To achieve the goals, it has identified six objectives such as the focus on competitiveness and capability; economic integration and moving up the global value chain; promoting India as an attractive investment destination; nurturing innovation and entrepreneurship; and achieving global scale, and standards.
In the coming decade, the number of people employed in India for jobs outside the country is likely to at least double to over 11 million, and we estimate global spending on outsourcing could rise from $180 billion per year to around $500 billion by 2030. This will have significant effects on both commercial and residential real estate demand. If India is already the “office to the world”, it is increasingly becoming its factory as well, as manufacturing capex rises helped by government policies, and Morgan Stanley’s multipolar world thesis, which is prompting localisation of supply chains.
The official manufacturing purchasing managers index fell to 47 this month from November’s 48, the National Bureau of Statistics said Saturday. That was worse than an estimate of 47.8 in a Bloomberg survey of economists.
NDTV founders Prannoy Roy and Radhika Roy have stepped down from the board of the news network after billionaire Gautam Adani gained controlling stake of 64. 7% in the media company.
Officials told ET that the ministry of roads, transport, and highways will get around 10-15% more than the amount allotted during FY23, for the next budget. The FY23 budget had earmarked ₹1.99 lakh crore as Gross Budgetary Support (GBS) for the transport ministry, of this, capital expenditure (capex) stood at ₹1,87,744 crore, while revenue expenditure was ₹11,364 crore.
A joint forum of Air India unions on Friday sought the labour department's "urgent" intervention and initiation of conciliation proceedings in the matter of their passage policy and service conditions.
Japan's Nikkei rose 0.22%, while Australia's S&P/ASX 200 index rose 0.34%. China stocks were 0.63% higher, while Hong Kong's Hang Seng Index rose 1.5%.
The ministry of finance prepares the budget in consultation with Niti Aayog and other concerned ministries. After presentation, the budget needs to be passed by both houses of Parliament before the start of the financial year, that is, April 1.
The country's current account deficit (CAD) widened in the second quarter of FY23 to a nine-year high of 4.4% of the gross domestic product, or $36.4 billion in absolute terms. In value terms, the quarterly CAD is the highest in more than a decade and more than the $35 billion forecast by economists.
New Delhi's current account balance recorded a deficit of $36.4 billion, or 4.4% of the GDP, in the September quarter, up from $18.2 billion, or 2.2% of the GDP, in the first quarter, data published by the Reserve Bank of India (RBI) showed. The deficit was at $9.7 billion, or 1.3% of the GDP, a year ago.
The two sides also discussed a system of self-certification for the origin of goods clause, people aware of deliberations told ET. The fourth round of talks is scheduled for March 2023.
To address potential financial stability risks and protect investors, it is important to arrive at a common approach to crypto assets, the Financial Stability Report released by RBI said on Thursday. In this context, various options are being considered internationally, it said.
Can the Finance Minister Nirmala Sitharaman live up to the expectations of India Inc. and common man while showing fiscal prudence in the Budget 2023? Here are answers to frequently asked questions.
Oil prices ticked down on Thursday as surging Covid-19 cases in China dimmed hopes of a recovery in fuel demand in the world's second-biggest oil consumer.
Tesla has lost more than half its value since the start of October as investors worry that Twitter was taking much of Chief Executive Elon Musk's time while fretting about his stake sale in the electric-car maker.
Public debt accounted for 89.1% of total gross liabilities at September-end, up from 88.3% as on June 30, said the quarterly report on public debt management released by the finance ministry on Tuesday.
The broad parameters could be on the lines of global benchmarks such as skill acquisition, skill requirement, skill mismatch, economic and social outcomes and contextual parameters, with measurable indicators for each of them. Some of these can be fine-tuned or new ones added to suit the Indian skilling landscape, a senior government official told ET.
In a move to measure India's self-reliance, industry body CII and accountancy firm PwC have developed an 'AatmaNirbhar Index', which is expressed as the ratio of the country's total exports and its imports.
The economy has so far staged a smart recovery after the bruising impact of Covid waves. Several indicators have pointed to growth getting back on track.
