BJP MLA slams Global Happiness Index
Highlighting economic disparities, Singh said that India’s GDP stands at $3.39 trillion, whereas Pakistan’s GDP is $376 billion. India boasts foreign reserves of $642 billion compared to Pakistan’s $8 billion. Key Points
Hindustan TimesView: India’s EV revolution is driven from the bottom up
India's urban landscape is rapidly evolving, especially in its bustling cities. A decade ago, the iconic auto-rickshaws were predominantly diesel-powered, with electric versions being a rare novelty. Fast forward to today, and Delhi leads the charge in transitioning to battery-powered three-wheelers, capturing 54% of the market. This shift is driven by the cost-effectiveness and efficiency of electric models, prompting even Uber's CEO to explore the trend. The financial allure of electric vehicles extends beyond three-wheelers, with manufacturers now eyeing the two-wheeler market. This shift, if replicated, could significantly impact India's oil demand, especially in the face of rising fuel prices. Key Points
Economic TimesView: India’s ‘no’ at WTO may just mean ‘not yet’
From the outside, its easy to think of India as an undifferentiated mass of individuals with leaders who turn up in places such as Abu Dhabi to reject everything the rest of the world suggests. But this is the worlds most complex democracy, and sometimes we just have to wait while it fights its internal battles over policy that affects the rest of the world. Indias “no” at the WTO is sometimes “not just yet.” Key Points
Economic TimesTo be the next China, India needs faster trains
Starting with the inaugural Beijing-Tianjin line in 2008, Chinas high-speed rail is now a 26,000-mile network and supports a top speed of 220 miles per hour. Meanwhile, Vande Bharat Express, Indias newest and fastest passenger locomotive, is unable to accelerate to its full potential — most parts of the existing tracks wont even allow 80 miles an hour. Key Points
Economic TimesSomething worrying is happening in economy. Modi govt must shift focus from Europe to Asia
Europe's share in Indian exports has gone up while Asia’s share is declining. The problem for India is: Europe’s economy is expected to struggle while Asia is set to drive global growth. Key Points
ThePrint
India to clock GDP growth of 6.5% in FY24: Ex-NITI Aayog vice-chief
The Indian economy will grow at around 6.5% in the current fiscal as the country’s macroeconomic situation is benefiting from the reforms that have been taken up in the past nine years by the Narendra Modi-led government, former NITI Aayog vice-chairman Rajiv Kumar said on Monday. Key Points
The Tribune IndiaBack in the game! After 5 years, FIIs are once again warming up to Indian midcaps
The S&P BSE MidCap Index has risen more than 20% this year, surpassing a 7.4% gain in Indias equity benchmark. It is trading at 24 times on earnings-based valuation versus 19 times for the Sensex index, according to data compiled by Bloomberg. Key Points
Economic TimesGermany, Spain join Mazagon Dock, L&T in contest for Rs 40,000 crore Indian submarine deal
Indian officials are currently evaluating competing bids to build six of the vessels in the country, senior Indian officials aware of the developments said, asking not to be named because discussions are private. One bid is from Germanys Thyssenkrupp AG along with Mumbai-based Mazagon Dock Shipbuilders Limited, with the other was submitted by Spains Navantia in partnership with private shipyard Larsen & Toubro, the people said. Key Points
Economic TimesIndia’s exports to grow higher than world average: StanChart
The global growth in goods trade will be 5% on an average till 2030 to touch $32.6 trillion while India will be growing at 7.5% annually during that period, the report said. Key Points
FinancialexpressExplained: What’s keeping India’s economy shielded from global headwinds
India has been predicted to be the fastest-growing economy in the world despite the turbulent global scenario. Find out what are the reasons that have shielded the country's economy from global headwinds. Key Points
India Today
India’s economy is buzzing but weaker exports could be a drag
The needle on a dial measuring the so-called Animal Spirits swung to six after staying at five for three consecutive months, signaling some strengthening in Asias third-largest economy. While six of the eight high-frequency indicators compiled by Bloomberg showed an improvement, a slowdown in Indias key export markets and high jobless rate may cloud prospects. Key Points
Economic TimesIndia’s steadying economy shows signs of weakening consumption
Indias economic growth unexpectedly slowed to 4.4% in the three months to December. Economic expansion may be under pressure as the “full-blown impact” of the Reserve Bank of Indias 250 basis point hike in borrowing cost since May gets transmitted to end-consumers, Crisil Ltd., the local unit of S&P Global Ratings, said in a report. Key Points
Economic TimesAs geopolitics, economic woes slow petroleum exports to US & EU, India finds new markets in Asia, Africa
Data shows that India’s refined petroleum exports went from $96.57 billion in FY23 to $61.41 billion in FY24. Experts say decline is mainly due to Russia-Ukraine war. Key Points
ThePrintIndian economy's size to double by FY31, growth to average 6.7%: S&P Global
