Page 2 - India Economy

Eco Survey updates: FM Nirmala Sitharaman on Monday presented Economic Survey 2023-24 in Lok Sabha

Economic Survey 2024 LIVE news: The Economic Survey stated that short-term inflation outlook benign, but India faces persistent deficit in pulses

Pvt sector's offering to 'toxic mix of habits' substantial: Eco Survey

The private sector's contribution to the 'toxic mix of habits' like social media, screen time and unhealthy food that can undermine public health, productivity and diminish India's economic potential is substantial, the Economic Survey said on Monday. The survey, tabled by Finance Minister Nirmala Sitharaman in Parliament, also pointed out that 'privileging capital over labour is inimical to long-term corporate growth prospects', referring to reluctance shown by businesses to make investments citing lack of demand visibility. "For India's working-age population to be gainfully employed, they need skills and good health. Social media, screen time, sedentary habits, and unhealthy food are a lethal mix that can undermine public health and productivity and diminish India's economic potential," it said. Further, it said, "The private sector's contribution to this toxic mix of habits is substantial, and that is myopic." Stating that the emerging food consumption habits of Indians are not

Increased education budget led to rise in enrolment rates: Economic Survey

The survey states a rise in enrolment in higher education has been witnessed between FY15 and FY22, driven by underprivileged sections such as SC, ST, and OBC

Remove food from inflation-targeting framework, explore options: Eco Survey

The Reserve Bank should stop looking at food inflation in deciding interest rates and the government should explore giving coupons or direct cash transfer to poor to deal with higher food prices, the pre-Budget economic survey said on Monday. While the inflation rate has moderated in recent months, the RBI has refrained from cutting benchmark interest rates -- which decide the rate at which home, personal and corporate loans are given by banks -- citing elevated food inflation. India introduced the inflation-targeting framework in 2016 under which the Reserve Bank of India (RBI) is mandated to keep retail inflation at 4 per cent, with a margin of 2 per cent on either side. The benchmark policy rates are decided bi-monthly by the RBI on the basis of movement in consumer price index, which includes food, fuel, manufactured goods and select services. "India's inflation targeting framework should consider targeting inflation, excluding food. Higher food prices are, more often, not ...

Remittances to India may grow 3.7% in 2024 to $124 bn: Economic Survey

Remittances to India -- the second largest source of external financing after service exports -- are projected to grow at 3.7 per cent to USD 124 billion in 2024 and at 4 per cent to reach USD 129 billion in 2025, the Economic Survey said on Monday. India's primary source of remittances is oil-exporting countries. According to the World Bank, India has the largest emigrant population and is the top remittance recipient country. In 2023, remittances to India had hit USD 120 billion. "The outlook for remittance in India for 2024 is strong, with the expectation that remittance growth will moderate to 3.7 per cent, taking... levels to USD 124 billion in 2024," the Economic Survey tabled in Parliament by Finance Minister Nirmala Sitharaman said. The diversification of India's migrant pool -- between a large share of highly skilled workers employed mostly in high-income OECD markets, and the less-skilled migrants employed in the GCC markets -- is likely to lend stability to their ...

Increased FDI inflows from China can help India push exports: Eco Survey

Increased foreign direct investment inflows from China can help increase India's global supply chain participation and push exports, says the Economic Survey. The Survey said as India looks to deepen its involvement in global value chains (GVCs), it needs to look at the successes and strategies of East Asian economies. These economies have typically pursued two main strategies - reducing trade costs and facilitating foreign investment. It added that India faces two choices to benefit from 'China plus one' strategy and that is either to integrate into China's supply chain or promote FDI from China. "Among these choices, focusing on FDI from China seems more promising for boosting India's exports to the US, similar to how East Asian economies did in the past," the Survey, tabled in Parliament by Nirmala Sitharaman on Monday, said. Moreover, choosing FDI as a strategy to benefit from the China plus one approach appears more advantageous than relying on trade. "This is because China

India's economy holds strong but no thaw in fintechs' funding winter

Funding in first half of this calendar year is at $795 mn, a decline of 11% from second half of 2023

India can be world's second-largest economy by 2031: RBI DG Patra

Evidence of households switching to physical assets; FY26 average inflation seen at 4.1%

Bumper RBI bonus trims April-May fiscal deficit to 3% of FY25 target

Fiscal deficit at Rs 50,615 crore in April-May FY25, according to CGA data

Indian economy likely to sustain high growth trajectory in FY25: ITC

The Indian economy is likely to sustain its high growth trajectory in FY2024-25, driven by strong momentum in fixed investments and a pickup in private consumption, said conglomerate ITC in its latest annual report. Besides, there are "green shoots of recovery in rural markets", improving employment conditions and sustained momentum in manufacturing and services sectors, which augur well for consumption demand in the near term, it added. The growth would also be supported by a good Rabi harvest and normal monsoons, according to the ITC annual report for FY 2023-24. "India continues to be acknowledged as one of the fastest growing major economies in the world with significant headroom for growth over the medium and long-term benefiting from a slew of purposeful interventions over several years," it added. Factors like favourable demographic profile, increasing affluence, rapid urbanisation and accelerated digital adoption represent some of the key structural drivers of growth of the

