'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
'Nobody is talking about the inequality that is going to come.'
'If private capex has to kick in, there should at least be 2-3 years of visibility.'
About 56 million Indians may have plunged into extreme poverty in 2020 as a result of the pandemic, increasing the global tally by 71 million and making it the worst year for poverty reduction since World War II, according to fresh estimates by the World Bank. "The global goal of ending extreme poverty by 2030 is likely to be missed: By then, about 600 million people will remain in abject poverty. A major course correction is needed," Indermit Gill, chief economist at the World Bank, tweeted. The World Bank in its latest "Poverty and Shared Prosperity" made fresh estimates of poverty using a new extreme poverty line based on the purchasing power parity (PPP) of $2.15, the earlier one being at $1.9.
Former Reserve Bank of India governor Raghuram Rajan said that Rs 65,000 crore is required to help the poor affected by the coronavirus-induced lockdown. He also laid stress on the need to restart the economy while taking precautions.
These could include strengthening the public-private partnership (PPP) dispute resolution mechanism, uniform PPP institutional framework, easier terms for infrastructure companies accessing bond markets, and tax sops, Business Standard has learnt. Investment in infrastructure projects with high multiplier effect has been the Centre's main plank to revive the economy, create employment and boost consumption.
Nearly 3.64 lakh educated and "semi-educated" youngsters had registered with employment exchanges across Gujarat till December 2021, according to state government data.
India's services sector activity witnessed a sharp upturn in August on the back of stronger gains in new business, ongoing improvements in demand conditions and job creation, a monthly survey said on Monday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from July's four-month low of 55.5 to 57.2 in August, amid a quicker upturn in business activity and the sharpest rise in employment for over 14 years. For the thirteenth straight month, the services sector witnessed an expansion in output.
We love a leader who oozes authority and firmness, notes Virendra Kapoor.
India's GDP is expected to grow at 9.2 per cent in FY11 on the back of spurt in economic activities, Centre of Monitoring Indian Economy (CMIE) said in its monthly review.
'The roadmap ahead seems very difficult especially in the rural areas where there is very poor infrastructure, vaccine reach and hesitancy.' 'These are a deadly cocktail for the next wave.'
India's real GDP is expected to grow at an impressive 9.5 per cent in FY'09, the Centre for Monitoring Indian Economy said in its monthly review in Mumbai. The Indian economy is heading towards the fourth consecutive year of an over 9 per cent growth and like in the last five years, growth this year too was expected to be driven by capital investments happening in India, CMIE said.
Recession-hit India Inc may not have done well in terms of Profit After Tax (PAT) growth in the previous fiscal, but FY 10 could see it clocking a robust over 77 per cent growth in PAT, an economic think-tank forecast in its latest report.
India's real GDP is expected to grow by 8.6 per cent this fiscal as compared to a growth of 8.5 per cent recorded in FY 11, Centre for Monitoring Indian Economy (CMIE) said in its monthly review.
Lack of clarity on data-sharing persists, public health experts sceptic about the pilot that was run in six Union territories as benchmark for national roll-out
Policy discussions now should urgently focus on the road map for serious economic and institutional reforms to put India on a sustained high growth trajectory like the Chinese economy, says Jayanta Roy.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
He said it was not only a tax reform but 'is a measure that lends strength to the new culture of honesty'.
India's savings rate which has shown a sharp jump in the last few years is expected to decline to 34 per cent in FY'09, the Centre for Monitoring Indian Economy said in its monthly review.
India has entered a 'demographic sweet spot' with half of its population being under the age of 29. This 'demographic dividend' is likely to last for 2-3 decades and provides the government a unique opportunity to harness the vast potential of India's youth, points out Raj Kishore Mishra, the former civil servant turned development professional.
After staging a strong recovery from COVID-induced slowdown in 2021, India's exports are likely to extend the growth story to the New Year also on increased demand in the global markets, boost in domestic manufacturing due to production-linked incentive schemes and implementation of some interim trade pacts. Expectations of positive growth in the country's exports are also backed up by the outlook of the World Trade Organisation (WTO) which predicts a 4.7 per cent expansion in the global merchandise trade volume in 2022. Exporters believe that the outbound shipments would cross $400 billion mark in this fiscal going by the current momentum and may reach $475 billion in 2022-23.
The manufacturing sector (excluding petroleum sector) would report a 24.3 per cent PAT growth mainly on account of low raw material prices and soft interest rates, CMIE said, adding PAT of the financial and non-financial services would rise by 32.2 per cent and 20.4 per cent, respectively.
Corporate India's sales and profitability are expected to improve in FY 10, Centre for Monitoring Indian Economy said in its monthly review.
India's central bank has however, forecast an 8.2 per cent economic growth in FY 11.
'India is nowhere near the peak of the infection given its large population of 1.3 billion'
The Indian economy is likely to record a 7.4 per cent growth rate in the fourth quarter of fiscal 2009 as well as in the entire fiscal, a report by an economic think-tank on the economy, said.
'We would like to develop Andhra Pradesh into a logistics hub not only for India, but also for South Asia.'
The country's unemployment rate in July fell to 6.80 per cent, the lowest level in the last six months, amid rising agriculture activities during monsoon, according to Centre for Monitoring Indian Economy (CMIE) data. The unemployment rate dropped to 6.80 per cent in July from 7.80 per cent in June, the CMIE data said. Rural unemployment declined 6.14 per cent to 272.1 million last month from 265.2 million or 8.03 per cent in June, it said.
'The jobs that are being created now are the delivery boy jobs which are of extremely poor quality, or contractual jobs where you hire a person on a per piece basis.'
The Indian economy is likely to grow at 6.6 per cent in the current fiscal on the back of new investment proposals and additional capacity building by companies, economic think-tank CMIE said in a report.
'Since the growth is not fast enough to provide jobs for the young, the fallout will be political and social,' warns T N Ninan.
Prime Minister Narendra Modi on Saturday inaugurated the 6th India Mobile Congress at Pragati Maidan in Delhi and launched 5G services. The 5G telecom services seek to provide seamless coverage, high data rate, low latency and highly reliable communications system. The three major telecom operators of the country demonstrated one use case each in front of the prime minister to show the potential of 5G technology in India.
The Parliamentary Standing Committee on Commerce has observed that a massive shortfall in the budgetary allocation of over Rs 1,900 crore by the finance ministry to the industry department may have an adverse impact on the implementation of infrastructure (infra) projects in 2022-23 (FY23). While the Department for Promotion of Industry and Internal Trade (DPIIT) had sought Rs 10,267 crore from the finance ministry for FY23, it received Rs 8,348-crore allocation. For the National Industrial Corridor Development & Implementation Trust (NICDIT), the finance ministry has allocated Rs 1,500 crore instead of Rs 2,400 crore demanded for the project.
'We appreciate his positive evaluation of the relationship and share his optimism about its future directions.' 'We look forward to welcoming him in India next week for detailed discussions on further strengthening of our partnership,' the MEA said on Friday.
The Indian economy would continue to clock a robust over 9 per cent growth in FY 09, the Centre for Monitoring Indian Economy said in its monthly report on Monday.
'People are getting back to work.' 'The worst seems to be over.' 'It is very likely that the recovery is mostly among the informal, self-employed, workers who cannot afford to be away from work for too long,' notes Mahesh Vyas.
For its development, India needs a movement akin to the freedom movement, Prime Minister Narendra Modi said on Saturday.
India is not producing good jobs, but creating a lot of Rs 10,000-Rs 15,000 low-paid jobs which are not fancied by degree holders. Pai suggested that India adopt the Chinese model of opening up labour-intensive industries and building infrastructure near coasts, besides investing heavily in hitech R&D to meet the aspirations of job-seekers.
Despite falling exports, the Indian economy would grow by 6.6 per cent in the current fiscal on the back of strong domestic market and resilience, economic think-tank CMIE said.
'We are having an outsize impact not only on the lives of the customers and livelihood, but also the economy of India.'
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