Tag: indian economy

India is likely to see a growth of 7.6% in FY25, says CII President R Dinesh

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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R Dinesh, President of the Confederation of Indian Industry (CII) has expressed optimism regarding India’s economic growth prospects for FY25.

In an interview with CNBC-TV18’s Parikshit Luthra, Dinesh highlighted that FY24 was a promising year and projected a growth rate of around 7.6% for FY25.

Dinesh emphasised the positive sentiment among CII members, with more than 70% expecting the first half of FY25 to outperform the latter half of FY24. He attributed this optimism to the focus on enhancing both physical and digital infrastructure, which has led to a reduction in the overall cost of doing business in India, thus enhancing competitiveness.

However, Dinesh stressed the need for continued and inclusive growth, highlighting key areas for reform such as land, labour, and agriculture management.

“CII has spoken about the fact that we need continued growth and inclusive growth. For that, we need reforms regarding land, labour, and to a certain extent, how we manage the agriculture front. And in that it is important that while the Centre does most of the heavy lifting, it is also necessary to build in the consensus, and the implementation at the state level also. So to make that happen, we are suggesting a GST like structure for implementation and tracking that and making it happen in a fast and efficient manner,” Dinesh said.

Furthermore, Dinesh called for government support for Micro, Small, and Medium Enterprises (MSMEs) in transitioning towards sustainability and digitalisation.

Addressing the issue of electoral funding transparency, Dinesh reiterated the industry’s commitment to transparency in electoral financing, emphasising the importance of accountability and openness in the democratic process.

Watch accompanying video for entire conversation.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Govt assigns 70 Secretaries for ‘Viksit Bharat By 2047’ roadmap; daily presentations underway

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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10 groups of secretaries are working out a detailed plan to make India Viksit Bharat by 2047. Among the 10 strategy groups, the Finance and Economy group is steered by the Finance Secretary and also comprises representation from NITI Aayog and the Ministry of Statistics. The Commerce and Trade strategy group is piloted by the Commerce Secretary while the Chief Economic Advisor to the Finance Ministry Anantha Nageswaran is part of both groups.

The Agriculture Secretary is the convenor of the Rural Development and Agriculture group, and the Housing and Urban Development Secretary is the convenor of the Infrastructure group, comprising railways, roads and highways, telecom, shipping and ports, aviation and housing. The Economic Affairs secretary is part of both the Finance and Infrastructure groups.

The Petroleum Secretary is the convenor for the energy vertical, comprising coal, power, mining, renewable energy, steel among other sectors. Secretary Culture steers the social sector strategy group covering all the major government schemes, while the DoPT Secretary heads the Governance group.

These groups are making daily presentations to the Cabinet Secretary and chalking out a five-year detailed strategy for each of their sectors, some of which can be a part of the 100-day agenda and may also feature in the July Budget.

‘Earning Well & Living Well’ are among the likely themes for a Viksit India practically encompassing all possible development goals like per capita income, size of the economy, reduced poverty levels, food security, agricultural productivity, expanding literacy and health coverage, job creation and skilling, stepping up access to basic amenities including all kinds of infrastructure, policies to scale up private capex, raising budgetary resources to meet the economy’s growing needs but without fiscal deviations, just to name a few of the priorities. Each of the sectoral presentations are accompanied by the reforms needed to create a Viksit Bharat.

Finance Minister Nirmala Sitharaman has earlier said India will become a $30 trillion economy by 2047 and in the coming years the government will not only continue with land, labour and capital reforms but will also focus on the next-generation reforms in artificial intelligence, tourism, space, expanding the logistics sector.

She said manufacturing and agriculture are the focus areas under Viksit Bharat. For manufacturing, the Minister has said the government has identified ’13 sunrise sectors’ including renewable energy, semiconductors, machine learning, earth sciences and space, among others.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ICICI Prudential’s Anish Tawakley bullish on domestic cyclicals; foresees bright future for Indian economy

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Anish Tawakley, of ICICI Prudential Asset Management Company (AMC), recently shared his perspectives on the trajectory of the Indian economy and potential investment avenues in the coming years.

Speaking at the India Exchange event with CNBC-TV18, Tawakley expressed optimism regarding the Indian economy, foreseeing a positive outlook over the next 2-3 years.