Starting with a family, which had a dealership of Bajaj Auto's scooters, to becoming the owner of a household name in consumer appliances who could afford to have Bollywood superstar Shah Rukh Khan as the brand ambassador, Venugopal Dhoot's is a story of an aggressive small town businessman's pursuit to be on the top.
Wall Street equities settled to a moderately higher close on Friday after data showed US consumer spending barely rose in November, while annual inflation increased at its slowest pace in 13 months.
India's exports to China are falling as there is already a slowdown in the Chinese economy. The spread of Covid-19 and the upcoming Chinese New Year in the second half of January could lead to further workforce shortages.
Last week, the Sensex tumbled 1,492.52 points or 2.43 per cent. Market sentiment remained weak amid surging Covid cases in China and a few other nations, while stronger US growth data cemented expectations of the Federal Reserve continuing with its hawkish stance.
During the past decade, Aadhaar number has emerged as a universally accepted proof of identity of residents in India. More than 1,100 government schemes and programs, including 319 run by the central government, use Aadhaar based identification for delivery of services. Besides, many financial institutions like banks and NBFCs use Aadhaar to authenticate and onboard customers seamlessly.
Twitter Inc restored a feature that promoted suicide prevention hotlines and other safety resources to users looking up certain content, after coming under pressure from some users and consumer safety groups over its removal.
To be classified as a developed country, the per capita income will have to be at a minimum of $13,205 and that will take more than two decades of strong growth of between 8 to 9% to achieve it, former RBI governor C Rangarajan said. In terms of per capita income, India's rank according to IMF is 142 out of 197 countries.
RBI Governor C Rangarajan said in order to reach the level of an upper middle-income country, it will take another two years and to be classified as a developed country, the per capita income will have to be at a minimum of USD 13,205 and that will take more than two decades of strong growth of between 8 to 9 per cent to achieve it.
The future of the data centre sector is promising in India. The presence of significant hyperscalers who have begun outsourcing their storage requirements to third-party data centre operators is propelling the Indian data centre market forward. Come Feb 2023, India has a chance to create the next TCS and Infosys
Twitter Inc removed a feature in the past few days that promoted suicide prevention hotlines and other safety resources to users looking up certain content, according to two people familiar with the matter who said it was ordered by new owner Elon Musk.
The Central Bureau of Investigation (CBI) on Friday arrested former CEO and managing director of ICICI Bank Chanda Kochhar and her husband Deepak Kochhar in connection with Videocon loan case.
The Union aviation ministry said in a note on Friday: "Airport operators shall conduct random test sampling through the NABL/ICMR empanelled laboratories at subsidised and uniform rates as applicable for all international airports. The cost of testing shall be reimbursed by the Union health ministry on submission of duly certified bills..."
India’s lofty expectations for the National Investment & Infrastructure Fund are now in question. A chilly relationship has developed between NIIF’s team and the government over investment choices, according to interviews with officials and fund managers. Critics inside and outside the government complain that NIIF — which handles about $4.3 billion in assets — lacks vision, decisiveness and the ability to win over investors.
Oil prices rose on Friday on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the US could snuff out transport fuel demand growth this holiday season. Russia's Baltic oil exports could fall by 20% in December from the previous month after the EU and G7 nations imposed sanctions and a price cap on Russian crude, according to traders.
Those worries were increased by the Bank of Japan's shock decision this week to move away from its ultra-loose monetary policy, increasing bets on an even more restrictive investment environment in 2023.
FTX, a cryptocurrency exchange, collapsed in November 2019, leading to the loss of billions of dollars in customer funds. Sam Bankman-Fried, the founder of FTX, is accused of stealing billions of dollars in customer funds to plug losses at his hedge fund, Alameda Research. Federal prosecutors in Manhattan have accused the FTX founder of stealing billions of dollars in customer funds to plug losses at his hedge fund, Alameda Research.
Tesla Chief Executive Officer Elon Musk said on Thursday he will not sell any more Tesla stock for about another two years. While speaking in a Twitter Spaces audio chat, Musk said he foresees the economy will be in a "serious recession" in 2023 and consumer demand will be lower. Musk has previously made promises about not selling Tesla stock before subsequently selling it.