Explained: Why India's economy needs a manufacturing push
3 years, 3 months ago

Explained: Why India's economy needs a manufacturing push

India Today  

India’s economy needs a strong manufacturing push as the nation’s dominant services sector struggles to return to normalcy after two deadly waves of the Covid-19 pandemic. Read | Covid-19: India’s services activity in May contracts for 1st time in 8 months SLOW PROGRESS IN MANUFACTURING Even before the pandemic brought the economy to a standstill in 2020, growth in India’s manufacturing sector was ebbing. For instance, the ‘Make in India’ — the government’s first flagship goal towards making India self-reliant — aimed to increase the share of the manufacturing sector to 25 per cent of the Gross Domestic Product. In the absence of a strong manufacturing sector, a sizeable number of affected citizens are still struggling to find jobs, even as India’s economy rebounds after tackling two deadly waves of the pandemic.

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India will benefit from cooperation not by turning away from its neighbor: China Daily editorial
1 week, 1 day ago

India will benefit from cooperation not by turning away from its neighbor: China Daily editorial

China Daily  

In his meeting with President Xi Jinping on the sidelines of the BRICS Summit held in Kazan, Russia, on Oct 23, Indian Prime Minister Narendra Modi noted that maintaining the steady growth of India-China relations was critical for the two countries and peoples. Against a complex international landscape, cooperation between India and China, two engines of economic growth, could help …

India job outlook 2025: How IT, energy, infra, logistics will drive hiring
1 week, 2 days ago

India job outlook 2025: How IT, energy, infra, logistics will drive hiring

India Today  

Employers in India are more optimistic about increased hiring next year compared to their global counterparts. According to the latest ManpowerGroup Employment Outlook report, which surveyed 3,000 employers, 53 per cent plan to hire while 13 per cent anticipate a reduction in staffing levels during Q1 2025. Sonal Arora, country manager of GI Group Holding, stated: “Overall, 2024 was a …

Building on the revival of the manufacturing sector
2 weeks, 3 days ago

Building on the revival of the manufacturing sector

The Hindu  

India’s journey to becoming a global manufacturing hub has gained momentum with the government’s strategic policy initiatives, particularly the Production Linked Incentive scheme. The results of the ASI 2022-23 show a healthy double-digit expansion in the growth rate of manufacturing sector output — at 21.5% — despite a high base of 2021-22 which saw a sharp rebound as the economy …

Size matters: Decoding Indian manufacturing’s problem of scale
3 weeks, 1 day ago

Size matters: Decoding Indian manufacturing’s problem of scale

Live Mint  

New Delhi: The production-linked incentive scheme—one of the ways in which this government was hoping to increase manufacturing in India—is going through a slowdown, with planned expansions to the programme being put on hold. Size does matter As of 2019, the last date for which data was available, Bangladesh’s ALTF sector employed 2.45 million people, with 66% of those working …

‘Indian economy cannot progress as long as…’: Rahul Gandhi hits out at Centre
Trending News
3 weeks, 1 day ago

‘Indian economy cannot progress as long as…’: Rahul Gandhi hits out at Centre

Hindustan Times  

Leader of Opposition in the Lok Sabha, Rahul Gandhi on Sunday said that the India's Gross Domestic Product growth rate has fallen to its lowest in two years at 5.4 percent. Rahul Gandhi on Sunday said India's GDP growth has dropped to 5.4 percent, the lowest in two years. The thing is clear - the Indian economy cannot progress as …

India's Mobile Manufacturing Boom: A Global Powerhouse Emerging
Trending News
1 month, 3 weeks ago

India's Mobile Manufacturing Boom: A Global Powerhouse Emerging

Firstpost  

India's mobile manufacturing industry is gaining global attention, thanks to the Make in India initiative. Big companies like Samsung and Apple are setting up large factories in the country, making India the world's second-largest exporter of mobile phones. With Samsung's mega factory in Noida and Apple moving some iPhone production to Tamil Nadu, India is becoming a key player in …

IMF Sees India's Economic Growth and Outlook as Stable
2 months ago

IMF Sees India's Economic Growth and Outlook as Stable

New Indian Express  

India remains the world's fastest-growing economy, with inflation expected to decline to 4.4% in FY24-25. IMF Director Krishna Srinivasan highlights the country's strong macroeconomic fundamentals, including a large and growing population, favourable harvests, and a stable fiscal situation. Srinivasan suggests that the country focus on creating jobs, removing trade restrictions, and investing in infrastructure and education to strengthen its economy …

