Tag: economy

Categories
-Top News Economy

‘India could be $5 tr economy by 2025’

The Indian economy is expected to grow 7.3% in the current financial year 2023-24, remaining the fastest-growing major economy, the National Statistics Office has said…reports Asian Lite News

The Indian economy is poised to touch $5 trillion next financial year – 2024-25 – and capitalise to double to $10 trillion by the end of this decade, said Union Petroleum Minister Hardeep Puri.

At present, the Indian economy is estimated to be about $3.7 trillion.

” We are the fifth-largest economy and the fourth-largest stock market… I think that in the next 1-2 years, we will not only be the fourth-largest economy but we will go further ahead,” Puri said.

“I was somewhere told that we would be a $5 trillion economy by 2028. I told him that there is no need to wait until 2028; it will happen by 2024-25. We will then be a $10 trillion economy by 2030,” Puri, who is also Urban and Housing Affairs Minister, said.

Global interest in India, he added, is increasing by the day, be it in digital infrastructure, the automobile market, energy or biofuels.

“So, it (the Indian economy) is looking very good,” the minister said.

The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy, the National Statistics Office said on January 5. India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22.

Lately, India pipped Hong Kong to become the fourth-highest equity market globally, Bloomberg reported. The combined value of shares listed on Indian exchanges reached $4.33 trillion as of Monday’s close, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg.

Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian stock market.

India’s stock market capitalization crossed USD 4 trillion for the first time on December 5, 2023, with about half of that reportedly coming in the past four years. The top three stock markets are those of US, China, and Japan.

Cumulatively, the past 12 months have been stellar for investors who parked their money in Indian stocks. Though there has been some turbulence, the calendar year 2023 gave handsome monetary dividends to stock market investors. In 2023 itself, Sensex and Nifty gained 17-18 per cent, on a cumulative basis. They gained a mere three to four per cent each in 2022.

Notably, foreign portfolio investors have again trained their sight towards India, becoming net buyers in the country’s stock market. In the process, it helped Indian benchmark stock indices taste their all-time highs recently.

India Inc confident

India Inc is confident of achieving a $5 trillion economy on the back of Central Government’s support in infrastructure investments, additional reforms and enhanced technology adoption, a Pre-Budget Survey by Deloitte Touché Tohmatsu India LLP (DTTI) showed.

About 50 percent of India Inc reflects optimism about India posting above 6.5 percent GDP growth in 2024-25, marking the third consecutive year of the fastest growth amongst major economies.

Among industry sectors, automotive (50 per cent), consumers and retail (66 per cent), technology, media and telecommunications (47 percent) and energy, resources and industrials (44 per cent) anticipate high growth.

Nearly 80 per cent of leaders in automotive, consumer and retail anticipate a GDP growth rate above 6 per cent.  The pre-budget Survey, with a comprehensive snapshot of the business community’s outlook, provides valuable insights into their expectations, concerns and advocacy areas for policy improvements.

With 230 responses from CXOs across industries, it offers a detailed analysis of critical factors influencing the economic landscape across various dimensions and growth factors.

Research and Development (R&D), enhanced technology adoption, skilling, tax certainty and increased trade collaboration have emerged as key imperatives for the next five years.  Nearly 99 percent of businesses expect AI to evolve gradually but require strong compliance for ethical practices. About 100 percent of leaders expect the government to prioritise environmental, social and governance (ESG) strategies and initiatives.

Sanjay Kumar, Partner, DTTI said, “As we navigate the challenges and opportunities outlined in the survey, the vision for a digitally empowered India becomes increasingly tangible. Our Survey findings reinforce the importance of innovation and collaboration in pursuing economic excellence, aligning with our national goal of a $5 trillion economy. Together, through strategic technological advancements, we are poised to elevate the ease of doing business in the country and leave an indelible mark on the global stage”.

The survey also highlighted global headwinds and continued cost escalation concerns, which need strategic measures.

Business leaders stressed the importance of targeted skill development, aligning with the CXO survey and positioning India as an attractive, forward thinking economy poised for substantial growth. 