He emphasised that market returns stem from two primary sources: the expansion of price-to-earnings (PE) multiples or earnings growth. While acknowledging that current valuations aren’t inexpensive, he stressed that further expansion in multiples might not be the main driver of returns. Instead, he underscored the importance of earnings growth, which is intricately linked to broader economic performance.

According to Tawakley, sectors with cyclical characteristics typically witness increments during economic upswings. He highlighted domestic cyclicals such as automobiles, financial services, cement, and capital goods as potential beneficiaries. Despite the recent performance of these sectors, he suggested they could still offer opportunities, especially in light of potential positive earnings surprises.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

A potential third term for PM Narendra Modi? UBS analyses three scenarios post Lok Sabha polls

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Brokerage firm UBS in a recent note said Prime Minister Narendra Modi remains the most popular leader in India, citing recent opinion polls ahead of the Lok Sabha Elections, scheduled to begin on April 19 and will be conducted across seven phases.

UBS also believes that political stability would likely lead to policy continuity, which could bode well for market sentiment.

“During a potential third term for Modi, we would expect further progress towards digitisation and continued policy push toward manufacturing/exports, given India’s increasing footprint in global value chains,” said UBS Economist Tanvee Gupta Jain.

While sharing its views on the possible election outcomes scenarios, UBS said that the recent performance in assembly elections suggest that the ‘Modi factor’; the perception of the work done; and implementation of welfare programmes worked in favour of BJP.

UBS on three potential scenarios

UBS is analysing three potential political scenarios post the Lok Sabha elections:

• A single-party majority for the BJP
• A BJP-led coalition
• A weak coalition led by the I.N.D.I.A alliance

Although it has not assigned a probability to each of the three above-mentioned scenarios, UBS’ discussions with investors and valuation multiples suggest that the first two are largely priced by India’s $4 trillion stock market.

Single-Party Majority For The BJP

In the first scenario, UBS thinks the focus would be on policy continuity, which could bode well for business sentiment and the much-anticipated private corporate capex recovery.

“In addition, further progress in supply-side reforms could be seen, including the clean energy transition, higher infrastructure spending, a manufacturing push and other targeted policy initiatives towards the youth, poor, women and farmers,” the brokerage noted.

A BJP-led Coalition

For the second scenario, UBS wrote that reform momentum will remain broadly similar, but some tough policies may not progress and / or are likely to be put on hold, including disinvestment, a land bill and a uniform civil code. “However, comfort about fiscal discipline could be less of a concern for investors in this scenario,” UBS said.

A Weak Coalition Led by the I.N.D.I.A

In the third scenario, the economic policy approach would be largely aligned, but markets could have concerns about fiscal discipline and a less decisive government, leading to lags in implementing supply-side reforms, the foreign broking firm said.

“There could also be a delay in the private corporate capex recovery due to weaker business confidence caused by the surprise political outcome,” it added.

The seven-phase Lok Sabha election will conclude on June 1, while counting of votes will take place on June 4, Chief Election Commissioner Rajiv Kumar announced over the weekend.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The Delhi chapter of ‘The Growth Summit’ puts a spotlight on India’s $10 trillion economy plan

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Delhi edition of YES BANK and CNBC-TV18’s – The Growth Summit: A Vision to a $10 Trillion Economy, in association with Max Life Insurance, was organised on Wednesday. The summit brought together policymakers, industry leaders, startup founders, and a diverse range of experts to engage in substantive discussions regarding India’s economic growth.

The primary focus of the summit centred on the government’s ambitious 25-year plan aimed to position India as the world’s third-largest economy, boasting a GDP of $10 trillion.

A spokesperson from CNBC-TV18 extended a warm welcome to the attendees, moving to the opening remarks by Prashant Kumar, MD & CEO of YES Bank. “In the last few years, we have witnessed large investments in the infrastructure landscape, taking the country to the next-level. India has come out as a strong force with all the headwinds happening around the world, and to continue that, we need to remain self-insulated and self-reliant. Moving towards becoming the third largest economy is not enough; the ultimate goal should be that every Indian benefits from this growth. It is crucial for all of us to work collaboratively and focus on areas including—inclusivity with growth, manufacturing, boosting exports, supporting MSME and the startup ecosystem and funding innovation. The involvement of the government and private sector together is the key to achieving the $10 trillion economy plan.”