Rs 26 trillion of India's economy formalised in FY16-FY23, says SBI

According to the World Bank data, at 2017 international prices, 44% of India's population spent less than $3.65 per day

Net FDI in India improves to $4 billion in April, says RBI bulletin

The scale of repatriation/divestment of capital declined to $2.38 billion in April 2024 from $3.47 billion a year ago

Retail inflation eases marginally to 1-year low of 4.75% in May: Govt data

Retail inflation eased to a one-year low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index (CPI) based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low). Inflation in the food basket was 8.69 per cent in May, marginally down from 8.70 per cent in April, according to the data released by the National Statistical Office (NSO). Headline inflation has seen sequential moderation since February 2024, albeit in a narrow range from 5.1 per cent in February to 4.8 per cent in April 2024. The government has tasked the Reserve Bank to ensure the CPI inflation remains at 4 per cent with a margin of 2 per cent on either side. Earlier this month, the RBI projected the CPI inflation for 2024-25 at 4.5 per cent, with Q1 at 4.9 per cent, Q2 at 3.8 per cent, Q3 at 4.6 per cent, and Q4 at 4.5 per cent. The central bank mainly factors in the retail infla

India remains world's fastest growing major economy globally: World Bank

The global economic report of the World Bank noted that in the South Asian region, India is set to sustain its robust growth momentum although it will moderate in coming years

RBI MPC highlights: Last mile of our journey towards 4% inflation target is sticky, says Governor

RBI MPC Meeting highlights: RBI Monetary Policy Committee (MPC) kept the repo rate unchanged at 6.5% for the eight consecutive time and will continue with its stance of 'withdrawal of accommodation.'

Why is Nomura betting big on RIL, BEL, Exide, Sona BLW and Uno Minda?

As corporate capex picks up, it expects the Indian corporate sector to sustain 12 - 17 per cent earnings growth in the medium-term

Business activity expands in May as exports surge, PMI rises to 61.7

Robust demand was supported by new business in the services industry, which grew at the fastest pace since January, as well as rising manufacturing output and new orders

None in opposition can match PM Modi's dynamism, says Indian American

Observing that Prime Minister Narendra Modi is the only leader talking about the future of India in his election speeches, a prominent Indian American philanthropist said none in the opposition camp can match his dynamism. In an interview with PTI, Suresh V Shenoy said with India's economy making great strides, the country is all about opportunities. What I find in Indian elections is that Modi is the only guy who's talking about the future. He's talking about how to implement technology, said Shenoy, an IITian and a successful businessman. I'm not necessarily a Hindutva guy per se. I think that's a narrative that sort of makes political talk. But look at what India has accomplished from an economic standpoint in the last 10 years. It's incredible. They're now the fourth largest economy in the world, he said in response to a question. Yet there are 800 million underserved people in India who too have aspirations, he said. So, India will continue to be a cauldron of opportunity for

Unemployment rate in urban areas dips to 6.7% in March quarter: Govt survey

The unemployment rate for people aged 15 years and above in urban areas declined to 6.7 per cent in the January-March period from 6.8 per cent a year ago, according to the National Sample Survey Survey (NSSO). Joblessness, or unemployment rate, is defined as the percentage of unemployed people in the labour force. The unemployment rate in the March quarter of FY23 was 6.8 per cent, while it was 6.6 per cent in April-June as well as in the third quarter (July-September 2023) of the previous fiscal. It was 6.5 per cent in October-December 2023. The unemployment rate for people aged 15 years and above in January-March 2024 was 6.7 per cent in urban areas, the 22nd Periodic Labour Force Survey (PLFS) showed. It also showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 8.5 per cent in January-March 2024 from 9.2 per cent in the same quarter a year ago. It was 9.1 per cent in April-June 2023, 8.6 per cent in July-September 2023, and 8.6 pe

GST mop-up hits record on good economic momentum, efficient collections: FM

Finance Minister Nirmala Sitharaman on Wednesday said GST collection breached the Rs 2 lakh crore milestone on the back of strong economic momentum and efficient tax realisation. In a post on X (formerly Twitter), the minister also lauded the efforts of the central and state officers of the revenue department and the Central Board of Indirect Taxes & Customs (CBIC) for their "sincere and collaborative efforts" in achieving this landmark. "GST collection crosses Rs 2 lakh crore benchmark, thanks to the strong momentum in the economy and efficient tax collections," she said. Goods and Services Tax collection grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, driven by increased domestic transactions and imports. The collection was Rs 1.87 lakh crore in April 2023. Out of the IGST collection, Rs 50,307 crore was settled towards CGST and Rs 41,600 crore towards SGST. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST in April ..