ALSO READ-Afghan Economy Shrinks, Receives $80M Every Fortnight

Categories
-Top News Economy

‘Global economy braces for slowest growth in 30 years’

Gandhinagar, July 16 (ANI): World Bank President Ajay Banga interacts with students, parents and teachers at Vidya Samiksha Kendra, in Gandhinagar on Sunday. (ANI Photo)

The report signals that without significant reforms, the 2020s could be marked as a decade of missed opportunities…reports Asian Lite News

The global economy is hurtling towards its weakest half-decade performance in 30 years, according to the latest Global Economic Prospects report from the World Bank.

Despite the receding risk of a global recession, geopolitical tensions and a gloomy medium-term outlook for many developing economies loom large.

Global growth is projected to decelerate for the third consecutive year, dropping from 2.6 per cent in the previous year to 2.4 per cent in 2024. Developing economies are expected to fare even worse, with a growth rate of just 3.9 per cent, over one percentage point below the previous decade’s average.

The report signals that without significant reforms, the 2020s could be marked as a decade of missed opportunities.

The World Bank’s Chief Economist and Senior Vice President, Indermit Gill, urged governments to take decisive action, stating, “Without a major course correction, the 2020s will go down as a decade of wasted opportunity. Near-term growth will remain weak, leaving many developing countries–especially the poorest–stuck in a trap: paralysing levels of debt and tenuous access to food for nearly one out of every three people.

Gill added, “That would obstruct progress on many global priorities. Opportunities still exist to turn the tide. This report offers a clear way forward; it spells out the transformation that can be achieved if governments act now to accelerate investment and strengthen fiscal policy frameworks.”

The report calls for reforms to boost investment and strengthen fiscal policy frameworks to avoid wasting the decade. Developing countries need to deliver a substantial increase in investment–around USD 2.4 trillion per year–to tackle climate change and achieve key global development goals by 2030.

The analysis recommends accelerating per capita investment growth to at least 4 per cent and sustaining it for six years or more. This could lead to a transformative economic windfall, speeding up convergence with advanced-economy income levels, reducing poverty rates, and quadrupling productivity growth.

Ayhan Kose, Deputy Chief Economist at the World Bank, emphasized, “Investment booms have the potential to transform developing economies and help them speed up the energy transition and achieve a wide variety of development objectives.”

The report identifies comprehensive policy packages, including improvements in fiscal and monetary frameworks, expanded cross-border trade and financial flows, enhanced investment climate, and strengthened institutions, as key catalysts for investment booms.

Furthermore, the report addresses the boom-and-bust cycles, particularly affecting commodity-exporting developing economies.

Governments in these nations often adopt fiscal policies that intensify economic swings, leading to chronic drag on growth prospects.

The report recommends fiscal frameworks to discipline government spending, flexible exchange-rate regimes, and avoiding restrictions on the movement of international capital to mitigate these challenges.

The World Bank’s report outlines a roadmap for developing economies to navigate the current economic challenges, providing insights for policymakers and global leaders to drive transformative change. (ANI)

ALSO READ-‘India Will Become $5T Economy in 2 years’

Categories
-Top News Economy World News

World Bank Projects Global Economic Slowdown for Third Consecutive Year

After 6.2 per cent in 2021 which is attributed to a low base due to the Covid-19 pandemic, the World Bank estimates global growth cooled to 3 per cent in 2022 and then to 2.6 per cent in 2023…reports Asian Lite News

The World Bank has forecast a bleak outlook for the global economy with growth expected to slow down for a third year in a row in 2024, according to its Global Economic Prospects report released on Tuesday.

The report projects the world economic growth to come down further to 2.4 per cent in 2024, before edging up to 2.7 perc ent in 2025 — well below the 3.1 percent average growth seen in the 2010s.

After 6.2 per cent in 2021 which is attributed to a low base due to the Covid-19 pandemic, the World Bank estimates global growth cooled to 3 per cent in 2022 and then to 2.6 per cent in 2023.

Hamstrung by the Covid-19 pandemic, then the war in Ukraine and ensuing spikes in inflation and interest rates around the world, the first half of the 2020s now looks like it will be the worst half-decade performance in 30 years, the report states.

“Yet beyond the next two years, the outlook is dark,” Indermit Gill, the bank’s chief economist, said in a statement.

