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The <keyword id="32723" type="General" weightage="100" keywordseo="defence" source="Orion">defence</keyword> ministry has approved a fresh list of 928 components and subsystems which will only be procured from the domestic industry after a ban on their import kicks in under a staggered time-line of around five-and-half years. The ministry on Sunday said the aim of the move is in sync with the government's overall aim to promote 'Atmanirbharta' (self-reliance) in defence production. It is the fourth such "positive indigenisation list (PIL)" comprising line replacement units, sub-systems and components used for various military platforms, equipment and weapons. "To promote 'Aatmanirbharta' in defence and minimise imports by defence public sector undertakings, the <keyword id="6369097" type="General" weightage="50" keywordseo="ministry-of-defence" source="Orion">Ministry of Defence</keyword> has approved fourth Positive Indigenisation List (PIL) of 928 strategically-important line replacement units/sub-systems/spares and components, including high-end materials and spares, with import substitution value worth Rs 715 crore," the ministry said in a statement. The aim of the indigenisation list is also to minimise imports by the defence public sector undertakings (DPSUs). The defence ministry has set specific timelines for import ban of the items, spanning the period from December 2023 to December 2028. This list is in continuation to the three similar PILs that were brought out in December 2021, March 2022 and August 2022 "These lists contain 2,500 items which are already indigenised and 1,238 (351+107+780) items which will be indigenised within the given timelines," the ministry said. Of the 1,238, 310 items have been indigenised so far, it said. The items which were already indigenised comprised 262 from the first PIL, 11 from the second list and 37 from the third PIL, according to the ministry. "The DPSUs will undertake indigenisation of these items through different routes under 'Make' category and in-house development through the capabilities of MSMEs and private Indian industry, thereby providing impetus to the growth in economy, enhanced investment in defence and reduction in import dependence of DPSUs," the ministry said. "In addition, this will augment the design capabilities of the domestic defence industry by involving academia and research institutions," it said. In a tweet, Defence Minister <keyword id="6355121" type="General" weightage="50" keywordseo="rajnath-singh" source="Orion">Rajnath Singh</keyword> said the Narendra Modi government is committed towards indigenisation and ensuring self reliance in the defence sector. "Keeping this in mind, the 4th Positive Indigenisation List (PIL) of 928 strategically-important Line Replacement Units (LRUs)/Sub-systems/Spares and Components has been approved," he said. "The list includes high-end materials and spares, with import substitution value worth Rs 715 crore," Singh added. The ministry said DPSUs will soon initiate procurement action for these notified items. In the last few years, the government has taken a series of measures to promote domestic defence production. <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> is one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around USD 130 billion in capital procurement over the next five years. The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing. The defence ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years which includes an export target of USD 5 billion worth of military hardware. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/govt-to-roll-out-lost-mobile-blocking-tracking-system-pan-india-on-may-17/articleshow/100224875.cms">Govt to roll out lost mobile blocking, tracking system pan-India on May 17</a> <a href="https://www.businessinsider.in/stock-market/markets/news/fpi-bought-equity-worth-rs-18617-crore-in-may/articleshow/100225129.cms">FPI bought equity worth ₹18,617 crore in May</a> <a href="https://www.businessinsider.in/business/telecom/news/pm-modi-wants-us-to-start-building-rd-around-6g-technology-cisco-coo/articleshow/100224961.cms">PM Modi wants us to start building R&amp;D around 6G technology: Cisco COO</a>

Govt approves 4th 'positive indigenisation list' of sub-systems to promote domestic defence industry

