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Mumbai: India is on track to becoming the <keyword id="20432305" type="General" weightage="20" keywordseo="third-largest-economy" source="keywords">third-largest economy</keyword> by 2030-31, driven by a projected annual growth rate of 6.7 per cent this fiscal, <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="153" meta.entityid="S&amp;P Global">S&amp;P Global</keyword> said in a report on Thursday. The report also said that with 8.2 per cent growth rate in FY2024, continued reforms are crucial to improving business transactions and logistics, boosting <keyword id="20423043" type="General" weightage="20" keywordseo="private-sector-investment" source="keywords">private sector investment</keyword>, and reducing reliance on public capital. It said equity markets are expected to stay dynamic and competitive due to strong growth prospects and better regulation, and foreign inflows into Indian government bonds have surged since the country joined major emerging market indexes, with further growth anticipated. To maximize trade benefits, India must develop infrastructure and geopolitical strategies, particularly regarding its extensive coastline, said the first edition of 'India Forward: Emerging Perspectives' report. Nearly 90 per cent of India's trade is seaborne, necessitating robust port infrastructure to manage increasing exports and bulk commodity imports, it added. Noting that India faces rising domestic energy demands and can look to sustainable technologies, including renewables and low-emission fuels, balancing energy security with its energy transition plans, the report stated that agriculture will rely on advanced technologies and new policies to improve infrastructure and productivity. The need is to address critical infrastructure issues such as irrigation, storage, and supply distribution to ensure food security and economic stability, it added. The <keyword id="23234467" type="General" weightage="20" keywordseo="sp-global-india-research" source="keywords">S&amp;P Global India Research</keyword> Chapter's inaugural study was launched here on Thursday.

India on track to becoming third-largest economy by FY31: S&P Global report

Gandhinagar, <keyword id="7706673" type="General" weightage="20" keywordseo="finance-minister-nirmala-sitharaman" source="Orion">Finance Minister Nirmala Sitharaman</keyword> said on Wednesday exuded confidence that India will become the world's third largest economy worth over USD 5 trillion by 2027-28 and a developed nation by 2047, with GDP touching USD 30 trillion. India, with a GDP of roughly USD 3.4 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany. Sitharaman said during the Amritkal, which will mark 100 years of India's Independence in 2047, emphasis is being given to sunrise industries. Also, the FDI policy of the Narendra Modi Government has helped attract foreign investment, with USD 595 billion coming in the last 9 years. "It is possible that we will be the third largest economy by 2027-28, and our GDP will cross USD 5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least USD 30 trillion in terms of economy," Sitharaman said while addressing a seminar of Vibrant Gujarat Global Summit 2024. Stressing that the people of India have met with the challenges post-COVID and recovery is on a strong footing, she said Gujarat will be the engine of growth in India's march to become a developed economy by 2047. The state has 5 per cent of India's population but contributes 8.5 per cent to the country's GDP. It is rapidly moving forward at 12 per cent CAGR (annual growth) between 2011 and 2021 against a national average of 10.4 per cent, the Union <keyword id="6355261" type="General" weightage="20" keywordseo="finance-minister" source="Orion">Finance Minister</keyword> said. Sitharaman said India is on track to become an in-house producer of semiconductors, and EV adoption is happening in a big way. All of these are the result of the FDI policy being pursued by the government. Between April 2000 and March 2023, in 23 years, India has attracted USD 919 billion in foreign direct investment (FDI). 65 per cent of this, or USD 595 billion, has come in the last 8-9 years, Sitharaman said. "FDI is coming in... where policies bring in greater certainty, convenience, ease of doing business, FDI flows in. Of course, disruptions of higher US Fed rate and other things can divert it elsewhere. But despite that, we have been receiving that kind of flow of the FDI. It is not as if it's coming only for manufacturing, it is coming in the service sector (as well)," she said. Speaking about financial inclusion, Sitharaman said 80 per cent of people have bank accounts. The number of bank account holders increased to 50 crore from 15 crore in 2014.

