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<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

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="19951168" type="General" weightage="100" keywordseo="RBI-governor-Shaktikanta-Das" source="keywords">RBI governor Shaktikanta Das</keyword> was awarded an A+ grade, the highest of the lot, for the second time in a row by the <keyword id="22855254" type="General" weightage="20" keywordseo="Global-Finance-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance Magazine" meta.hostid="261" meta.entityid="Global Finance Magazine">Global Finance Magazine</keyword>'s <keyword id="22862849" type="General" weightage="20" keywordseo="Central-Banker-Report-Card-2024" source="keywords">Central Banker Report Card 2024</keyword>. While the full list will be available in October, Das was ranked the highest, along with Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan. Fed chairman Jerome Powell scored an A- on the list. Before Das, former RBI governor Raghuram Rajan had also made to this list in 2015, securing A grade. Taking to X, PM <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> and <keyword id="19982618" type="General" weightage="20" keywordseo="Anand-Mahindra" source="keywords">Anand Mahindra</keyword>, who heads Mahindra and Mahindra, congratulated Das, with the billionaire calling him "a <keyword id="21663281" type="General" weightage="20" keywordseo="gold-medalist" source="keywords">gold medalist</keyword> in central bank Olympics". <div type="twitter" handle="narendramodi" handlename="narendramodi" favoritecount="0" retweetcount="0" id="1826100085672857771"></div> <div type="twitter" handle="anandmahindra" handlename="anandmahindra" favoritecount="0" retweetcount="0" id="1825919281957159052"></div> Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Sri Lanka's Nandalal Weerasinghe and Vietnam's Nguyen Thi Hong received a A grade, while EU's Christine Lagarde, Cambodia's Chea Serey and Sweden's Erik Thedéen were amongst those receiving the A-grade. Since 1994, Global Finance has been grading the central bank governors of nearly 100 countries. They are rated at a scale of A+ (excellent) to F (failure) depending on their success across specific parameters such as inflation control, economic growth goals, currency stability and interest rate management. <h2>Who is Shaktikanta Das? </h2>With a seasoned bureaucratic legacy of 35 years, Das is an IAS officer from the 1980 Tamil Nadu cadre. He graduated from St. Stephens College, Delhi with a degree in history, and was appointed as the 25th governor of the apex bank five years ago, on December 12th, 2018. Prior to assuming this position, Das had also served as secretary in the Department of Revenue and also, Economic Affairs under the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>. He also served as the DM (district magistrate) for Dindigul and Kanchipuram. Having worked with 4 different finance ministers (Pranab Mukherjee, Arun Jaitley, P Chidambaram and Nirmala Sitharaman), Das had previously also been a member, 15th Finance Commission, along with being a G20 Sherpa in 2017. Das had been instrumental in preparation of India's last 8 union budgets, along with serving as India's alternate governor at various fora, like World Bank, Asian Development Bank, New Development Bank, Asian Infrastructure Investment Bank and more. Das has several economic laurels to his name. From drafting the Insolvency and Bankruptcy Code to executing tax devolution under GST for states and demonetisation, , Shaktikanta Das has played a crucial role in shaping India's overall economic health

Gold medalist in central bank Olympics-All you need to know about RBI governor Shaktikanta Das

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

<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><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%