As the vibrant <keyword id="19896655" type="General" weightage="20" keywordseo="wedding-season" source="keywords">wedding season</keyword> kicks off in India soon, the <keyword id="19921618" type="General" weightage="20" keywordseo="Confederation-of-All-India-Traders" source="keywords" meta.keywordsubtype="org" meta.entityname="Confederation of All India Traders" meta.hostid="261" meta.entityid="Confederation of All India Traders">Confederation of All India Traders</keyword> (<keyword id="20143308" type="General" weightage="20" keywordseo="CAIT" source="keywords" meta.keywordsubtype="org" meta.entityname="CAIT" meta.hostid="261" meta.entityid="CAIT">CAIT</keyword>) has set an optimistic forecast, projecting a windfall for the nation’s economy. According to a recent CNBC report, CAIT predicts that this year, an estimated 48 lakh weddings are expected to take place in November and December, potentially generating a whopping ₹6 lakh crore in business. This surge reflects not just the volume of weddings but the wide-scale economic impact that accompanies such celebrations. Weddings in India are known for their grandeur, with celebrations often spanning several days and involving a number of services, from event planning and catering to jewellery purchases and attire. CAIT’s recent prediction, thus, underscores the vital role that the wedding season plays in the retail market. In this year’s cycle, the retail sector alone is poised to see a turnover of ₹5.9 lakh crore, highlighting the deep interconnectedness between cultural traditions and economic activity. In Delhi, which stands as one of the top locations for extravagant weddings, the expected impact is particularly significant. Approximately 4.5 lakh weddings are projected in the capital city, potentially contributing around ₹1.5 lakh crore to the local economy. This surge benefits a variety of sectors, including hospitality, fashion, gold and jewellery, and even technology, as digital services and e-invitations become more prevalent. The build-up to this wedding season has already shown signs of economic revival, particularly in sectors like gold and jewellery. Suvankar Sen, MD &amp; CEO of Senco Gold, noted a marked increase in wedding-related purchases during the recent Dhanteras festival. Speaking in an interview with CNBC TV-18, Sen highlighted that the August duty cut on gold played a significant role in spurring early buying behaviour. He pointed out that this policy move helped lower the cost of gold, enticing consumers to make significant purchases ahead of the peak wedding months. "We can see at least 40-50% of the consumers who are buying right now are related to weddings, and the 40-50% who are not related to weddings, are divided amongst consumers with a budget of ₹2-3 lakh buying some kind of jewellery as an annual buying during this auspicious time. Some consumers are buying working women's jewellery or lightweight for their daughters, something within ₹50,000 to ₹1 lakh kind of buying happening. ₹20,000-30,000 is a budget consumer at all levels, some kind of a pendant, ring or earring that everyone would like to buy during this auspicious time. So, this is how we are seeing the consumer," he added. This early momentum has translated into packed showrooms and increased consumer spending, signalling a robust start to wedding-related commerce. Retailers across India are now preparing for a flurry of activity, restocking inventory and expanding service offerings to meet the anticipated demand. From wedding attire and décor to luxury items like high-end electronics and custom-made invitations, the shopping lists are extensive, promising a lucrative time for businesses. While traditional sectors such as fashion, catering, and venue rentals will see a boom, new trends have also emerged, expanding the <keyword id="23787664" type="General" weightage="20" keywordseo="wedding-economy" source="keywords">wedding economy</keyword>. The demand for eco-friendly and sustainable wedding practices has grown, with couples seeking biodegradable décor and eco-conscious catering services.

