India's GDP needs to grow 8-8.5% per year to create opportunities in the post-Covid-19 era, a research report has said. The country risks a decade of stagnating incomes

'India risks decade of stagnation if GDP doesn't grow 8% per year'

India's GDP needs to grow 8-8.5% per year to create opportunities in the post-Covid-19&nbsp;era, a research report has said.
The country risks a decade of stagnating incomes and quality of life if urgent steps are not taken to spur growth, a report by McKinsey Global Institute mentioned. According to the report, the country will have to undertake a slew of reform measures over the next 12-18 months with the aim of increasing productivity and creating jobs.
India will have to triple job creation to 12 million per year from the 4 million achieved between 2013 to 2018, it said.

India's GDP needs to grow 8-8.5% per year to create opportunities in the post-Covid-19 era, a research report has said. The country risks a decade of stagnating incomes and quality of life if urgent steps are not taken to spur growth, a report by McKinsey Global Institute mentioned. According to the report, the country will have to undertake a slew of reform measures over the next 12-18 months with the aim of increasing productivity and creating jobs. India will have to triple job creation to 12 million per year from the 4 million achieved between 2013 to 2018, it said.

Securing a&nbsp;narrow escape from losses, the rupee stepped back from initial losses and gained marginally towards the fag-end of the session by two paise against the 

Securing a&nbsp;narrow escape from losses, the rupee stepped back from initial losses and gained marginally towards the fag-end of the session by two paise against the US dollar to close at 72.97 on Friday.&nbsp;Amid weaker domestic equities, the&nbsp;rupee was supported by easing crude oil prices.&nbsp;On Thursday, the rupee extended gains for the third straight session to settle at a near five-month high of 72.99 against the US dollar.&nbsp;

The Reserve Bank of India has said the country has come out of the pandemic crisis and the recovery is getting stronger. The revival in the economy will exceed most for

The Reserve Bank of India has said the country has come out of the pandemic crisis and the recovery is getting stronger. The revival in the economy will exceed most forecasts which will drive the economy towards a &ldquo;glorious summer&rdquo; while throwing open the space for a greater policy support,&nbsp;the&nbsp;Reserve Bank of India said on Thursday.&nbsp;&ldquo;Recent shifts in the macroeconomic landscape have brightened the outlook, with GDP in striking distance of attaining positive territory and inflation easing closer to the target, an article published in the&nbsp;Reserve Bank of India&rsquo;s January bulletin said. The RBI is optimistic that&nbsp;if these movements sustain, policy space could open up to further support the recovery.

China&rsquo;s economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-striken 2020 in remarkably good shape and 

China&rsquo;s economy picked up speed in the fourth quarter, with growth beating expectations as it ended a rough coronavirus-striken 2020 in remarkably good shape and was poised to expand further this year even as the global pandemic raged on.
Though, the 2.3% expansion is the lowest since the Chinese economy embarked on major reforms in the 1970s, but the world&rsquo;s second-largest economy has surprised many with the speed of its recovery from last year&rsquo;s coronavirus jolt, especially as policymakers have also had to navigate tense US-China relations on trade.

International monetary&nbsp;fund&nbsp;chief Kristalina Georgieva has praised India for taking "very decisive" steps to deal with the coronavirus pandemic and its econom

International monetary&nbsp;fund&nbsp;chief Kristalina Georgieva has praised India for taking "very decisive" steps to deal with the coronavirus pandemic and its economic consequences and asked the country to do more this year to support an accelerated transformation of the economy.&nbsp;The IMF Managing Director during a global media roundtable on Thursday predicted a better outlook for India in the upcoming World Economic Update due to the steps taken by it.&nbsp;Talking about India, she said it was a very dramatic lockdown for a country of this size of the population with people clustered so closely together.

India's retail inflation, which is measured by the&nbsp;Consumer Price Index (CPI), eased to&nbsp;4.59% in the month of&nbsp;December&nbsp;mainly due to decline in food

India's retail inflation, which is measured by the&nbsp;Consumer Price Index (CPI), eased to&nbsp;4.59% in the month of&nbsp;December&nbsp;mainly due to decline in food prices. Separately, India&rsquo;s factory output, measured in terms of&nbsp;Index of Industrial Production (IIP), witnessed a contraction of&nbsp;-1.9% in&nbsp;November, data released by the Ministry of Statistics &amp; Programme Implementation (MoSPI) showed on Tuesday.&nbsp;The retail inflation for the month of November was&nbsp;6.93%.&nbsp;The December CPI data has come within the Reserve Bank of India&rsquo;s (RBI) upper margin of 6%.