India to be third largest economy by FY28, a developed nation by 2047: FM

NEW DELHI: India has displaced <keyword id="6355311" type="COUNTRY" weightage="60" keywordseo="Japan">Japan</keyword> to become the world’s third biggest <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword> in terms of purchasing power parity (PPP), according to a <keyword id="6354424" type="ORGANIZATION" weightage="40" keywordseo="World-Bank">World Bank</keyword> report released on Tuesday. 
 
The 2011 round of the bank’s International Comparison Program (ICP) ranked India after the US and China. The last survey in 2005 had placed the country on 10th place. 
 
PPP is used to compare economies and incomes of people by adjusting for differences in prices in different countries to make a meaningful comparison. India’s share in <keyword id="524625" type="UNKNOWN" weightage="40" keywordseo="world-GDP">World GDP</keyword> in terms of PPP was 6.4% in 2011 compared with China’s 14.9% and the US’ 17.1%, the latest ICP showed. The survey covered 199 economies. 
“The United States remained the world’s largest economy, but it was closely followed by China when measured using PPPs. India was now the world’s third largest economy, moving ahead of Japan,” the report said. 
 Despite high inflation in India in recent years, prices in the country are still well below those in advanced economies, explaining the higher raking for India on the PPP measure. But according to the <keyword id="6366068" type="ORGANIZATION" weightage="40" keywordseo="INTERNATIONAL-MONETARY-FUND">International Monetary Fund</keyword> (IMF), India’s economy is 12th largest and only about a third of Japan’s in terms of absolute unadjusted dollars. “The economies with the lowest prices are either in Africa or Asia and the Pacific and include India, which has the third-largest economy,” the report noted. 
 “Because economies estimate their <keyword id="35050" type="CITY" weightage="40" keywordseo="gdp">GDP</keyword> at national price levels and in national currencies, those GDPs are not comparable. To be compared, they must be valued at a common price level and expressed in a common currency,” the report said, giving out the rationale for the PPP adjustments. 
 
 
 
For example, people in a country with higher average per capita income may not necessarily have a better quality life than a country with lower average per capita income. 
 
This makes it a good tool to compare poverty levels across countries. 
 
“One major use of PPPs is poverty assessment using the World Bank’s international poverty threshold of $1.25 per day per person. National poverty assessments differ because the purchasing power of national currencies differs from one economy to another,” the report said. 
In terms of per capita GDP, even in PPP terms, India ranks very low at 127 in the 199-country ranking. 
 
“The largest economies were not the richest, as shown in the ranking of GDP per capita. The middle-in­come economies with large economies also had large populations, setting the stage for continued growth,” the report noted. 
 
In the latest ranking, India’s economy was 37.1% of the US economy compared with 18.9% in 2005. 
The report said in terms of spending power, the differences have come down. 
 
“The spread of per capita actual individual consumption as a percentage of that of the United States has been greatly reduced, suggesting that the world has become more equal,” it said but cautioned some of this could be due to changes in the methodology.

India Displaces Japan To Become Third-Largest World Economy In Terms Of PPP: World Bank