During his address, Kumar announced the launch of ‘Yes Private’ in Delhi, which is the Bank’s newest market offering that aims to partner HNI Business owners and C-Suite executives in their endeavour to leverage the opportunities on the road towards a $10 trillion Indian economy.

The event kicked off with a fireside chat on ‘Leading from the front: How to Live up to your Strategic Vision’ in conversation with Suresh Narayanan, CMD, Nestle India he said, I feel fortunate to be a part of a 160-year-old company that values providing experiences to people, not just selling products. Nowadays, digitisation has levelled the playing field for everyone, and e-commerce and AI are helping us plan better.

However, with tech being such a driving force presently, we need to utilise it responsibly and remember technology is here to serve mankind and not the other way around. Lastly, trust, empathy and compassion are not just buzzwords and the long-lived companies are going to be those where this five letter ‘TRUST’ is placed in everything they do.” The discussion was moderated by Ms Sheeren Bhan, Managing Editor, CNBC-TV18.

The event continued with another interesting thought-provoking discussion on ‘Unveiling Indian Healthcare as a Model of Growth & Excellence’ in conversation with Dr Naresh Trehan, Executive Chairman, Medanta he stated “Every person in India deserves access to decent healthcare.

With the introduction of the Ayushman Bharat scheme, the industry has extended a lifeline to over 500 million individuals who were previously left out of the healthcare facility. It’s surprising to admit that healthcare expenses alone are driving 2 to 4% of our population below the poverty line each year. Considering the extent of our nation’s growth, with a population increasing by 25 million annually, the challenge before us is immense, but the steps taken by the current government through Ayushman Bharat have provided immense relief.”

Subsequently, there was another fireside chat on ‘Betting Big One on India: Identifying New Growth Opportunities’, Mr Sunil Vachani, Chairman, Dixon Technologies.

The fireside chat was followed by a special address by Mr. Prashant Tripathy, MD & CEO, Max Life Insurance. He said, “In India’s pursuit of becoming a $10 trillion economy, visionary policy initiatives stand as cornerstones of inclusive growth. From pioneering financial inclusion schemes and the development of robust digital infrastructure to the progress of our vibrant start-up ecosystem- these collective endeavours underscore the remarkable journey we’ve undertaken as an economy in the last decade.

As we stride forward, India must prioritize policies that foster innovation, technological advancement, tackle income inequality, and promote sustainable development practices. These critical areas demand our unhindered focus, as we inch towards an economy that unlocks sustained development for one and all.”

The evening continued with an engaging panel discussion on ‘Facilitating the Emerging Stars of Indian Business’ with insights from industry experts Akshay Ghulati (Co-founder & COO, Shiprocket); Anirudh Arun (Co-founder, CEO, BluSmart Fleet) and Ish Babbar (Cofounder & CTO, Insurance Dekho).

The evening continued with an engaging conversation with Virendra Sehwag, Former Indian Cricketer. Talking about how the Indian team can bring home the World Cup, he said, “We need to play it like a knockout match, be brave and fearless and most importantly, make the right decision on the field. India has never lacked talent; we need to play aggressive cricket and not worry about winning.”

Concluding the summit was a thought-provoking session conducted by Kumaar Bagrodia, leading Neuroscientist & Founder of NeuroLeap, on ‘The Neuroscience of Investing’.

The Delhi edition of ‘The Growth Summit – Vision for a $10 trillion Economy’ underscored India’s trajectory towards economic prosperity as industry leaders and experts converged to chart a path towards a $10 trillion economy. The next edition of the summit will be held in Hyderabad on 15th March,2024.

For more information visit: https://www.cnbctv18.com/ms/thegrowthsummit/

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Yes Bank and CNBC-TV18 partner to propel India’s economic ascent at Ahmedabad edition of ‘The Growth Summit’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The second edition of Yes Bank and CNBC-TV18’s – The Growth Summit: A vision to a $10 Trillion Economy, in association with Max Life Insurance, was held in Ahmedabad, Gujarat. The event convened policymakers, industry leaders, startup founders, innovators, and academic experts to deliberate on crucial factors essential for India’s economic progress. Central to the Summit’s discussions was the government’s ambitious 25-year plan aimed at positioning India as the world’s third-largest economy with a GDP of $10 trillion.

