Tag: indian economy

UN raises India’s 2024 economic growth projection to nearly 7%

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

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The United Nations has revised upwards India’s growth projections for 2024, with the country’s economy now forecast to expand by close to seven percent this year, mainly driven by strong public investment and resilient private consumption.

The World Economic Situation and Prospects as of mid-2024, released Thursday, said, India’s economy is forecast to expand by 6.9% in 2024 and 6.6% in 2025, mainly driven by strong public investment and resilient private consumption. Although subdued external demand will continue to weigh on merchandise export growth, pharmaceuticals and chemicals exports are expected to expand strongly.

The 6.9% economic growth projections for India in the mid-year update is an upward revision from the 6.2% GDP forecast made by the UN in January this year. The UN World Economic Situation and Prospects (WESP) 2024 report that was launched in January had said that growth in India was projected to reach 6.2% in 2024, amid robust domestic demand and strong growth in the manufacturing and services sectors.

Also Read | In charts: Ten things that make India the best bet among Asian economies

The projection in January for India’s GDP growth for 2025 remains unchanged at 6.6% in the latest assessment of the economic situation. The update said that consumer price inflation in India is projected to decelerate from 5.6% in 2023 to 4.5% in 2024, staying within the central bank’s two to six percent medium-term target range.

Similarly, inflation rates in other South Asian countries declined in 2023 and are expected to decelerate further in 2024, ranging from 2.2% in the Maldives to 33.6% in Iran. Despite some moderation, food prices remained elevated in the first quarter of 2024, especially in Bangladesh and India.

In India, labour market indicators have also improved amid robust growth and higher labour force participation, it said. India’s government remains committed to gradually reduce the fiscal deficit, while seeking to increase capital investment.

South Asia’s economic outlook is expected to remain strong, supported by a robust performance of India’s economy and a slight recovery in Pakistan and Sri Lanka. Regional GDP is projected to grow by 5.8% in 2024 (an upward revision of 0.6 percentage points since January) and 5.7% in 2025, below the 6.2% recorded in 2023.

Also Read: View | Why India is truly poised to become a global economic powerhouse

However, still tight financial conditions and fiscal and external imbalances will continue to weigh on South Asia’s growth performance.

In addition, potential increases in energy prices amid geopolitical tensions and the ongoing disruption in the Red Sea pose a risk to the regional economic outlook, it said.

The world economy is now forecast to grow by 2.7% in 2024 (an increase of 0.3 percentage points from the forecast in January) and 2.8% in 2025 (an increase of 0.1 percentage points). The upward revisions mainly reflect a better outlook in the United States, where the latest forecast points to 2.3% growth in 2024 (an upward revision of 0.9 percentage points since January), and several large emerging economies, notably Brazil, India and Russia.

It noted that several large developing economies Indonesia, India and Mexico are benefiting from strong domestic and external demand. In comparison, many economies in Africa and Latin America and the Caribbean are on a low-growth trajectory, facing high inflation, elevated borrowing costs, persistent exchange rate pressures and lingering political instability.

The possible intensification and spreading of conflicts in Gaza and the Red Sea add further uncertainties to the near-term outlook for the Middle East, the mid-year update said. Global trade is expected to recover in 2024. The early boost to trade flows in the first months of the year can be attributed to destocking of the inventory that piled up amid supply-chain disruptions in 2021-22.

China’s foreign trade grew faster than expected in the first two months in 2024, driven largely by exports to emerging markets, particularly to Brazil, India and Russia, it said. However, persistent geopolitical tensions in the Middle East and disruptions in the Red Sea, and escalating cost of freight continue to pose challenges to global trade, it added.

The mid-year update said global economic prospects have improved since January, with major economies avoiding a severe downturn, bringing down inflation without increasing unemployment. However, the outlook is only cautiously optimistic.

Higher-for-longer interest rates, debt sustainability challenges, continuing geopolitical tensions and ever-worsening climate risks continue to pose challenges to growth, threatening decades of development gains, especially for least developed countries and small island developing states. The outlook for China registers a small uptick with growth now expected to be 4.8% in 2024, from 4.7% projected in January.