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.apimages.com/Search?query=trump+abe&amp;ss=10&amp;st=kw&amp;entitysearch=&amp;toItem=18&amp;orderBy=Newest&amp;searchMediaType=allmedia">AP Photo/Susan Walsh</a></div></div></div><ul class="summary-list"><li>As trade war talks with China enter their endgame, President Trump has turned his attentions to Japan - the world's third largest economy. </li><li>The US has a $60 billion trade deficit with Japan and Trump is keen to open up the country's economy, especially regarding agriculture. </li><li>Japanese Prime Minister Shinzo Abe is wary of losing out in any new deal with the US, as Trump's trade agenda goes deeper into the Pacific. </li></ul>Not content with worrying investors over just the ongoing US-China trade war, President Donald Trump is now turning his focus on trade to Japan. Negotiators from both sides are set to meet next week with the intention of thrashing out a new bilateral deal between the two nations. The talks come at the US's behest following its decision to <a href="https://www.businessinsider.com/trump-signs-executive-order-on-tpp-2017-1?r=US&amp;IR=T">pull out of the Trans-Pacific Partnership (TPP)</a> early in the Trump presidency.<a href="https://www.straitstimes.com/asia/east-asia/japan-braces-for-its-clash-with-trump-as-china-trade-war-cools">Talks will take place in Washington next Monday and Tuesday</a>, Japan's economy minister Toshimitsu Motegi said Friday, and will be led on the US side by Trade Representative Robert Lighthizer. Lighthizer has spearheaded ongoing talks with China, and is a key Trump lieutenant.The initial hope is for the US to strike a deal on agriculture, a key pillar of its trade talks with China, before agreeing a more comprehensive free trade deal with Japan, the world's third largest economy. Read more: <a href="https://www.businessinsider.com/us-and-china-trade-deal-update-2019-4">The US and China are said to be on the verge of reaching a trade deal</a><a href="https://asia.nikkei.com/Economy/Trade-war/US-seeks-quick-agreement-on-agriculture-in-Japan-trade-talks">"I hope we can come to a quick agreement with Japan and then hash out the many other issues that take longer,"</a> US agriculture secretary Sonny Perdue told reporters, as reported by Nikkei Asian Review.The $60 billion trade deficit will likely be a key pillar of talks, with Trump keen to continue pushing his "America First" agenda, as he ramps up his campaign for a second term in the White House.Trump previously indicated that <a href="https://www.businessinsider.com/trump-trade-war-japan-tariffs-on-cars-2018-9?r=US&amp;IR=T">Japan would be a target for trade talks</a> after imposing tariffs on steel and autos last year, saying that the country would "pay" for its trade surplus with the US. Beef and pork exports to Japan from the US have fallen as a result of preferential tariffs received by TPP nations and the recent <a href="https://www.bbc.co.uk/news/business-47086737">Japan-EU trade deal.</a>Abe is reportedly determined not to give the US a better deal and will look to delay any swift resolution to negotiations.<a href="https://www.bloomberg.com/news/articles/2019-04-11/as-china-trade-war-cools-japan-braces-for-its-clash-with-trump?cmpid=BBD041219_MKT&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=190412&amp;utm_campaign=marketsasia">"It's the U.S. who asked for these bilateral negotiations,"</a> Ichiro Fujisaki, a former Japanese ambassador to the US said in an interview with Bloomberg."So, it's the U.S. who should put to us what they want, rather than us offering this and that before being asked." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/games-of-thrones-stars-real-life-jon-snow-cersei-lannister-stark-hbo-2017-7">Here's what 'Game of Thrones' stars look like in real life</a></h3> <div> </div> </div>

Trump's trade war is expanding to Japan, and a deal with the world's third largest economy won't be easy

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Italian GDP dropped another 0.1% in the third quarter, as expected.
That's following a 0.2% drop in Q2 and another 0.1% decline in Q1, capping nine months of recession for Europe's third-largest economy. 
We've already had French data Friday morning, with a 0.3% boost in the third quarter. That's slightly stronger than economists expected, but<a href="http://uk.businessinsider.com/france-gdp-q3-nov-14-2014-2014-11"> still fairly poor by any other standard</a>. 
And from Germany, the once-reliable engine of the European economy, things were even worse. Europe's largest economy reported a 0.1% increase in GDP, <a href="http://uk.businessinsider.com/author/mike-bird">narrowly avoiding a technical recession</a>.

