The most immediate challenge for growth is the disruption of the global economy brought about by the Ukraine war and related sanctions, the Covid shutdowns in China and the rising tide of inflation, points out Nitin Desai.
India's new national accounts will leverage new data sources and surveys to enhance the measurement of the country's informal economy, and introduce double deflation methods across sectors, replacing the current system that relies on a single deflation mechanism in Gross Domestic Product (GDP) calculations.
US President-elect Donald Trump's pledge to impose high tariffs on three of its trading partners, including China will provide huge export opportunities for India and the domestic industry should prepare itself to tap into that, Niti Aayog CEO BVR Subrahmanyam said on Wednesday. Trump last week vowed to introduce 25 per cent tariffs (or customs duty) on imports from Mexico and Canada and an additional 10 per cent on China.
The government on Tuesday appointed three external members -- Ram Singh, Saugata Bhattacharya and Nagesh Kumar -- to the RBI's rate-setting Monetary Policy Committee for four years. The central government has reconstituted the Monetary Policy Committee (MPC) of RBI, the finance ministry said in a statement. Ram Singh is the director of the Delhi School of Economics, Saugata Bhattacharya is an economist, and Nagesh Kumar is the director and Chief Executive, Institute for Studies in Industrial Development, New Delhi.
Ahead of the upcoming budget, eminent economists during a meeting with Prime Minister Narendra Modi on Thursday urged the government to take steps to accelerate economic growth and improve infrastructure, sources said. The meeting was organised by the NITI Aayog on Thursday to elicit views and suggestions of economists for the first budget of the Modi 3.0 government. "Earlier today, interacted with eminent economists and heard their insightful views on issues pertaining to furthering growth," Modi said in a post on X.
The meeting was attended by 26 participants including Chief Ministers and Lt Governors of UTs, he said while briefing the media.
Planning in India will need to change to take account of a more volatile global economy.
The wisdom of capping FII access to local debt, restriction on ECBs, etcetera is now apparent.
While we are currently poor, the rest of the world is treating us as if we will soon arrive. This raises a challenge for domestic policy.
Karnataka, Telangana and Haryana have been ranked as the top three states among major states in Niti Aayog's third innovation index. Niti Aayog's India Innovation index 2021 examines innovation capacities and ecosystems at the sub-national level. The index, released by Niti Aayog's Vice Chairman Suman Bery in the presence of chief executive officer Parameswaran Iyer on Thursday, has been developed on the lines of the Global Innovation Index. States and Union Territories were divided into '17 Major States', '10 North-East and Hill States', and '9 Union Territories and City States', for effectively comparing their performance.
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.
Prime Minister Narendra Modi on Friday said both public and private sectors need to leverage synergies and think out of the box to seize opportunities arising as a result of the emerging global environment. While interacting with noted economists and experts at NITI Aayog ahead of the Union Budget, the prime minister also applauded the success of the India Digital story and the rapid adoption of fintech across the country, an official statement said. During the meeting, economists offered suggestions on ways in which India can sustain its development momentum, it added.
Prime Minister Narendra Modi and chief ministers of states may soon have an in-person interaction on a common platform for the first time since 2019. The seventh meeting of the Governing Council of NITI Aayog is likely to be held in late June or early July, Business Standard has learnt from sources in the Centre and a state. While the date and other details are yet to be finalised, it is learnt that there will be a conclave of chief secretaries of states and Union Territories in Dharamshala, Himachal Pradesh, on June 14 and 15, which will decide the agenda of the Council meeting to be held at a later date.
Shiv Sena-Uddhav Balasaheb Thackeray leader Priyanka Chaturvedi on Wednesday took potshots at the rival Shiv Sena over its minister not finding a place in the reconstituted NITI Aayog.
'Our competitiveness with China is very important.' 'If the exchange rate depreciates, it is good for us because it helps in our competitiveness.'
The government on Friday appointed Suman K Bery as the vice chairman of Niti Aayog, following the sudden resignation of Rajiv Kumar.
India's gig workforce is expected to expand to 2.35 crore by 2029-30 from 77 lakh in 2020-21, a NITI Aayog report said on Monday, and recommended extending social security measures for such workers and their families in partnership mode as envisaged in Code on Social Security. The report titled 'India's Booming Gig and Platform Economy' further said gig workers are expected to form 6.7 per cent of the non-agricultural workforce or 4.1 per cent of the total livelihood in India by 2029-30. Gig workers can be broadly classified into platform and non-platform workers.
India has a long way to go to catch up with Thailand let alone the US.
It is a wonder how pervasive and long-lasting the damage can be from a balance-sheet crisis, says Suman Bery.
The resilience of many emerging markets, notably China and India, in the aftermath of the Lehman shock further strengthened this sense of manifest destiny.
Other members of the committee are Indian Council for Research on International Economic Relations chairperson Isher Judge Ahluwalia, National Council of Applied Economic Research director general Suman K Bery and the secretaries of yje ministries of finance and petroleum.
Along with the US and China, India could be a big enough force in global manufacturing
Make in India has few advantages and some disadvatnages too.
Studies suggest net benefits of hydro-power, nuclear energy or natural gas as sources of electricity are greater than those of wind and solar.
A reformed Planning Commission should reflect the diversity of Indian debate.
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