Indian weddings expected to generate ₹6 lakh crore in two months, CAIT says

India is preparing country-wise profiles of defence products and platforms to promote their exports and the government will stand "side by side" with the domestic industry in this endeavour through diplomatic channels, a senior Defence Ministry official said Monday. Raj Kumar, secretary, Department of Defence Production, said at a webinar that the domestic defence industry will hold web interactions with the representatives of friendly countries to figure out what kind of products and platforms they require. "We are preparing country-wise profiles of products, weapons and platforms which are probably needed by our friendly countries. So we are now planning to start web interaction led by the industry," Kumar said. "That country's defence attache, our DPSUs (defence public sector undertakings), industry, will then figure out what is in the store for us to promote there for exports," he said. Kumar said the government will be standing side by side with the domestic industry through its defence attaches, embassies and diplomatic channels to promote exports. To promote indigenous production, the Defence Ministry on August 9 announced restrictions on import of 101 weapons and military platforms including light combat helicopters, conventional submarines and cruise missiles under a staggered timeline till 2024. Kumar said a second list of import-restricted defence items will be notified soon. "This is the first list we are examining and then a second list will also come. We expect you (industry) to come forward and start investing to meet our requirements," he said at the webinar -- "Army Make Projects 2020" -- organised by FICCI. The senior official said as successful domestic bidders move to the defence equipment production stage, his department will share their details with the UP and Tamil Nadu defence corridor authorities, who "will compete in attracting your units to their respective states". He said since the three services are making efforts to push the "Make II" category of defence production projects, he will interact with project participants to understand their concerns and share best practices among the services. As secretary of the Department of Defence Production, Kumar heads the collegiate committee that approves the "Make II" category of projects. Under the Make II category, no government funding is given to the Indian company for the prototype development process. If a prototype developed by the company meets the standards set by the armed forces, an order is placed for such equipment or platforms. "Everything, whether it is defence industrial corridor, or whether it is defence production and export promotion policy, or whether it is a negative list - everything works in the same direction that we have to be among the top producers of defence items," he said. On August 9, Defence Minister Rajnath Singh said the ministry was now ready for a "big push" to indigenous defence manufacturing in tune with Prime Minister Narendra Modi's call for an "Atmanirbhar Bharat" (Self-Reliant India). India is one of the most lucrative markets for global defence giants. The country has figured among the top three global importers of military hardware for the last eight years. The Indian armed forces are projected to spend around USD 130 billion in capital procurement in the next five years. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-hcl-tech-wipro-and-likes-are-hoping-global-5g-race-resumes-next-year-bringing-some-large-deals-before-that/articleshow/77583638.cms">Tech Mahindra, HCL Tech, Wipro and likes are hoping global 5G race resumes next year⁠ — bringing some large deals before that</a> <a href="https://www.businessinsider.in/international/news/gaza-strips-only-power-plant-may-run-out-fuel-in-the-next-24-hours-following-israel-border-shut-warns-expert/articleshow/77584765.cms">Gaza Strip's only power plant may run out fuel in the next 24 hours following Israel border shut, warns expert</a> <a href="https://www.businessinsider.in/tech/apps/news/the-heat-is-on-mark-zuckerberg-in-india-as-facebook-and-whatsapp-incur-the-ire-of-modis-rivals/articleshow/77575358.cms">The heat is on Mark Zuckerberg in India as Facebook and WhatsApp incur the ire of Modi's rivals</a>

