Thursday, November 21

Tag: India economy

IMF raises India’s economic growth projection to 6.8% from 6.5% in 2024 | Economy & Policy News
16Apr By adminNo Comments
Business

IMF raises India’s economic growth projection to 6.8% from 6.5% in 2024 | Economy & Policy News

Inflationary pressures easing as global prices come down4 min read Last Updated : Apr 16 2024 | 6:52 PM IST The International Monetary Fund on Tuesday raised India's growth projection to 6.8 per cent from its January forecast of 6.5 per cent citing bullish domestic demand conditions and a rising working-age population. With this, India continues to be the fastest growing economy of the world, ahead of China's growth projection of 4.6 per cent during the same period. "Growth in India is projected to remain strong at 6.8 per cent in 2024 and 6.5 per cent in 2025, with the robustness reflecting continuing strength in domestic demand and a rising working-age population," said the latest edition of the World Economic Outlook released by the IMF ahead of the annual spring m...
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India’s growth story is going to be distinctive and unique: Rohit Jawa
15Dec By adminNo Comments
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India’s growth story is going to be distinctive and unique: Rohit Jawa

Rohit Jawa, chief executive officer and managing director of Hindustan Unilever India’s growth story is going to be distinctive and unique, Rohit Jawa, chief executive officer and managing director of Hindustan Unilever, said. At the 188th Foundation Day Celebration by the Bombay Chamber of Commerce & Industry, Jawa said in his keynote address that India’s digital landscape is a key accelerator for growth. “The digital infrastructure has opened up possibilities for companies – to reach consumers and customers seamlessly with superior tailored services.” He added that favourable demographics and the nation’s Make in India drive will also provide impetus to its growth journey. “While the growth journey for most economies was fuelled mainly by manufacturing, the India stor...
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India proposes slashing EV import taxes to clinch UK free trade deal
8Nov By adminNo Comments
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India proposes slashing EV import taxes to clinch UK free trade deal

By Shruti Srivastava India is proposing reducing import taxes on some electric vehicles from the UK in an effort to clinch a free-trade deal between the two nations by the end of the year, according to two people familiar with the discussions. New Delhi is considering a concessional tariff of 30% on 2,500 electric vehicles imported annually from the UK priced above $80,000, the people said, asking not to be identified as the talks are private. India currently levies taxes between 70% and 100% on cars imported as completely built units, depending on their value. The UK’s demand for import concessions on electric vehicles is one of the few outstanding issues in the free trade talks. Prime Minister Rishi Sunak and his Indian counterpart Narendra Modi had hoped to ...
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GST Council ‘cedes right’ to states on taxing neutral alcohols: FM
8Oct By adminNo Comments
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GST Council ‘cedes right’ to states on taxing neutral alcohols: FM

In a relief to the liquor industry, the Goods and Services Tax (GST) Council, during its 52nd meeting in the national capital, on Saturday, decided not to levy tax on Extra Neutral Alcohol (ENA), a crucial raw material for producing alcoholic beverages—for human consumption-- giving states the exclusive rights to impose a tax on it.   However, neutral alcohol intended for industrial purposes remains under the GST purview, attracting an 18 per cent levy. The Council further specified that converting barley to malt, regardless of its end-use, will be subjected to a 5 per cent GST, not 18 per cent. “The GST Council has today ceded the right to tax the ENA, used for human consumption, to the States, keeping the issue of healthy Centre-states relationship in mind. If the S...
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FinMin retains 6.5% GDP growth estimate for FY24, says ‘outlook bright’
22Sep By adminNo Comments
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FinMin retains 6.5% GDP growth estimate for FY24, says ‘outlook bright’

Holding that economic activities in July-September (Q2) are shaping up well, the finance ministry has kept its estimate for the country’s real gross domestic product (GDP) growth in 2023-24 (FY24) unchanged at 6.5 per cent. However, it has cautioned that the monsoon deficit in August could affect both kharif and rabi crops and said rising crude oil prices needed to be watched. In its Monthly Economic Review, the finance ministry said the risks were offset by bright spots in corporate profitability, private-sector capital formation, bank credit growth, and activities in the construction sector. “India’s economic outlook for FY24 remains bright. Economic activity maintained its momentum. HFIs (high-frequency indicators) suggest that the second q...
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Inclusion of Indian bonds in JP Morgan index to widen investor base: CEA
22Sep By adminNo Comments
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Inclusion of Indian bonds in JP Morgan index to widen investor base: CEA

