Expanding Economy
01/05/2025
India, China to contribute over half of global growth in 2023: IMF
China and India alone are expected to contribute more than half of global growth this year, with the rest of Asia contributing an additional quarter, the global financial body IMF (International Monetary Fund) said in its latest report. The IMF data shows China, India, and the rest of Asia propelling a larger share of global economic growth. Economists are especially bullish on China since a sudden re-opening has paved the way for a faster-than-expected rebound in activity.
Budget measures to help economy grow 7%: Finance Ministry
The Indian economy is estimated to grow 7 per cent in the ongoing financial year 2022-23 despite global headwinds and measures announced in the Budget for next fiscal — such as increased capex, focus on infrastructure development, boost to green economy and initiatives for strengthening financial markets — are expected to promote job creation and spur economic growth, the finance ministry said in its monthly economic review released on Thursday.
India set to become 3rd largest economy in 5 years, says Piyush Goyal
India would become the third largest economy in the world in the next five years and by 2047 could be at the level the United States of America is at present, Union Minister Piyush Goyal said on Saturday. He also called the Regional Comprehensive Economic Partnership trade deal as a "disaster in the making" and it "was music to my ears" when Prime Minister Narendra Modi said the country would not be joining it.
India, UK finance ministers agree to make further progress on FTA
India and the UK have agreed to make further progress on the ongoing negotiations for a free trade agreement (FTA) and also to swiftly organise the next bilateral Economic and Financial Dialogue soon, the British government said on Saturday. At the conclusion of UK Chancellor Jeremy Hunt's India visit for the G20 Finance Ministers and Central Bank Governors meeting, held under India's 2023 Presidency, the UK's Treasury department said the finance minister held talks with Indian counterpart Nirmala Sitharaman with a focus on deepening bilateral economic and financial ties.
Services exports to cross USD 300 bn this fiscal; $ 1 trn achievable by 2030: SEPC
Services exports are recording a healthy growth rate and going by this trend, the outbound shipments will cross USD 300 billion in 2022-23, and tapping global opportunities would help achieve USD one trillion target by 2030, SEPC said on Sunday. Services Export Promotion Council (SEPC) Director General Abhay Sinha said support measures in the forthcoming foreign trade policy (FTP) would help further boost the exports.
- No ban on onion exports; USD 523 million exported during Apr-Dec 2022: Commerce ministry
- Farmers should not restrict themselves only to rice and wheat: PM Modi
- Rupee falls 19 paise to 82.94 against US dollar on muted domestic equities
- China economy to rebound in 2023 under precise monetary policy: PBoC
- Indian rupee to outperform Asian peers amid uncertain Fed rate path – strategists