After import embargo, India is creating country profiles for its defence exports

List of weapons that India can make at home — and the ones it cannot

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> and Maldives have signed an agreement to introduce the <keyword id="19998949" type="General" weightage="20" keywordseo="Unified-Payments-Interface" source="keywords">Unified Payments Interface</keyword> in the archipelago nation, which will have a "very positive" impact on its <keyword id="20260982" type="General" weightage="20" keywordseo="tourism-sector" source="keywords">tourism sector</keyword>, External Affairs Minister S Jaishankar has said. The Memorandum of Understanding was signed on Friday during Jaishankar's three-day official visit to the Maldives. "Witnessed signing of MoU between (the) National Payments Corporation of India and (the) Ministry of Economic Development and Trade of Maldives on (the) introduction of (a) digital payment system in the Maldives," he said in a post on X. Developed by the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>), Unified Payment Interface (UPI) is an instant real-time payment system to facilitate inter-bank transactions through mobile phones. Addressing a press conference with his Maldivian counterpart Moosa Zameer after their "productive discussions", Jaishankar said that India, through its UPI, has "revolutionised digital transactions". Stressing that it has taken financial inclusion in India to new levels, he said "Today 40 per cent of the world's real-time digital payments take place in our country." "We see this revolution, every day in our lives. I am pleased to note that with the signing of the MoU today, we have taken the first step towards bringing this digital innovation to Maldives," he said. "I wish the very best to stakeholders on both sides and hope that we will soon see the first UPI transaction here. I should mention that it will have a very positive impact on tourism," he added. Tourism is the main source of economic activity for the Maldives, contributing nearly 30 per cent of the GDP and generating more than 60 per cent of foreign exchange. Jaishankar's visit aims to reset the bilateral relationship with the Maldives and is the first high-level trip from India after the archipelago nation's pro-China president, Mohamed Muizzu, assumed office last year. "India's partnership with the Maldives is based on our deep desire to work together for each other's welfare and interests. It is a partnership that has enabled us to always swiftly and effectively respond to challenges, as witnessed in the past," Jaishankar said. "It is a partnership that has enabled us to deliver results and bring tangible benefits to our people in accordance with their wishes, aspirations and priorities," he said. In a post on X, Jaishankar also said, "Jointly inaugurated six High Impact Projects in areas of street lighting, mental health, children speech therapy and special education." "Welcome renewal of MoU between National Centre for Good Governance and Civil Services Commission on (the) training of additional 1,000 civil services officers," he added. Addressing the joint press conference, Maldivian Foreign Minister Zameer said, "India has always been one of our closest friends and a vital development partner." He said the "enduring friendship" was built on a foundation of mutual trust and respect and has continued to flourish over the years. "High-level exchanges between our countries have deepened our dialogue and cooperation in areas of shared interest. We remain dedicated to strengthening and advancing this mutually beneficial partnership," he said. "Minister Dr Jaishankar and I agreed that much more needs to be done to promote trade and investment between the Maldives and India," he said, adding that both sides are committed to establishing "effective mechanisms to enhance economic cooperation, fostering a vibrant and prosperous partnership that will benefit both the nations." Zameer said he conveyed President Muizzu's proposal to begin negotiations on a Free Trade Agreement between the Maldives and India. "This agreement alongside other economic and trade-related agreements will facilitate trade liberalisation and ease the risks of doing business in both our countries," he said. Zameer said that India and Maldives have also mutually agreed to further strengthen their partnership by continuing joint exercises and expanding training opportunities for officers from both countries, asserting that this reflects "our commitment to working together to ensure the security of our nations as well as ensuring the safety and stability of the Indian Ocean region." India's relations with the Maldives suffered a major setback last year when President Muizzu demanded the withdrawal of Indian military personnel manning three aviation platforms in the Maldives. Subsequently, the Indian military personnel were replaced by civilians by May 10, the mutually agreed date. "On regional and multilateral issues of importance, our countries have a common understanding and are united in our efforts to resolve them. We agreed to continue our cooperation on issues ranging from combating terrorism, violent extremism, drugs, human trafficking and to the promotion and protection of human rights," Zameer said. In his press statement, Jaishankar said that India and the Maldives "are not just close neighbours, we are also natural partners." "Today, we are mutually invested in each other's development and progress. In a globalised and interconnected world, we see a lot of volatility and global tensions. Even as the world is recovering from the impact of the COVID pandemic, we have been confronted with new challenges arising from international conflicts," he said. In this tumultuous environment, India has been and will be, an anchor of stability for its friends, partners and neighbours. To the Maldives specifically, India has provided support to deal with economic challenges through financial assistance and budgetary support, and by ensuring an uninterrupted supply of critical items, he noted. India's actions have been and will continue to be guided by its firm commitment to the philosophy of 'Sabka Saath, Sabke Vikas - which is- Together, we prosper', Jaishankar said. 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India to introduce UPI payment service in Maldives