“The end of 2024 will mark the halfway point of what was expected to be a transformative decade for development — when extreme poverty was to be extinguished, when major communicable diseases were to be eradicated, and when greenhouse-gas emissions were to be cut nearly in half,” Gill added.

That would make growth weaker in the 2020-2024 period than during the years surrounding the 2008-2009 global financial crisis, World Bank Deputy Chief Economist Ayhan Kose said.

Meanwhile, the World Bank sees India’s growth inching up from 6.3 per cent in 2023-24 to 6.4 per cent in 2024-25 and 6.5 per cent in 2025-26.

“India is anticipated to maintain the fastest growth rate among the world’s largest economies, but its post-pandemic recovery is expected to slow,” the World Bank’s report said.

Investment is envisaged to decelerate marginally but remain robust, supported by higher public investment and improved corporate balance sheets, including in the banking sector, the report added.

ALSO READ-‘India Will Become $5T Economy in 2 years’

Categories
-Top News Economy India News

2023 A Year of India’s Economic Triumph

As India navigates the intricate currents of a dynamic global economy, it stands poised to be a key player, shaping the contours of the future….reports Asian Lite News

In a resounding testament to its resilience, India has emerged as the fastest-growing major economy globally, surpassing the UK to claim the fifth position after a robust recovery from the shockwaves of the COVID-19 pandemic.

The intricacies of this economic triumph are woven into the fabric of strong growth, global resilience, and optimistic projections that propel India into a new era of economic prominence.

The opening quarter of the financial year 2023 witnessed a staggering 7.8 per cent growth in India’s real Gross Domestic Product (GDP), reaching an estimated Rs 40.37 trillion (USD 484.94 billion).

This surge, compared to the first quarter of the previous fiscal year, marked a substantial leap, exemplifying India’s swift recovery from the economic downturn induced by the pandemic.

The resurgence was underpinned by a combination of factors, including pent-up demand and the widespread coverage of vaccination, instilling confidence in the population.

As the engine of growth, the contact-intensive services sector is poised to be the linchpin of India’s economic revival in the fiscal year 2022-2023.

Fuelled by the release of pent-up demand and increased vaccination coverage, the sector is expected to be the primary driver of development in the coming months.

The resilience of the services sector is reflected in the impressive service exports, which stood at USD 164.89 billion for April- September 2023.

India’s prowess on the global economic stage is further underscored by its export performance.

In the first half of the current fiscal year, merchandise exports reached USD 211.40 billion, showcasing India’s adeptness in navigating the intricate dynamics of international trade.

However, challenges loom on the horizon as several of India’s trade partners experience economic slowdowns, potentially affecting the contribution of merchandise exports in the future.

India’s nominal Gross Domestic Product (GDP) at current prices is estimated to be a formidable Rs. 301.75 trillion (USD 3.62 trillion) for the fiscal year 2023-24.

Notably, the first quarter of this fiscal year exhibited an 8per cent growth in nominal GDP, reaching Rs. 70.67 trillion (USD 848.92 billion). Beyond these figures lies a testament to India’s innovative prowess, with the country boasting 115 unicorns valued at more than USD 350 billion as of February 2023 – the third-largest unicorn base in the world.

India’s commitment to sustainable development is evident in its focus on renewable energy. The government aims to achieve 40per cent of its energy from non-fossil sources by 2030.

Moreover, India aspires to attain Net Zero Emissions by 2070 through a five-pronged strategy named ‘Panchamrit.’

This commitment aligns with global efforts to combat climate change, positioning India as a responsible participant in the quest for environmental sustainability.

In recognition of these efforts, India secured the 3rd position in the Renewable Energy Country Attractiveness Index.

India’s appeal as a destination for investments has grown stronger and more sustainable amidst the current period of global unpredictability and volatility.

The record amounts of money raised by India-focused funds in 2022 stand as a tangible manifestation of investor faith in the “Invest in India” narrative.

As India cements its position as the fastest-growing major economy, global investors are increasingly turning their attention toward the diverse opportunities presented by the Indian market.

The McKinsey Global Institute emphasizes the imperative for India to boost its rate of employment growth, aiming to create 90 million non-farm jobs between 2023 and 2030.

The net employment rate needs to grow by 1.5 per cent per annum during this period to achieve a GDP growth target of 8-8.5 per cent. These insights underscore the intricate linkages between employment generation, productivity, and sustained economic growth.

