Countries like Qatar, and Saudi Arabia are also in the running for the 2036 Games hosting rights and it would take a significant effort from India to upstage their bids.
India's economy grew 7.8 per cent in the March quarter, pushing up the annual growth rate to 8.2 per cent, according to official data released on Friday. Growth in the January-March period was lower than the 8.6 per cent expansion in the December quarter.
We must bring a laser focus on our own interests, and define our friends and foes more clearly instead of trying to live by somebody else's rules. We must grow up, think for ourselves, think India First, asserts R Jagannathan.
IndiGo on Wednesday said it was exploring an earlier introduction of wide-body planes in its fleet to meet the growing demand for international travel. Industry sources said the airline was in talks with Norse Atlantic Airways to wet-lease six B787 planes in its fleet.
India, the world's third largest oil consuming and importing nation, bought crude oil worth 49 billion euros from Russia in the third year of Moscow's invasion of Ukraine, a global think tank said. India, which has traditionally sourced its oil from the Middle East, began importing a large volume of oil from Russia soon after the invasion of Ukraine in February 2022.
Finance Minister (FM) Nirmala Sitharaman has presented a forward-looking Budget, reinforcing the government's commitment to 'Reform, Perform, and Transform'.
The silver lining in the GDP number is the manufacturing sector.
Nine Indian universities and institutions have secured a place among the world's top 50 in the QS subject-wise rankings, with the Indian School of Mines (ISM) Dhanbad claiming the highest position at 20th globally for Engineering-Mineral and Mining. Despite the success, some top institutions, including three IITs, two IIMs and JNU, have experienced a drop in their rankings. The QS World University Rankings by Subject, in its 15th edition, highlight India's growing higher education ecosystem in terms of both size and quality.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
Parliament's approval of the Waqf (Amendment) Bill, a contentious piece of legislation aimed at reforming Waqf bodies, has sparked strong reactions from the opposition, who allege that the bill was "bulldozed" through Parliament. The bill, considered the government's most consequential legislation in its third term, was passed with comfortable majorities in both the Lok Sabha and Rajya Sabha despite opposition claims of a lack of consultation and an intrusion into religious affairs. Other notable bills approved during the session included the Finance Bill, Appropriation Bill, Immigration and Foreigners Bill, and Tribhuvan Sahkari University Bill. The session, which saw high productivity, also witnessed debates on issues such as economic distress, delimitation, and the three-language policy. While the government touted its achievements, the opposition criticized the government's approach and vowed to challenge the Waqf bill in court.
Demystifying the Chinese economy, a noted economist has said the Asian giant is living on 'borrowed growth' and this "surreal economy cannot continue indefinitely."
The government has also set targets for the next 25 years. We are working on the target of becoming a $5-10 trillion economy as well as taking exports to a record high, he said.
'Additionally, the significant employment multiplier will boost direct and indirect jobs of up to 1.1 million.'
India will surpass China as the world's fastest growing economy in the next 2-3 years, says RIL chairman Mukesh Ambani.
Headline growth was quite weak heading into the Covid period but averaged 6.4 per cent and 6.7 per cent in the five years between FY16 and FY20 for GVA and GDP respectively, points out Abhishek Upadhyay.
India would remain among the fastest growing economies of the world in the medium-term as the country has posted a real GDP growth at 6.9 per cent in 2004-05, according to Reserve Bank of India.
The Janata Dal (United), an ally of the ruling Bharatiya Janata Party (BJP), has sought an extension in the tenure of the Joint Parliamentary Committee (JPC) scrutinising the bills proposing simultaneous elections. The party argued that the committee, which has only met once, requires more time for extensive consultations. Meanwhile, the Lok Janshakti Party (Ram Vilas), another BJP ally, has demanded a "special industrial package" for Bihar, highlighting the state's low per capita income compared to the national average.
Standard & Poor's Ratings Services, the international rating agency, has said that India is the second-fastest growing economy in the world with an average growth rate of more than 8 per cent over the past three years.
India is set to surpass China as the fastest-growing economy in Asia next year on the back of increasing consumer demand and public investment in infrastructure, global research firm Credit Suisse has said.
Last week, the India Meteorological Department downgraded its monsoon forecast to 'below normal'. This has led to fears whether it would affect agricultural output and bring down India's growth in the current fiscal. The agriculture sector contributes around 17 per cent to the gross domestic product and employs around 60 per cent of the nation's total workforce.