<keyword id="19933581" type="General" weightage="20" keywordseo="prayagraj" source="keywords">Prayagraj</keyword>, a city steeped in culture and history, offers a delightful shopping experience for visitors looking to take a piece of its essence back home. From religious artifacts to exquisite handicrafts, the markets of Prayagraj boast a diverse array of items. Here's a guide to the 10 things you must consider buying when exploring the vibrant markets of this charming city. Religious Artifacts: Start your shopping spree with religious artifacts, as Prayagraj is a significant pilgrimage site. Idols of deities, rudraksha beads, and sacred scriptures make for meaningful souvenirs, reflecting the spiritual essence of the city. <keyword id="20242661" type="General" weightage="20" keywordseo="kumkum" source="keywords">Kumkum</keyword> and Sandalwood Paste: Prayagraj is renowned for its religious rituals, and traditional items like kumkum (vermilion) and sandalwood paste are commonly used. Purchase these sacred substances, often sold in ornate containers, to bring a touch of spirituality to your home. Khadi Products: Embrace the spirit of India's independence movement by purchasing Khadi products. From clothing to accessories, the hand-spun and handwoven Khadi fabric is a symbol of self-reliance and a unique memento from Prayagraj. <keyword id="19903693" type="General" weightage="20" keywordseo="banarasi" source="keywords">Banarasi</keyword> Silk Sarees: Just a short distance from the silk city of Varanasi, Prayagraj offers an excellent selection of Banarasi silk sarees. Known for their intricate designs and vibrant colors, these sarees are a timeless addition to any wardrobe. <keyword id="20464202" type="General" weightage="20" keywordseo="wooden-toys-and-handicrafts" source="keywords">Wooden Toys and Handicrafts</keyword>: Explore the local markets for intricately carved wooden toys and handicrafts. These traditional items showcase the skilled craftsmanship of the region and make for charming gifts or decorative pieces. Allahabad Papads: Indulge your taste buds with the local specialty, Allahabad papads. These thin, crispy discs are made from lentil flour and seasoned with unique spices, providing a delicious taste of the city's culinary delights. Ganga-Jamuna Saris: A unique specialty of Prayagraj, Ganga-Jamuna saris are woven with two different colored threads symbolizing the confluence of the Ganges and <keyword id="20076776" type="General" weightage="20" keywordseo="yamuna" source="keywords">Yamuna</keyword> rivers. These sarees are not only beautiful but also carry a cultural significance. Chikankari Embroidery: Immerse yourself in the fine art of Chikankari embroidery, a traditional craft of Uttar Pradesh. Elegant and timeless, Chikankari garments and fabrics make for exquisite keepsakes reflecting the city's cultural heritage. Glass Beaded Jewelry: Adorn yourself with the vibrant and colorful glass beaded jewelry that Prayagraj is known for. From necklaces to bangles, these accessories add a touch of local flair to any ensemble. Ayurvedic Products: Explore the markets for Ayurvedic products, including herbal oils, soaps, and skincare items. Prayagraj is home to many Ayurvedic stores offering natural and locally-made wellness products. Prayagraj's markets are a treasure trove of cultural riches waiting to be explored. From religious souvenirs to handcrafted textiles, each purchase tells a story of the city's rich heritage. Whether you're a devout pilgrim or a curious traveler, these 10 items will not only serve as reminders of your time in Prayagraj but also as cherished tokens of its vibrant culture and traditions. Note: The article is based on content generated by AI models like Bard and Chatgpt. SEE ALSO: <a href="https://www.businessinsider.in/travel/india/webstories/7-best-places-to-visit-in-prayagraj-you-must-explore-on-your-next-trip/slidelist/107429054.cms" data-type="tilCustomLink" target="_blank">7 Best places to visit in Prayagraj you should explore on your next trip</a>

List of famous things to buy in Prayagraj

<ul><li>Indian households to have disposable income in 2024 with lower inflation &amp; strong real income growth outlook.</li><li><keyword id="92883" type="General" weightage="20" keywordseo="consumer-confidence" source="Orion">Consumer confidence</keyword> index is back to its pre-Covid levels, up from its lows in 2020.</li><li>India’s unemployment rate was stable over the year, at 7%, boosting consumer confidence. </li></ul>The ghost of the pandemic is now a thing of the past. Consumer confidence index which hit a five-year low in 2020, has been on a recovery in 2023 and has returned to pre-Covid levels. This might push consumers to spend on big-ticket items, says Fitch Solution company BMI. “We hold a positive outlook for <keyword id="110880" type="General" weightage="20" keywordseo="consumer-spending" source="Orion">consumer spending</keyword> in India over 2024, as the wider Indian economy recovers and growth figures return to a more stable medium-term trajectory,” says BMI in its ‘India <keyword id="513342" type="General" weightage="20" keywordseo="consumer-outlook" source="Orion">Consumer Outlook</keyword>’. <keyword id="1469115" type="General" weightage="20" keywordseo="household-spending" source="Orion">Household spending</keyword> in India will post strong growth over 2024, says BMI. Real household spending is expected to grow at 6.7% y-o-y over the year — an uptick from the 6.5% y-o-y growth estimated for 2023. “This is supported by growing domestic demand as well as the expected recovery of wider international tourism,” the report said. Indian economic forecast <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023 forecast </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2024 forecast </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2025 forecast </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Real GDP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unemployment </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CPI Inflation </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr></tbody></table>Source: National Statistics, BMI Faster growth, benign inflation The Indian economy is expected to grow at a real rate of 6.3% in 2023. The Fitch team forecasts it to grow faster at 6.7% year-on-year. Moreso, inflation worries are easing, allowing households to splurge more. Inflation is expected to hover around 4.7% in the next year whereas 2023’s inflation numbers are pegged at 5.7%. “Inflation is moderating and strong showings in real income growth for Indian consumers will give greater propensity for household spending growth,” BMI says. Moreover, India’s unemployment rate is also stable over the year, at 7%, boosting the confidence in spending habits. Lower debt levels Unlike most nations, Indian <keyword id="1912236" type="General" weightage="20" keywordseo="household-debt" source="Orion">household debt</keyword> has been steadily decreasing, to 36.5% as of Q1 2023. This decrease is due to the recovery from the acceleration seen in household debt during the Covid-19 pandemic period, where households took on debt to support themselves. “These levels are still relatively low and pose little threat to our consumer outlook for the market,” BMI adds. As household debt decreases, a part of the disposable income which is used to service debt can be used for purchases. However, if the interest rates go up in the next three years, higher income households might have to allocate disposable income towards debt financing, placing downward pressure on consumer spending going forward. SEE ALSO <a href="https://www.businessinsider.in/personal-finance/news/gold-rush-dont-recycle-or-book-profits-yet-another-bull-run-on-the-way-say-analysts/articleshow/105803018.cms">Gold rush: Don’t recycle or book profits yet, another bull-run on the way say analysts</a> <a href="https://www.businessinsider.in/stock-market/news/stellar-listing-gains-book-profits-if-there-are-bumper-gains-say-experts/articleshow/105630290.cms">Stellar listing gains: Book profits if there are bumper gains say experts</a>