To sustain the growth momentum, the Indian government is proactively investing in capital spending on infrastructure and asset-building projects.

The government’s future capital spending is expected to be buoyed by factors such as tax buoyancy, a streamlined tax system with low rates, a rationalized tariff structure, and the digitization of tax filing.

The Production Linked Incentive (PLI) Scheme for Pharmaceuticals exemplifies a strategic initiative aimed at enhancing India’s manufacturing capabilities.

In navigating the economic landscape, India has witnessed several recent developments that underscore its dynamism. In August 2023, India’s foreign exchange reserves stood at a robust USD 594.90 billion.

The first half of 2023-24 saw a total of USD 21 billion in private equity and venture capital investments. India’s standing in innovation rose significantly, securing the 40th position out of 132 economies in the Global Innovation Index 2023.

PMI Services remained comfortably in the expansionary zone at 62.3 in June 2023.

In September 2023, the gross Goods and Services Tax (GST) revenue collection stood at Rs.1,62,712 crore (USD 19.54 billion).

Cumulative Foreign Direct Investment (FDI) equity inflows to India stood at USD 937.58 billion between April 2000-June 2023.

In August 2023, the overall Index of Industrial Production (IIP) stood at 145.1.

India economy.(photo:Pixabay.com)

Over the years, the Indian government has introduced numerous initiatives to strengthen the nation’s economy. Notable initiatives include:

The Amrit Bharat Station Scheme, launched on August 6th, 2023, to transform and revitalize 1309 railway stations across the nation.

The Draft Carbon Credit Trading Scheme, introduced by the Ministry of Environment, Forests, and Climate Change on June 28th, 2023.

The Foreign Trade Policy 2023, unveiled on April 1st, 2023, to create an enabling ecosystem supporting the philosophy of ‘Atma Nirbhar Bharat’ and ‘Local goes Global.’

The Production Linked Incentive Scheme (PLI) for Pharmaceuticals, introduced to enhance India’s manufacturing capabilities.

India has not merely weathered the storms of global uncertainties; it has emerged as a beacon of economic growth with a steadfast commitment to sustainable development, innovation, and inclusive growth.

As India navigates the intricate currents of a dynamic global economy, it stands poised to be a key player, shaping the contours of the future.

The diverse tapestry of economic indicators, government initiatives, and developments weaves a narrative of optimism, resilience, and untapped potential, firmly establishing India as the fastest-growing major economy in the world. (ANI)

ALSO READ: Christmas Message: ‘Rot in Hell’ from Trump”

Categories
-Top News Economy UAE News

UAE Leads Arab Economies in Competitiveness

This dominant performance, highlighted in the seventh edition of the AMF’s Arab Economic Competitiveness Report, underscores the UAE’s sustained progress across crucial sectors, including its robust overall economy, increasingly attractive investment environment, and growing allure.

The United Arab Emirates has cemented its position as the most economically competitive nation in the Arab world, securing the top spot in the latest Arab Economic Competitiveness Index released by the Arab Monetary Fund (AMF).

This dominant performance, highlighted in the seventh edition of the AMF’s Arab Economic Competitiveness Report, underscores the UAE’s sustained progress across crucial sectors, including its robust overall economy, increasingly attractive investment environment, and growing allure.

The report further highlighted that the UAE secured the top position in the government financial sector index, ranking first in the deficit/surplus to GDP ratio and second in the tax burden index.

Additionally, the report mentioned that the UAE came in first place among Arab countries in terms of investment environment and attractiveness, topping the economic freedom index due to its advanced standing in all sub-indices.

The UAE also topped the infrastructure sector index, leading in mobile phone subscriptions and the percentage of the population with access to electricity, while ranking second in the share of air transport and shipping to total global transport and shipping.

In terms of institutional and good governance sectors, the UAE came out on top among Arab countries, achieving an advanced ranking in both the administrative corruption and government efficiency indices.

The Arab Monetary Fund report highlighted that many Arab countries have adopted multiple national strategies and visions to enhance productivity, improve the efficiency of produced goods, and focus on productive sectors. The Arab countries are striving to develop service sectors, facilitate business environments, and enhance infrastructure to address challenges that hinder their competitiveness.