In his opening remarks at the Summit, Mr. Prashant Kumar, Managing Director & CEO, Yes Bank said, “Gujarat emerges as the cornerstone of India’s economic ascent, contributing a staggering 33% to the nation’s exports in FY 2022-23. With ambitions to reach a $1 trillion economy by 2030, Gujarat’s leadership extends beyond traditional sectors, fostering a thriving ecosystem for innovation and infrastructure development. As the world’s largest diamond hub in Surat and the birthplace of India’s first operational greenfield Smart City, Gujarat positions itself as the beacon of opportunity. The state is poised to absorb the influx of businesses seeking alternatives to China, catalysing India’s journey towards economic supremacy.”

During his address, Mr. Kumar announced the launch of ‘Yes Private’ in Ahmedabad, which is the Bank’s newest market offering that aims to partner HNI Business owners and C-Suite executives in their endeavour to leverage the opportunities on the road towards a $10 trillion Indian economy.

He added, “Yes Private has been thoughtfully curated to complement the retail and wholesale banking offerings in the market. It integrates the Bank’s expertise across the spectrum and brings a full-stack product suite for HNIs across Family Banking, Business Banking, Wealth Management and Succession Planning needs. The programme also lays out extraordinary privileges and experiences for clients pertaining to their distinct lifestyles in India and abroad.”

The event kicked off with a thought-provoking discussion on ‘Strengthening Indian Business from Within’ in conversation with Mr. Piruz Khambatta, Chairman & MD, Rasna, he stated “India’s growth narrative must encompass more than just development; it must address the challenges faced by its youth, including migration due to inadequate resources like clean water and air. India’s trajectory of growth, akin to that of South Korea, Germany, Japan, and China, is undeniable, yet we must define our unique growth model. As we navigate through discussions, let’s advocate for an inclusive ‘India model’ of growth that acknowledges both its benefits and challenges, fostering sustainable progress for generations to come.”

Subsequently, panel discussion on the topic ‘From India to the World: Unleashing A New Era of Global Ambitions’ with Ashish Soparkar (MD, Meghmani Organics), Dr Vishal Rajgarhia (Director, Finecure Pharmaceuticals Limited) Rajiv Gandhi (MD & CEO, Hester Biosciences) Chirag Pan (MD & CEO, Pan Healthcare) and Behram Mehta (Founder & MD, Aava Natural Mineral water) captivated the audience at the summit.

The event progressed with an engaging conversation on ‘India’s Role as A Global Hub of Growth’ featuring Mr. Jayen Mehta, MD, AMUL (GCMMF), where he said, “Agriculture is the base of our economy. However, in terms of numbers, still agriculture contribution is less than 20%. Hence, we need to support agriculture and farmers, while also working on doubling their income which is also the professor policy of the government. These efforts will help in supporting the number of people associated with agriculture which is more than 60-70% of the population. The country still depends on agriculture as part of its primary income. So this is where a combination of policies which are pro farmer, pro-development and pro market is the way forward for our country. So if you can build a bridge and if only 20% of us convert our regular food into organic food, the GDP from agriculture will rise. These are very, very small and objective steps one has to take and organisations like ours are working towards the same using the cooperative model and building the country.”

In a special address, Mr. Prashant Tripathy, MD & CEO– Max Life Insurance said, “As India makes significant strides towards its ambitious goal of becoming a 10 trillion-dollar economy by 2030-31, there’s a growing need for India Inc. to partner with the government and democratise the benefits of this growth. It’s imperative that we ensure the advantages of our economic progress reach every segment of the society. There’s a strong call for players in the life insurance industry to align their strategies with IRDAI’s vision of ‘Insurance for All by 2047’- which calls for inclusive insurance coverage for India at large. Further, innovation and customisation must guide our product offerings to cater to the diverse and distinct needs of modern consumers, while distribution channels need to evolve to deliver convenience at every touchpoint, be it digital or otherwise. As we move forward, cross-functional collaboration supported by collective action will serve as the cornerstone for fostering inclusive growth, contributing to the shared prosperity of our nation.”