New Delhi [India], September 16 (ANI): In a bid to maintain equilibrium in the domestic and international fuel markets, the <keyword id="6357307" type="General" weightage="80" keywordseo="central-government" source="Orion">Central Government</keyword> announced changes in the taxation structure for crude oil and petroleum product exports, effective from today. As per the <keyword id="1222399" type="General" weightage="80" keywordseo="gazette-of-india" source="Orion">Gazette of India</keyword>, the <keyword id="156153" type="General" weightage="80" keywordseo="ministry-of-finance" source="Orion">Ministry of Finance</keyword>, <keyword id="208415" type="General" weightage="80" keywordseo="department-of-revenue" source="Orion">Department of Revenue</keyword>, issued two notifications, amending previous taxation rates. According to the notifications, the <keyword id="1229080" type="General" weightage="20" keywordseo="windfall-tax" source="Orion">windfall tax</keyword> on domestic crude oil production has been increased significantly, while levies on the export of aviation turbine fuel (ATF) and diesel have been reduced. A tax levied on an unforeseen or unexpectedly large profit is called windfall tax. The windfall tax on domestic crude oil production has been raised from Rs 6,700 per ton to Rs 10,000 per ton. This move aims to capture a larger portion of profits from the surging crude oil prices, providing additional revenue for the government. The windfall tax on the export of aviation turbine fuel (ATF) has been decreased from Rs 4 per liter to Rs 3.50 per liter. This reduction is expected to make Indian ATF exports more competitive in the international market. The tax on the export of diesel has been reduced from Rs 6 per liter to Rs 5.50 per liter. This adjustment is aimed at boosting the export of diesel, potentially increasing revenue from international sales. These changes come as India navigates the complexities of fluctuating global oil prices and aims to strike a balance between reaping benefits from high crude oil prices and ensuring competitiveness in the international fuel market. The notifications, No. 30/2023-Central Excise and No. 31/2023-Central Excise, issued by the Ministry of Finance, will come into effect on September 16, 2023. The government expects these tax adjustments to have a positive impact on the nation's fiscal health and its position in the global fuel market. These amendments follow a series of recent changes in the taxation structure for petroleum products and are part of the government's efforts to adapt to the evolving economic landscape and maintain stability in the energy sector. (ANI)

Govt hikes windfall tax on domestic crude, reduces levy on export of diesel

Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday morning chaired a <keyword id="20255269" type="General" weightage="20" keywordseo="pre-budget-meeting" source="keywords">pre-budget meeting</keyword> with Finance Ministers of all States and Union Territories. The Pre-Budget Meeting is organised by the Ministry of Finance and Corporate Affairs with Finance Ministers of all the States and Union Territories (with Legislature) to take suggestions for the upcoming <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Ministers of State along with other stakeholders are participating in the meeting and visuals showed Uttar Pradesh finance minister Suresh Kumar Khanna, and finance minister of Rajasthan Diya Kumari at the Bharat Mandapam venue before the meeting commenced this morning. The Union Finance Ministry had begun consultations on the budget a few days ago with different stakeholders of economy. Sitharaman has met economists, finance and capital market experts and industry bodies. Sitharaman chaired the first pre-budget consultations with leading economists on June 19. The meeting was attended by Union minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services and corporate affairs and the chief economic adviser. Meanwhile, Sitharaman will also chair the 53rd <keyword id="19922145" type="General" weightage="20" keywordseo="Goods-and-Services-Tax" source="keywords">Goods and Services Tax</keyword> (GST) Council Meeting scheduled in the second half of the day. This is the first meeting of the <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="GST Council" meta.hostid="261" meta.entityid="GST Council">GST council</keyword> after the formation of the new government. State finance ministers will also be present at the 53rd meeting of the Goods and Services Tax Council. As is the norm, the GST Council gets together to discuss issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges. The Council is a key player in shaping India's indirect tax system, making sure that it facilitates company and citizen tax relief while also being in line with the country's economic objectives. The information on the agenda of Council meeting is not yet in public domain. However, the decisions and recommendations arising from the 53rd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall dynamics. Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years. Meanwhile, preparation has commenced for the Union budget 2024-25, the first for the third term of the Prime Minister Narendra Modi-led <keyword id="22141478" type="General" weightage="20" keywordseo="National-Democratic-Alliance-government" source="keywords" meta.keywordsubtype="org" meta.entityname="National Democratic Alliance government" meta.hostid="261" meta.entityid="National Democratic Alliance government">National Democratic Alliance government</keyword>.

