However, it is still taking 679 days on average to conclude the resolution process, as against the standard timeline of 330 days

India will be a USD 4 trillion economy in 2024-25 and surpass Japan by early next fiscal to become the world's fourth largest economy, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal said on Thursday. Sanyal further said that a 7 per cent economic growth rate will be a 'very good' growth rate for India, given various constraints, including the country's weak exports. "So, this financial year, we will become a USD 4 trillion economy," he said at an event here. Recently, Finance Minister Nirmala Sitharaman said that India is expected to overtake Japan and Germany to emerge as the world's third-largest economy by 2027. Currently, in US dollar terms, India is the fifth largest economy with a size of about USD 3.7 trillion in nominal terms. Sanyal said Japan is now just a little ahead of us at USD 4.1 trillion. "So, either very early next year or even you know this year, we will cross Japan to become the world's fourth largest economy," Sanyal ...

Shriram Subramanian said as India becomes a $5 trillion economy, e-commerce will continue to annually grow at about 25 per cent per annum from $60 billion in FY2023

The country's merchandise exports are expected to increase about USD 60-70 billion to USD 500 billion by the end of FY25, apex exporters' body FIEO said on Thursday. In 2023-24, exports dipped over 3 per cent to USD 437 billion. Federation of Indian Export Organisations (FIEO) President Ashwini Kumar also said the country's services exports are also likely to reach USD 390-400 billion this fiscal. "We are looking for merchandise exports between USD 500-510 billion in 2024-25. In the services, we expect exports to be around USD 390-400 billion for the current fiscal," Kumar told reporters here. He said traditional markets like the US and Europe will help in boosting India's exports.

Economic indices such as the Index of Industrial Production (IIP), Wholesale Price Index (WPI), and National Income are benchmarked to FY12

The government on May 1 cut the windfall tax on petroleum crude to Rs 8,400 a metric ton from Rs 9,600

Trade deficit widens to $19.1 bn as gold imports treble

India saves Rs 4.8 trillion on logistics cost every year, said Sitharaman

The rules surrounding MPS requirements have differed for PSUs compared to their private sector counterparts

Previously, the jobless rate in urban areas has been steadily declining since the high of 12.6 per cent reported during the April-June quarter of FY22 during the peak of the pandemic

Highway ministry said it has deliberated on 100-day plan for new government

Senior officials of India and the UK held negotiations last month on the outstanding issues of the proposed free trade agreement (FTA) and the work is in progress to iron out the differences. According to the commerce ministry, the Indian team visited London from April 16-19 for negotiations. "The teams have made good progress and work is in progress in resolving pending issues. Chapter-wise textual negotiations are nearly closed and schedules on goods and services are at an advanced stage of negotiations," the ministry said. The ministry, however, did not disclose further details. So far, 13 rounds of talks have been completed. The 14th round started in January. There are 26 chapters in the agreement, including goods, services, investments, and intellectual property rights. The Indian industry is demanding greater access for its skilled professionals from sectors like IT and healthcare in the UK market, besides market access for several goods at nil customs duty. On the other h

The unemployment rate for people aged 15 years and above in urban areas declined to 6.7 per cent in the January-March period from 6.8 per cent a year ago, according to the National Sample Survey Survey (NSSO). Joblessness, or unemployment rate, is defined as the percentage of unemployed people in the labour force. The unemployment rate in the March quarter of FY23 was 6.8 per cent, while it was 6.6 per cent in April-June as well as in the third quarter (July-September 2023) of the previous fiscal. It was 6.5 per cent in October-December 2023. The unemployment rate for people aged 15 years and above in January-March 2024 was 6.7 per cent in urban areas, the 22nd Periodic Labour Force Survey (PLFS) showed. It also showed that the unemployment rate among females (aged 15 years and above) in urban areas declined to 8.5 per cent in January-March 2024 from 9.2 per cent in the same quarter a year ago. It was 9.1 per cent in April-June 2023, 8.6 per cent in July-September 2023, and 8.6 pe

A Mines Ministry delegation is scheduled for Zambia in June. India is exploring joint exploration with Zambia for critical minerals, including lithium. A separate delegation will head to Congo

April trade data: India's exports rose to $34.99 billion, imports stood at $54.09 billion

Ministry has created 100-day plan for new government, highway min says

TNC Rajagopalan answers SME queries related to GST, export and import matters

Moody's Ratings on Tuesday said the Indian economy is projected to expand 6.6 per cent in the current fiscal year and said strong credit demand fuelled by robust economic growth will support the NBFC sector's profitability. "We expect India's economy to expand 6.6 per cent in the year ended March 2025 (FY25) and 6.2 per cent the following year, and this will lead to robust loan growth at NBFCs, mitigating the impact of rising funding costs on their profitability," Moody's Ratings said. The Indian economy is estimated to have expanded 8 per cent in the 2023-24 fiscal year. In a commentary on the non-banking finance companies, Moody's said robust economic conditions will help them preserve their asset quality even as rise in interest rates increase the debt burdens of their customers. "Funding costs for non-bank finance companies (NBFCs) in India are rising, but strong credit demand fuelled by country's robust economic growth will support the sector's profitability. "Also, robust ..

FM Nirmala Sitharaman was addressing a session titled 'Viksit Bharat 2047 - Vision for Indian Financial Markets,' organised by the BSE stock exchange at the BSE International Convention in Mumbai

The wholesale food inflation, which is at a four-month high, will continue to be a cause for concern in May and June as heatwave is likely to jack up prices of perishable commodities, ICRA Chief Economist Aditi Nayar said on Tuesday. Although the impact of high base of last year will play out in July and August, the impact of monsoon will determine the price conditions in the subsequent months. As per data released on Tuesday, the wholesale price index (WPI)-based food inflation was at a four-month high of 7.74 per cent in April. Retail food inflation also remained stubbornly high at 8.70 per cent in April 2024, as against 3.84 per cent in April 2023. Nayar said weather is an important factor in determining the food inflation trajectory. Monsoon was not very favourable last year and this year there are heatwaves in parts of the country, she said. "With the onset of summer, prices of perishable items are charting upwards. For the next two months, we expect the food inflation to cli