‘Confident’ Indians might splurge on big-ticket items in 2024

<keyword id="6354759" type="General" weightage="20" keywordseo="bangladesh" source="Orion">Bangladesh</keyword> will soon import defence related items from India under the USD 500 million Line of Credit provided by New Delhi as several identified equipment are being fast tracked, according to Foreign Secretary <keyword id="635703" type="General" weightage="20" keywordseo="harsh-vardhan-shringla" source="Orion">Harsh Vardhan Shringla</keyword>. His remarks came after President Ram Nath Kovind, who is here on his maiden state visit at the invitation of his counterpart M Abdul Hamid to attend the golden jubilee celebrations of Bangladesh's independence from Pakistan in 1971, held delegation-level talks with the country's top leadership on Wednesday. Prime Minister Sheikh Hasina called on President Kovind and the two leaders discussed several issues of mutual interest and bilateral cooperation. They reviewed the progress in the multifaceted and comprehensive bilateral ties. Addressing a press briefing here on Wednesday night, Shringla said, "As far as we are concerned, India and Bangladesh are bound by ties of history, language, spirituality and culture." He said that the defence issue was discussed during President Kovind's talks with Bangladesh's top leadership. “I think the issue of imports of defence related items by Bangladesh, you are aware that we have signed, we have extended the line of credit for defence items for USD 500 million. Under this line of credit, several items have been identified and being fast tracked. They're in fairly advanced stages of being processed… we will see certain defence items exports from India coming to Bangladesh and this is something that we would like to see,” the foreign secretary said. Sringla said that “essentially the entire gamut of cooperation, whether it is training, exchanges, joint manufacturing in the defence sector, this is something that we would like to see enhanced”. In 2019, India provided USD 500 million Line of Credit to Bangladesh for defence-related procurement in the neighbouring country. Export Import Bank of India (Exim Bank) entered into an agreement on April 11 with Bangladesh's Armed Forces Division for making available to the latter a Government of India-supported LoC of USD 500 million. The LoC is for the purpose of financing defence-related procurement in Bangladesh. In April 2017 during Prime Minister Hasina's visit to New Delhi, India committed USD 500 million LoC for Bangladesh's defence. President Kovind on Wednesday assured the top leadership here that Bangladesh has a "special place" in India's 'Neighbourhood First' policy and underlined that the bilateral relationship based on sovereignty, equality, trust and understanding is mature enough to handle the "most complex of problems". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/indias-most-valuable-startup-may-go-public-in-us-at-48-billion-valuation/articleshow/88318989.cms">India’s most valuable startup may go public in US at $48 billion valuation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/miui-13-release-date-expected-features-and-supported-devices/articleshow/88319536.cms">MIUI 13: Release date, expected features and supported devices</a>

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