At the heart of these national endeavours lies a shared ambition: economic stability, sustainable growth, and improved living standards for Arab citizens. The strategies encompass a diverse toolkit, from propelling investments in local industries to fostering attractive business environments for foreign capital.

Recognising the pivotal role of skilled citizens, Arab countries are investing heavily in education and workforce training. The goal is to equip their workforce with the expertise needed to thrive in productive sectors and service industries. Alongside, massive infrastructure projects are transforming transport networks, port facilities, and logistics services, empowering these nations to compete in the global marketplace.

The AMF report anticipated that the enhancement of economic competitiveness and productivity would contribute to diversifying Arab economies, providing employment opportunities, leading to sustainable economic development, and raising citizens’ living standards.

ALSO READ: ‘UAE GDP Set to Grow 5.7%’

Categories
-Top News Economy UK News

UK at Risk of Recession After Economy Shrinks

The economy is stuck in a lacklustre state as it struggles with high borrowing costs and the legacy of the worst inflationary upsurge for a generation

The UK economy shrank slightly in the third quarter, according to revised figures that highlight the country’s struggle to shake off its low-growth performance and raise the risk of a technical recession.

The data was published at the end of a year in which Prime Minister Rishi Sunak promised to “grow the economy”. Of his five pledges in January, only a vow to halve inflation has so far been met.

The Office for National Statistics said on Friday that gross domestic product fell by 0.1 per cent in the three months to September, a downward revision from previous estimates of zero growth.

The economy flatlined in the second quarter — lower than its earlier estimate of a 0.2 per cent increase.

The weak performance will further raise pressure on the Bank of England to start easing monetary policy, especially with headline inflation now at 3.9 per cent, the lowest since September 2021.

The UK economy is stuck in a lacklustre state as it struggles with high borrowing costs and the legacy of the worst inflationary upsurge for a generation.

While the prospect of further falls in inflation in 2024 could alleviate some of the pressure on households, economists still expect weak investment and low productivity growth to drag on the country’s performance.

People walk on a street in London, Britain. (Xinhua/Li Ying/IANS)

Output fell another 0.3 per cent in October compared with September, according to official figures released earlier this month, although a separate report on Friday suggested there has been a 1.3 per cent jump in retail sales in November ahead of the key Christmas shopping period.

Further declines in overall activity would increase concerns that the UK could be heading into a technical recession, with two consecutive quarters of falling GDP.

“The national accounts release indicated an economy which is progressing slower than was first reported, making a winter recession far more likely,” said Ellie Henderson, an economist at Investec.

The figures put UK output at 1.4 per cent above its pre-pandemic level, meaning the country has lagged behind all its G7 partners since the final quarter of 2019, with the exception of Germany, with just 0.3 per cent growth.

The US had been the strongest performer of the group of advanced economies over the period, the ONS said, with GDP up 7.4 per cent compared with the final quarter of 2019.

Bank of England projections released in November forecast near-zero growth through next year, even as the worst of the recent bout of inflation subsides.

The third-quarter GDP figures were dragged lower by weak business investment and personal spending numbers, with real household expenditure sinking 0.5 per cent and the savings ratio going up. Business investment dropped 3.2 per cent, slightly less than previously estimated.

The ONS reported a 0.2 per cent fall in output from the services sector in the three months to September, which offset a 0.4 per cent rise in construction output and slightly higher production output.

UK Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street in London, Britain. Xinhua/Li Ying/IANS)

Chancellor Jeremy Hunt played down the tepid numbers, saying Britain’s medium-term outlook was “far more optimistic than these numbers suggest”.

He added: “We’ve seen inflation fall again this week, and the [Office for Budget Responsibility] expects the measures in the Autumn Statement, including the largest business tax cut in modern British history and tax cuts for 29mn working people, will deliver the largest boost to potential growth on record.”

But Labour’s Rachel Reeves, shadow chancellor, said: “Rishi Sunak is a prime minister whose legacy is one of failure. He failed to beat Liz Truss, he failed to cut waiting lists, he failed to stop the boats and now he has failed to grow the economy.”

In January Sunak made five pledges: to halve inflation, grow the economy, cut debt, stop the boats, and cut hospital waiting lists, but only the first has been achieved.