Apple fastest growing firm in India over the last 50 years, ​contributes 14 per cent to tech giant’s total production
4 months, 1 week ago

Apple fastest growing firm in India over the last 50 years, ​contributes 14 per cent to tech giant’s total production

Firstpost  

India’s role in Apple’s global production has grown substantially. This growth not only highlights Apple’s expanding influence in India but also marks it as the largest global value chain operating within the country, surpassing other multinational corporations. According to a recent Economic Survey, India now contributes approximately 14 per cent to Apple’s total production, a sharp increase from the 7 …

Job Creation Seems Better Than Before but What About Quality and Sustainability?
4 months, 2 weeks ago

Job Creation Seems Better Than Before but What About Quality and Sustainability?

The Quint  

India's job market landscape presents a complex narrative, characterised by both positive indicators and underlying anxieties. The Reserve Bank of India recently published 'Measuring Productivity at the Industry Level-The India KLEMS Database,' providing data on employment trends across 27 key industries in India. The database, spanning FY 1980-81 to 2022-23 aims to provide critical data points on economic output, worker …

India has chance to emerge as manufacturing hub: BJP MP
4 months, 3 weeks ago

India has chance to emerge as manufacturing hub: BJP MP

Hindustan Times  

Bharatiya Janata Party national spokesperson Sudhanshu Trivedi on Sunday termed the recent Union Budget historic as it was presented by the Modi government in its third consecutive term in office—a feat achieved in Indian history after 60 years. He pointed out that with declining trust in China as the world’s largest manufacturing hub, India has a golden opportunity to establish …

Can agriculture sector become India’s growth engine? Economic Survey 2024 says THIS
5 months ago

Can agriculture sector become India’s growth engine? Economic Survey 2024 says THIS

Live Mint  

The Economic Survey 2024, tabled by FM Nirmala Sitharaman in Lok Sabha, stated that the agriculture sector could be a growth engine for India and the world as the scope for countries to squeeze out growth in manufacturing and services is narrowing due to resource-hoarding, trade protectionism, excess capacity, dumping, and artificial intelligence. “A return to roots, as it were, …

Jobs Creation, Agri Push, Skill Development, MSME Support: Govt Unveils Key Policy Focus Areas
5 months ago

Jobs Creation, Agri Push, Skill Development, MSME Support: Govt Unveils Key Policy Focus Areas

News 18  

Finance Minister Nirmala Sitharaman on Monday tabled the Economic Survey 2023-24 in Parliament, setting the stage for the Union Budget 2024-25. Skill Gap Challenge The Economic Survey 2023-24 said 65 per cent of India’s fast-growing population is under 35, and many lack the skills needed by a modern economy. In India, the government has been paying focused attention to enabling …

In search of jobs: On the challenge of employment generation
5 months ago

In search of jobs: On the challenge of employment generation

The Hindu  

Employment generation will remain a major challenge before the Narendra Modi government in its third term, and the upcoming Union Budget is expected to take note of it. The ILO’s India Employment Report had also warned that the share of manufacturing employment was stagnant, at around 12%-14% and the slow transition of jobs from agriculture to non agriculture reversed due …

India won't be able to create enough jobs over next decade even if economy grows 7%: Citigroup
5 months, 2 weeks ago

India won't be able to create enough jobs over next decade even if economy grows 7%: Citigroup

Hindustan Times  

India will struggle to create enough jobs for its growing workforce over the next decade even if the economy grows at a rapid pace of 7%, Citigroup Inc. said, suggesting the world’s most-populous nation will need more concerted steps to boost employment and skills. India will struggle to create enough jobs for its growing workforce over the next decade even …

IMF says India's GDP growth to moderate to 7% in 2024 and 6.5% in 2025
6 months ago

IMF says India's GDP growth to moderate to 7% in 2024 and 6.5% in 2025

Times of India  

NEW DELHI: The International Monetary Fund has forecast that India's GDP is likely to grow to moderate from 8.2% in 2023 to 7% in 2024 and 6.5% in 2025. "In India, the outlook is for GDP growth to moderate from 8.2% in 2023 to 7% in 2024 and 6.5% in 2025, because pent-up demand accumulated during the pandemic has been …