He further added, “In India’s journey towards economic growth, SMEs are a vital component. Life insurance solutions this context become crucial for SME’s to safeguard against financial uncertainty, shielding individuals and ventures from unforeseen risks. We stay committed for ensuring a strong foundation that unlocks enduring growth for SMEs in the country.”

The evening continued with an engaging panel discussion ‘Scaling the Global Value Chain’, with insights from industry experts Mr. Vineet Mittal (Director, Navitas Green Solutions) Dr. Viranchi Shah (National President, IDMA and Director, Saga Laboratories) Ms. Aditi Gupta (Managing Partner, Menstrupedia) Mr. Sandeep Mittal (MD, Corrtech Energy Ltd) and Mr. Ravi Bhamidipaty (MD, TCT Ventures). They shared valuable insights on navigating global markets, contributing to an enriching discussion for the audience.

Taking the evening towards its end a thought-provoking session conducted by Kumaar Bagrodia, leading Neuroscientist & Founder, NeuroLeap on ‘The Neuroscience of Investing’ was held.

Concluding the summit was the final enticing conversation between Shruti Mishra, Anchor, CNBC-TV18, and Mohammed Shami, Indian Cricketer. Talking about his journey, Shami said, “If your hard work and luck are in your favour, then I don’t think anybody can stop you. You just have to stay loyal to your game and keep working hard. I believe nobody can take away my luck from me. My family has been incredibly supportive and has played an integral role in my journey.”

The Ahmedabad edition of ‘The Growth Summit – Vision for a $10 trillion Economy’ underscored India’s trajectory towards economic prosperity, as industry leaders and experts converged to chart a path towards a $10 trillion economy. With diverse voices and ideas from different industries of Gujarat, the summit left an indelible mark on the audience and shared a unique vision for India’s journey towards achieving its ambitious economic goals. The upcoming Summits are to be held in Bangalore, Delhi and Hyderabad in the weeks to come.

For more information visit: https://www.cnbctv18.com/ms/thegrowthsummit/

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India market value to reach $10 trillion by 2030, Jefferies says

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s stock market value is set to more than double to $10 trillion by 2030, going by its history of delivering double digit returns and expectations of continued economic reforms, according to Jefferies Financial Group Inc.

The nation’s market, currently the world’s fifth largest at $4.5 trillion, briefly overtook Hong Kong last month. Still, its weight in global stock indexes is below 2%, leaving ample scope for foreigners to ramp up investments, analysts including Mahesh Nandurkar and Chris Wood wrote in a Feb. 21 note.

“This should change as market free-float rises and some weight anomalies get sorted out,” Jefferies said. If the nation’s track record of generating annual returns of 10% in dollar terms over the past two decades holds up, India’s market will be “impossible for large global investors to ignore,” the report added.

One of world’s fastest rates of economic growth has made India an attractive market for global investors, especially for those looking to pivot away from China. The South Asian nation’s gross domestic product has risen by 7% CAGR over the past decade to $3.6 trillion, helping the economy jump from the eighth-largest to the fifth biggest.

Jefferies expects India’s GDP to touch $5 trillion by 2027, putting the nation’s economy ahead of Japan and Germany thanks to tailwinds of demographics, institutional strength and improvement in governance standards.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India needs to grow at 8% to become a developed nation by 2047: World Bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As the global economy grapples with challenges and uncertainties, India emerges as a beacon of hope, displaying robust economic growth amid a backdrop of sluggish global recovery.

In an interview with CNBC-TV18, Anna Bjerde, Managing Director of Operations at the World Bank, shed light on India’s economic prospects, emphasising its potential and the necessary measures to achieve sustainable growth.

In a recent forecast, the World Bank projected global growth for 2024 at a modest 2.4%. Bjerde highlighted that this figure is buoyed by growth in emerging markets, with India leading the charge at an estimated 6-7%. Despite the global economic challenges, India’s high growth rate positions the country favourably.

However, Bjerde points out that for India to realize its aspiration of becoming a high-income and developed nation by 2047, it needs to sustain an annual growth rate of around 8%.

To maintain its upward trajectory, she advised India to continue its focus on renewable energy. Bjerde emphasised the importance of this path, considering the critical role energy transition plays in economic development.