China’s growth is projected to moderate to 4.8% in 2024, from 5.2% in 2023. Pent-up consumer demand released after the lifting of pandemic-related restrictions has largely dissipated. While enhanced policy support is expected to boost investments in public infrastructure and strategic sectors, the property sector poses a significant downside risk to the Chinese economy, it said.

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

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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 should target 9-10% growth instead of 6-7%: Sachin Pilot

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

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Sachin Pilot, a prominent leader of the Indian National Congress (INC), in an interview with CNBC-TV18, articulated his views on various crucial aspects ranging from economic policies to the ongoing elections and the party’s manifesto priorities.

Pilot emphasised that India should be targeting a growth rate of 9-10% instead of achieving just 6-7% growth. He added that India missed opportunities, particularly during the COVID-19 pandemic, when it could have capitalised on sentiments against China.

“Congress governments—whenever we’ve had a chance to serve the people of this country—have had an impeccable record of having a very smooth and stable economic policymaking. Continuity is something that has been the hallmark of our country and our economy. But I think there are a lot of missed opportunities,” Pilot said.

He said other Asian countries—The Philippines, Taiwan, and others took advantage of the pandemic. “(As for) the capital outflows out of China, the natural alternate destination should have been India, I think we missed that boat also.”

He said the most worrisome factor, in his opinion is national debt.

“….when Congress lost power in 2014, the national debt was about ₹50 lakh crore, today, it’s ₹250 lakh crore. Of course, the fundamentals have to be key to our economy, there is no question of tinkering with those. The trajectory of the economy should be 9-10% growth, not 6-7% that we’ve been able to achieve,” Pilot stated.

In the context of ongoing elections, Pilot observed a discernible shift in voter sentiment towards change rather than a wave in favour of the BJP. He pointed out a noticeable shift in the rhetoric of BJP leaders from self-assurance to divisive language, indicating a defensive stance.

Pilot reiterated the key points of Congress’s manifesto, emphasising financial incentives for the poorest families, assured procurement for farmers, and increased MNREGA payments to combat inflation. He underscored the party’s commitment to creating wealth for all segments of society, rejecting divisive narratives and focusing on inclusive development.

Pilot also condemned divisive rhetoric from certain quarters, denouncing statements that aimed to stoke communal tensions.

Watch the accompanying video for the entire conversation.

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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 services PMI falls to 60.8 in April from 61.2 in March

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

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Growth in India’s dominant services industry softened in April but remained sturdy on robust domestic and foreign demand, lifting business confidence to a three-month high, a survey showed on Monday.

The HSBC final India Services Purchasing Managers’ Index, compiled by S&P Global, fell to 60.8 in April from 61.2 in March, confounding a preliminary estimate for a rise to 61.7.

Despite the decline in the headline reading, the figure still marked one of the fastest growth rates in just under 14 years.

Activity in the services sector has been above the 50-mark separating growth from contraction since August 2021.

Favourable market conditions and buoyant demand pushed the new business sub-index to a three-month high, the third-highest in around 14 years.

”India’s service activity rose at a slightly softer pace in April, backed by a further rise in new orders, with notable strength in domestic demand,” noted Pranjul Bhandari, chief India economist at HSBC.

”Although new export orders remained robust, they showed a slight moderation from March.”

Strong global demand for Indian services meant the index only dipped slightly from March when it chalked up its highest reading since data collection started in September 2014.

However, growing business optimism failed to create jobs at a significant pace. Hiring was muted although the current sequence of job growth extended to almost two years.

Operating costs increased at a high pace stemming from elevated raw material and labour costs. However, the rate at which firms passed on the burden to clients softened from a near seven-year high in March.

Quarterly inflation in India was forecast to average 5.0% or below this fiscal year, according to an April Reuters poll, giving room for the Reserve Bank of India (RBI) to cut rates.

Economists predicted the RBI will lower its key repo rate by 50 basis points before year-end.

A manufacturing index released on Thursday dipped modestly to 58.8 in April, which combined with the small retreat in services activity, brought down the overall Composite PMI to 61.5 from March’s eight-month high of 61.8.

”In terms of overall activity, aggregate output across both the manufacturing and service sectors rose significantly in April, albeit at a slightly slower pace, indicating sustained health in these sectors,” added Bhandari.

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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 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

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