India’s Services Activity Growth at Five-Month Low: HSBC Report
6 months, 2 weeks ago

India’s Services Activity Growth at Five-Month Low: HSBC Report

Deccan Chronicle  

New Delhi: Despite staying strong in the month of May, India’s growth in services sector activity slowed to a five-month low due to weakened domestic demand, fierce competition, price pressures and heat waves that affected livelihoods across the country. As per the May data, the robust increases in new business intakes continued to underpin output growth across India’s service economy, …

Three imbalances on road to India's economic rise
6 months, 2 weeks ago

Three imbalances on road to India's economic rise

China Daily  

Indian Prime Minister Narendra Modi is preparing for a third term in office, but the just-concluded general election was different from the previous ones in that the overall voter turnout was lower than the previous elections, leaders of some political parties showed "election fatigue" and many voters might have voted against Modi. Although New Delhi proposed the "Make in India …

Three imbalances on road to India's economic rise
6 months, 2 weeks ago

Three imbalances on road to India's economic rise

China Daily  

Indian Prime Minister Narendra Modi is preparing for a third term in office, but the just-concluded general election was different from the previous ones in that the overall voter turnout was lower than the previous elections, leaders of some political parties showed "election fatigue" and many voters might have voted against Modi. Although New Delhi proposed the "Make in India …

India lost the manufacturing race to China. Here's why it could still succeed
6 months, 2 weeks ago

India lost the manufacturing race to China. Here's why it could still succeed

NPR  

India lost the manufacturing race to China. The Ticking Clock For Indian Economic Development While India’s economy has fallen dramatically behind China’s in recent decades, it’s been looking better recently. “Today, when India enters, it's not competing with Western countries, it is competing with Bangladesh, Vietnam, and still China,” Rajan says. To achieve this vision, Rajan believes India needs to …

Bridging the Gap: How India Can Unlock the Potential of its Service Sector - News18
6 months, 3 weeks ago

Bridging the Gap: How India Can Unlock the Potential of its Service Sector - News18

News 18  

The service sector has undeniably been the primary driver of India’s growth since the year 2000. Skill Gap In India, the skill gap in the labour force is a significant challenge, with only 51 per cent of the youth deemed employable due to a lack of necessary skills. Efforts to bridge this gap must include public-private partnerships, such as the …

India’s Business Activity Hits 14-Year High in May
7 months ago

India’s Business Activity Hits 14-Year High in May

Deccan Chronicle  

New Delhi: With the significant growth in the services sector, India's business activity witnessed a robust expansion in May this year, recording the third strongest reading in close to 14 years. “The flash services PMI index hit a 4-month high of 61.4 this month, up from April's 60.8, while the preliminary manufacturing PMI showed a tad weaker growth than last …

Don’t take India’s strong services exports story for granted: Goldman Sachs
7 months, 3 weeks ago

Don’t take India’s strong services exports story for granted: Goldman Sachs

The Hindu  

April 29, 2024 09:57 pm | Updated 10:08 pm IST - NEW DELHI While India’s services exports had grown sixfold between 2005 and 2023 to about $340 billion and were potentially poised to hit the $800-billion mark in 2030, Goldman Sachs cautioned against complacency citing challenges such as the lack of skilled talent and resource stress in key hubs like …

To compete with China on economic front, India must focus on manufacturing: Jaishankar
8 months, 3 weeks ago

To compete with China on economic front, India must focus on manufacturing: Jaishankar

The Hindu  

To compete with China on the economic front, India should focus on manufacturing, a key sector which was ignored by governments before Prime Minister Narendra Modi came to power in 2014, External Affairs Minister S. Jaishankar said on April 1. He noted that tension at the border with China has caused "abnormality" in New Delhi-Beijing relations, and added India's thinking …

In A World Starved Of Growth, India Is An Outlier, Will Become Third-Largest Economy In 5 Years: Amitabh Kant
9 months, 2 weeks ago

In A World Starved Of Growth, India Is An Outlier, Will Become Third-Largest Economy In 5 Years: Amitabh Kant

ABP News  

India is set to become the third-largest economy and stock market in the world in the next five years, G20 Sherpa and former NITI Aayog chairman Amitabh Kant said at the India Dialog conference, organised by the Stanford University US-Asia Technology Management Center, in partnership with the Institute for Competitiveness. Sharing his inputs on the country’s growth, Kant stated: “In …

Economic survey: What’s helping Delhi economy revive after the pandemic?
9 months, 3 weeks ago

Economic survey: What’s helping Delhi economy revive after the pandemic?