After mobile phones, the government is now planning to boost domestic manufacturing of new technology devices &ndash; including wearables, hearables, drones and Interne

After mobile phones, the government is now planning to boost domestic manufacturing of new technology devices &ndash; including wearables, hearables, drones and Internet of Things (IoT) products.&nbsp; According to a report in the&nbsp;Economic Times, the Ministry of Electronics and IT&nbsp;is in the process of chalking out an incentive scheme for manufacturing such devices and expects to launch it in the coming months.&nbsp;The Centre may launch a Production Linked Incentive (PLI)-like incentive scheme for manufacturers of these products as demand for these products is expected to increase to $5 billion in the next 2-3 years from $2 billion now.
&nbsp;

India's manufacturing sector activity strengthened in December, with manufacturers stepping up production and input buying amid efforts to rebuild their inventories fol

India's manufacturing sector activity strengthened in December, with manufacturers stepping up production and input buying amid efforts to rebuild their inventories following business closures earlier in the year, a monthly survey has said. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) was at 56.4 in December, a tick higher than November's reading of 56.3. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

The output of India&rsquo;s core industries deteriorated once again in November, after recovering till September 2020. Contracting for the ninth consecutive month, the 

The output of India&rsquo;s core industries deteriorated once again in November, after recovering till September 2020. Contracting for the ninth consecutive month, the output of India's eight core infrastructure sectors dropped by 2.6 per cent in November, mainly due to decline in production of natural gas, refinery products, steel and cement.&nbsp;Data released by the industry department for November shows the output of crude oil, natural gas, refinery products, steel and cement declined by (-)4.9 per cent, (-)9.3 per cent, (-)4.8 per cent, (-)4.4 per cent, and (-)7.1 per cent, respectively.&nbsp;On the other hand, coal and electricity sector output grew by 2.9 per cent and 2.2 per cent during the month under review.&nbsp;

According to Reserve bank of India's report, India's current account surplus shrank to $15.5 billion in the July-September quarter from a record $19.2 billion in April-

According to Reserve bank of India's report, India's current account surplus shrank to $15.5 billion in the July-September quarter from a record $19.2 billion in April-June as its merchandise trade deficit grew. As per the data, the surplus stood at 2.4% of the gross domestic product in the latest quarter, compared with a deficit of $7.6 billion, or 1.1% of GDP. The recent current account surpluses, three straight quarters, has largely been caused by a decline in the country's trade deficit, caused by the covid-19 pandemic, and by a drop in economic activity.&nbsp;

The&nbsp;government has decided to lift the ban on the export of onion from January 1, 2021, the Directorate General of Foreign Trade (DGFT) said on Monday.&nbsp;The go

The&nbsp;government has decided to lift the ban on the export of onion from January 1, 2021, the Directorate General of Foreign Trade (DGFT) said on Monday.&nbsp;The government had, in September, banned the export of all varieties of onion since domestic supplies were depleted.
The development came as the supply crunch seems to be easing with good winter harvests and brisk imports.
In the April-July period, the export of onions rose by an unusual 30%, causing prices to&nbsp;jump&nbsp;up to ₹100 per kg in the country.

Addressing the 72nd edition of Mann Ki Baat, Prime Minister Narendra&nbsp;Modi&nbsp;on Sunday talked about the rising demand for&nbsp;domestically manufactured products

Addressing the 72nd edition of Mann Ki Baat, Prime Minister Narendra&nbsp;Modi&nbsp;on Sunday talked about the rising demand for&nbsp;domestically manufactured products. He also called upon&nbsp;manufacturers and industry leaders to ensure that our products are world-class at a time when the mantra of 'Vocal for Local' is resonating in every house.&nbsp;
The Prime Minister said supply chains got disrupted due to the coronavirus pandemic all across the world, but we learnt new lessons from each crisis. 'The nation also developed new capabilities. We can call this capability 'Aatmanirbharata' or self-reliance,' he added.&nbsp;
PM Modi&nbsp;suggested to make a list of goods of daily use and analyse which imported articles have unconsciously become part of our lives. He pitched to find out their Indian alternatives and resolve to use products produced by the hard work of Indians.

India will regain its position as the fifth-largest economy by 2025 and emerge as the third-largest by 2030 in dollar terms and remain in that position until 2035,&nbsp

India will regain its position as the fifth-largest economy by 2025 and emerge as the third-largest by 2030 in dollar terms and remain in that position until 2035,&nbsp;the Centre for Economics and Business Research said in its latest report.
While China is now forecast to overtake the US economy in 2028, five years earlier than in 2033 as previously forecast, the top economic research firm has estimated.
India overtook the UK and France to become the fifth-largest economy in 2019 but lost the rank due to Covid-19.

As economic activities gather momentum and strive to get back to pre-Covid levels, the Reserve Bank of India has said that the Indian economy is reflating at a pace hig

As economic activities gather momentum and strive to get back to pre-Covid levels, the Reserve Bank of India has said that India is reflating at a pace higher than most predictions.
The monthly bulletin of the central bank for December said that more evidence has emerged since the last bulletin which shows that the Indian economy is coming out of the Covid-induced slowdown.
It noted that economic conditions continued to improve through November 2020 on the back of the uptick in agriculture and manufacturing activity.
&nbsp;

The government has again extended the suspension of fresh proceedings under the insolvency law by three more months, starting December 25.&nbsp;
Fresh insolvency proce

The government has again extended the suspension of fresh proceedings under the insolvency law by three more months, starting December 25.&nbsp;
Fresh insolvency proceedings were suspended&nbsp;from March 25 due to the disruptions caused by the&nbsp;coronavirus&nbsp;pandemic. Initially, the suspension&nbsp;was for six months starting from March 25 and then, it was extended by three months.&nbsp;
The corporate affairs ministry took this step to provide relief for companies reeling under the impact of the pandemic.&nbsp;A bill to amend the Insolvency and Bankruptcy Code was cleared by Parliament in September.