'The bull market cycle ran for five years. It's the end of that cycle.' 'The next cycle is a down cycle, and in that down cycle, you will see the Sensex falling from their highs of around 68,000 to maybe 40,000-50,000 at the bottom of the cycle.'
Painting a rosy picture, the Asian Development Bank on Tuesday forecast that the Indian economy would grow by 6 % in 2003 and 6.3% in 2004, and said fiscal deficit of the Centre and states would start falling after the elections next year.
Equity markets will take cues from the US tariff related developments, global trends and trading activity of foreign investors this week, analysts said.
'India is the only country whose economy is strong and growing fast.'
World Bank on Monday said it expects Indian economy to grow by 8 per cent this fiscal but asked the government to open up more sectors for foreign direct investment, encourage private sector participation and improve infrastructure.
This kind of growth will turn India into a $8 trillion economy.
President Xi Jinping has said that no one can ever stop Taiwan's reunification with China as he signed off 2024 amid growing anxieties in the country over the continued slowdown of the economy and the return of Donald Trump, who has threatened to impose punitive tariffs and trade measures against Beijing in his second term.
Technically, the Indian economy is on road to recovery.
The country's per capita income is likely to grow by close to 70 per cent to $4,000 by fiscal 2030 from $2,450 in fiscal 2023, helping it become a middle-income economy with $6-trillion GDP, more than half of which will be coming in from household consumption, says a research report. Per capita income/GDP has risen from $460 in fiscal 2001 to $1,413 in fiscal 2011 and further to $2,150 in fiscal 2021. The biggest growth driver will be external trade which may nearly double to $2.1 trillion by 2030 from $1.2 trillion in fiscal 2023 when the GDP printed in at $3.5 trillion, Standard Chartered Bank said in a weekend report which assumes a 10 per cent nominal GDP growth annually from now on.
'The startup ecosystem, the government, and the owners of large pools of Indian capital need to actively support the creation of these local champions, not pull down the teams that are trying hard to get there.'
Trade tensions between India and the US have been rising with President Donald Trump complaining that tariffs imposed by New Delhi on American products were "no longer acceptable".
However, if the rupee depreciates much, the economy in dollar terms would be that much smaller.
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Monday expressed confidence that in the years to come India could emerge as the fastest growing economy in the world, beating China as the nation has yet to achieve its full growth potential.
Buoyed by 8.4 per cent growth in the second quarter, Finance Minister Jaswant Singh said on Friday that growth of India's gross domestic product would be even better in the subsequent quarters
Indian economy is expected to improve marginally in the current financial year with its GDP at market price projected to expand by 3.4 per cent from 3.3 per cent in the previous fiscal, think tank OECD said.
Boosted by the strength of India and China, developing nations would grow 1.2 per cent this year, but without the two, these economies would shrink 1.6 per cent, says the World Bank. Warning that the world is entering an era of "slower growth", the multilateral
Chidambaram also hit out at senior BJP leader Yashwant Sinha, saying his performance as finance minister.
Congress Parliamentary Party chairperson Sonia Gandhi has criticized the Waqf (Amendment) Bill, calling it a 'brazen assault' on the Constitution and part of the BJP's strategy to keep society in a 'permanent state of polarization.' She also spoke out against the One Nation, One Election Bill, calling it a 'subversion of the Constitution.' Gandhi further accused the Modi government of ignoring the women's reservation bill and other demands for reservation, and of 'dragging the country into an abyss' where the Constitution will only exist on paper. She also criticized the government for limiting the speaking time of the Leader of the Opposition in Parliament and for not allowing discussions on important issues like the working of the defense and external affairs ministries and the challenges posed by China on the border.
Five years after the catastrophic collapse of the Wall Street, the American economy is growing and the businesses are creating jobs, Obama said yesterday while nominating Timothy Massad to run the Commodity Futures Trading Commission.
Six US Congressmen have written to the Attorney General of the United States expressing concerns over the Department of Justice's indictment of the Adani Group, alleging it jeopardizes relations with India. The letter, signed by Lance Gooden, Pat Fallon, Mike Haridopolos, Brandon Gill, William R Timmmons, and Brian Babin, criticizes the Biden administration's decision to pursue the case, arguing that it has no real injury to US interests and could negatively impact the strategic partnership between the US and India. The Congressmen call for an investigation into the DOJ's conduct and request records pertaining to the case.