Hindustan Times  

The advance estimates of Gross Domestic Product for 2023-24 released with Delhi’s 2023-24 Economic Survey on March 1 show one promising trend. The secondary sector – this comprises manufacturing, electricity, gas, water supply and other utility services, and construction sub-sectors – has contributed ₹ 15.02 lakh crore or 22% to the growth in Delhi’s GVA since 2019-20. The secondary sector …

Manufacturing versus services: A false binary
10 months ago

Manufacturing versus services: A false binary

Hindustan Times  

The debate around India’s policy focus — whether it should be on manufacturing or services — is once again heating up. India’s share of global services exports is currently ~4.4%, and the country is already the largest provider of telecom and information services. The other pillar of the country’s export strategy — services exports — is where India already has …

There is no discord over India’s growth and employment trends
10 months, 1 week ago

There is no discord over India’s growth and employment trends

Live Mint  

Coming to manufacturing, between 1998-99 and 2003-04, employment growth was 7.3 million. There is a clear slowdown in manufacturing employment growth between 2008-09 and 2013-14. So, it stands to reason that the decline in agricultural employment, which was of the order of 17.8 million, was absorbed by services and other sectors, given that the economy as a whole added 13.1 …

India’s Manufacturing Sector Growth Marks 18-Month Low At 54.9 In Dec
11 months, 2 weeks ago

India’s Manufacturing Sector Growth Marks 18-Month Low At 54.9 In Dec

ABP News  

India’s manufacturing sector logged a decline as the sector’s growth declined to an 18-month low of 54.9 in December owing to a muted increase in factory orders and output, despite minimal inflation, the monthly survey conducted by S&P Global revealed on Wednesday. The HSBC India Manufacturing PMI survey, conducted by the rating agency S&P Global, found that factory orders and …

India’s jobs crisis, the macroeconomic reasons
11 months, 4 weeks ago

India’s jobs crisis, the macroeconomic reasons

The Hindu  

There are many indications everywhere that India continues to be going through a jobs crisis. Employment growth rate is determined by the relative strength of two factors — the output growth rate and the labour productivity growth rate. If labour productivity growth rate does not change, higher output growth rate increases employment growth rate. On the other hand, if labour …

India will be third largest GDP by 2027, says Nirmala
1 year, 1 month ago

India will be third largest GDP by 2027, says Nirmala

Deccan Chronicle  

New Delhi: Terming the India-Middle East-Europe Connectivity Corridor as one of the most promising connectivity projects, Union finance minister Nirmala Sitharaman on Wednesday said that it would be a win-win situation for all stakeholders who are involved in bringing efficiency in transportation, reducing logistic costs, increasing economic unity, generating employment, and lowering greenhouse gas emissions. The country’s economic growth is …

Bharat’s Model of Economic Growth Cannot Be Built on Western Models - News18
1 year, 1 month ago

Bharat’s Model of Economic Growth Cannot Be Built on Western Models - News18

News 18  

Policymaking in the agriculture space is rife with several myths, misconceptions, and assumptions. A NITI Aayog paper from 2022 highlights four structural paths that farmers could find themselves on: the Farmer Developing Path, the Lewis Path, the Lewis Trap, and the Farmer Excluding Path. The Indian agricultural sector employs 44 per cent of the labour force in the country while …

How India’s G20 Presidency Can Galvanise The Manufacturing Sector - News18
1 year, 3 months ago

How India’s G20 Presidency Can Galvanise The Manufacturing Sector - News18

News 18  

India’s G20 Presidency presents an opportunity to strengthen the country’s collaboration and economy. With Indo-US deals taking centre stage and other global corporations following suit, India’s manufacturing sector has the potential to reach $1 trillion by 2030, making it the fourth-largest in the world. To achieve India’s national target of increasing manufacturing contribution to 25 per cent of GDP by …

Indian economic prospects may require a more realistic analysis
1 year, 3 months ago

Indian economic prospects may require a more realistic analysis

Live Mint  

The chaos and cacophony of bazaars have a life-affirming quality. Walking through a Delhi bazaar last week, chatting with friendly shopkeepers and roadside merchants and revelling in the warm glow of traditional India, it was impossible not to feel optimistic about the country’s prospects. Recall that, in 2020-21, India’s economy, still recovering from an unwarranted demonetization, contracted by 7% as …