Italy Just Notched Up Another Quarter Of Recession

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Yiorgos Karahalis </div></div></div><ul class="summary-list"><li>There is now conclusive proof that Europe is in the midst of an economic slump.</li><li>Data released on Monday showed that industrial production throughout the whole of the eurozone dropped sharply, pointing to only a glacial pace of growth in the continent at the end of 2018.</li><li>Two of the continent's four biggest economies, representing a total GDP of more than $5.5 trillion, are on the brink of recession.</li></ul>The global economy is fraught with problems at the start of 2019. President Donald Trump's trade war with China rumbles on; the US government shutdown is now the longest in history and is dragging on the country's economy; and in China, economic data points to a continuing slowdown for the world's second largest economy.As economists, investors, and policymakers <a href="https://www.businessinsider.com/us-economy-to-fall-behind-china-within-a-year-standard-chartered-says-2019-1">focus intently on what's going on in the US and China</a>, there's another major economic crisis brewing.This time, it's in Europe, where growth has slowed practically to a standstill, and two of the continent's four biggest economies, representing a total GDP of more than $5.5 trillion, are on the brink of, or already in, recession.Data released on Monday showed that industrial production throughout the whole of the eurozone slumped into the end of 2018, signalling that the single currency area's economy is still growing, but doing so at a glacial pace.Eurostat, the EU's statistical authority said on Monday that <a href="https://ec.europa.eu/eurostat/documents/2995521/9490436/4-14012019-AP-EN.pdf/9d606acd-97bc-4a5b-8c4c-a270888aab0a">industrial production fell by 1.7% between October and November last year.</a>"The numbers bode ill for GDP in Q4," Andrew Kenningham, the chief Europe economist at Capital Economics, said in a note to clients."While the eurozone may have eked out a small increase in GDP in Q4, it has clearly shifted down a gear. And there is little reason to expect a sharp rebound in 2019."The chart below shows the sharp contraction in industry, the traditional driver of many major European economies:<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Capital Economics" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5c3c93170df176156d3a1e46-960/screenshot 2019-01-14 at 134749.png"></a>Capital Economics</div></div></div>Away from the broad progress of the whole eurozone, things are even more dire. Both Germany, Europe's largest economy (GDP: $3.7 trillion), and Italy, Europe's 4th largest, and the eurozone's 3rd largest (GDP: $1.9 trillion) saw their economies slump into the end of 2018, while <a href="https://www.businessinsider.com/france-yellow-vest-protests-will-keep-damaging-the-economy-2018-12">France is also in the doldrums.</a>When official data about growth is released in March, both Germany and Italy will almost certainly have fallen into technical recessions, defined as two consecutive quarters of negative growth.<h2>Germany's economic powerhouse struggles</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">Alexander Hassenstein/Getty Images</div></div></div>Data last week showed that Germany, Europe's economic powerhouse and by far its largest economy, has likely fallen into a recession after the country's manufacturing sector reported <a href="https://www.businessinsider.com/germany-just-went-into-a-recession-2019-1">a truly shocking end to 2018.</a>In the month of November industrial production fell by 1.9%, while the year-on-year data showed a 4.6% drop, the worst annual performance since the financial crisis.Read more: <a href="https://www.businessinsider.com/germany-just-went-into-a-recession-2019-1">Germany, the 4th-largest economy, probably just went into an unexpected recession</a>"Germany likely was in recession in H2 2018 ... Yesterday's manufacturing data in Germany provided alarming evidence of a much more severe slowdown in the second half of last year than economists had initially expected," Claus Vistesen, the chief eurozone economist at research house Pantheon Macroeconomics said.Manufacturing is the big driver of the German economy, so when it falters, so too does Germany as a whole.The economy already shrank 0.1% in the third quarter of last year, and the data points to a second quarter of negative growth in 2018's final three months.Much of that slump is down to what's happening in the automotive industry, long the jewel in German manufacturing's crown. Greater competition in global markets, as well as newly introduced European Union greenhouse-gas emissions targets for automakers - the EU seeks to reduce emissions by 30% - have helped to trample on the auto sector in the country. <a href="https://www.bmwgroup.com/en/investor-relations/financial-reports.html">BMW, for instance, saw third-quarter operating profits plunge 27%.</a><h2>A third recession in a decade?</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Tony Gentile</div></div></div>As Germany struggles, so too does Italy look to be on the cusp of a fresh recession, a third in just over a decade, as the systematic weaknesses in the country's economy continues unabated.While <a href="https://www.businessinsider.com/italy-budget-rome-and-eu-agree-deal-on-budget-deficit-2018-12">the budget crisis that gripped the country in the second half of 2018 seems to finally have a solution,</a> the country's government is volatile and highly euroskeptic, and it is not impossible that it will go back on promises made to the EU during negotiations.Not only that, but the fundamentals of the Italian economy continue to struggle. Like Germany, Italy's manufacturing sector has bombed out in recent months, with both survey and official data showing a continued contraction in the sector at the end of 2018.Read more: <a href="https://www.businessinsider.com/italy-passes-budget-avoiding-confrontation-with-european-union-2018-12" data-analytics-position="8">Italy finally squeezed a budget through parliament, averting a head-on collision with the EU</a>Andrew Harker, an associate director at IHS Markit, which compiles PMI, <a href="https://www.markiteconomics.com/Public/Home/PressRelease/79f6906a420744aa937194d3df529ef9">said last week</a> that it was a "worrying end to the year for Italian manufacturers, with firms continuing to struggle to secure new business.""This is in marked contrast to the start of 2018, when the sector was experiencing strong growth. Moreover, with business confidence at a six-year low, there appears little sense of optimism that the current soft patch will come to an end in the near future," he added.Italian GDP, like Germany, also contracted 0.1% in the third quarter of the year, and the weakening manufacturing sector points to another quarter of contraction, and a second nation in a technical recession.<h2>Other nations are nearing recessions, but aren't there yet</h2>As Italy and Germany look to enter recessions, the rest of Europe is also struggling. In France, the eurozone's third largest economy, growth has stopped in its tracks as the continued protests of the "Gilets Jaune" subdue activity.The yellow vest protests are expected to <a href="https://www.telegraph.co.uk/business/2018/12/10/frances-yellow-vest-protests-have-halved-economic-growth-central/">halve</a> the country's GDP growth by 0.2% from 0.4% in the fourth quarter, and retailers have lost more than €1 billion in revenues since the protests started in November. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/7-science-backed-ways-happier-healthier-new-year-2016-12">7 science-backed ways to a happier and healthier 2019 that you can do the first week of the new year</a></h3> <div> </div> </div>

