Sunday, June 23

Tag: Indian Economy

Indian economy ‘doing very badly’: Nobelist Abhijit Banerjee
INDIA

Indian economy ‘doing very badly’: Nobelist Abhijit Banerjee

Indian-American Abhijit Banerjee, who jointly won the 2019 Nobel Economics Prize with his wife Esther Duflo and Harvard's Michael Kremer, said the Indian economy is "doing very badly" even as the government is increasingly recognizing that there is a problem. "The economy is doing very badly in my view," he told a press conference at the Massachusetts Institute of Technology after winning the prize. When asked about his opinion on the state of the economy in India and its future, he said, "that's a statement not about what will work in the future but about what's going on now. That I'm entitled to have an opinion about."Referring to the numbers put out by the National Sample Survey, that come out every 1.5 years that give estimates about the average consumption in urban and rural ar...
Modi led Indian Government saved $9 billion after Aadhar implementation: Nandan Nilekani, Infosys Co-founder
INDIA

Modi led Indian Government saved $9 billion after Aadhar implementation: Nandan Nilekani, Infosys Co-founder

Nandan Nilekani, the co-founder and former CEO of Infosys said, the Indian government's Aadhaar card scheme, which has enrolled more than 1 billion people, has helped the exchequer save about USD 9 billion by eliminating fraud in beneficiary lists". The Aadhar card is a biometric identification obtained by residents of India. The program was launched by the previous UPA government under former PM Manmohan Singh and now supported by the current Narendra Modi led Government. It has really been a bipartisan thing, Nilekani said while participating in a World Bank panel discussion on Digital Economy for Development yesterday. He said that it is easier for the developing countries to leapfrog by building a right digital infrastructure. Aadhaar now has more than a billion people re...
India to Emerge Fastest Growing Economy in 2018:IMF Report
INDIA

India to Emerge Fastest Growing Economy in 2018:IMF Report

The International Monetary Fund (IMF) has projected that India will be the fastest-growing major economy in 2018, with a growth rate of 7.4 percent that rises to 7.8 percent in 2019 with medium-term prospects remaining positive. The Report on Asia and Pacific Regional Economic Outlook said that the country is recovering from demonetisation and introduction of GST Tax, and "the recovery is expected to be underpinned by a rebound from transitory shocks as well as robust private consumption." Meanwhile, in the broader perspective, IMF has estimated that Asian economies will remain strong within growth outlook but will be vulnerable to a sudden tightening in global financial conditions and a shift towards protectionist policies. In its regional economic outlook update, IMF has project...
Indian Economy Suffers a Loss of $3 bn due to Internet
INDIA

Indian Economy Suffers a Loss of $3 bn due to Internet

According to a study by Indian Council for Research on International Economic Relations (ICRIER), Indian economy is estimated to have suffered a loss of USD 3 billion due to internet shutdown from 2012-17. The study was conducted to observe the internet shutdown across various devices and ecosystems linked to them. Rajat Kathuria, director and chief executive at ICRIER said, A total of 16,315 hours of Internet shutdown in India cost the economy approximately USD 3.04 billion during the period 2012 to 2017. According to a detailed report on Anatomy of an Internet Blackout, 12,615 hours of mobile internet shutdowns in India costs economy approximately USD 2.37 billion while 3,700 hours of mobile and fixed internet shutdowns in India have resulted in a loss of USD 678.4 million during...
Blackstone Looking to Invest 60% of its Fund in India
BUSINESS

Blackstone Looking to Invest 60% of its Fund in India

Investment opportunities in India have been growing at a rapid rate over past few years. This has led to major firms setting India at the heart of their investment strategy. As per the information obtained from sources, Blackstone Group is set to invest 60% of its maiden Asia focused fund into the Indian economy. "Blackstone plans on deploying $4 billion in Asia over next 5 years", said a person involved in the matter, requesting anonymity. About 40% of the deal fund for every deal done in Asia will be contributed by Blackstone equity fund, while the new Asia fund-BCP Asia will invest the remaining 60%. Anuj Kapoor, MD at USB India said, Until now, the focus of private equity interest in Asia was strongly inclined towards China, especially catering to scale of opportunity and rel...
Reliance Jio Could Boost India’s GDP by 5 Percent
ANALYSIS

Reliance Jio Could Boost India’s GDP by 5 Percent

Highlights The report released by the Institute for Competitiveness, India seeks to analyze the impact of Reliance’s entry into Telecom on the Indian economy   Jio has managed to change the face of the Indian telecom industry by changing the basis of competition from being voice-based to a data-based platform   The analysis shows that Jio has significantly increased the accessibility and affordability of data. Merely by reducing data prices even the most conservative estimates show that due to Reliance's entry the annual financial savings to the consumer has been to the tune of $10 billion.   Due to improved accessibility and affordability of data our country became the highest mobile data user all over the world within a span of just six months since the launc...
India’s Export Percentage Lower Than Year 2005
Market

India’s Export Percentage Lower Than Year 2005

Indian exports of goods and services, as a percentage of GDP in the September 2017 quarter, was lower than that of September 2005. US President Donald Trump has menaced to impose reciprocal tariffs on Indian goods, if the government refuse to lower duties on American exports. If the threat is put into practice, it will aggravate an already problematic situation for Indian exports. The best way to illustrate the gravity of this problem is when we realize that the gross domestic product (GDP) in September 2017 quarter was lower than the September quarter of 2005, already 12 years ago. The Indian exports of goods and services as a percentage of GDP was on a steady rise during the last boom until the September 2008 quarter. Exports were on the rise, significantly contributing t...
India Can Grow At 8 Percent For Next 20 Years: UN Expert
INDIA

India Can Grow At 8 Percent For Next 20 Years: UN Expert

India can achieve an 8 per cent growth rate for the next two decades if it unleashes the next set of reforms that could help it in realising its full potential, according to a senior UN official. The UN, in its latest report, projected Indias growth rate to be 7.2 per cent in 2018 and 7.4 per cent in 2019. Describing India's economic condition as largely positive and "favourable to growth", Sebastian Vergara, an Economic Affairs Officer at the UN, said the country needs to unleash the next set of reforms to achieve its potential. "It needs to think as to how to maintain and consolidate its growth for a very long period of time. India in our assessment has the potential to grow at eight per cent, not for a few years, but 20 years," Vergara told PTI. "For that, India needs to com...