Union Finance Minister Sitharaman chairs pre-budget meeting with finance ministers of states, UTs; GST Council to meet later today

On Monday, July 22, Finance Minister <keyword id="22504403" type="General" weightage="20" keywordseo="nirmal-sitharaman" source="keywords">Nirmal Sitharaman</keyword> tabled the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-24 in the parliament ahead of the much-awaited budget 2024 tomorrow. In addition to a socio-economic stock take, the comprehensive report also outlines the strides India has made on the environment and climate fronts last year. India is in a weird grey area when the climate blame-game is concerned. We continue to average some of the lowest per capita CO2 emissions in the world. But, being the most-populous country in the world, these small bits add up to make India the third-largest emitter of CO2 in the world, after China and the United States. <div type="Article" hostid="261" msid="111923746" title="Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development" mstype="2" mssubtype="0"></div>However, this is not to say that the country has been sitting the green transition out either. As highlighted in the Economic Survey, India has been making notable strides in tackling climate change and promoting <keyword id="19895783" type="General" weightage="20" keywordseo="sustainability" source="keywords">sustainability</keyword> — efforts that will be crucial to protect billions in the coming years and decades. Let's take a look at these efforts and compare them with findings from other recent environmental reports to see the full picture. <h2><keyword id="21818512" type="General" weightage="20" keywordseo="emission-intensity" source="keywords">Emission intensity</keyword> reduction</h2>The economic survey proudly states that India has reduced the emission intensity of its GDP by 33% from 2005 levels by 2019. This means the country is producing less greenhouse gas for every unit of economic activity. This is a commendable achievement because India’s original climate change target — or Nationally Determined Contribution — was set to precisely 33% reduction of emission intensity by 2030, before being revised to 45% in 2022. While the jump from 33% to 45% is still a significant one with barely half a decade to go, this progress is a clear sign that India’s climate policies are having a real impact. <h2><keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">Renewable energy</keyword> capacity</h2>According to the economic survey, 45.4% of India’s installed electricity generation capacity — which includes solar, wind, and hydropower — now comes from non-fossil sources, as of May 31, 2024. <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>As per reports by the Ministry of New &amp; Renewable Energy, India added a record renewable energy capacity of 18.48 GW in 2023-2024, with solar installations amounting to 12.78 GW, followed by 2.27 GW of wind energy. However, industry experts have also noted that India Inc. cannot afford to run out of steam now, and must continue to add at least 50 GW for the next six years to meet the target of 500 GW of renewables by 2030. <h2>Indian energy needs</h2>India's energy needs are expected to grow 2 to 2.5 times by 2047, as per the latest economic survey. This necessitates a balanced approach to <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword> that considers resource limitations and the need for resilience to climate change. India has suffered from an overdependence on coal and fossil fuels in the past, accounting for around 75% of total energy generation in 2021, as per the Energy Information Administration. However, this number has been quickly falling, even dropping below a historic 50% in Q1 2024. <h2>Sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword></h2>To fund green projects, India issued Rs 16,000 Crore in sovereign green bonds — financial instruments that support green projects at lower capital costs — in early 2023 and another Rs 20,000 Crore later in the year, the economic survey reports. As per the government, these proceeds were utilised in many eco-friendly projects, such as New and Renewable Energy, Environment, Forests and Climate Change, Housing and Urban Affairs, Railways. To widen the investor base, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) also recently permitted eligible foreign investors to invest in such bonds. <h2>Mission LiFE and Green Credit Programme</h2>The survey also talks extensively about Mission LiFE (Lifestyle for Environment), which promotes sustainable living, and the Green Credit Programme (GCP), which incentivises eco-friendly actions by offering “green credits”. In the past few months, Madhya Pradesh, Telangana and a few other states have reportedly approved thousands of hectares of degraded forest land for greening exercises as part of the GCP. <h2>International initiatives</h2>India has spearheaded several international initiatives such as the International Solar Alliance (ISA), One World, One Sun, One Grid (OSOWOG), the Coalition for Disaster Resilient Infrastructure (CDRI), the Infrastructure for Resilient Island States’ (IRIS) and the Leadership Group for Industry Transition (LeadIT). Hundreds of nations are signed up for these climate coalitions and our participation will help reflect India's commitment to advancing global <keyword id="20000756" type="General" weightage="20" keywordseo="climate-action" source="keywords">climate action</keyword> and fostering international cooperation in sustainable development. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>The report even notes that India is currently the only G20 nation who is set not to cross the 2°C warming threshold. All in all, India’s economic survey and environmental reports together show a nation making impressive progress in combating climate change and advancing sustainability. These achievements will hopefully set a strong example for other countries to follow.