We now have conclusive proof that Europe is in an economic slump, and that two of its biggest economies are careering towards recession

<ul><li>India is expected to overtake Germany to become fourth-largest economy in 2026. </li><li> It further said India is also set to reach a gross domestic product (GDP) of USD 5 trillion by 2026, 2 years later than the government's target. </li><li>Japan to become third largest in 2034.</li></ul>India is expected to overtake Germany to become fourth-largest economy in 2026 and Japan to become third largest in 2034, according a recent report by the UK-based Centre for Economics and Business Research (CEBR).
 It further said India is also set to reach a gross domestic product (GDP) of USD 5 trillion by 2026, 2 years later than the government's target.
 "India has decisively overtaken both France and the UK to become the world's fifth-largest economy in 2019. It is expected to overtake Germany to become fourth largest in 2026 and Japan to become the third largest in 2034," the report, titled 'World Economic League Table 2020', said.
 Japan, Germany and India will battle for third position over the next 15 years, according to the CEBR.
 Referring to Prime Minister Narendra Modi-led government's target of taking the economy to 5 USD trillion by 2024, it said, "India is also set to reach a GDP of USD 5 trillion by 2026 - 2 years later than the current government target."
 But, dark clouds gathering all over the economy are leading many to question the maintainability of the target.
 Recently, former Reserve Bank governor C Rangarajan, said that at the current growth rate, reaching the USD 5-trillion GDP target by 2024-25 is "simply out of question".
 Noting that Indian data revisions mean that 2019 was the year when the country's economy finally overtook the UK and France, the report said, "But, slow growth during the year has increased pressure for more radical economic reforms."
 Despite the rapid ascent of countries such as India and Indonesia, it is striking how little an impact this will have on the US and China's dominant roles in the global economy, said Pablo Shah, senior economist at Cebr.
 India, which till recently was hailed as the world's fastest-growing major economy, has seen growth rate decline to a six-year low of 4.5 per cent in the September quarter of 2019-20.
 This has largely been attributed to the slowdown in investment that has now broadened into consumption, driven by financial stress among rural households and weak job creation.
 The World Economic League Table is an annual calculation by Cebr jointly published by Cebr and Global Construction Perspectives. The base data for 2019 is taken from the IMF World Economic Outlook. BKS HRS

India might overtake Germany to become world's fourth largest economy, predicts CEBR

