One hundred and forty nine new individuals joined the rich list club of 1,103 Indians across 122 cities who cumulatively accumulated a wealth of Rs 100 trillion. Bengaluru -based Kaivalya Vohra, 19, of grocery delivery application Zepto is the youngest self-made and the youngest rich individual, according to IIFL Wealth Hurun India Rich List 2022. The report found 1,103 Indians with a networth of Rs 1,000 crore each - an increase of 62 per cent over five years. There are 221 billionaires (Rs 100 crore networth) in India on the 2022 list - down 16 compared with last year, while 13 people born in the 1990s made it to the list, all self-made.
If P Chidambaram's Budget speech was an hour-long attempt at presenting his government's and his own record in a good light - as he is perfectly entitled to do - such a "marketing" effort invites the recounting of an alternative retelling of the record.
It says RBI may have to continue raising rates; prescribes floating sovereign bonds, going for NRI forex swaps again.
John Chambers said India may become top BRICS nation under Modi
Supreme Court judge Justice DY Chandrachud has said that the decriminalisation of Section 377 of IPC by the apex court has enabled queer people to emerge as legally empowered citizens.
President Ram Nath Kovind on Monday said that India has once again established itself as the world's fastest-growing economy. "Due to consistent endeavours, India has again emerged as one of the fastest-growing economies in the world. "GST collection has consistently remained above Rs 1 lakh crore during the last several months," President Kocind said while addressing both Houses of the Parliament at Central Hall ahead of the Budget Session. In the first seven months of the current financial year, the inflow of 48 billion dollars, the President said is a "testimony to the belief the global investor community has in India's growth story."
Earlier this month, the global financial services major revised its outlook for India's GDP growth for 2009-10 to 6.8 per cent from 5.5 per cent and for the next fiscal to 7.8 per cent from 6.6 per cent. The bank's revision of India's GDP forecast is mainly on higher investment growth, Citi said adding the key driver during FY'03-08 was the 17.1 per cent compounded annual growth in investments.
World's leading search engine Google sees India becoming one of the 10 most 'impactful markets' in the next 3-5 years and is planning to hire locally to drive its brand advertising stream of business.
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The report stated the 2013 land Act was a step forward.
Although the rising tide of growth has lifted all boats, the faster-growing, richer states have steadily pulled apart from the slower-growing, poorer states. Although this growing divergence has been observed during earlier periods as well, factors responsible for it are not fully understood.
Moderating inflation and a likely reversal of tight monetary policy will boost the economic prospects during 2012, said Finance Minister Pranab Mukherjee.
Attributing the slowdown to the Reserve Bank's tight monetary policy and global problems, the government on Tuesday informed Parliament that economic growth in 2011-12 will moderate to 7.5 per cent, from 8.5 per cent in the previous fiscal.
Human Development -- a measure of a nation's health, education, and average income -- has declined for two years in a row.
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India is poised to be the fastest-growing major economy in the world and an engine of global growth despite global headwinds, says leading industrialist and Aditya Birla Group Chairman Kumar Mangalam Birla. The economic activity in India has witnessed a sharp recovery to pre-pandemic levels on the back of a rapid and widespread rollout of the vaccination programme, Birla said in the latest annual report of UltraTech Cement Ltd. "A strong digital ecosystem, fiscal and monetary policy and various government schemes helped small and medium enterprises and the worst affected sections of the population to survive while reviving demand and bringing the economy back on track," said Birla while addressing UltraTech's shareholders.
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India will grow at around 8 per cent this year and next, but the principal risk to this projection stems from the demand-led inflation that "would occur if the total Pay Commission award for government employees were to be paid out immediately," the Paris-based Organisation for Economic Cooperation has warned.Besides, "quick action to write off small farmers' debt would also add substantially to demand," the OECD indicated in its latest Economic Outlook.
Asian Development Bank on Wednesday called India's target of eight per cent annual economic growth "ambitious".
Former Tata Sons chairman Cyrus Mistry was on Sunday killed in a road accident after his car hit a divider in Maharashtra's Palghar district neighbouring Mumbai, a police official said.
Canada has offered its partnership in areas like agriculture, mining, life sciences, ICT, financial services and infrastructure. Canada's aim in India was to create new Canadian connections in sectors like agriculture, mining, life sciences, information and communication technology (ICT), financial services and infrastructure, areas where that country's firms have proven expertise. Canadian rep hoped to see Canadian companies becoming active in the Indian market & vice versa.
ICICI Bank's Managing Director and Chief Executive K V Kamath is of the opinion that inspite of the marginal dip in growth India's long-term economic growth potential remains sustainable. However, he said the growth may slip from the previous 10 per cent level to around 8 per cent this fiscal. The services sector, contributing 60% to GDP, will help sustain the growth path. He said present inflation is a supply-side phenomenon and is not due to any over-heating in the economy.
India is better positioned to face external shocks emanating from increasing geopolitical tensions, the aftermath of the COVID pandemic and the inevitability of climate change, Reserve Bank Deputy Governor Michael Debabrata Patra said on Monday. Relative to macroeconomic configurations in 2013 when India was described as one of the fragile five countries, he said, "India is better positioned currently, as its macroeconomic fundamentals have improved significantly, and external sector indicators point to the availability of enough cushions to manage external shocks." He was speaking at a conference on 'Growth And Development in the BRICS Economies' organised by the Delhi School of Economics (DSE) and the Indian Statistical Institute (ISI).
'India's economy faces further downside risks from sluggish private investment and rural demand weakened by slow wage growth.'
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Moody's wanted to learn from the Finance Ministry officials, the steps taken to check subsidy outgo and impact of the proposed right to food bill on the exchequer.
According to Planning Commission Deputy Chairman Montek Singh Ahluwalia, more than the anticipated growth in the farm sector will make up for the shortfall in the industrial output.
Market benchmarks gave up intra-day gains to close in the red for the sixth session on the trot on Friday, capping a bruising week which saw a massive dash for safety amid rate hikes by global central banks and fears of slowing growth.
India's August industrial output rose just 0.4 per cent compared with 2.4 per cent estimated in a Reuters poll.
The Indian economy remains on track to regain its position as the world's fastest-growing major economy after official estimates on Friday put the expansion at a tempered 9.2 per cent this fiscal amid concerns over the impact of a resurgent virus on the fragile recovery. The growth in the gross domestic product (GDP) of 9.2 per cent in April 2021 to March 2022 fiscal (FY 2021-22) given by the National Statistical Office (NSO) in its first advance estimate compares with 9.5 per cent expansion forecast by the Reserve Bank of India (RBI) last month. The economy had contracted by 7.3 per cent in the previous financial year.
The biggest constraint to achieve a higher growth rate in South Asia is infrastructure. Growth in the region could have been higher if more investment in infrastructure would have been made, says Patel.
Dismissing concerns of India facing a governance deficit, Prakash P Hinduja, chairman, advisory board of Hinduja Bank, Switzerland, said on Tuesday that the Indian economy continues to enjoy confidence of global investors.
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The USIBC has encouraged a streamlined implementation of the GST.
Sentiments on domestic economic activity appear to be reviving, RBI said, adding that there are early signs of modest strengthening of corporate sales and business flows.
Prime Minister Narendra Modi on Monday urged people to pledge not to do anything that lowers the dignity of women, saying a mentality to insult them in speech and conduct has crept in.
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Prime Minister Dr Manmohan Singh said that India has registered an economic growth over 8 per cent in last three years.
India needs more public investment, to sustain upwards of 9 per cent national income growth and also to fuel private sector dynamism.
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