On the right track — Economic Survey 2023-24 outlines India’s commendable climate action

The Centre has blocked over 100 websites involved in facilitating organised illegal investments related to economic crimes and task-based part-time job frauds. According to an official statement, these websites were being operated by overseas actors and targets were mostly retired employees, women and unemployed youth looking for part time jobs. The Indian Cybercrime Coordination Centre (I4C), a wing of the Union Home Ministry, through its vertical National Cybercrime Threat Analytics Unit (NCTAU) had last week identified and recommended that these websites be blocked. Following this, the Ministry of Electronics and Information Technology (MeitY), invoking its power under the Information Technology Act, 2000, has blocked these websites, the statement said. These websites, which facilitated task-based organised illegal investment related to economic crimes, were learnt to be operated by overseas actors and were using digital advertisement, chat messengers and mule and rented accounts. The proceeds from the large scale economic frauds were seen to be laundered out of <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> using card network, crypto currency, overseas ATM withdrawals and international Fintech companies, the statement said. The I4C is an initiative of the Home Ministry to deal with cyber crimes in the country in a coordinated and comprehensive manner. <keyword id="6366773" type="General" weightage="80" keywordseo="citizens" source="Orion">Citizens</keyword> have been advised to promptly report phone numbers and social media handles used by such fraudsters to the National Cybercrime Reporting Portal (NCRP), the statement said. It said several complaints have been received through 1930 helpline and the NCRP and these offences were posing significant threat to the citizens and also involved data security concerns. These frauds, typically, involve a number of steps that include targeted digital advertisements launched on platforms like Google and Meta using key words like "Ghar baithe job" (Do jobs sitting at home), "Ghar baithe kamai kaise karen" (How to earn by sitting at home) etc. in multiple languages from overseas advertisers. Upon clicking the advertisement, an agent using WhatsApp or Telegram starts conversation with the potential victim, who convinces him or her to perform some tasks like video likes and subscribe, maps rating, etc. Upon completion of task, the victim is given some commission, initially and is asked to invest more to get more returns against given task. After gaining confidence, when victim deposits larger sum, deposits are frozen and thus the victim is duped. As precautionary measure, it is advised to exercise due diligence before investing in any such very high commission paying online schemes sponsored over internet. If an unknown person contacts anyone over WhatsApp or Telegram, refrain from performing financial transactions without verification, the statement said Verify the name of receiver mentioned in UPI App. If receiver is any random person, it may be a mule account and scheme may be fraudulent.Similarly, check the source from where initial commission is received, it said. Citizens should refrain from doing transactions with unknown accounts, as these could be involved in money laundering and even terror financing and lead to blocking of accounts by police and other legal action, the statement said. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-november-2023/slidelist/105775116.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-november-2023/slidelist/105775116.cms" target="_blank">WagonR to Creta – Top selling cars in India in November</a><a href="https://www.businessinsider.in/tech/mobile/news/oneplus-announced-new-flagship-smartphone-oneplus-12-with-up-to-24gb-ram/articleshow/105756057.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-announced-new-flagship-smartphone-oneplus-12-with-up-to-24gb-ram/articleshow/105756057.cms" target="_blank">OnePlus 12 debuts with bigger battery, up to 24GB RAM and more</a> <a href="https://www.businessinsider.in/business/auto/news/ola-electric-and-tvs-motor-leading-electric-two-wheeler-sales-in-nov-2023-month/articleshow/105719702.cms">Electric two-wheeler sales rise in Nov as Ola Electric scales a new high</a>

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