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Confident of India's growth at 6-8% for next 10 years, says Vaishnaw

Thu, 02/22/2024 - 03:33
Union Minister Ashwini Vaishnaw on Thursday expressed confidence that India will continue to demonstrate a 6-8 per cent consistent growth rate over the next 10 years as he invited global players to the country to tap domestic and global markets. India is open to the world, and to new ideas, Vaishnaw, the Minister of Railways, Communications and IT, said while speaking at Raisina Dialogue 2024. "The Indian economy is growing at a consistent clip at a very good rate. In the next 10 years, India will continue to grow at 6-8 per cent consistent growth rate...I can say that with a high level of confidence," Vaishnaw said. The building blocks for this are already in place and the results are visible, he said, outlining various growth initiatives taken by the government under Prime Minister Narendra Modi. The next five years will further lay the foundation for India to become a developed country by 2047, he said. Vaishnaw said that the focus over the next five years will be on the full .

From ecosystems to economics: The potential of a 'species stock exchange'

Thu, 02/22/2024 - 03:07
Creating interdependence between funding and ecological outcomes can establish an accountable framework, augmenting the efficacy of conservation initiatives

India on track to be $10 trn economy, set for 3rd largest slot: WEF prez

Thu, 02/22/2024 - 02:50
India is on track to become a USD 10 trillion economy in coming years and grab the third-largest slot soon, World Economic Forum President Borge Brende said on Thursday as he described the country as a place with optimism not seen elsewhere in a very fragmented and polarised world. In an exclusive video interview with PTI, Brende also said that the World Economic Forum (WEF) hopes to come back to the country with the WEF India Summit in collaboration with Government of India when the time is ripe. "The Indian economy is the fastest growing among all large economies of the world. We saw in Davos this year that there was a huge interest in India and I think this will only continue," Brende said. Geneva-based WEF, which describes itself as an international organisation for public-private cooperation, holds its annual meeting in the Swiss ski resort town Davos every year in January. Brende said Indian Prime Minister Narendra Modi is "always very, very welcome to Davos". "When you come

Govt should boost Green Revolution 2.0 for less water-intensive crops: GTRI

Thu, 02/22/2024 - 02:11
India needs to usher in Green Revolution 2.0 with a view to promote farming of less water-intensive crops such as pulses and oil seeds and discourage free power for the agri sector, economic think tank GTRI said on Thursday. There is a need to "promote less water-intensive crops like pulses, oil seeds, and vegetables that can significantly reduce water demand and the government can guarantee MSP (minimum support price) on these crops," the Global Trade Research Initiative (GTRI) report said. It said that awareness among farmers should be increased about adopting water-saving technologies such as drip irrigation, laser land levelling, training on water-efficient techniques and precision agriculture to improve water use efficiency. It also suggested ending free electricity for agriculture and introducing water pricing mechanisms that can discourage overuse and encourage conservation, besides educating farmers about the long-term consequences of unsustainable practices. These ...

Russia's disrupted oil trade squeezes profit margins for Indian refiners

Thu, 02/22/2024 - 00:21
Attacks in the Red Sea have driven up freight rates, while tougher US sanctions have stranded some Russian cargoes destined for India, adding to costs

India-EU FTA must be fair, equitable and balanced: Goyal at CII event

Wed, 02/21/2024 - 21:35
The minister further elaborated on the plethora of opportunities in the various sectors across India

CRISIL SME tracker: Revenue outlook positive for security services MSMEs

Wed, 02/21/2024 - 14:12
In the next financial year, the revenue is expected to grow 9-11 per cent as Lok Sabha elections in April-May are expected to boost demand

FSDC meet discusses ways for simplification, digitisation of KYC process

Wed, 02/21/2024 - 13:51
Take more steps to curb illegal lending apps: FM

UK minister to discuss progress of 'ambitious' trade deal in India

Wed, 02/21/2024 - 13:19
Britain's minister for South Asia in the Foreign, Commonwealth and Development Office, Lord Tariq Ahmad, arrived in India on Wednesday to participate in the Raisina Dialogue in New Delhi and also discuss the progress made in the ongoing negotiations for an India-UK free trade agreement (FTA). Ahmad, FCDO Minister of State for the Middle East, South Asia, UN and the Prime Minister's Special Representative on Preventing Sexual Violence in Conflict, leads the British delegation to the flagship foreign policy conference to reaffirm the UK's commitment to upholding a free and open Indo-Pacific region. His visit to India comes as Commerce Secretary Sunil Barthwal leads a team from India to London to carry forward the fourteenth round of talks with UK officials this week. "The UK and India continue to work towards an ambitious trade deal. While we do not comment on the details of live negotiations, we continue to actively engage with India and are clear that we will only sign a deal that i