“Energy transition is something that pretty much every country is thinking through. Energy consumption tends to go hand in hand with economic growth, and India has already transitioned quite a bit, I believe 40% of installed capacity is new and renewables. But there’s more that can be done,” Bjerde said.

Acknowledging the significance of logistics and digital connectivity, the World Bank is actively engaging with India to support advancements in these sectors. Bjerde highlighted the importance of efficient railway connectivity and digital infrastructure, commending India’s strength in the latter. She highlighted that the focus now needs to shift to optimising these strengths to ensure the widespread availability of services, thereby contributing to increased growth and job creation.

Bjerde lauded India’s “innovative approach” to addressing hard-to-decarbonise industries through green hydrogen initiatives. She expressed excitement about India’s efforts to deploy green hydrogen in heavy industries and manufacturing, where conventional decarbonisation methods face challenges.

Bjerde underscored the need for policies that foster investments in emerging technologies, ultimately driving demand and technological deployment.

Watch the accompanying video for the entire conversation.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Indian economy to grow at 6.7% between fiscals 2024 to 2031: CRISIL

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian economy is expected to grow at an average rate of 6.7% per annum until the end of the decade, CRISIL said in its latest report. The economy will grow at this rate between the financial years 2024 to 2031, a notch above the pre-pandemic average of 6.6%.

According to CRISIL, the key contributor to this trend will be capital. This is a result of the investment-driven strategy of the government when the private sector was shy of making investments.

The government increased capital expenditure significantly to support building expenditure and providing interest-free loans to states to bolster their own investment efforts, the report said.

CRISIL said that after a robust 7.3% growth this fiscal, there will be moderation to 6.4% in the next financial year. There is also a need to monitor the impact of the escalation of the Middle East conflict on energy and logistics costs, it said.

In India, the inflation level of 5.7% in December 2023 was driven solely by volatile vegetable prices and foodgrain inflation, according to the report. This will keep RBI cautious on the rate front as it eyes the 4% inflation target, CRISIL said.

The continued softening of core inflation and deflation in fuel prices gives us hope, but the persistent high price levels of the food items, which has substantial weight in the consumer price index (CPI), keep the risks of its transmission to non-food components, the report said.

CRISIL said the Federal Reserve of the US is expected to cut rates this year. The strong labour market data and higher-than-expected inflation have once more cast doubts on the timing and the extent of rate cuts expected to begin this year.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Budget 2024 | Ten highlights from the government’s economic review

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Two days before Finance Minister Nirmala Sitharaman’s interim budget speech, the Department of Economic Affairs issued a report highlighting the government’s achievements in the past decade on Monday, January 29.

This report is in place of the annual economic survey. The Chief Economic Advisor, V. Anantha Nageswaran announced that there will be no economic survey this year, which is generally presented by the Finance Minister a day before the Union Budget announcement. The CEA stated that the reason behind it is that 2024 is an election year.

These are some of the top takeaways from the report:

1. India’s gross domestic product (GDP) would grow faster than 7.2% in FY24, even as the world economy struggles to grow at more than 3%.
2. This would be the third straight year when the Indian economy would grow by more than 7%.
3. In the last decade, an increase in public sector investment, a healthy financial sector, and strong non-food credit growth have enabled the growth of the Indian economy at a moderate rate.
4. India is also the third-largest fintech economy in the world, after the USA and the UK.
5. India has also overtaken Hong Kong to become the fourth-largest stock market in the world. This has been credited to interest from domestic and global investors and sustained IPO activity.
6. With the PM Jan Dhan Yojana, women bank account holders have increased from 53% in 2015-16 to 78.6% in 2019-21.
7. The female labour force participation rate (LFPR) hiked from 23.3% in 2017-18 to 37% in 2022–23. Through the Skill India Mission, Start-Up India and Stand-Up India, female participation is also growing in human capital formation.
8. The female Gross Enrolment Ratio (GER) in higher education has quadrupled from 6.7% in FY01 to 27.9% in FY21. While the GER has more than doubled from 24.5% to 58.2% between FY05 and FY22.

9. Micro, medium and small enterprises (MSMEs) are also becoming increasingly dynamic with the government’s supportive measures, as per the report.

10. The adoption of the Goods and Services Tax (GST), along with the unification of domestic markets and increased incentives for production, has enhanced economic efficiency and subsequently reduced logistics costs.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow