NATIONAL POLICY
DPIIT inks pact with NCAER for making framework, assessment of logistics cost
The DPIIT has collaborated with think tank NCAER to develop a detailed framework for assessing logistics cost in India. The study aims to identify cost differentials across various factors and sectors. The goal is to reduce logistics costs to the GDP, with the report expected within a year.
SCO fosters regional stability & multilateral coop: Kazakhstan
The SCO Summit in Astana, Kazakhstan, represents a significant event for over 3 billion people. Kazakhstan, as a founding member, prioritizes the SCO's development within its balanced foreign policy. Deputy Foreign Minister Roman Vassilenko emphasized the summit's role in mutual respect and consensus-building. Under Kazakhstan's presidency, over 150 events focused on energy, digitalization, and environmental protection. President Tokayev's "World Unity for Just Peace and Harmony" initiative highlights Kazakhstan's influence. Kazakhstan's strategic location, rich resources, and strong economic growth make it a key player in global diplomacy and trade.
Go back to schools to root out NEET-type malaise
The high-powered committee on entrance exam reforms, set up following the NEET-UG fiasco, is learnt to have received several of these inputs. Academics, experts and officials associated with the education ministry over the years have highlighted the urgent need to restore the primacy of school-level teaching and learning and for more 'distributed' school-level weightage in entrance exams.
2015 skilling policy to be replaced with new one
A new policy on skilling in India, drafted by BCG, aims to create a skilled workforce to meet global demands, aligning with the government's vision and demographic dividend.
Budget 2024 will see many historic economic policies, will be a futuristic one: President Murmu at Parliament
In her address to Parliament, President Droupadi Murmu announced that the upcoming Union Budget will introduce historic economic policies and reforms at an accelerated pace. Highlighting India's contribution of 15% to the global economy, she emphasized that this budget will reflect the government's long-term policies and futuristic vision. Finance Minister Nirmala Sitharaman is set to present this Union Budget in July 2024.
Opposing policies and obstructing Parliament two different things: President Droupadi Murmu
Opposing policies and obstructing Parliament are two different things, President Droupadi Murmu said on Thursday as she addressed the first joint sitting of the 18th Lok Sabha. She said making India a developed nation is the aspiration and resolve of every citizen of the country and no obstacle should come in the way of fulfilling their aspirations.
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Focus on upcoming Budget: Policy in the works on finance, health support for elders
India is considering policy measures for senior care, including expanding healthcare access through Ayushman Bharat, revising pension under the Indira Gandhi scheme, and providing healthcare under NPHCE.
States hike in healthcare expenditure to help meet India's '2.5% of GDP' target
India's expenditure on health, including clean water and sanitation, is on track to reach the target of 2.5% of GDP by 2024-25. States have surpassed the Centre's allocation to achieve a combined effort of 2.13% of GDP. Despite concerns over declining spending on healthcare systems, increased state allocations may help reach the 2.5% target by 2025.
Real repo rate too high and could hurt growth, said MPC dissenters
The two external members of the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) who had pushed for a 25 basis point rate cut at the June 7 meeting, Ashima Goyal and JR Varma, said the real repo rate at 2% was too high and could hurt growth, according to the minutes released by the central bank on Friday.
Dollar edges higher, buoyed by monetary policy imbalance
The dollar strengthened against major currencies on positive U.S. economic data. U.S. business activity surged in June, easing inflation concerns. Dollar index rose to 105.81, erasing weekly declines. Thierry Wizman predicts continued dollar strength amid European political uncertainty.
Job creation is India's top economic challenge, policy experts say
According to a poll of policy experts by Reuters, tackling India's chronic joblessness will be the biggest challenge for the government over the next five years, despite the country's status as the world's fastest-growing major economy. The economy grew more than 8% last fiscal year, but this growth has not translated into sufficient job creation, particularly for young people. The recent parliamentary elections saw Prime Minister Narendra Modi's BJP losing its majority, partly due to issues such as widening inequality, inflation pressure, and a lack of well-paying jobs.
9 nuclear-armed nations including India continued to modernise N-arsenals in 2023: SIPRI
The Stockholm International Peace Research Institute (SIPRI) reported that nine nuclear-armed nations, including the US, Russia, France, China, India, and Pakistan, continued to modernize their nuclear arsenals in 2023. China notably increased its nuclear arsenal from 410 to 500 warheads and is expected to continue growing. The report highlighted that around 2,100 deployed warheads were on high operational alert, primarily held by Russia and the US, with China joining for the first time.
J&K schools told to begin morning prayers with national anthem
The Jammu and Kashmir administration issued an order directing schools in the Union territory to ensure that the morning assembly, lasting 20 minutes, starts with the national anthem. The order aims to maintain uniformity in this significant tradition not consistently followed in schools across the UT.
Nirmala Sitharaman returns as Finance Minister with analysts' votes in favour of Modi's faith in her
Modi's new cabinet: Indian Prime Minister Narendra Modi's decision to reappoint Nirmala Sitharaman as the country's finance minister signals policy continuity, reassuring market analysts. With a focus on infrastructure and fiscal discipline, Sitharaman faces the challenge of managing fiscal demands in a coalition government. Analysts predict a continued emphasis on infrastructure spending and adherence to fiscal conservatism.
CII: Continuity in reforms will make India developed Nation
The Confederation of Indian Industry (CII) believes that continuity in policy reforms under Prime Minister Narendra Modi's leadership will drive India towards becoming a developed nation. The CII president, Sanjiv Puri, stated that with a strong growth rate of 8.2% for 2023-24, the new government can implement further reforms to capitalize on global opportunities and strengthen the Indian economy's fundamentals. The CII is eager to collaborate with the new government to accelerate the nation's development journey.
Modi 3.0: Growth sequel starring jobs, investment
The full budget, likely to be presented early in July, will detail specific measures toward this end. "The focus would be to promote labour-intensive growth that will create jobs, with continued emphasis on macroeconomic stability," a top government official aware of the details told ET. A host of measures on startups and taxation - including inverted duty structure correction, along with GST rate rationalisation - is under discussion, said the person cited above.
'Ujjwala man' Dharmendra Pradhan takes oath as Cabinet Minister for third time
Dharmendra Pradhan, a senior BJP leader, was inducted into the Union cabinet for the third time. He won from Sambalpur in Odisha, defeating the Biju Janata Dal's Pranab Prakash Das by over 1.19 lakh votes.
Economists expect big-bang reforms to continue under Modi 3.0
Modi is set to be sworn in for third term as India's Prime Minister in coalition government with key partners Telugu Desam Party and Janata Dal (United). Economists anticipate focus on economic reforms to achieve goal of Vikshit Bharat by 2047. Budget to prioritize infrastructure, manufacturing, and welfare schemes amid global economic challenges.
Carry out exorcism on our exit polls
Exit polls in India are complex due to the large electorate size and multi-party democracy. Forecasting outcomes are challenging, especially with the lack of pre-poll alliances. Theoretical and practical complications arise from the nature of India's politics.
As Modi 3.0 begins, where the economy stands, where it's headed
Narendra Modi is set to begin his third term as PM with a full-strength NDA team, amidst optimism for India's economic future. RBI Governor Shantikanta Das highlighted the country's robust economic growth, strong manufacturing sector, recovering rural demand, and promising investment activity. India's external sector remains resilient, with positive growth prospects ahead.
Lok Sabha results won't force India's budget to make significant policy shifts: Fitch
Fitch Ratings anticipates minimal policy shifts in India post-election losses. The upcoming July budget will detail economic reform plans and fiscal goals for the next five years, crucial for addressing fiscal metrics, reducing debt, potential deviations from capital expenditure commitments, the risk of heightened social spending, progress in judicial reforms at the state level, and reforms in the manufacturing sector.
RBI rate-setting panel starts deliberations on monetary policy, decision on Friday
The Reserve Bank of India's monetary policy committee (MPC) began a three-day meeting to determine the next monetary policy, with Governor Shaktikanta Das expected to announce the decisions on Friday. Analysts anticipate the continuation of the current interest rate, given persistent inflation concerns and improving economic growth.
BJP-led NDA's narrow majority shifts focus to rural spending and increased private investments
The recent election results in India saw the ruling BJP-led NDA secure a majority, though narrower than expected. A Bernstein report predicts increased focus on direct social schemes, especially in rural areas. Private sector investments are expected to drive the capex cycle, with implications for economic growth and market dynamics. Market volatility is anticipated due to policy uncertainty, while financials remain a key sector.
Macro policy choices unclear, but work cut out on reforms agenda
In FY24, nominal GDP grew 9.6%, CPI inflation recorded 5.4%, and real GDP growth was estimated at 8.2%.
Modi retaining power under changed circumstances to make reforms challenging: Economists
Economists warn that PM Narendra Modi's retention in power after the general elections under 'changed circumstances' will pose challenges for implementing critical reforms.
New govt to inherit strong economy, focus on making India developed nation by 2047
India's record-breaking economic growth rate and strong tax revenues provide a foundation for future reforms aimed at transforming the country into a developed nation by 2047. The new government must address challenges such as unemployment and rural distress, while also focusing on controlling inflation. Despite potential obstacles, experts expect continued infrastructure-led growth, investor-friendly policies, and reforms to maintain India's economic momentum and attract investment.
Deep tech startup policy likely in forthcoming Budget
The new government may announce the full Budget for 2024-25 in July. An official said that startups have to convert their innovation into intellectual property rights and for that extensive R&D is required.
Deep tech startup policy likely in forthcoming Budget
The commerce and industry ministry may propose a dedicated policy for deep tech startups in the forthcoming Budget, to be announced by the new government. The policy, in final stages, aims to promote innovation and R&D. Voting for the Lok Sabha polls is over, with results on June 4 and a new government taking oath this month.
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