FM asks World Bank officials to lead G20 agenda of strengthening MDBs

Wed, 02/21/2024 - 11:40
FM also suggested the World Bank explore the possibility of implementing Infrastructure Investment Trusts in infrastructure sectors such as roadways

Gasification projects to help in economic development of coal regions: Govt

Wed, 02/21/2024 - 11:05
The government on Wednesday said that coal gasification projects will help in socio-economic development of coal bearing regions as well as in boosting the country's energy security. Addressing a road show here to promote coal/lignite gasification projects, additional secretary in the coal ministry M Nagaraju called for investments in technology towards a greener and cleaner future. This was the second road show organised by the coal ministry on coal and lignite gasification projects after the first one held in Hyderabad on February 16. The event here was attended by key stakeholders, including policy makers, EPC agencies, PMC consultants and. They discussed the opportunities and hurdles associated with coal and lignite gasification projects. According to an official release, the road show served as a platform to highlight the government's scheme for the promotion of coal/lignite gasification projects, emphasising their key role in India's energy landscape and economic ...

Tamil Nadu seeks to use state consolidated fund to meet expenditure

Wed, 02/21/2024 - 11:05
Tamil Nadu Finance Minister Thangam Thennarasu on Wednesday presented the TN Appropriation Bill in the Assembly seeking withdrawal of Rs 30,355 crore from the State Consolidated Fund to meet the supplementary grants and expenditure for the financial year 23-24. Of the total Rs 30,355.32 crore, Rs 26,590.09 crore was under the revenue account, Rs 3,499.98 crore in the capital account, and Rs 265.25 crore in the loan account. This appropriation out of the Consolidated Fund of the state was for services and purposes of the financial year 23-24, he said while moving the bill, which was later approved by voice vote. A Bill to replace the Tamil Nadu Medical Registration Act, 1914 and to constitute the Tamil Nadu State Medical Council was among the 12 bills introduced in the Assembly House today. The TN State Medical Council Act, 2024, seeks to repeal the TN Act IV of 1914 and re-enact a new one in its place.

India-Oman FTA may be reality soon; legal vetting of deal's text underway

Wed, 02/21/2024 - 10:42
India is keen to finalise the trade pact before the model code of conduct (MCC) kicks-in ahead of its general elections, making the timing of the finalisation of the proposed deal crucial

India's GDP growth to moderate to 6.5% in FY25, project Morgan Stanley

Wed, 02/21/2024 - 07:07
Morgan Stanley Research's report said that it maintained a constructive outlook on the Indian economy, while highlighting that risks emanate from global factors and elections in May 2024

GDP growth to moderate sequentially to 6% in Q3 FY2024, projects ICRA

Wed, 02/21/2024 - 06:31
Rating agency ICRA on Wednesday projected GDP growth to moderate sequentially to 6 per cent in the third quarter of FY24 from 7.6 per cent in the preceding three months mainly due to subdued performance of agriculture and industrial sectors. Further, it said the GVA (Gross Value Added) growth is estimated to ease to 6 per cent in the October-December quarter FY24 from 7.4 per cent in the second quarter of the last fiscal. The anticipated deterioration in the industrial sector growth in the third quarter is partly attributable to an adverse base effect and a deceleration in volume expansion, even as the continued deflation in commodity prices kept the profitability of some sectors favourable. Additionally, a mild 0.2 per cent contraction in the total spending of the government of India and the 25 state governments (all states except Arunachal Pradesh, Goa, and Manipur) in the October-December period is expected to have dulled the GVA growth in the quarter. "Lower volume growth for t

'Urgent need for climate risk evaluation rules, more adaptation funding'

