From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
India and Iran on Monday signed a 10-year contract for the operation of a terminal at the strategically important Chabahar port in Iran, a move that will boost regional connectivity as well as trade ties. This is the first time India will take over the management of an overseas port that will also have a multiplier effect on trade among India, Iran and Afghanistan as efforts continue to directly tap the potential in Central Asia, bypassing neighbouring Pakistan.
Former Indian Prime Minister Manmohan Singh passed away at the age of 92 on Thursday. He will be given a state funeral with full state honors at Nigambodh Ghat on Saturday. Singh served as Prime Minister from 2004 to 2014 and was known for his role in India's economic reforms. Leaders from across the political spectrum paid their respects to the departed leader, highlighting his contributions to the nation.
At a time when the government is nudging the private sector to ramp up its capital expenditure (capex), the Ministry of Statistics and Programme Implementation (MoSPI) is poised to kick-start the first-of-its-kind annual survey on the status of private sector capex from next month. "The inaugural edition of the annual exercise will start in October and will be completed by December. "The results will be made public by February next year," said Geeta Singh Rathore, director general, National Sample Survey Office (NSSO), at a data users' conference on Thursday.
Modi govt pushed very hard the concept of smart cities in 2014.
The finance ministry on Wednesday reimposed expenditure curbs on ministries and government departments for July-September quarter. There will be no spending restrictions on the ministries of health, rural development, agriculture, MSME (micro, small and medium enterprises) and railways as part of a two-pronged strategy. "The existing guidelines for expenditure control have been reviewed. "Keeping in view the evolving situation arising out of Covid-19 and anticipated cash position of the government, it is felt essential to regulate Quarterly Expenditure Plan (QEP)/Monthly Expenditure Plan (MEP) of specific ministries/departments for July-September, 2021," the Department of Economic Affairs in the finance ministry said in a notification.
The Enhanced Pinaka has demonstrated a range of 75 km and an ability to strike within 10 metres of where it is aimed. This allows a Pinaka battery to destroy a terrorist camp, or an enemy post, logistics dump or headquarters, without sending soldiers across the border.
With the prediction of an above normal monsoon in 2024, the government is expecting food prices to come down, the finance ministry's monthly economic report for March has said. The report, released on Thursday, said robust foreign inflows and comfortable trade deficits were expected to keep the rupee within a comfortable range. "Further easing of food prices is on the anvil as IMD (India Meteorological Department) has predicted above-normal rainfall during the monsoon season, which is likely to lead to higher production, assuming good spatial and temporal distribution of the rainfall," the monthly report, released by the Department of Economic Affairs, said.
The government is proposing to use Artificial Intelligence and other innovative methods to check traffic violations and ensure that penalties are levied accurately, Union minister Nitin Gadkari said on Thursday. Addressing the 12th edition of the Traffic InfraTech Expo, the minister outlined plans for upgrading toll collection methods, including the exploration of satellite toll systems, which would improve efficiency and ensure transparency in toll collection. Gadkari noted that road safety cannot be achieved without integrating advanced engineering solutions, enforcement of laws, and the adoption of cutting-edge technologies like Artificial Intelligence (AI).
Three years after India declared its goal to become a net-zero economy by 2070, the policy design for achieving the target has begun, with the NITI Aayog forming dedicated multi-sectoral committees to prepare a transition plan. In 2021, India joined a select group of nations that set a target year for becoming net-zero carbon economy. At COP26 in Glasgow, Prime Minister Narendra Modi outlined a five-pronged 'Panchamitra' climate action target for India and committed to a net-zero target by 2070, joining nations like the US, the UK, and China.
United States President Donald Trump for the fourth time in recent days claimed that the Biden administration allocated $21 million funding to India for 'voter turnout', evoking a sharp response from the Congress which urged Prime Minister Narendra Modi to 'talk to his friend' and strongly refute the allegation.
The Survey adopts an unfettered approach in thinking about the appropriate economic model for India. This endeavour is reflected in the sky blue cover of the Survey, Chief Economic Adviser Krishnamurthy V Subramanian said.
India and the United States will finalize the contours, schedule of negotiations, and terms of reference for a proposed bilateral trade agreement (BTA) during a three-day meeting beginning Tuesday. The agreement is expected to be finalized in two tranches, with the first phase focusing on goods trade. The US team, led by Assistant US Trade Representative for South and Central Asia Brendan Lynch, will be in India from March 25-29 to discuss the agreement. Both countries are aiming to conclude the first phase of the agreement by fall 2025.
The Budget for 2024-25 should focus on employment generation, besides promoting the manufacturing sector, economists attending the pre-Budget consultation meeting with Finance Minister Nirmala Sitharaman here on Wednesday said. The meeting was attended by National Co-convenor Swadeshi Jagran Manch Ashwani Mahajan, Director and Chief Executive of the Institute for Studies in Industrial Development (ISID) Nagesh Kumar, and TCA Anant among others.
Prime Minister Narendra Modi urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around $3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years.
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.