This week the prime minister was reprimanded by the UK Statistics Authority for claiming “debt is falling” when in fact national debt as a share of national income is rising.

Hospital waiting lists have risen since January while small boats crossings have continued in 2023, albeit they are down by about one-third. Sunak is planning a speech next month to set out his priorities for 2024, which he has confirmed will be an election year.

Hunt said the outlook for 2024 was improving and said the country needed to “throw off our pessimism and declinism about the UK economy”. Hunt also raised the prospect of the BoE cutting interest rates.

ALSO READ: UK, Switzerland ink post-Brexit deal

Categories
-Top News Economy UK News

UK Inflation Eases to 3.9% in November

On a monthly basis, CPI fell by 0.2 per cent in November 2023, compared with a rise of 0.4 per cent in November 2022, said ONS…reports Asian Lite News

 The UK’s Consumer Prices Index (CPI) rose by 3.9 per cent in the 12 months to November 2023, down from 4.6 per cent in October, official data showed on Wednesday.

This is the lowest inflation rate in more than two years, according to the Office for National Statistics (ONS), but still about double the 2 per cent target set by the central bank, reports Xinhua news agency.

On a monthly basis, CPI fell by 0.2 per cent in November 2023, compared with a rise of 0.4 per cent in November 2022, said ONS.

“The biggest driver for this month’s fall was a decrease in fuel prices after an increase at the same time last year,” said Grant Fitzner, chief economist of the ONS.

Data showed overall motor fuel prices fell by 10.6 per cent in the year to November 2023.

“Food prices also pulled down inflation, as they rose much more slowly than this time last year. There was also a price drop for a range of household goods and the cost of second-hand cars,” Fitzner said.

The annual inflation rate of food and non-alcoholic beverages was 9.2 per cent in November, easing for the eighth consecutive month from a 45-year high of 19.2 per cent in March 2023.

The ONS said the November 2023 rate is the lowest since May 2022.

ALSO READ-Fed Maintains Rates as Inflation Retreats

Categories
-Top News India News

Modi vows to make India world’s third-largest economy

The Prime Minister emphasised that the entire country is committed to building a developed India…reports Asian Lite News

Prime Minister Narendra Modi on Monday promised to make India the third-largest economy in the world in his third innings.

Gifting projects worth more than Rs 19,000 crores to Varanasi and Purvanchal at a programe held at Barki Gram Sabha of Sewapuri block, the Prime Minister said that he felt the happiest when the world sang praises of Kashi, adding that “when Kashi develops, UP develops and when UP develops, the country develops.”

The projects that were inaugurated or their foundation stones were laid, covered different areas namely, drinking water supply, critical care unit in trauma center, roads, electricity, Ganga ghat, railways, airport and solar energy. The Prime Minister also flagged off four trains including the second Vande Bharat train from Varanasi to New Delhi on the occasion.

It is noteworthy that just before the Lok Sabha elections, Prime Minister Modi had said that for him, farmers, women, youth and poor were the only castes and only with 100 percent welfare of these four castes, India would become a developed nation.

During his speech, the Prime Minister also communicated with the people several times in Bhojpuri. He described Vikas Bharat Sankalp Yatra as a mobile university for all those working in public life.

The Prime Minister started his speech in Bhojpuri language saying that the people of Kashi broke all previous records in terms of footfall during this year’s Dev Diwali though he was not present during the festival.

He said that no matter how much service he could render to Mahadev, he always felt that he could have done more.

The Prime Minister emphasised that today the entire country, including Kashi, is committed to building a developed India.

“The Viksit Bharat Sankalp Yatra has reached thousands of villages and cities. The vehicle running in this yatra is being described by the countrymen as Modi’s guaranteed vehicle. Now, it is our endeavour that no poor and eligible person is deprived of the benefits of government’s welfare schemes”, he remarked.

He added “Earlier, the poor used to make rounds of the government, now the government itself is reaching out to the poor. The biggest thing that people have got from this is confidence. Those who have benefited from the schemes have got the confidence that their lives will get better. Those who have not got the benefits of the schemes so far, have the confidence that one day they will get it. The nation’s belief that India will become a developed nation by 2047 has also got strengthened.”