Wed, 02/21/2024 - 06:12
India is yet to create a common framework for evaluating risks due to climate change and a systematic methodology for ascertaining the extent to which development programmes address climate risk and vulnerability, according to a new report released on Wednesday. The report by Climate Policy Initiative, a multi-national analysis and advisory organisation with expertise in finance and policy, said the lack of a common framework for evaluating climate risks makes it hard to tell how development projects address these issues, and to track funding for adaptation measures. Despite these challenges, it said, there is a growing push for climate adaptation action in India, leading to plans, policies, and schemes at national and state levels. However, the focus and progress vary among states. The report titled "Financing Adaptation in India" also highlighted the need for "significant" investment for adaptation (adjusting to the effects of climate change) in the country. An analysis of state

India needs to grow at rapid rates to become $35 trn economy by 2047: Kant

Wed, 02/21/2024 - 05:50
India will be the third largest economy by 2027 and it needs to grow at rapid rates to become a USD 35 trillion economy by 2047, the country's G20 Sherpa Amitabh Kant said on Wednesday. Addressing an event organised by the All India Management Association, Kant further said that India needs to grow at 9-10 per cent year after year for the next three decades. "India will be the third largest economy by 2027. And now that Japan, the United Kingdom and Germany are all in the recession phase, we should be able to do it much quicker and much faster," he said. Currently, India is the fifth largest economy and the size of the Indian economy would be about USD 3.6 trillion by March 31, 2024 in nominal terms. "And it is important to be ambitious to make India grow at rapid rates and be USD 35 trillion economy by 2047," Kant added. He noted that India has come a long way from the time when it had faced balance sheet problems. Kant pointed out that unlike the West, where all innovation came

Digital public infra contributes 0.9% to GDP, to triple by 2030: Nasscom

Wed, 02/21/2024 - 05:11
Digital public infrastructures like Aadhaar, UPI and FASTag generated a value of USD 31.8 billion in 2022, contributing 0.9 per cent to India's GDP, and the contribution is projected to increase 2.9-4.2 per cent by 2030, industry body Nasscom said in a report. The Nasscom-Arthur D. Little report titled 'Digital Public Infrastructure of India - Accelerating India's Digital Inclusion' said that Indian DPIs' foundational layers are based on transparency and trust, which promotes paperless transactions, reduces bureaucracy, and advances the concept of digital identity and document management. The report said that mature DPIs such as Aadhaar, UPI (Unified Payments Interface), and FASTag have witnessed exponential adoption by 2022, and the next 7-8 years offer an opportunity for further scalability, reaching even the most remote segments of the population. "By 2030, adoption across matured and budding DPIs has the potential to scale up. The economic value add of these DPIs by 2030 has the

Govt must focus on exports to reach 10% economic growth: Finance Commission

Wed, 02/21/2024 - 05:10
India must focus on exports to achieve 10 per cent economic growth, Arvind Panagariya, Chairman of the 16th Finance Commission, has said. Paragariya also said that the temptation of import-substituting industrial policy is not unique to India. "I have looked at successful countries such as...Singapore, Taiwan, South Korea, China, and India - these are the...high-growth examples. "My conclusion is very clear - countries that have been open are the ones that have grown rapidly," he said in an interaction with 'Foundation For Economic Development'. He added that the intellectual support for industrial policy and import substitution remains strong in India. Panagariya also explained how the global export market was worth USD 32 trillion in 2022, almost ten times India's GDP. He pointed out that China acquired a very large share of certain products which gave the country a huge boost. "For 3-4 decades, it grew at 10 per cent a year," the economist said.

ICAI to suggest ways to improve country's tax to GDP ratio, says Agarwal

Wed, 02/21/2024 - 02:36
Chartered accountants' apex body ICAI will provide suggestions to the government on increasing the tax to GDP ratio as well as on green finance. At a briefing in the national capital on Wednesday, ICAI President Ranjeet Kumar Agarwal said the tax to GDP ratio should improve for the country to become a developed economy by 2047. The Institute of Chartered Accountants of India (ICAI) has more than 4 lakh members and 8.5 lakh students. Spelling out the vision for the institute, Agarwal, who took over as the President on February 12, also said a committee will identify irrelevant laws and make suggestions in this regard to the government. Among other initiatives, the institute will come out with a roadmap on how Artificial Intelligence (AI) can be used for its various stakeholders.