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> urged CEOs of US majors to take advantage of India's growth story as the country is making all efforts to become the third largest economy of the world in his third term. India is currently the fifth largest economy of the world after the US, China, Germany and Japan with a GDP of around USD 3.9 trillion. India has been the fastest growing large economies of the world with GDP growth rate of over 7 per cent for the last three consecutive years. Addressing CEOs of the large US tech firms on Sunday, Modi said India will make every effort to become the third largest economy in the world in his third term (2024-29). Companies should take advantage of India's growth story for collaboration and innovation by co-developing, co-designing, and co-producing in India for the world, harnessing the opportunities from the country's economic and technological growth, he said. Assuring the business leaders of India's deep commitment to the protection of intellectual property and to fostering tech innovation, Modi highlighted the economic transformation happening in the country, particularly in electronics and information technology manufacturing and semiconductors. Modi asserted that his government was committed to making India a "global hub of <keyword id="20073013" type="General" weightage="20" keywordseo="semiconductor-manufacturing" source="keywords">semiconductor manufacturing</keyword>". The meeting took place at the Lotte <keyword id="19904497" type="General" weightage="20" keywordseo="New-York" source="keywords">New York</keyword> Palace Hotel on Sunday during the second leg of Modi's three-day US visit. It saw the participation of CEOs of 15 major US-based firms working on cutting-edge technologies such as AI, quantum computing and semiconductors. "Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation and more. Also highlighted the strides made by India in this field. I am glad to see immense optimism towards India," Modi said in a post on X. During the conference, Modi said technology collaboration and efforts such as the Initiative on Critical and Emerging Technologies (ICET) lie at the core of the India-US Comprehensive Global Strategic Partnership, according to a Ministry of External Affairs press release. Organised by the Massachusetts Institute of Technology (MIT) School of Engineering, the CEOs of top US tech firms, including Google CEO Sundar Pichai, Adobe CEO Shantanu Narayena, Accenture CEO Julie Sweet and NVIDIA CEO Jensen Huang attended the meeting. Others who participated in the roundtable included AMD CEO Lisa Su, HP Inc. CEO Enrique Lores, IBM CEO Arvind Krishna, Dr Noubar Afeyan, Chairman of Moderna, and Verizon CEO Hans Vestberg. Modi also talked about India's BIO E3 (biotechnology for environment, economy and employment) policy to develop the country into a biotech powerhouse and on the topic of AI, noted that India's policy is to promote AI for all, underpinned by its ethical and responsible use. The CEOs appreciated India's growing prominence as a global technology hub, driven by its innovation-friendly policies and flourishing market opportunities. They also expressed strong interest in investing and collaborating with India, agreeing that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in the country. Others who attended the conference included Biogen Inc CEO Chris Viehbacher, CEO of Bristol Myers Squibb, Chris Boerner, Eli Lilly and Company CEO David A. Ricks, LAM Research CEO Tim Archer, GlobalFoundries CEO Thomas Caulfield, and the CEO of Kyndryl, Martin Schroeter. "Further cementing technology and business connect. PM @narendramodi interacted with the top tech leaders and CEOs of USA, in a Roundtable hosted by the Massachusetts Institute of Technology School of Engineering, in New York today. PM emphasised India's growth prospects and discussed initiatives to foster collaborations and innovation across diverse sectors," the official account of the MEA said in a post on X. The prime minister had a separate meeting with Krishna P Singh, CEO of Holtec International, which is into nuclear and solar power generation. They discussed Holtec's plan for expanding manufacturing in India and advancing energy cooperation, PMO India said in a post on X. Earlier on Sunday, Modi addressed the <keyword id="20115166" type="General" weightage="20" keywordseo="Indian-diaspora" source="keywords">Indian diaspora</keyword> at the packed Nassau Veterans Coliseum on Long Island in New York. He also held bilateral meetings with world leaders at the sidelines of the UN General Assembly session here. Modi reached New York on Saturday after attending the Quad Leaders' Summit hosted by President Joe Biden in Wilmington, Delaware. <div type="Article" hostid="261" msid="113516805" title="Why is Indian Prime Minister Narendra Modi visiting the US this weekend?" mstype="2" mssubtype="0"></div>

PM Modi invites US CEOs to take a 'byte' out of India's growing technology sector