The Prime Minister said that he has also benefited a lot from participating in the Viksit Bharat Sankalp Yatra.

“Meeting confident children and women exposes you to the power that lies within the society. I have got the opportunity to see, understand and know many powerful mothers, children and youth. I have learnt so much during this two-day stay in Kashi that I consider myself to be blessed”, he asserted.

The Prime Minister said that along with making living in Kashi easy, the government is also working equally hard to improve connectivity of the city with other places and increase the income of its residents as tourism in Kashi continues to expand, creating thousands of new employment opportunities. The Prime Minister asked the public in Bhojpuri, “Tell me once, whether the number of tourists has increased from Godaulia to Lanka.”

He also gave information about the Unified Tourist Pass System under Smart City project and the tourist website of Varanasi, which was launched today. He said in Bhojpuri itself, “People coming to Kashi from outside won’t know the joy of having malai (cream) and chuda-matar (beaten rice with peas) in winter. The website will have information about all these as well as Godaulia’s chaat, and Ramnagar’s Lassi.”

He further said that double engine government is continuously working to increase the income of Kashi. (ANI)

ALSO READ-

Categories
Economy India News

‘Current size of Indian Space Economy Around $8.4B’

Highlighting the major initiatives, the minister said the government should increase the share of the private sector in the Indian space economy…reports Asian Lite News

The current size of the Indian space economy is estimated at around USD 8.4 billion USD, Union Minister Jitendra Singh told the Rajya Sabha on Thursday.

Singh responded to a query in a written reply when asked about the current size of the country’s space economy and the share split between government and private entities.

“Of this, the downstream services market, primarily comprising communication and data applications, accounts for close to 80 per cent of the total space economy, wherein the private sector is a major contributor,” Singh replied to the query of an Independent MP from Rajya Sabha Kartikeya Sharma.

“The upstream market, such as satellite and launch operations, is primarily contributed by the government, with the private sector in a vendor-oriented role towards manufacturing and delivering sub-systems and components,” he added.

As per various market surveys, the Minister said the space economy has grown with an average Compound Annual Growth Rate (CAGR) of 8 per cent.

Asked whether the government proposes to increase the share of the private sector in the country’s space economy, the minister said in the affirmative.

Highlighting the major initiatives, the minister said the government should increase the share of the private sector in the Indian space economy.

“The space sector has been liberalised, and the private sector is allowed to carry out end-to-end space activities. The Indian National Space Promotion and Authorization Centre (IN-SPACe) was created in the Department of Space for promoting, authorising and overseeing the activities of non-government entities (NGEs) in the space sector and India Space Policy 2023 has been released, where the roles and responsibilities of all the stakeholders contributing to the overall Indian Space Ecosystems are defined,” said the Minister.

He further said that various schemes to encourage and handhold the private sector were also announced and implemented by IN-SPACe, like seed fund schemes, pricing support policies, mentorship support, design labs for NGEs, and skill development in the space sector.

“The aspirational targeted size of the Indian space economy is about USD 44 billion by the year 2033. The role of the private sector will be prime in achieving the expected figure,” said the minister.

It is expected that the private sector will take up independent end-to-end solutions in satellite manufacturing, launch vehicle manufacturing, providing satellite services and manufacturing ground systems, said Singh, adding, “In addition to these initiatives, the investment in space start-ups has increased from USD 6 million in 2019 to over USD 125 million in 2023 (USD 370 million cumulative).”

“The revised FDI (Foreign Direct Investment) policy is in its final phase of approval, which will enable investment in all the sectors of the space economy,” added the minister. (ANI)

ALSO READ-Inflows Lag Behind Outflows in China’s FDIs

Categories
-Top News Asia News Economy

Pak’s Wallet Shrinks, Narco-Terror Role Grows

Terrorism.

Despite grappling with an economic crisis and heavily relying on foreign loans, Pakistan skillfully assembles resources to fund terrorist organizations…writes S.P.S. Pannu

While India has stepped up its vigil and there has been a paradigm shift in the country’s counter-terror doctrine which now allows retaliatory strikes, Pakistan continues to sponsor cross-border terrorism to keep Jammu and Kashmir on the boil.