The Supreme Court of India expressed deep concern over the rising drug abuse problem in the country, highlighting the impact on youth and the need for urgent intervention. The court emphasized the need for rehabilitation rather than demonization of drug users and called for open discussions to address the issue. The judgment came while granting bail to a man accused in a heroin smuggling case. The court cited a 2019 report that indicated a significant number of people in India use opioids, cannabis, and other substances, with alarming trends in opioid dependence.
'The committee has been constituted. Different government departments and FSDC members are part of it.'
India has lodged a strong protest with Bangladesh over a now-deleted social media post by a key aide of Bangladesh's interim government that claimed certain areas of Indian territory should be part of that country. The post, which included a map showing parts of West Bengal, Tripura, and Assam as belonging to Bangladesh, was made by Mahfuz Alam, a de facto minister in the Muhammad Yunus-led interim government. The post sparked backlash and was subsequently deleted. India's External Affairs Ministry spokesperson Randhir Jaiswal reminded all concerned to be "mindful" of their public comments and emphasized the need for responsibility in public articulation.
The stage may be set for a recalibrated US-Iran relationship, suggests Ambassador M K Bhadrakumar.
The government is likely to introduce a bill seeking amendments to the Insurance Act, 1938, during the upcoming Budget session to achieve 'Insurance for All by 2047'. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries and allowing insurers to distribute other financial products, sources said.
The Economic Survey 2022-23 (FY23), to be presented a day before Union Budget 2023-24 (FY24), is likely to project India's real gross domestic product (GDP) growth between 6 per cent and 7 per cent for FY24, Business Standard has learnt. The broader theme of the Survey could be on how India has dealt with two years of a global pandemic and the ongoing geopolitical disturbance, the strengths and weaknesses that emerged, and what lessons may be learnt. The much-awaited Survey will be the first one by Chief Economic Advisor V Anantha Nageswaran and his team in the finance ministry's economic division.
The commanders' conclave in a forward area in Sikkim, which is close to the Line of Actual Control, comes amid the lingering border row in eastern Ladakh.
'The Budget needs to focus more on social welfare schemes.'
'There is also a possibility that Andhra Pradesh may demand a similar package. But as of now, we are only working on a package for Bihar.'
The Economic Survey released before next year's Budget could become a single volume, reverting to the practice followed till FY14. "There is so much to write about the Indian economy's performance in the past year. "Most of the exciting themes will be covered in what used to be considered Part II," said a senior government official who is part of the preparations for the Survey.
Rising energy demand could tilt India's energy basket towards fossil fuels from coal to oil, natural gas.
The envoy emphasised that 'peaceful relations' with all Pakistan's neighbours, including India, were accorded 'high priority' in the foreign policy vision outlined by the incoming leadership in Pakistan.
According to the Singapore Post, Kiribati a Micronesian country is discussing opening up its largest marine reserves to commercial fishing which may serve a dual purpose like a naval base for the Chinese as well.
'The dakiyas will be our partners, receiving credit proposals from micro-enterprises at the grassroots level.'
'Government shouldn't be in the business of running airlines, instead it should develop the ecosystem of civil aviation.'
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
The minority affairs minister ruled out reconsideration on abrogation of Article 370 provisions, saying there was no going back.
In a significant move to enhance its strategic resource security, India has officially released its first-ever critical minerals list, identifying 30 key critical minerals crucial to the nation's economic growth and technological development. This pioneering step aims at reducing import dependence, enhancing supply-chain resilience, and supporting the country's net-zero objectives. Union Minister Parliamentary Affairs, Coal and Mines Pralhad Joshi, while releasing the Critical Minerals for India report in New Delhi on Wednesday, said, "India is readying for an Atmanirbhar Bharat."
Cricket icon Mahendra Singh Dhoni and industrialist Anand Mahindra were on Thursday named in a 15-member panel constituted by the defence ministry to carry out a comprehensive review of the National Cadet Corps (NCC) in order to make it more relevant.
For Yogi Adityanath the successful management of the fair is a crucial part of building 'Brand UP' and making the state a $1 trillion economy.
Perhaps because the Modi government had some differences of opinion with two of the economist governors (one of whom was appointed by the Manmohan Singh government), there is a view that its political leadership prefers a civil servant to head the RBI, notes A K Bhattacharya.
External Affairs Minister S Jaishankar on Wednesday held wide-ranging talks with his Russian counterpart Sergey Lavrov focusing on the Ukraine conflict, bilateral ties and issues relating to the G20 foreign ministers' meeting.
The Sittwe deal is more significant than Chabahar in Iran, where India has rights to operate only two terminals and not the port itself.
India Inc on Thursday pitched for lowering income tax burden on common man, increase in capital expenditure, and firm steps to contain food inflation in their nearly two-hour long interaction with finance minister Nirmala Shitharaman ahead of the Union Budget. During pre-Budget consultation with Sitharaman, the industry leaders and associations also urged the government to focus more on infrastructure development with a view to maintaining the economic growth momentum. The industry leaders also laid stress on boosting the MSME (micro, small, and medium enterprises) sector, considered a backbone of the Indian economy and main employment generator.