Indian economy will average 6.7% growth between FY24 and FY31, S&P said in a report. India will also double the size of the economy to $6.7 trillion within the next eight years. It forecasted Indias per capita GDP to increase to $4,500 by FY31. It further pointed that geopolitics can provide potential tailwinds for Indias growth efforts. Key Points
Economic TimesIndia to achieve record $760 bn exports in FY23 despite global headwinds: Goyal
HT reported on March 16 that India’s exports in the first 11 months of FY23 have already crossed 2021-22’s full-year record figure of $672 billion and is touching $702.88 billion. | Latest News India Key Points
Hindustan Times
India’s badminton prospects in 2024 Paris Games look good
India's best badminton players, including HS Prannoy, Lakshya Sen, PV Sindhu, Satwiksairaj Rankireddy, Chirag Shetty, Ashwini Ponappa, and Tanisha Crasto, are gearing up for the 2024 Paris Games, aiming to surpass previous Olympic medal counts. It is widely believed that the No. 1 ranked pair of Satwik and Chirag are going to be Indias strongest contenders in Paris. Their recent record in France is remarkable, having emerged victorious at the French Open (March 5-10), which was held at the same venue as the Olympics. Key Points
Economic TimesIndia’s exports becoming less vulnerable to world demand changes: CEA office
India's exports are displaying increased resilience to shifts in global demand and relative prices, according to the Chief Economic Adviser's office. In a collection of essays released, it highlighted a growing trend in the export of high-value goods and a rise in participation in the manufacturing global value chain (GVC). Key Points
Economic TimesIndian economy may do better in 2023, weather a concern
Barclays has raised Indias growth forecast for next fiscal to 6.3% from 6%, saying that global developments such as rising financial stability risks, peaking of rate tightening around the world and collapse of commodity prices augur well for the worlds fifth-largest economy. “Having weathered many shocks to its macro stability in 2022, India is on firmer ground in 2023; current-account funding needs are falling, inflation is trending lower, and fiscal demands are in check,” Barclays said in a report. Key Points
Economic TimesRahul Gandhi walked 4,000-km to listen and learn. But was he paying attention?
Avinash Paliwal writes: There’s no doubt that the Yatra did Congress good. But to confuse it as mass mobilisation that could reinvent national political mood is the kind of error that rookies, or self-obsessed politicians, make. Key Points
The Indian ExpressSpotty economic data in India jeopardizes a fast-growing market
For years, the South Asian nation has relied on outdated surveys to quantify everything from gross domestic product to inflation. Most of Indias economic data is based on numbers collected more than a decade ago, when smartphones were rare and apps like Uber or Zomato hadnt yet revolutionized the way Indians travel, eat and shop. Key Points
Economic Times
Big gets bigger: 5 things to know to understand India’s economy under Narendra Modi
BJP stalwart Narendra Modi's potential third term as India's Prime Minister is backed by significant financial support and a narrative of economic growth. India's trajectory toward becoming the world's third-largest economy is fueled by increased investor enthusiasm, infrastructure development, digital innovation, and geopolitical shifts. However, persistent issues like inequality remain unresolved. Key Points
Economic TimesView: India's choking Diwali smoke billows from a failed farm policy
A year of protests caused the government in 2021 to reverse a farm law that would have cut the subsidy bill by deregulating crop prices. Indias urbanites are going to keep choking through Diwali for many years to come. Key Points
Economic TimesFive things we learned in the first week of the world cup
The rate at which he is capable of scoring bolsters Indias prospects in the middle overs. His form is crucial to Indias chances in this tournament. The strategy of selecting three quality spinners worked a treat against Australia, with Ravindra Jadeja particularly potent.On slow pitches, at least one of the spinners must be lethal for India to make good use of their home advantage. Key Points
Economic TimesIndia needs 8% growth to topple China as global driver, Barclays says
Barclays estimates that India's economy needs to grow at a rate of 8% per year in order to surpass China as the largest contributor to the global economy. To achieve this, the country should focus on investing in traditional sectors such as mining, utilities, transport, and storage, which have stronger spillover effects on the broader economy. The government needs to increase investment in these sectors, which have been neglected in favor of newer industries. Higher investment in traditional sectors can also have a positive impact on employment and household income. Key Points
Economic TimesCAD widens, more pain ahead
While imports face upside pressures, exports may continue to underperform amid subdued global growth dynamics. Resilient domestic economic growth, nascent recovery in capex cycle and festival spending should drive import demand. Key Points
mint
JP Morgan bond index inclusion: Fitch foresees minimal boost to India's credit profile
