Retirement planning and secondary sources of income have become key financial priorities for Indians, as they look to prepare for higher inflation, health concerns, and economic slowdown risks. PGIM India Mutual Fund's Retirement Readiness Survey shows that at present 67 per cent Indians have their retirement plan in place, compared to 49 per cent in 2020. "The pandemic was probably the factor making people realise the importance of saving and investing, leading to an increase in people planning for it.
Among the Sensex firms, JSW Steel, Tata Steel, Tech Mahindra, Infosys, Wipro, Tata Consultancy Services, Nestle, HCL Technologies, HDFC Bank and Maruti were the major laggards. IndusInd Bank, ITC, Bharti Airtel and State Bank of India were among the winners.
'If you do quick back-of-the-envelope calculation, someone earning Rs 10 lakh can get a benefit of anywhere between Rs 35,000 and Rs 45,000, even if s/he is availing exemptions.' 'A large proportion of people do not avail full exemptions as they don't have money to invest in those schemes.'
Policymakers should consider the challenges of beneficiary identification, distributor opposition and beneficiary financial inclusion.
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The country has slipped two positions to sixth to tie with Germany, the survey by research firm Ipsos said.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
'Rahul Gandhi is raising the issue of a caste census though his party has been doing injustice on this front from the 1950s.'
While 44-year-old Sunak was at the BAPS Shri Swaminarayan Mandir in Neasden on Sunday to promise to keep trying to "make the community proud", 61-year-old Starmer chose another north London Swaminarayan Temple in Kingsbury on Friday to reiterate his commitment to building a "strategic partnership with India".
The government's programmes should be expected to generate some momentum, but the macro-economic numbers are not encouraging, observes T N Ninan.
The second annual employment and unemployment survey 2010-11, by the Labour Bureau, will show an improvement in the employment situation, officials said, while attributing the positive trend to a change in methodology, sample size and some extent to an improved labour situation in the country.
The Youth Economics: Career Expectations survey by PHD Chamber of Commerce and Industry paints an optimistic picture.
Chief economic advisor V Anantha Nageswaran on Tuesday said Indian economy will grow at over 7 per cent, down from above 8 per cent of growth rate projected in January. He, however, said that the economic momentum and the animal spirits are "unmistakable". "India's own growth rates have come off the projections made in January down to about 7-plus per cent for the current financial year," Nageswaran said speaking at Global Fintech Fest event in Mumbai.
The services sector growth in India rose to a 13-year high in September on sharp increase in new business amid strong demand conditions, and job numbers continued to increase as overall business mood improved, a monthly survey said on Thursday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 60.1 in August to 61 in September, signalling a sharp upturn in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Most Indian chief executives are optimistic about the economy and believe it would improve in the coming 12 months, said a survey by consulting and auditing firm PwC on Tuesday. The company's 27th annual global survey polled 4,702 chief executive officers (CEOs) in 105 countries and territories, including 79 in India, from October 2 to November 10, 2023. As many as 86 per cent of CEOs in India - 30 per cent higher than a year ago - are confident that the economy would improve.
India's manufacturing sector saw a slower growth rate for the second straight month in May but stayed firmly in expansion mode with global sales increasing to the greatest extent in over 13 years, a monthly survey said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell from 58.8 in April to 57.5 in May, signalling a slower but substantial improvement in the health of the sector. The index had climbed to a 16-year high of 59.1 in March.
Most economists expect the global economy to weaken in the coming year amid political and financial volatility, but a large majority of over 90 per cent are confident of moderate or strong growth in South Asia, notably India, a survey showed on Friday. At the same time, the outlook for China has dimmed following signs of deflationary pressures and fragility in the country's real estate market, the World Economic Forum's latest 'Chief Economists Outlook' report said. As the world grapples with political and financial volatility, almost six in 10 believe the global economic outlook will undermine progress towards meeting the UN Sustainable Development Goals (SDGs), with 74 per cent saying geopolitical tensions will have the same effect.
Generative AI (GenAI) has the potential to add a cumulative $1.2-1.5 trillion to India's GDP over the next seven years, according to a report by EY. The report titled 'AIdea of India: Generative AI's potential to accelerate India's digital transformation' says that in 2029-30 alone, GenAI can contribute an additional $359-438 billion to India's GDP. The report said that around 69 per cent of the overall impact of GenAI on India's GDP is expected to be derived from sectors such as business services (including IT, legal, consulting, rental of machinery and equipment, and others), financial services, education, retail, and healthcare.