<div class="image-container float_right" style="width:480px"><div class="image">REUTERS/Jason Lee</div></div>For years, <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> has been way out front as the world's most important source of economic growth.
While the country's mammoth <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> – the second largest in the world – continues to grow at a rapid clip, it is cooling as other enormous economies heat up.
Specifically, Japan – the third largest economy – is on the <a href="http://www.businessinsider.com/what-the-heck-is-happening-in-japan-2013-6">receiving end of massive monetary stimulus</a>. And the U.S. – the largest economy – is <a href="http://www.businessinsider.com/morgan-stanley-raises-gdp-forecast-2013-6">picking up</a>.
From Societe Generale's new quarterly Global Economic Outlook report:
End of China growth dominance: China has long been the dominant driver of Asia growth, but this is no longer the case as the economy undergoes a structural slowdown. Japan has engaged policy stimulus and US recovery marks an additional positive for global growth. The PBoC has resisted the temptation to ease and, looking ahead, we expect to see tighter credit conditions in China act as an additional brake on economic activity. The Fed’s QE exit may amplify <keyword id="818773" type="ENTERTAINMENT" weightage="40" keywordseo="The-situation">the situation</keyword>, drawing out capital and placing downward pressure on the yuan. Structural reform will ultimately determine how painful the adjustment will be – the right reform efforts have the potential to smooth the adjustment.
Below are two charts from SocGen that show how important China is to <keyword id="818790" type="UNKNOWN" weightage="40" keywordseo="the-rest">the rest</keyword> of the world. First is SocGen's estimate for the impacts of a major economic slowdown in China:
<div class="image-container" style="width:800px"><div class="image">Societe Generale</div></div>
And here are China's big trading partners:
<div class="image-container" style="width:800px"><div class="image">Societe Generale</div></div>

China Is No Longer The World's Dominant Source Of Growth

India's GDP growth is projected at 7.2 per cent in 2024-25, around 7 per cent in the next fiscal, and after that, there is a strong likelihood that the growth will revert to the 8 per cent trend, said <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> deputy governor <keyword id="20244361" type="General" weightage="20" keywordseo="Michael-Debabrata-Patra" source="keywords">Michael Debabrata Patra</keyword>. He was speaking at the New York Fed Central Banking Seminar organised by the <keyword id="20238413" type="General" weightage="20" keywordseo="Federal-Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Federal Reserve Bank" meta.hostid="261" meta.entityid="Federal Reserve Bank">Federal Reserve Bank</keyword> here on Monday. "...I do believe with all the strength of my conviction that India's time has come," he said, and highlighted the country heads into its future with the youngest population in the world with a median age of 28 years. Unlike in many parts of the world, the working age population is growing -- every sixth working age person is an Indian. Patra said that since independence in 1947, India's growth path has undergone three structural shifts with trend growth, having risen to 7 per cent during 2002-2019. After the severe contraction during the pandemic, a new growth trajectory averaging 8 per cent seems to be forming during 2021-24, he said. India is now regarded as the fastest growing major economy in the world. Already the fifth largest economy in terms of market exchange rates, it is poised to become the third largest economy by 2030, the senior RBI official said and added the country is already the third largest economy in terms of <keyword id="20776921" type="General" weightage="20" keywordseo="purchasing-power-parity" source="keywords">purchasing power parity</keyword>. "Our projections show that India's <keyword id="21013593" type="General" weightage="20" keywordseo="real-GDP-growth" source="keywords">real GDP growth</keyword> will be 7.2 per cent in 2024-25 and around 7.0 per cent in 2025-26 in a cyclical correction to the rebound from the pandemic. Thereafter, there is a strong likelihood that India's growth will revert to the 8 per cent trend," Patra said. On inflation, he said it is projected to average 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26. Consumer Price Index (CPI) based inflation fell below target during July-August but rose to 5.5 per cent in September on the back of a pickup in price momentum in some food items and adverse base effects inherent in year-on-year measurement. "Our projection indicates that these price pressures will persist in October and November before headline inflation realigns with the target from December 2024 and remains aligned in 2025-26," the deputy governor said. He also emphasised that India is emerging as a world leader in leveraging <keyword id="20181895" type="General" weightage="20" keywordseo="digital-technologies" source="keywords">digital technologies</keyword> for transformative change.

India likely to grow at 7.2% in FY25, says RBI deputy governor

<div class="KonaFilter image-container display-table"><div><div class="image on-image">ReutersGermany avoided recession by this much.</div></div></div><ul><li>Germany's economy narrowly avoided recession in the third quarter, as GDP rose 0.1%. </li><li>The European powerhouse economy declined in the second quarter 0.2%, so any further decline would put Germany in a technical recession. </li><li>Consumption led the rise through household and government expenditure, according to official data. </li><li>One economist said: "The economy will probably contract slightly next year - so a recession may have been postponed, rather than avoided altogether."</li><li><a href="https://businessinsider.com">View Business Insider's homepage for more stories. </a></li></ul>Germany's economy narrowly avoided recession, as data released on Thursday by the German Federal Statistics Office (<a href="https://www.destatis.de/EN/Press/2019/11/PE19_436_811.html">Statistisches Bundesamt</a>) shows that GDP increased 0.1% in the third quarter. The German economy shrank 0.2% in the second quarter, according to official data, so any fall in the third quarter would mean Europe's largest economy is in a technical recession. Much of Germany's slowing output is due to down to a steep decline in manufacturing - the largest sector of the German economy. New orders for German factory equipment dropped due to Brexit and the trade war. Andrew Kenningham, chief Europe economist at Capital Economics said Germany isn't in the clear just yet. "The economy will probably contract slightly next year - so a recession may have been postponed rather than avoided altogether," he said in an email. "While today's data release comes a bit of a relief, prospects for the coming quarters remain poor," Kenningham said. "Business surveys for October, such as the Composite PMI and Ifo Business Climate Index, suggest that the economy may well contract in Q4.""And with policymakers unlikely to loosen fiscal policy significantly, we think a mild recession is more likely than not in the coming year."Germany's economy also acts as a lynchpin in the European economy, if Germany falls into recession, the rest of Europe is also at risk. However, just last week data from the Statistisches Bundesamt showed that the country <a href="https://markets.businessinsider.com/news/stocks/germany-industrial-orders-up-in-september-amid-manufacturing-recession-2019-11-1028663558">posted a surprise rebound in manufacturing</a> as new orders rose 1.3% in September, following a 0.4% drop in August. The data released on Thursday showed that growth in the third quarter was led by consumption, with household and government consumption expenditure increasing. Exports also rose on the last quarter, while imports remained flat.<a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/3rd-wave-tech-stocks-why-theyre-new-disruptors-mark-baribeau-2019-10">A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption</a></h3> <div> </div> </div>

Germany just narrowly avoided recession - but a downturn 'is more likely than not' in 2020

<keyword id="42575" type="PERSON" weightage="80" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, the newly sworn-in <keyword id="2258794" type="UNKNOWN" weightage="80" keywordseo="Finance-and-Corporate-Affairs-Minister">Finance and Corporate Affairs Minister</keyword> of India, said he would focus on restoring confidence of investors in Asia's third largest economy. 

	Soon after taking charge of the Finance Ministry, Jaitley stated that the country’s economy was passing through difficult times.
 The biggest challenge before the new finance minister will be to revive an economy that is mired in its worst slowdown since the 1980s due to myriad issues, such as strained public finances, persistently <keyword id="101998" type="UNKNOWN" weightage="40" keywordseo="high-inflation">high inflation</keyword>, high interest rates and rising bad loans at banks. Referring to his priorities as finance minister, Jaitley said that he had taken over the new responsibility at a very challenging time, particularly when there is a need to rebuild the confidence of the <keyword id="6356076" type="UNKNOWN" weightage="80" keywordseo="indian-economy">Indian economy</keyword>. 

	Jaitley also added that the political change itself would send a strong signal to the global community, as also to the domestic investors.
 

	The minister further said that the entire policy of the new government would be clarified in the next few days.
 

	India had registered over 9% growth for a few years before the global financial meltdown of 2008 pulled it down. The economic growth rate slipped to as low as 4.5% in 2012-13. However, it inched up to 4.9% in 2013-14.
 

	In the current fiscal, the growth rate is expected to rise further to 5.5%.
 

	He also said that he would be looking after the Defence portfolio as an additional charge till there’s an expansion in the Cabinet. 
	Image: Thinkstock

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