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New Delhi: The <keyword id="19938513" type="General" weightage="20" keywordseo="Department-of-Consumer-Affairs" source="keywords" meta.keywordsubtype="org" meta.entityname="Department of Consumer Affairs" meta.hostid="268" meta.entityid="Department of Consumer Affairs">Department of Consumer Affairs</keyword> has constituted a committee of experts to recommend a robust framework for a <keyword id="22964001" type="General" weightage="100" keywordseo="Repairability-Index" source="keywords">Repairability Index</keyword> aimed at empowering consumers and promoting <keyword id="20128078" type="General" weightage="20" keywordseo="sustainable-practices" source="keywords">sustainable practices</keyword> within the tech industry. The committee, chaired by Department of Consumer Affairs (DoCA) Additional Secretary Bharat Khera, will develop the Repairability Index to provide consumers with greater transparency on repair information for their products and foster a more sustainable technology industry. The National Workshop on the Right to Repair in the <keyword id="20881182" type="General" weightage="20" keywordseo="mobile-and-electronics" source="keywords">Mobile and Electronics</keyword> Sector, convened on August 29, brought together industry stakeholders to establish a consensus on the framework for evaluating components for the Repairability Index, fostering longevity in product design and democratising access to repair information and spare parts. "The framework on Repairability Index aimed to provide consumers with essential information about product repairability besides seamless access to spare parts will enable informed purchasing decisions," the DoCA said in a statement. The committee, which includes representatives from the Ministry of Electronics and Information Technology (MeitY), Ministry of Micro, Small and Medium Enterprises (MSME) and industry stakeholders, is expected to submit a comprehensive report on the Repairability Index framework by November 15. The key components of the proposed Repair Ecosystem include comprehensive repair information, accessible spare parts, affordable tools, modular product design and ensuring the economic feasibility of repairs for consumers. "By standardising the assessment of repairability, the index will create an ecosystem where consumers can easily compare products and choose options that align with the ethos of mindful consumption and sustainability," the DoCA statement said.

Government set to introduce Repairability Index for mobile, electronics products

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [India], January 29 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 that starts this April, said the <keyword id="19908390" type="General" weightage="20" keywordseo="ministry-of-finance" source="keywords">Ministry of Finance</keyword> in its monthly review report. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The robustness seen in domestic demand -- private consumption and investment -- traces its origin to the reforms and measures implemented by the government over the last 10 years, said the report issued by <keyword id="19912839" type="General" weightage="20" keywordseo="department-of-economic-affairs" source="keywords">Department of Economic Affairs</keyword>. "The supply side has also been strengthened with investment in infrastructure - physical and digital - and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country," the review report noted. "Accordingly, in FY25, real GDP growth will likely be closer to 7 per cent." There is, however, considerable scope for the growth rate to rise well above 7 per cent by 2030, the report added. "The rapidly expanding digital infrastructure is continuously improving institutional efficiency. Technological progress is picking up pace with rising collaboration with foreign partners in the production of goods and services. Decisive steps have been taken to speed up human capital formation. Finally, the overall investment climate is increasingly becoming more favourable with sustained enhancement in the ease of doing business." In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion, it asserted. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), it said. "This will be a significant milestone in the journey to delivering a quality of life and standard of living that match and exceed the aspirations of the Indian people." Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian economy. (ANI)

Indian economy likely to grow 7% next financial year: Ministry of Finance

In anticipation of the upcoming <keyword id="19894908" type="General" weightage="20" keywordseo="festive-season" source="keywords">festive season</keyword>, the central government has released over Rs 1.78 lakh crore to various states as part of its <keyword id="23500643" type="General" weightage="100" keywordseo="tax-revenue-devolution" source="keywords">tax revenue devolution</keyword>. This substantial disbursement, announced by the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">Finance Ministry</keyword> on Thursday, includes an advance instalment in addition to the standard monthly release, effectively doubling the usual allocation of Rs 89,086.50 crore for October 2024. The largest share of the funds went to Uttar Pradesh, which received Rs 31,962 crore. Bihar followed with Rs 17,921 crore, while Madhya Pradesh and West Bengal received Rs 13,987 crore and Rs 13,404 crore, respectively. This allocation underscores the central government's commitment to ensuring that states have the financial resources needed to stimulate development, especially during a period of increased economic activity ahead of the festive season. Among the other states, Andhra Pradesh received Rs 7,211 crore, Tamil Nadu received Rs 7,268 crore, and Gujarat received Rs 6,197 crore. In the Northeast, Meghalaya was allocated Rs 1,367 crore, Tripura Rs 1,261 crore, and Manipur Rs 1,276 crore. The Finance Ministry noted that the decision to release these funds was aimed at empowering states to ramp up <keyword id="20148453" type="General" weightage="20" keywordseo="capital-spending" source="keywords">capital spending</keyword> and support essential welfare and developmental projects. This accelerated funding is intended to boost critical <keyword id="19936648" type="General" weightage="20" keywordseo="infrastructure-projects" source="keywords">infrastructure projects</keyword> such as road construction, public facilities, and other state-led development initiatives. This announcement follows a high-level meeting involving the Finance Secretary and the Secretary of the Department of Economic Affairs, emphasising the government’s commitment to sustaining <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> through state-level investments. By providing the funds ahead of schedule, the Centre aims to ensure that states are equipped to meet the demands of the festive season, while also fostering sustained growth and long-term development. The Ministry emphasised that this tax devolution aligns with the recommendations of the Finance Commission, which plays a crucial role in determining the distribution of tax revenue between the Union and states. This year’s devolution reflects the central government’s ongoing focus on supporting states as they undertake vital infrastructure projects and social welfare initiatives. (With inputs from ANI)