China's average GDP growth rate for the 1979-2004 period was on Monday revised to an impressive 9.6 per cent, 0.2 percentage point higher than the original figure in accordance with the first national economic survey.
Confidence in the state of the world economy has improved to some extent but majority of experts from business, government and civil society are still pessimistic, says a survey by World Economic Forum.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
The services sector growth in India fell to a one-year low in November on softer expansions in new work intakes and output, despite receding price pressures, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Services Business Activity Index fell from 58.4 in October to a one-year low of 56.9 in November. Despite witnessing a month-on-month decline, the rate of expansion was stronger than its long-run average.
India Inc's investment in all aspects of social networks, mobile computing, analytics and cloud computing (SMAC) is consistently surpassing its global counterparts.
India's manufacturing sector continued with its robust performance in November, mainly on the back of substantial easing in price pressures and strengthening demand from clients, a monthly survey said on Friday. The strong performance of the manufacturing sector is expected to continue in 2024 as well. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose to 56 last month from the eight-month low level of 55.5 recorded in October.
"The findings of Pew Global research are very significant. After the Modi government came to power, people's trust in the government, democracy and confidence that the nation is in the right direction has gone up drastically," the BJP chief said.
'it's not just youth in India who are left behind because of their inability to find jobs; nearly two-thirds of Indian women of working ages do not participate at all in the paid labour force.'
Indian Economy poised for growth, say experts.
In a few hours the Government of India will table the Economic Survey for fiscal 2003-04. Economic Survey is always presented a day before the Annual Budget is announced by the Finance Minister. Take the Rediff Business Quiz and find out how much you
Recruitment activities declined for the second consecutive month in June this year amid challenging economic conditions, a survey by job portal Monster.com has said.
The recovery seen in the increased economic activity till September or October is running out of steam. Labour statistics indicate a substantial slowing down of the economy in November, notes Mahesh Vyas.
Around 55.7 per cent of the workers had no qualms in fudging their cost details and almost 61 per cent felt that it is fine to take printouts and photocopies in offices for personal work, says a survey by TeamLease Services.
Chief Economic Adviser K V Subramanian on Wednesday said India is expected to hit a growth rate of 6.5-7 per cent in 2022-23 and accelerate further to 8 per cent in the subsequent years on the back of reforms undertaken by the government. He also said the government is expected to meet the fiscal deficit target of 6.8 per cent in the current fiscal despite pressure on revenue collections.
'The response from the government using words like malicious, deliberate, etc is diverting from the real issue.' 'The indicators related to young children such as stunting or child mortality are a reflection of the social development in the country.' 'That's how we have to look at it and not ignore the issue by denying the data.'
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According to the BofA Merrill Lynch fund manager survey for October, investors are concerned that global economic recovery could falter, while emerging market confidence have started to rebuild.
The Economic Survey states that the rationalisation and reprioritisation of subsidies through better targeting would play a vital role in fiscal consolidation and in targeting expenditure more towards inclusive development.
Economic confidence across the globe has halved since April 2007, with the general public's fear of a worsening economic situation driving the downturn, according to a survey of about 1,000 citizens in each of 22 countries by Ipsos Mori.
Among the metros, people in Delhi are the happiest while those in Mumbai are the least happy.
Fitch Ratings on Thursday raised its forecast for India's economic growth to 7 per cent for the next fiscal year starting April 1 on the back of strong domestic demand and sustained level of business and consumer confidence. With a stronger-than-expected 8.4 per cent growth in gross domestic product (GDP) during the third quarter (October-December) of the current fiscal year, Fitch saw the Indian economy expanding 7.8 per cent in 2023-24 financial year (April 2023 to March 2024), marginally higher than the government's estimate of 7.6 per cent.
The Union Budget's focus on capital expenditure is expected to crowd-in private investment and push the GDP growth rate close to 7 per cent in the next financial year beginning April 1, said a Reserve Bank article on 'State of the Economy'. In 2023-24, capital expenditure is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. "We believe that India will decouple from macroeconomic projections of current vintage and also from the rest of the world.