Although Pakistan has plunged into an economic crisis and is surviving on foreign loans, it somehow manages to scrape together enough resources to finance terror groups. Proof has also emerged that the narcotics trade is being used to finance these terror activities. Pakistani drones carrying drugs and arms across the border have been shot down in Indian territory.

India has been relentlessly highlighting Pakistan’s involvement in sponsoring cross-border terrorism, but Islamabad has managed to wriggle out of the grey list of the Financial Action Task Force (FATF) and secured a bailout from the IMF aided by geopolitical considerations and backing from big brother China.

Cash-strapped Pakistan has hiked its defence expenditure by a whopping 15.5 per cent to Rs 1.8 lakh crore for the fiscal year 2023-24, making its priorities very clear.

In a joint statement issued after talks between U.S. President Joe Biden and Indian Prime Minister Narendra Modi in Washington in June this year, the two countries “strongly condemned cross-border terrorism and the use of terrorist proxies” by Pakistan.

Pakistani Currency.

The statement called on Islamabad “to take immediate action to ensure that no territory under its control is used for launching terrorist attacks.”

However, Pakistan’s Foreign Ministry in a cynical response said the statement was “politically motivated,” and it was “surprised” by the reference given “Pakistan’s close counterterrorism cooperation with the U.S.”

India has been forced to take measures to fortify its national security both against terrorism as well as the twin military threats on its borders with Pakistan and China.

The Narendra Modi government’s new counter-terror doctrine provides for retaliation against terror groups responsible for strikes within or outside the country. The 2016 surgical strikes and the 2019 Balakot strike by the Indian armed forces formed part of this strategy. Both these retaliations were well planned with all the three defence services fully prepared for both vertical and horizontal escalations by land, air or sea.

The retaliation by India across Pakistan-occupied Kashmir (PoK) in 2016 and in Balakot in Mansehra district in Khyber-Pakhtunkhwa (KPK) in 2019 after the Pulwama attack, has served to send a message to the hostile neighbour that India will not let such acts go unpunished. Many prominent leaders of terrorist groups have been forced to scramble for shelter in safe houses of Pakistan’s ISI due to the fear of Indian overt and covert retaliation.

India’s coastal areas, including those near big cities such as Mumbai and Chennai are much better protected now than they were in 2008 when the 26/11 attack took place in the country’s financial capital.

The Indian Navy, Coast Guard and State Marine Police, as a three tiered cover, along with other agencies such as Customs and Port Trusts, patrol the Maritime Zones of India, islands and adjacent seas, using ships and aircraft to detect and check infiltration through the sea routes.

The electronic surveillance mechanism has been augmented by provisioning of an electronic/radar chain called Coastal Surveillance Network (CSN) comprising a Chain of Static Sensors equipped with a radar, Automatic Identification System (AIS), Long Range Identification and Tracking (LRIT), day/night cameras and advanced communication systems, the government has stated in Parliament.

These measures assist in developing Maritime Domain Awareness (MDA), which has been achieved by interconnecting 51 Indian Navy and Indian Coast Guard stations, which has been established to develop a Common Operational Picture. Vessel Traffic Management System (VTMS) radars in ports also facilitate surveillance of port areas.

Coastal Security Exercises are being conducted regularly by the Indian Navy and Indian Coast Guard to assess the effectiveness of existing mechanisms and to address gaps.

Another important development in tackling terror has been the increased role being given to the National Investigation Agency (NIA) to deal with such cases.

The country’s police and internal security system in the hands of the states is highly fragmented and often poorly coordinated. These forces, especially the local police, are often poorly trained and equipped and riddled with high levels of corruption.

The NIA, which operates directly under the Union Home Ministry, has successfully dealt with innumerable incidents of terrorist attacks, not only in the militancy and insurgency affected regions and areas affected by Left Wing extremism, but also in the form of terrorist attacks and bomb blasts in various parts of the hinterland and major cities.

A large number of such incidents are found to have complex inter-state and international linkages, and possible connections with other activities such as the smuggling of arms and drugs, pushing in and circulation of fake Indian currency and infiltration from across the borders.

ALSO READ: Supreme Court Petition Seeks Ouster of Pakistan President

ALSO READ: UN Urges Pakistan to Stop Expulsion of Afghan Refugees