The World Bank and the Government of India on Tuesday inked a pact for a $500-million project to build safe and green national highway corridors, the Ministry of Road T

The World Bank and the Government of India on Tuesday inked a pact for a $500-million project to build safe and green national highway corridors, the Ministry of Road Transport and Highways said.
The highway corridors will be developed in Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh.
The Green National Highways Corridors Project will support the&nbsp;construction&nbsp;of 783 km of highways by integrating safe and green technology designs&nbsp;such as local and marginal materials, industrial byproducts, and other bioengineering solutions. The project will enhance the capacity of the government&nbsp;in mainstreaming safety and green technologies.

The economic impact of deaths due to air pollution in India was 1.4% of GDP&nbsp;or ₹2.6 lakh crore in 2019.&nbsp;As many as 17 lakhs&nbsp;people died in India due to a

The economic impact of deaths due to air pollution in India was 1.4% of GDP&nbsp;or ₹2.6 lakh crore in 2019.&nbsp;As many as 17 lakhs&nbsp;people died in India due to air pollution in 2019, which is 18% of the total deaths in the country.
As per a&nbsp;new study, published by&nbsp;Indian Express, the economic loss due to air pollution as a percentage of the state GDP was higher in the northern and central Indian states, with the highest in Uttar Pradesh (2.2% of GDP) and Bihar (2% of GDP).
A roughly estimated expenditure of 0.4% of the GDP on the treatment of air pollution-related diseases, the health and economic impact of air pollution is highest in the less developed states of India, an inequity that should be addressed.

The Indian government on Tuesday invited bids to sell its 63.75% stake in Shipping Corporation of India to a private investor, in a key asset sale that was delayed due 

In a key asset sale that was delayed due to the coronavirus&nbsp;pandemic, the&nbsp;Modi&nbsp;government on Tuesday invited bids to sell its 63.75% stake in Shipping Corporation of India to a private investor. In a statement, the government said the deadline for submitting initial bids would be February 13. At the current market price, the government's stake sale is valued at about&nbsp;₹&nbsp;2,500 crore.&nbsp;

Finance Minister Nirmala Sitharaman said on Thursday that the government has taken several measures to support the economy but no amount of intervention will be adequat

Finance Minister Nirmala Sitharaman said on Thursday that the government has taken several measures to support the economy but no amount of intervention will be adequate to deal with the crisis triggered by the Covid-19 pandemic.
Addressing the annual general meeting of the Indian Chamber of Commerce, Sitharaman said that while in early 2020 green shoots and revival signs of the economy were visible, it was upset with the pandemic setting in.
On the next Budget, she said that public expenditure, including on capital and infrastructure, will be kept up.
Sitharaman said several sovereign and pension funds are willing to come to India with long-term commitments, which is leading to the higher inward flow of FDI than comparable economies.

The government's total net direct tax collection, which includes advance tax, dropped 17.6% year-on-year in&nbsp;FY21 till December 15,&nbsp;Moneycontrol&nbsp;reported 

The government's total net direct tax collection, which includes advance tax, dropped 17.6% year-on-year in&nbsp;FY21 till December 15,&nbsp;Moneycontrol&nbsp;reported on Wednesday quoting government sources.
The direct tax collections up to December 15 stood at ₹4.95 lakh crore as against ₹6.01 lakh crore in the corresponding period a year ago.&nbsp;
According to the report, corporate tax collected till December 15 stood at ₹2.26 lakh crore and personal income tax stood at ₹2.57 lakh crore.

India&rsquo;s exports contracted for the second consecutive month in November as the second wave of the coronavirus pandemic hit consumer demand in its largest markets 

India&rsquo;s exports contracted for the second consecutive month in November as the second wave of the coronavirus pandemic hit consumer demand in its largest markets in Europe. Exports&nbsp;fell 8.7% while imports contracted 13.3%, with trade deficit touching a 10-month high,&nbsp;according to revised trade data released by the commerce ministry on Tuesday. Major items that affected India&rsquo;s exports performance include petroleum products, engineering good, chemicals and readymade garment, while pharmaceuticals, gems and jewellery, and electronic goods registered some growth.

India risks decade of stagnation in income and quality of life if reform measures are not taken over the next 12-18 months and&nbsp;GDP doesn't grow over 8% annually, a research&nbsp;report said

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'India risks decade of stagnation if GDP doesn't grow 8% per year'

Aug 27, 2020 15:22 IST

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