Centre releases Rs 1.78 lakh crore to states for festive season, with largest shares to Uttar Pradesh, Bihar, and Madhya Pradesh

<ul><li>Finance Minister Nirmala Sitharaman tabled the <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-2024 in the Lok Sabha on Monday.</li><li>The Union Budget 2024 is scheduled to be tabled on Tuesday, July 23.</li><li> <keyword id="19935818" type="General" weightage="20" keywordseo="industries" source="keywords">Industries</keyword> grew by 9.5% in FY24 as per the <keyword id="19967933" type="General" weightage="100" keywordseo="Economic-Survey-2024" source="Orion">Economic Survey 2024</keyword>.</li></ul> Finance Minister Nirmala Sitharaman on Monday tabled the <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2023-24/articleshow/111918064.cms">Economic Survey</a> 2023-2024 in the Lok Sabha, a day ahead of the Budget being tabled. The upcoming budget will be the first budget in the third term of the Narendra Modi-led government. As per the Economic Survey, India’s real gross domestic product (GDP) grew by 8.2% in FY24, while <keyword id="19948494" type="General" weightage="20" keywordseo="global-economic-growth" source="keywords">global economic growth</keyword> was at 3.2% in 2023. <h2>What is an Economic Survey?</h2>The Economic Survey is a is a report card on the economy and presents the growth outlook of the country. It is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance. <div type="Article" hostid="261" msid="111918064" title="Economic Survey 2024: GDP grew by 8.2%, to sustain 7%+ growth momentum, fiscal deficit down to 6.4% of GDP" mstype="2" mssubtype="0"></div> It provides statistical information and analyses the various sectors of the economy, economic growth, employment, inflation and more. <h2>Industries grow by 9.5%</h2>As per the report, the economic growth of 8.2% was fueled by an industrial growth of 9.5%. The manufacturing and construction sector nearly doubled, while other sectors also reported growth. The manufacturing sector has achieved an average annual growth rate of 5.2% in the last decade. Chemicals, wood products and furniture, transport equipment, pharmaceuticals, machinery, and equipment have emerged as the key drivers of the sector. From an importer, India has emerged as a net exporter of finished steel products in the last decade and the industry has achieved its best-ever numbers in FY24. Another area where imports have been reigned is coal. Coal production in India has rapidly grown over the last five years, reducing import dependence. In FY24, India produced 997.2 million tonnes of coal, imported 261 million tonnes, and consumed 1233.86 million tonnes. The export of textiles and apparel increased by 1% in FY24, reaching ₹2.97 lakh crore. The electronics industry, a key sector has reported good growth in the last decade. While the domestic production of electronic items increased to ₹8.22 lakh crore, the exports increased to ₹1.9 lakh crore. Patents are a key part of an industry’s growth as they show an investment in research and development. The number of granted patents increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2024-25/articleshow/111918064.cms">What is the Economic Survey all about? Top 10 things every Indian should know from the Economic Survey 2023-24</a> <a href="https://www.businessinsider.in/tech/webstories/biggest-crypto-hacks-in-the-world-so-far-from-binance-to-ftx/slidelist/111917081.cms">Biggest crypto hacks in the world so far – from Binance to FTX</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-expectations-fame-scheme-aid-for-vehicle-scrapping-and-other-expectations-of-the-auto-industry/articleshow/111783199.cms">Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry</a>

Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%

India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> in the Parliament on Monday. The Economic Survey tabled today projected India to grow at 6.5-7.0 per cent in 2024-25. Global institutions, including <keyword id="19896779" type="General" weightage="20" keywordseo="IMF" source="keywords" meta.keywordsubtype="org" meta.entityname="IMF" meta.hostid="261" meta.entityid="IMF">IMF</keyword>, OECD, World Bank, S&amp;P, ADB, and Fitch, have projected India to grow in a range of 6.6-7.2 per cent. The International Monetary Fund (IMF), in its latest outlook, has raised India's growth projections for 2024 from 6.8 per cent earlier to 7 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies. According to official data of the Indian government, the country's GDP grew at an impressive 8.2 per cent during the financial year 2023-24. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22 respectively. Further, the CEA in his press conference projected that India's <keyword id="20089672" type="General" weightage="20" keywordseo="per-capita-income" source="keywords">per capita income</keyword> is expected to increase from around Rs 2 lakh in 2022-23 to Rs 14.9 lakh in 2046-47. Further, CEA said <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> of Indians in physical assets have been increasing over the past three financial years through 2023-24. The CEA, addressing the press conference, said household savings in physical assets rose from 8 per cent in 2020-21 to 12.9 per cent in 2022-23. "Households are not in distress, they are investing in <keyword id="20792385" type="General" weightage="20" keywordseo="financial-assets" source="keywords">financial assets</keyword> that have done very well. Financial assets of households are not marked to market so households are doing quite well in the aggregate," he said. India needs both banks and capital markets to provide the required finances sourced from a sustained high level of household savings, according to the Survey. <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords">Union Finance Minister</keyword> Nirmala Sitharaman on Monday tabled the economic survey in Parliament, a day ahead of the full Budget presentation for 2024-25. The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year. The Economy Survey document also gave some idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday. (ANI)

India to remain fastest growing major economy in 2024-25, says CEA Nageswaran

New Delhi [India], May 17 (ANI): The <keyword id="19997196" type="General" weightage="20" keywordseo="growth-rate" source="keywords">growth rate</keyword> of the <keyword id="20130581" type="General" weightage="20" keywordseo="world-economy" source="keywords">world economy</keyword> is expected to remain around 2.7 per cent in 2024, and 2.8 per cent in 2025, according to the World Economic Situation and Prospects report released by the Department of Economic and Social Affairs of <keyword id="19896118" type="General" weightage="20" keywordseo="United-Nations" source="keywords" meta.keywordsubtype="org" meta.entityname="United Nations" meta.hostid="261" meta.entityid="United Nations">United Nations</keyword>. The report added that global <keyword id="20280619" type="General" weightage="20" keywordseo="economic-prospects" source="keywords">economic prospects</keyword> have improved since January, with major economies avoiding a severe downturn, bringing down inflation without increasing unemployment. The current projections are up by 0.3 percentage points from the January forecast for the year 2024 and 0.1 percentage points for the next year, 2025. However, the <keyword id="19984748" type="General" weightage="20" keywordseo="UN-report" source="keywords">UN report</keyword> kept the world growth outlook in the cautiously optimistic category. The world body added that higher-for-longer interest rates, debt sustainability challenges, continuing geopolitical tensions and ever-worsening climate risks continue to pose challenges to growth, threatening decades of development gains, especially for least developed countries and small island developing States. The upward revisions mainly reflect a better outlook in the United States, where the latest forecast points to 2.3 per cent growth in 2024, and several large emerging economies, notably Brazil, India and the Russian Federation. The outlook for China registers a small uptick, with growth now expected to be 4.8 per cent in 2024, the report observed. On the other hand, it highlighted that the <keyword id="20256152" type="General" weightage="20" keywordseo="economic-outlook" source="keywords">economic outlook</keyword> for Africa has deteriorated since the last release, with expected growth lowered by 0.2 percentage points for 2024, threatening adverse impacts for many of the world's poor. On average, global growth in the coming years is expected to remain below the average of 3.2 per cent during 2010-2019. Going ahead, the report added that the softening international commodity prices and tight monetary stances adopted by most central banks have set the <keyword id="19916878" type="General" weightage="100" keywordseo="global-economy" source="keywords">global economy</keyword> on a disinflationary path, several <keyword id="20363245" type="General" weightage="20" keywordseo="developing-economies" source="keywords">developing economies</keyword> continue to grapple with stubbornly high inflation. Many developing economies also face challenges such as elevated borrowing costs, persistent exchange rate pressures, and lingering political instability. The stagnant employment situation in developing economies contrasts with that of developed economies, particularly in North America, Europe and Japan, where unemployment rates remain near record lows. Furthermore, the near-term outlook for certain economies is clouded by the potential intensification of geopolitical tensions and multiple conflicts across the world. In the wake of the growing use of minerals in electric vehicles and semiconductor components, the report highlighted that the energy transition can also be an opportunity for achieving the <keyword id="19950641" type="General" weightage="20" keywordseo="Sustainable-Development-Goals" source="keywords">Sustainable Development Goals</keyword> in many developing countries. "Countries endowed with critical mineral resources will, however, need smart policies, as well as effective implementation capacities to reap the benefits and avoid a renewed 'resource curse'," the report underscored.

Global economy to grow 2.7% in 2024 as major economies avoid severe downturn: UN report

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s external debt of $620.7 billion, as at end of March 2022, is sustainable and is being managed in a prudent manner, the <keyword id="144110" type="General" weightage="80" keywordseo="department-of-economic-affairs" source="Orion">Department of Economic Affairs</keyword>, under the Union Finance Ministry, said. In a recent report, the Department of Economic Affairs said the country's external debt continues to be sustainable and prudently managed. "As at end-March 2022, it stood at $620.7 billion, growing by 8.2 per cent over the level a year ago. External debt as a ratio to GDP (gross domestic product) was 19.9 per cent, while reserves to external debt ratio was 97.8 per cent," the report said. The sovereign debt at $130.7 billion rose higher by 17.1 per cent over its level a year ago, mainly because of additional allocation of special drawing rights (SDR) by the IMF during 2021-22. The non-sovereign debt, on the other hand, grew 6.1 per cent to $490 billion over the level as at end-March 2021. Experts had said that the external debt of $620.7 billion need not be a concern as $490 billion is non-government and the share of government is only $130.8 billion. Of the non-government debt, the share of non-financial corporations was about $250.2 billion. Further, the total debt of $620.7 billion as a percentage of gross domestic product (GDP) was 19.9 per cent and the debt service ratio was 5.2 per cent. Experts also said India cannot be compared with Sri Lanka that is in a severe economic crisis. The share of the central government in short term debt - maturing in a year's time- is only $7.7 billion out of the total $267 billion, experts had said. Commercial borrowings, <keyword id="11904949" type="General" weightage="80" keywordseo="nri" source="Orion">NRI</keyword> deposits, and short-term trade credit are the three biggest constituents of the non-sovereign debt, accounting for as much as 95.2 per cent. While NRI deposits declined by two per cent to $139 billion, commercial borrowings at $209.71 billion and short-term trade credit at $117.4 billion rose by 5.7 per cent and 20.5 per cent, respectively. According to the report, the debt vulnerability indicators continued to be benign. The debt service ratio fell significantly to 5.2 per cent during 2021-22 from 8.2 per cent during the previous year, reflecting buoyant current receipts and moderating external debt service payments. The debt service payment obligations arising out of the stock of external debt as at end of March 2022 are projected to trend downwards over the coming years. From a cross-country perspective, India's external debt is modest. In terms of various debt vulnerability indicators, India's sustainability was better than the Low-and Middle-Income Countries (LMICs) as a group and vis-a-vis many of them individually. According to the report, the US dollar continues to be the leading currency of denomination accounting for 53.2 per cent of the total as at end March 2022. Deposits in Non Resident (External) <keyword id="8182719" type="General" weightage="80" keywordseo="rupee-accounts" source="Orion">Rupee Accounts</keyword> (NR(E)RA), NRO accounts and <keyword id="725142" type="General" weightage="80" keywordseo="fpi" source="Orion">FPI</keyword> investments in Gsec and corporate bonds are among the components of India's external debt, denominated in Indian rupees. Indian rupee is the second leading currency of denomination with a lower share of 31.2 per cent of the total as at end-March 2022 than 33.3 per cent a year ago, reflecting erosion of outstanding FPI investments in G-Sec and corporate bonds ($50.1 billion from $51.4 billion as at end-March 2021) and balances under NRE accounts ($100.8 billion from $ 102.6 billion). Following the US dollar and the Indian rupee are the SDRs (6.6 per cent), the Japanese <keyword id="76265" type="General" weightage="80" keywordseo="yen" source="Orion">Yen</keyword> (5.4 per cent) and Euro (2.9 per cent). SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-liquor-shops-open-at-metro-station-premises/articleshow/93994229.cms">Delhi: Liquor shops open at Metro station premises</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mistrys-body-to-undergo-autopsy-in-mumbai-pundoles-critical-but-stable/articleshow/93994156.cms">Mistry's body to undergo autopsy in Mumbai, Pundoles critical but stable</a>

India's external debt of $620bn is sustainable: Finance Ministry report

<ul class="summary-list"><li>The Treasury will send officials to China this week to discuss a range of economy issues, the NYT reported. </li><li>Talks will revolve around business and market practices that have put the superpowers at odds. </li></ul>The US Treasury is sending an envoy of department officials to China this week as the two superpowers seek to iron out economic tensions in line with agreements between Joe Biden and Xi Jinping made last year, <a href="https://www.nytimes.com/2024/02/05/business/us-treasury-officials-china-visit.html?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosmarkets&amp;stream=business" target="_blank" rel="noopener">The New York Times reported on Monday.</a>The two days of bilateral talks will touch on a range of topics, including practices around government subsidies and concerns about flooding the market with cheap products. The discussions, which haven't been publicly announced yet, will also touch on China's status as one of the world's largest creditors to emerging markets economies and ways to help countries with their sovereign debt loads to allow them to invest in climate initiatives.Biden and Xi agreed last September to step up communication around economic issues to help ease what has been growing strain on the relationship between the two countries in recent years. Per the NYT, the Treasury group heading to Beijing will be led by Jay Shambaugh, the department's Under Secretary for International Affairs. The talk could lay the groundwork for Treasury Secretary Janet Yellen's second trip to China following her trip to the country last summer. Officials in China have been grappling with an ailing economy, prompting the government to mull a $278 billion <a href="https://markets.businessinsider.com/news/stocks/china-outlook-economy-beijing-stock-market-rescue-property-real-estate-2024-1?_gl=1*11h99pm*_ga*ODAxNTgzMjcxLjE3MDU5NTE2MDY.*_ga_E21CV80ZCZ*MTcwNzE0MTUwMi43NC4xLjE3MDcxNDM4OTYuMTUuMC4w">rescue package</a> to stabilize the stock market, a <a href="https://markets.businessinsider.com/news/stocks/china-economy-outlook-liquidity-pboc-stimulus-stock-market-yuan-2024-1?_gl=1*1xn6ls6*_ga*ODAxNTgzMjcxLjE3MDU5NTE2MDY.*_ga_E21CV80ZCZ*MTcwNzE0MTUwMi43NC4xLjE3MDcxNDM4NTIuNTkuMC4w">$140 billion</a> liquidity injection to reenergize the banking system, and <a href="https://www.businessinsider.com/china-economy-property-crisis-real-estate-policy-evergrande-liquidation-2024-1">fresh measures</a> to prevent further fallout in the property sector. China's <a href="https://www.businessinsider.com/chinas-excess-capacity-problem-2013-6#:~:text=Excess%20capacity%20impacts%20many%20Chinese,dumping%20and%20anti%2Dsubsidies%20investigations.">excess capacity</a> problems will also be discussed at the meeting, the NYT report says. The country's sluggish demand with oversupply, has affected various industries including chemicals, ferrous and non-ferrous metals, and newer sectors like renewable energy. On top of that, officials from the two countries will discuss joint efforts to combat climate change, the report says. China's slower-than-expected recovery from the COVID-19 pandemic compared to the US has led to bearish calls from many forecasters on Wall Street, with property sector distress a particular focus. The real estate crisis deepened last week as Evergrande was ordered to liquidate by a Hong Kong court after years of attempts at restructuring. The upcoming meeting will be the first in Beijing for the economic working group established last September. In January, a Treasury delegation focused on financial matters held talks in Beijing.

The US Treasury will reportedly send officials to China to smooth out economic tensions between the superpowers

<keyword id="1549446" type="COMPANY" weightage="20" keywordseo="The-Finance-Ministry">The Finance Ministry</keyword> will soon come up with a fresh round of <keyword id="114291" type="PERSON" weightage="20" keywordseo="economic-stimulus">economic stimulus</keyword>, <keyword id="10216112" type="UNKNOWN" weightage="20" keywordseo="economic-affairs-secretary-tarun-bajaj">Economic Affairs Secretary Tarun Bajaj</keyword> said on Tuesday. Addressing the media here, he said that <keyword id="10216113" type="COMPANY" weightage="20" keywordseo="the-department-of-finance">the Department of Finance</keyword> has received suggestions and discussions are on in the ministry regarding the next set of measures amid the pandemic. It will be announced by Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>, he said. Bajaj's statement comes just over a week after he said that the Centre is open for further measures to boost the economy. Last month, the Finance Minister had also said that the Centre has not closed the option for another stimulus package. In May, the government came up with the much talked-about Rs 20 lakh crore 'Aatmanirbhar Bharat' economic package. Both the rounds of stimulus so far have received more flak than appreciation from the industry and experts, as many are of the opinion that they are inadequate, more so in terms of boosting demand. A recent Moody's report said that that the second round of fiscal stimulus amounts to just 0.2 per cent of the country's real GDP forecast for the financial year 2021 and in total, the two rounds of stimulus bring the government's direct spending on coronavirus-related fiscal support to just around 1.2 per cent of GDP. SEE ALSO: <a href="https://www.businessinsider.in/policy/foreign-policy/news/donald-trump-vs-joe-biden-us-election-result-and-relations-with-india-and-pm-modi/articleshow/79022098.cms">If Joe Biden wins, he’ll be the third US president to deal with Modi — Here’s how that could play out</a> <a href="https://www.businessinsider.in/defense/news/malabar-exercise-kicks-off-today-with-the-quad-countries-reuniting-after-over-a-decade/articleshow/79018677.cms">Malabar Exercise kicks off today with the QUAD countries reuniting after over a decade</a> <a href="https://www.businessinsider.in/careers/news/tcs-infosys-hcl-tech-and-others-to-see-more-freshers-than-lateral-hires-in-the-next-six-months/articleshow/79014794.cms">TCS, Infosys, HCL Tech, and others to see more freshers than lateral hires in the next six months</a>

India plans to announce another round of economic stimulus soon, says Economic Affairs Secretary

New Delhi, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> has been witnessing a 'V-shaped' recovery since June with the gradual easing of <keyword id="6413318" type="UNKNOWN" weightage="20" keywordseo="Restrictions">restrictions</keyword> on economic activities, said a <keyword id="47209" type="COMPANY" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> report. "The sustained improvement in high frequency indicators ignite optimism of an improved performance in second half of the year," it said. The Monthly Economic Recovery for December by the <keyword id="144110" type="COMPANY" weightage="20" keywordseo="Department-of-Economic-Affairs">Department of Economic Affairs</keyword> (DEA) also noted that the impending vaccination is set to spur the momentum in economic activity globally. "The effective management of Covid-19 spread despite the festive season and onset of winter season, combined with sustained improvement in high frequency indicators and V-shaped recovery along with easing of lockdown restrictions distinguish Indian economy as one riding against the Covid-wave," it said. The agricultural sector remains the bright spot of Indian economy, with healthy year-on-year growth of 2.9% in rabi sowing, accelerating <keyword id="138831" type="PERSON" weightage="20" keywordseo="tractor-sales">tractor sales</keyword>, and reservoirs' live storage at 122% of decadal average. As per the DEA report, rise in minimum support prices accompanied by record procurement, and accelerated wage employment generation through MGNREGS, bodes well for rural incomes and bears testimony to PMGKY's success in alleviating rural distress. "This rise in rural incomes is mirrored in the healthy, though moderated, sales in passenger vehicles, two and three wheelers and tractor, and a rebound in vehicle registrations for the first time after March 2020," it added. Further, the industrial production growth ran parallel to the festive fervour of October and rose to an eight-month high, led by manufacturing and <keyword id="1207963" type="PERSON" weightage="20" keywordseo="electricity-sector">electricity sector</keyword>. The core industries registered slight decline in November driven by natural gas and cement, while coal production, electricity and fertilizers' production registered growth. SEE ALSO: <a href="https://www.businessinsider.in/india/news/tatas-got-airasia-stake-at-a-20-discount-while-indigo-and-spicejets-value-has-doubled-since-pandemic-broke-out/articleshow/80101467.cms">Tatas got AirAsia stake at a 20% discount while IndiGo and SpiceJet’s value has doubled since pandemic broke out</a> <a href="https://www.businessinsider.in/india/news/bharat-biotech-sees-rivals-conspiracy-in-all-the-criticism-for-the-approval-for-covaxin/articleshow/80099818.cms">Bharat Biotech sees rivals’ conspiracy in all the criticism for the approval for Covaxin</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-mi-10i-mobile-with-108mp-primary-camera-snapdragon-750g-launched-in-india-starting-at-20999/articleshow/80111586.cms">Xiaomi Mi 10i with 108MP primary camera, Snapdragon 750G launched in India starting at ₹20,999</a>

India's V-shaped recovery since June has been led by the agricultural sector, claims government

New Delhi, The <keyword id="50190" type="COMPANY" weightage="20" keywordseo="Asian-Development-Bank">Asian Development Bank</keyword> (ADB) and the Central government have signed a $100 million <keyword id="6360217" type="UNKNOWN" weightage="20" keywordseo="loan">loan</keyword> to modernise and upgrade the power distribution system to enhance the quality and reliability of electricity supply in Bengaluru. The signatories to the Bengaluru Smart Energy Efficient Power Distribution Project are C. S. Mohapatra, Additional Secretary, <keyword id="144110" type="COMPANY" weightage="20" keywordseo="Department-of-Economic-Affairs">Department of Economic Affairs</keyword> in the <keyword id="156153" type="COMPANY" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword>, who signed on behalf of the <keyword id="6377129" type="COMPANY" weightage="20" keywordseo="government-of-india">Government of India</keyword>, and Hoe Yun Jeong, Official in charge of ADB's India Resident Mission, who signed on behalf of ADB. Beside, the $100 million sovereign loan, ADB would provide a $90 million without sovereign guarantee loan for the project to <keyword id="1551130" type="COMPANY" weightage="20" keywordseo="Bangalore-Electricity-Supply-Company-Limited">Bangalore Electricity Supply Company Limited</keyword> (BESCOM), one of five state-owned distribution utilities in Karnataka. After signing the loan agreement, C. S. Mohapatra said conversion of <keyword id="10541132" type="UNKNOWN" weightage="20" keywordseo="overhead-distribution-lines">overhead distribution lines</keyword> into underground cables would help build an energy-efficient distribution network, reduce technical and commercial losses and minimise electricity outage resulting from natural hazards such as cyclones and external disturbances to overhead lines. ADB's Hoe Yun Jeong said the project demonstrates an innovative financing arrangement, the first of its kind for ADB, by combining sovereign and non-sovereign loans for a state government-owned enterprise. This is intended to significantly reduce the sovereign exposure and help BESCOM move towards a market-based approach for raising funds for capital expenditure. In parallel to underground distribution cables, more than 2,800 km of fibre optical cables would be installed to strengthen the communication network. Moving about 7,200 km of distribution lines underground would help reduce technical and commercial losses by nearly 30 per cent. The fibre optical cables would be used for smart metering systems, distribution automation system (DAS) in the distribution grid, and other communication networks. The project would install 1,700 automated ring main units adapted with a DAS to monitor and control the distribution line switchgears from the control centre. SEE ALSO: <a href="https://www.businessinsider.in/international/news/questions-arise-about-jack-ma-whereabouts-as-alibaba-faces-scrutiny-from-the-chinese-government/articleshow/80090457.cms">Where is Jack Ma? Questions arise about the billionaire’s whereabouts as Alibaba faces scrutiny from the Chinese government</a> <a href="https://www.businessinsider.in/stock-market/news/big-money-chasing-bitcoin-takes-the-cryptocurrency-to-a-new-record-high-of-34000/articleshow/80090730.cms">Big money chasing Bitcoin takes the cryptocurrency to a new record high of $34,000</a> <a href="https://www.businessinsider.in/india/news/pongal-plus-election-dole-cash-rice-sugar-cashews-and-clothes-for-210-million-people-in-tamil-nadu/articleshow/80091546.cms">Pongal plus election dole: Cash, rice, sugar, cashews and clothes for 210 million people in Tamil Nadu</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-stock-surge-the-early-trading-hours-today-after-the-company-reported-a-21-increase-in-total-vehicle-sales/articleshow/80092876.cms">Tata Motors’ rallies over 3% as it outshines Mahindra and Maruti in December sales</a>

ADB signs $100 million loan with government to boost power distribution system in Bengaluru

<ul class="summary-list"><li>Americans are feeling dreary about the economy, even though data shows it's booming.</li><li>Biden's economic agenda has meant real changes for many Americans, like clean water and internet access.</li></ul>Ridgeland, South Carolina, has two new fire trucks.The pandemic taxed the tiny town's aging fire department, and it needed improvements but lacked the budget, said Fire Chief Bradley Bonds."The air packs and different things that we were using were 20 something years old, so this was a huge upgrade for that and to be able to help us move forward," Bonds said.With an infusion of $1 million, the fire department got new air packs, which provide air to firefighters during rescues, the two new trucks, and paid bonuses to the firefighters who worked during the pandemic."That was just a good boost for our staff. We lost one staff member due to Covid who passed away in the middle of it," Bonds said. "So it was a pretty tough time, but to be able to give some financial bonuses back to them was also a huge thing."That $1 million came from President Joe Biden's <a target="_blank" href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">$1.9 trillion American Rescue Plan</a>, which was passed in 2021 to revitalize the economy and replenish Americans' wallets. ARP's best-known initiatives included a fresh round of stimulus checks, expanded unemployment benefits, and monthly checks to parents. It also kept local governments afloat, allocating billions for areas to spend on wherever money was needed.Years later, that funding is still bolstering a whole slew of initiatives from small-town fire equipment to paying off <a target="_blank" href="https://www.wbez.org/stories/cook-county-eliminating-medical-debt-for-73000-people/b6c48abf-31bc-4dbd-abee-a3956c5b7313">medical debt</a> to <a target="_blank" href="https://www.businessinsider.com/how-towns-states-use-pandemic-stimulus-cash-guaranteed-basic-income-2023-4">building new community grocery stores</a>. It's quintessential <a target="_blank" href="https://www.businessinsider.com/bidenomics-still-needs-to-deliver-on-student-loans-minimum-wage-2023-6">Bidenomics</a>, to use the president's own words: It's about "building an economy from the middle out the bottom up, not the top down."But the problem is that sometimes everyday changes happening quietly in Middle America are not flashy enough to rise to the top and capture the nation's hearts and minds. One thing is clear: Despite some tangible accomplishments, Bidenomics is still not enough to tip the balance in how Americans view the economy — or Biden.That could also be because Biden has so far failed to pass most of the <a target="_blank" href="https://www.businessinsider.com/bidenomics-still-needs-to-deliver-on-student-loans-minimum-wage-2023-6">marquee policies</a> he pledged during during his campaign, like paid leave, minimum wage, or broad student-debt relief.Instead, the parts of his agenda that he was able to successfully execute before Congressional gridlock are being more acutely felt in places like that South Carolina fire house, <a target="_blank" href="https://www.businessinsider.com/tsmc-phoenix-chip-semiconductor-factory-biden-global-economy-china-taiwan-2022-12">a Phoenix semiconductor factory</a>, and new pipes full of clean water in Pennsylvania. For all the Americans in between, who are facing high prices and wages that can't keep up, it's not <a target="_blank" href="https://www.businessinsider.com/why-americans-hate-economy-inflation-wages-recession-2023-9">feeling like a booming economy</a>."Just because President Biden and the administration says things are good, that doesn't mean that's how people feel," Alice Stewart, a veteran Republican strategist for several presidential campaigns and a CNN political commentator, told Insider.But for the target groups seeing their everyday lives changed by Bidenomics funding, it can make a world of difference.<h2>The hidden wins from Bidenomics</h2>With 2024 looming, and Americans dreary on the economy, Bidenomics is still an elusive beast."It's not just a messaging problem, it's a real problem," Stewart said. "This is how people perceive the economy."And people really, really don't seem to like it. An <a target="_blank" href="https://news.gallup.com/poll/510185/biden-job-approval-higher-ukraine-race-relations.aspx">August Gallup poll</a> of 1,014 Americans found that just 37% approve of Biden's handling of the economy, a far cry from 57% back in February 2021.Some of that disconnect might be because the bigger impacts of Bidenomics are hidden away in the nooks and crannies of the country.Take Rose Carter, the executive director of Alliance for Congregational Transformation Influencing Our Neighborhoods, an Ohio-based nonprofit. Through a $150,000 American Rescue Plan grant, Carter was able to buy a truck and start a mobile food market that helps serve populations, like senior citizens, who might not otherwise have access to fresh food."It gives them more dignity," she said.Look at the Biden administration's <a target="_blank" href="https://www.businessinsider.com/whats-in-the-infrastructure-bill-amtrak-clean-energy-2021-7">bipartisan infrastructure law</a>. That trillion-dollar legislation will create millions of jobs per year, and help rebuild roads, bridges, and public transit, but it's a quieter build than, say, free childcare, and it plays out in less-sexy sectors of the economy like manufacturing and construction.For Jodi Cutaiar, that legislation meant access to clean drinking water for the first time in nearly seven years. Cutaiar, a 45-year-old mother in Pennsylvania, has had to use bottled water for everything from cooking to coffee makers since tests found her area's water was contaminated with PFAS — what's known as "<a target="_blank" href="https://www.insider.com/forever-chemicals-pfas-drinking-water-pose-health-risks-small-amounts-2022-6">forever chemicals</a>."<div type="image" title="Jodi Cutaiar and family" height="1553" width="2174" msid="103732992" hostid="261" sizebytes="240184"></div>Now, through a <a target="_blank" href="https://www.phillyburbs.com/story/news/local/2023/05/17/upper-bucks-homes-with-contaminated-wells-to-get-public-water-service/70219344007/">$3.68 million grant from the infrastructure law</a>, the community will get access to clean drinking water. The pipes are being laid, and houses are slowly getting hooked up.When her house is hooked up, the first thing that Cutaiar wants to do is fill up a pot with water from the faucet and make dinner."I want to cook from the faucet," she said. "I know that sounds so simple and plain, but that's what I want to do."<h2>But people really don't like Bidenomics — and it's hard to bridge that divide</h2>The economy right now is full of disconnects. By most measures, it's a booming labor market. At the same time, gargantuan investments — like those in the American Rescue Plan — led to an economic recovery from the pandemic far faster than many anticipated. Companies have continued to <a target="_blank" href="https://www.bls.gov/news.release/empsit.nr0.htm">add jobs</a> and <a target="_blank" href="https://fred.stlouisfed.org/series/CES0500000003">raise wages</a>. <a target="_blank" href="https://fred.stlouisfed.org/series/GDP">GDP is growing</a>. Bidenomics seems to be working."It's hard for most normal people to understand what the impact of Bidenomics is, because as president there's just so much that's out of your control and only a few things that are actually in your control," Max Berger, a political organizer and consultant who previously worked for Elizabeth Warren's campaign and the Justice Democrats, told Insider. "The parts of the economy that people don't like, like inflation, are largely out of the president's control."Indeed, inflation seems to be the <a target="_blank" href="https://www.businessinsider.com/why-americans-hate-economy-inflation-wages-recession-2023-9">public's sticking point</a>, especially housing, utility bills, and food. So it's understandable that people feel bad if they and their neighbors are all struggling to buy gas or afford a home.Bidenomics, on the other hand, is not as visible as Biden intended thanks to Congressional inaction, Berger said. His now-defunct Build Back Better package would have meant highly visible dramatic spending on big priorities like paid leave or affordable childcare. Instead, the things that did pass are mediated not on a grand and public scale, but rather through things like the tax code or targeted grants.Berger said that while many feared Biden would be too weak on things like student loan debt, the administration has actually gone further than expected — something they deserve credit for. Even as broad student loan forgiveness faces its own challenges, the Biden administration <a target="_blank" href="https://www.ed.gov/news/press-releases/100-groups-join-%E2%80%9Csave-student-debt%E2%80%9D-outreach-campaign-reaching-more-18-million-americans">has already quietly forgiven</a> $117 billion in loans for targeted groups."I think that would be felt by normal people much more directly if something like Build Back Better had passed instead of the IRA," he said, referring to the <a target="_blank" href="https://www.businessinsider.com/what-inflation-reduction-act-means-finances-tax-health-climate-democrats-2022-8">Inflation Reduction Act</a> — another piece of smaller legislation that included some aspects of Build Back Better, but was more aimed at the tax code, healthcare prices, and green energy investments.Americans who are not part of targeted populations receiving these grants are left to contend with sky-high prices on their own. Inflation, powered in part by firms <a target="_blank" href="https://www.businessinsider.com/why-prices-inflation-soaring-corporate-greed-profits-margins-wages-jobs-2023-4">hiding behind the guise of rising costs to hike up their prices</a>, <a target="_blank" href="https://www.businessinsider.com/us-inflation-economy-cpi-august-data-2023-9">is dragging down Americans' wallets</a> — and their views on the economy.That all comes as Congress let child tax credit checks and other direct pandemic stimulus lapse. All of those measures had tangible effects, and their absence — which has led to <a target="_blank" href="https://www.businessinsider.com/child-poverty-rate-america-congress-cut-biden-expanded-tax-credit-2023-9">child poverty doubling last year</a> — is most likely weighing negatively on sentiment too.And then there are those who actually think Biden has spent too much money, blaming gargantuan legislation for the current state of affairs."Going out and touting massive spending packages and still trying to promise to relieve college loan debt for people doesn't fit well with hardworking Americans who paid off their bills," Stewart, the Republican strategist, said.Berger said that the "biggest thing" Biden needs to do to get Americans to understand the importance of Bidenomics is "to more clearly talk about how rebalancing the economy to benefit workers means taking on corporate power — and that his program is about shifting power from the concentrated wealth of corporations and billionaires to working people."

