Food subsidy bill rises 20% in April-January
Ahead of the 2023-24 Union Budget, the thinking at the top level of the central government is clear: Gross domestic product (GDP) growth of 6-6.5 per cent is a comfortable enough target for FY24 and the focus should be on fiscal consolidation to ensure that the sovereign cost of borrowing does not become prohibitively expensive in a high-interest rate environment, according to people in the know. Those aware of deliberations between the Prime Minister's Office (PMO) and the Ministry of Finance said while the Budget would look to strike a balance between infrastructure investment and welfare schemes, it is unlikely to be populist, though it will be the last full-year Budget before the 2024 Lok Sabha election. Incidentally, 6-6.5 per cent GDP growth is what the upcoming 2022-23 Economic Survey is expected to project for FY24.
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.
New estimates of India's gross domestic product (GDP) are "puzzling", Arvind Subramanian, chief economic adviser at the finance ministry, said on Friday.
Watch all the proceeding from the Parliament.
In India, 11.9 lakh excess deaths occurred in 2020 during the COVID-19 pandemic, 17 per cent higher compared to 2019, an international study has found.
'Two consecutive quarters of negative growth are the technical definition of an economic recession, and for the first time in this generation's memory, we may be staring at one,' observes Aakar Patel.
India's share in world tourist inflows was only 0.64 per cent in 2012. It could only attract 6.97 million foreign tourists during 2013.
Unemployment rate for persons aged 15 years or above declined to 3.1 per cent in 2023, the lowest in the last three years, as per a report of National Sample Survey Organisation under the statistics ministry. According to Periodic Labour Force Survey (PLFS) for calender year 2023, the unemployment rate came down to 3.1 per cent in 2023 from 3.6 per cent in 2022 and 4.2 per cent in 2021. Joblessness, or unemployment rate, is defined as the percentage of unemployed people in the labour force.
Muizzu's announcement also comes days after a Chinese research vessel spent about a week around Male and more than a month just outside Maldives' EEZ.
A bill will be brought in the assembly during the ongoing session, possibly this week according to sources in the cabinet.
The wholesale price index inflation is projected at 6.4 per cent for 2017-18.
A Division Bench headed by Chief Justice K Vinod Chandran passed the order on a bunch of petitions which had opposed the legislations brought by the Nitish Kumar government in November 2023.
India needs to spread irrigation and do so against a backdrop of rising water scarcity and depleting groundwater resources
The findings of the report showed consumer spending falling for the first time in over four decades in 2017-18.
It further pointed out that the twin balance sheet problem -- at the end of banks and corporate -- more attractive interest rates for borrowers in the bond market and from non-banking financial institutions are other reasons for slow bank credit growth.
'I don't believe there is an international conspiracy to swamp tribals in India or in Jharkhand.'
'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
India will not tailor its policies to suit US EV maker Tesla, and its laws and tariff rules will be formulated to attract all-electric vehicle manufacturers from across the world to set up a base in the world's fastest-growing economy, Commerce and Industry Minister Piyush Goyal said. Tesla has been seeking an initial tariff concession that would allow it to offset 70 per cent customs duty for cars priced less than $40,000, and 100 per cent for cars of higher value.
The unemployment rate for persons of 15 years and above in urban areas slipped to 8.7 per cent in October-December 2021 from 10.3 per cent in the year-ago quarter, showed a periodic labour force survey by the National Statistical Office (NSO). Joblessness or unemployment rate (UR) is defined as the percentage of unemployed persons in the labour force. Joblessness was high in October-December in 2020 mainly due to the staggering impact of the lockdown restrictions in the country, which were imposed to curb the spread of the deadly coronavirus.
Make in India crucial for growth.
Many has termed the state government's move of considering 'third gender' a separate caste in the ongoing exercise as a 'criminal act'
In order to achieve $5 trillion GDP by FY'25, India needs to spend about $1.4 trillion over this period on infrastructure, according to the Economic Survey. During financial years 2008-17, India pumped in about $1.1 trillion on infrastructure. However, the challenge is to step up infrastructure investment substantially, the Economic Survey 2021-22 said.
Unincorporated enterprises in the manufacturing sector lost nearly 1.8 million establishments and shed 5.4 million jobs between July 2015-June 2016 and October 2022-September 2023, an analysis of the fact sheet on 'Annual Survey of Unincorporated Sector Enterprises (ASUSE)' and the comparable 73rd round survey in 2015-16 by the National Statistical Office (NSO) showed. An estimated 17.82 million unincorporated enterprises operated in the manufacturing sector in October 2022-September 2023, nearly 9.3 per cent down from 19.7 million unincorporated enterprises in July 2015- June 2016.
The survey, however, said that GDP is expected to revert to growth terrain next year, when it is likely to grow by 7.2 per cent.
The Nitish Kumar government in Bihar on Tuesday announced 10 per cent reservation for economically weaker sections (EWS) in the judicial services, and the state-run law colleges and universities.
Indian companies struggle in face of a set of common challenges related to logistics, labour regulations, tax and tariff policy
The encouraging news, however, is that India features among the top four countries out of 44 nations that projected a positive hiring trend.
Fitch Ratings on Tuesday raised India's growth forecast for the current fiscal to 7.2 per cent, from 7 per cent projected in March, saying elevated consumer confidence will drive spending, besides increased investments. In June update to its global economic outlook report, Fitch said it expects inflation to decline to 4.5 per cent by end of this year and RBI to cut policy interest rates by 25 basis points to 6.25 per cent.
The central government's Great Nicobar development project, proposed around an unprecedented transhipment port, will be executed to keep environmental impact minimal, and is essential as it is of national importance, the government has said amid calls to abort the controversial project due to ecological concerns, the Centre said in an official statement.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
While other backward classes had a share of 9 per cent, there were no scheduled tribe billionaires.
Delhi Health Minister Satyendar Jain said on Tuesday 56.13 per cent of those covered under the latest serological survey in the city in January have developed antibodies against coronavirus.
Unemployment rate for all ages in urban areas rose to 9.3 per cent in January-March 2021 from 9.1 per cent in the same month of the previous year, showed a periodic labour force survey by the National Statistical Office (NSO). Joblessness or unemployment rate (UR) is defined as the percentage of unemployed persons in the labour force. The UR for in CWS (current weekly status) in urban areas for persons of age 15 years and above was 10.3 per cent in October-December 2020, the ninth Periodic Labour Force Survey (PLFS) showed.
The Economic Survey will remain a documentation of the government's resolve to not recognise the severe stress on the labour markets and on the livelihoods of Indian households arising out of the pandemic and the consequent lockdown, observes Mahesh Vyas.
The average age of the 125-billion strong Indian population will be 29 years in 2020, even younger than China and the US.
The government on Friday approved an electric-vehicle policy, under which duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of $500 million, a move aimed at attracting major global players like US-based Tesla. According to an official statement, the companies setting up manufacturing facilities for e-vehicles will be allowed to import a limited number of cars at lower customs duty. The policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global EV manufacturers, it added.
The Biden administration's failure in stopping two major wars and several minor ones was seen as a major disaster by many Americans and the world at large, observes Ambassador T P Sreenivasan.
Around two-thirds or 70 per cent of employers surveyed would either not allow employees, who refuse to get vaccinated to step into the workplace or ask them to quit the organisation. It also showed that 94 per cent employers and 87 per cent employees want people coming in to work to be vaccinated with at least a single dose.
For the first time, more than half of the CEOs surveyed by global consultancy PwC said they believe the rate of global GDP growth will decline. In comparison, the survey had found a record level of optimism among CEOs two years ago in 2018.
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