Chief Economic Advisor V Anantha Nageswaran on Friday said inclusion of Indian government bonds into JP Morgan's benchmark emerging market index from next year will widen investor base, and may lead to appreciation of rupee.   He also said there is potential for currency appreciation following inclusion of Indian bonds in JP Morgan index.   Global financial firm JP Morgan has said that it plans to include Indian government bonds or government securities (G-Secs) into its benchmark emerging market index from June, 2024, a move that will bring down borrowing cost for the government.   The inclusion of G-Secs will be staggered over a 10-month period from June 28, 2024 to March 31, 2025, indicating one per cent increment on its index weight. ...
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Stabilising core inflation shows easing price pressures in economy: RBI
18Sep By adminNo Comments
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Stabilising core inflation shows easing price pressures in economy: RBI

The Indian central bank sees stabilising core inflation, which excludes food and fuel prices, as a sign of easing price pressures in the economy. Vegetable prices eased in August and brought down retail inflation to 6.8%. This is likely to continue in September, the Reserve Bank of India said in its monthly bulletin. "The correction is not complete, and more is expected to drive down retail inflation in its September reading," the central bank said. It added the correction in prices has moved beyond the three key vegetables - tomato, potato and onion - and the outlook for cereal prices has brightened, "supported by active supply side interventions". While headline inflation remained above the central bank's comfort band of 2%-6%, core inflation dropped b...
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RBI bought net $4.50 billion in spot foreign exchange market in June
17Aug By adminNo Comments
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RBI bought net $4.50 billion in spot foreign exchange market in June

 â€“ bulletin MUMBAI, Aug 17 (Reuters) -The Reserve Bank of India (RBI) bought a net $4.50 billion in the spot foreign exchange market in June, data released on Thursday as part of the central bank's monthly bulletin showed.   The RBI purchased $7.79 billion and sold $3.28 billion, the bulletin showed. In May, the central bank had bought a net of $7.37 billion in the spot market.   The Indian rupee appreciated by 0.7% against the dollar in June, having traded in a range of 81.8575 to 82.6800.   The RBI net outstanding forward purchase stood at $19.47 billion as of end-June, compared with a net purchase of $19.27 billion at the end of the previous month, the data showed.   The central bank intervenes in the spot and forwards market to c...
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India to Overtake US as World’s Second-Biggest Economy by 2075: Goldman Sachs
11Jul By adminNo Comments
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India to Overtake US as World’s Second-Biggest Economy by 2075: Goldman Sachs

Last Updated: July 11, 2023, 02:49 ISTUnited States of America (USA)A man carries empty water bottles past a bronze replica of the Charging Bull of Wall Street, inside the premises of the Bombay Stock Exchange (BSE) in Mumbai, February 1, 2023. (Reuters)India's long-term forecast predicts it will surpass the US and become the world's second-largest economy by 2075. There will be a number of key driversIndia is projected to become the world’s second-largest economy by the year 2075, surpassing the United States, according to a forecast by American investment bank Goldman Sachs. As the most populous nation on the planet with 1.4 billion people, India’s potential lies in boosting labor force participation and providing training and skills to its vast talent pool.At the moment, India stands t...
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Govt reform measures helping Indian economy to grow at faster pace: Goyal
18Jun By adminNo Comments
Business

Govt reform measures helping Indian economy to grow at faster pace: Goyal

Reform measures taken by the government are helping the economy to grow at a faster pace and the world is now looking at India as a major investment destination, Union Minister Piyush Goyal said on Sunday. He said that central schemes like Ujwala and Jal Jeevan Mission are being implemented in every nook and corner of the country, without any discrimination.   The commerce and industry minister also said that the government has managed the rate of inflation in single digits.   “The government measures are helping to push economic growth and create jobs for youth in the country. We have now become the fifth largest economy of the world, which was earlier a fragile-five economy during the Congress regime," he told repeaters here.   Goyal added that the world is loo...
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