The inclusion could serve to lower funding costs slightly, and support further development of domestic capital markets, Fitch said.However, the direct positive effects on Indias credit profile will likely be marginal in the near term, according to the ratings agency. Key Points
Economic TimesIndia-Oz FTA utilisation above 90% in some textiles, engineering goods exports
Officials said that the utilisation of the India-Australia Economic Cooperation and Trade Agreement (ECTA) is as high as 90% in around 113 products especially labour intensive items where duties were reduced to nil from 5% under the pact. “90% of the exports of these products to Australia are happening through the FTA (free trade agreement) route,” said an official. This assumes significance as Indias utilization rate of its FTAs has been historically low due to documentation costs, lack of awareness and strict morphine norms. Key Points
Economic TimesIMF cuts India's FY24 GDP forecast to 5.9%
“Over the medium term, the prospects for growth now seem dimmer than in decades,” the IMF said in its flagship World Economic Outlook, lowering the global growth forecast for 2023 to 2.8% from 2.9% estimated earlier and sharply lower than the 3.4% expansion in 2022. Key Points
Economic TimesIndia's exports showcase remarkable resilience, eyes USD 2 trillion goal by 2030: PHD Chamber
New Delhi [India], November 23 (ANI): In a significant revelation, the PHD Chamber of Commerce and Industry’s research report has positioned India’s exports as the most resilient among the top 20 global exporters. The report underscores the impressive growth of exports, with rates reaching 20 per cent and 9.7 per cent in 2021 and 2022, […] Key Points
ThePrintIndia slowly taking export market share from China, study shows
India is gaining market share in electronics exports, particularly in the UK and US. The government offers incentives to attract manufacturers, and companies like Samsung and Apple have manufacturing operations in India. This supports Prime Minister Narendra Modi's 'Make in India' plan. Key Points
Economic Times
India’s state-run firms seen extending dream rally on Modi bets
Modis government is spending billions of dollars on everything from roads and railways to defense, renewing interest in a sector that has for long been a straggler of Indias $4 trillion stock market. The S&P BSE PSU Index, a gauge that includes some of the nations largest power utilities, miners, oil refiners and engineering firms, has surged 44% thus far in 2023. Key Points
Economic TimesCEA Nageswaran sees RBI holding fire if Fed hikes again
The Reserve Bank of India, is not under pressure to raise interest rates in response to potential moves by the US Federal Reserve, according to V Anantha Nageswaran, India's Chief Economic Adviser. He stated that the RBI's policy decisions are less closely tied to the Fed's actions due to India's improved external finances and financial stability. Key Points
Economic TimesIndia’s exporting more phones and cars, while jewellery and textiles take a backseat; Is this a temporary
India's merchandise exports have experienced a significant shift, with growth in sectors such as electronics, telecom, mobile phones, machinery, automobiles, and petroleum, while traditional export items like gems, jewelry, apparel, meat, and leather have declined. The share of electronics exports rose by 73% from 2015 to 2022, while machinery exports grew by 40%. However, India's overall share in global merchandise exports remains low, signaling the need for more trade agreements and investment in sectors like jewelry and textiles. Key Points
Economic TimesIndia’s tech hub can’t feal with SVB if it’s stuck in traffic
Bengaluru is zipping on the global information highway. But a missing link in its long-delayed subway is keeping commuters stranded. Key Points
mintNo nation in the world is buying more planes than India. But why?
India is experiencing a significant aviation boom, with its largest airlines ordering nearly 1,000 jets this year, committing tens of billions of dollars to a spending spree unparalleled in aviation. Indira Gandhi International Airport is expanding to become the world's second busiest, while India doubles its number of airports from 74 to over 230 by 2030. Key Points
Economic Times
India’s searing heat wave may make RBI to calm down on rate cuts
A scorching heat wave sweeping through India raises concerns for policymakers amidst inflation worries, and may potentially delay interest rate cuts. Economists predict prolonged heat waves could impact vegetable prices, prompting a shift in the timeline for rate adjustments. RBI remains cautious with inflation persisting above target. Key Points
Economic TimesPredictions for 2024: A $4 trillion economy, creative philanthropy and boost in capital expenditure
ET asked a galaxy of experts to make one prediction each for 2024, the early part of which will be dominated by the general elections. But its also a year when the Indian economy is set to cross the $4 trillion mark. Not too surprisingly, in our 24 Predictions For 2024, the most dominant theme was the impact of Artificial Intelligence on businesses and lives, but Indias economic potential figured as strongly. Key Points
Economic TimesNumber Theory: Has the NPA crisis killed India's animal spirits?
This is the second of a two-part series on macroeconomic lessons from India’s bad loan crisis. The first part looked at the mechanics of fall in NPAs. | Latest News India Key Points
Hindustan Times