed by supply side woes of 2021 and then the Russia-Ukraine war in 2022. Global stagflation is making 2022 feel unprecedented and disruption now feels like 'business as usual', Birla noted. "The Indian economy has not remained unscathed by these global developments. India has also witnessed upward pressures on inflation, rate hikes by the RBI and a widening trade deficit. We are also seeing greater turbulence in currency markets," said Birla, chairman of Aditya Birla Group's financial services arm ABCL. Nevertheless

Ayush industry fastest growing sector of Indian economy: Rajesh Kotecha

"All stakeholders need to work together as it is a big opportunity and we need to develop a eco system of integrating healthcare services and adapt a pluralistic approach for Ayush," he said

Systemic reforms boosted India's macroeconomic stability: Ashima Goyal

Eight years of systemic economic reforms under the Modi government have increased India's macroeconomic stability and its capacity to withstand any external shocks, RBI Monetary Policy Committee (MPC) Member Ashima Goyal has said. Goyal further said appropriate countercyclical macroeconomic policy with continuing supply-side improvements has enabled a growth recovery that is among the best in the world. "Just before the Modi government came in, the country was facing serious macroeconomic instability after the global financial crisis. "After 8 years of systemic reforms, the economy has been able to ride out more severe global shocks with macroeconomic stability, a healthy financial sector, food security and a government and industry that have learnt to work together," she told PTI. Prime Minister Narendra Modi assumed office on May 26, 2014. He was administered the oath of office for his second term on May 30, 2019. On the credibility crisis of India's official numbers on a range

S&P raises India inflation forecast by 50 basis points to 6.8% for FY23

India is facing the external pressures of higher commodity prices, US dollar dominance, and tightening financial conditions from a position of relative strength: S&P

India has ample forex to withstand pressure on creditworthiness: S&P

India has built up buffers against cyclical difficulties and has ample foreign exchange reserves to withstand pressure on credit worthiness, S&P Global Ratings said on Thursday. Speaking at the India Credit Spotlight 2022 webinar, S&P Sovereign & International Public Finance Ratings Director Andrew Wood said the country has a strong external balance sheet and limited external debt, making debt servicing not so expensive. "The country has built up buffers against cyclical difficulties like those, which we are experiencing right now," Wood said. He said the rating agency does not expect the near-term pressures to have a serious impact on India's credit worthiness. "We are expecting a strong level of GDP growth of 7.3 per cent this fiscal," he said, adding the rupee exchange rate movement against the US dollar has been moderate. The rupee has depreciated about 7 per cent against the US currency this year but has performed better than its emerging market peers. Wood said India

India's economic indicators give conflicting signs of recovery in July

Demand for Indian goods and services softened, a cross-section of high-frequency indicators compiled by Bloomberg News showed

Uber India created Rs 44,600 cr in value for economy in 2021: Report

Study commissioned by ride-hailing firm says its services help riders, drivers and communities save money and time