Biden's economic policies have quietly made peoples' lives better — and no one seems to care

As the country goes through phases of 'Unlock' and economic activities are permitted in a staggered manner, the Department of Economic Affairs' (DEA) monthly economic report has suggested that the worst seems to be over for the economy with major indicators showing improvement. The report for July released on Tuesday, cited the Index of Industrial Production (IIP), Purchasing Managers Index (PMI), power generation, production of steel and cement, railway freight, traffic at major ports, e-way bill generation among others to show that economic activities have picked up. "With India unlocking, the worst seems to be over as high-frequency indicators show an improvement from the unprecedented trough the economy had hit in April 2020," it said. The report, however, noted that the risks remain on account of the rising COVID-19 cases and intermittent state lockdowns. It said that the push for growth in the coming months will come from rural India. With the forecast of a normal monsoon, agriculture is likely to cushion the shock of the pandemic on the Indian economy in the current financial year (2020-21), it said. It said that the "timely and proactive" exemptions from COVID-induced lockdowns to the sector facilitated uninterrupted harvesting of rabi crops and enhanced sowing of kharif crops. "A record procurement of wheat has enabled a flow of around Rs 75,000 crore to the farmers which will boost private consumption in rural areas. Since September, 2019, the terms of trade have moved in favour of agriculture and reinforced rural demand," it said. This has manifested in an increase in rural core inflation between March and June 2020. "As a result, the push for growth in coming months appears to be pitched in rural India. The recent landmark reforms announced in the agricultural sector could not have been better timed," the 37-page report said. According to it, the reforms that have deregulated and liberalised the agricultural sector, further empower the farmers to become bigger and more stable participants in India's growth journey. However, it noted that urban India and the world at large continue to fight the growing menace of the pandemic, simultaneously on the health and economic fronts. The January-March quarter of 2020 witnessed broad-based reductions in year-on-year (YoY) GDP growth in advanced economies, ranging from (-) 3.4 per cent to (-) 14.2 per cent and in emerging markets economies, between 2.9 per cent and (-) 6.8 per cent. India, which went into lockdown mode only in the last week of March, grew at 3.1 per cent in this quarter. Subsequently, in its June 2020 update, the International Monetary Fund (IMF) has projected global output to contract by 4.9 per cent in 2020, while OECD's projections are harsher at 7.6 per cent. GDP figures of April-June quarter of 2020, slated to be released towards the end of August, will throw some light on the expected recovery of the Indian economy, the report said. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-hcl-tech-new-deals/articleshow/77343077.cms">Here's a look at how TCS, Infosys, and HCL Tech fared in bagging new deals</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-wants-25-30-of-its-employees-working-from-home-permanently-by-june-2021/articleshow/77346959.cms">INTERVIEW: Tech Mahindra wants 25-30% of its employees working from home permanently by June 2021 — CFO explains how they got to that number</a>

You Searched For "Department of Economic Affairs" and got 13 results

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ADB signs $100 million loan with government to boost power distribution system in Bengaluru

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Biden's economic policies have quietly made peoples' lives better — and no one seems to care

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Economy activity in India has picked up and the worst is over says the Department of Economic Affairs

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