DC Edit | Inflation, exports still a concern
1 year, 3 months ago

DC Edit | Inflation, exports still a concern

Deccan Chronicle  

India’s economy performed well by growing at the rate of 7.8 per cent in the first quarter of financial year 2023-24, thanks to a significant increase in private consumption, government capital expenditure, financials and services. Though the current growth rate pales in comparison with 13.1 per cent expansion in the economy witnessed in the first quarter of FY 2022-23, it …

Momentum softens: The Hindu Editorial on S&P Global’s survey
1 year, 5 months ago

Momentum softens: The Hindu Editorial on S&P Global’s survey

The Hindu  

July 07, 2023 12:20 am | Updated 12:39 am IST The latest Purchasing Managers’ Index for India’s manufacturing sector and the Services Business Activity Index for the economy’s broader services sector from S&P Global, posit a softening in momentum in economic activity. Its survey of about 400 manufacturers shows that production growth at major private sector factories eased marginally last …

India's GDP growth exceeds expectations, but key to 'Amrit Kaal' lies in manufacturing
1 year, 6 months ago

India's GDP growth exceeds expectations, but key to 'Amrit Kaal' lies in manufacturing

Firstpost  

The coming 24-25 years will be crucial to India in determining its stakes as a global political and economic power. The fifth-largest economy now needs to gear up to its highest potential, with the manufacturing sector being given a fair chance to show its charisma Outperforming expectations, India’s GDP grew at the rate of 6.1 per cent in the last …

At the root of India’s manufacturing challenge
1 year, 6 months ago

At the root of India’s manufacturing challenge

The Hindu  

The issue of manufacturing or services as the desirable path for India’s economy makes the rounds in public fora periodically. In the early part of this century, when India’s software exports were booming, it had been asked why India’s services sector should not leapfrog over manufacturing to propel the economy forward. Unimpressive record After the economic reforms of 1991, the …

India’s economy picks up speed amid global slowdown
1 year, 6 months ago

India’s economy picks up speed amid global slowdown

Al Jazeera  

With 6.1% quarterly growth, India remains one of the fastest growing emerging economies, especially as China’s recovery stumbles. India’s economic growth has accelerated to 6.1 percent in the January–to-March quarter, boosted by government and private capital spending even as private consumption remained sluggish, government data shows. The manufacturing sector, which for the past decade has accounted for just 17 percent …

India is making its mark in the world
1 year, 6 months ago

India is making its mark in the world

Hindustan Times  

India is in a rare moment of equilibrium. India’s economy is no longer at the receiving end of the global order but is in the fray of the world’s most powerful future economies, with an unmatched growth rate. The International Monetary Fund says India and China will account for 50% of the total world gross domestic product growth in 2023, …

New challenges in the Indian IT industry are changing the employer-employee dynamic
1 year, 6 months ago

New challenges in the Indian IT industry are changing the employer-employee dynamic

Hindustan Times  

Indian IT has been a poster child for India not just because of its size and scale but, more important, for its continuous innovation in response to changing market dynamics. First, fast growth in machine learning and Artificial Intelligence is making many old low-tech jobs redundant and creating massive demand at the very top end, which the industry cannot meet …

India's Manufacturing PMI In April Hits 4-Month High On Robust Demand
1 year, 7 months ago

India's Manufacturing PMI In April Hits 4-Month High On Robust Demand

News 18  

India’s factory activity expanded at its quickest pace in four months in April, driven by solid growth in new orders and output, a private survey showed on Monday, signalling resilient demand and an encouraging outlook. Besides seeing the strongest inflow of new work in 2023 so far, capacities were expanded through job creation, input buying was lifted.” Both new orders …

India’s post-pandemic potential growth could be pushed higher
1 year, 8 months ago

India’s post-pandemic potential growth could be pushed higher

Live Mint  

Three years have now passed since the pandemic brought the world to a standstill. The World Bank has this week released a large database with estimates of potential growth over the years for various countries. First, the World Bank estimates Indian potential growth at 7% a year. Second, Indian potential growth is higher than that of most emerging economies it …

India's GDP Growth: Economists Must Not Go by Face Value & Assess Data Robustly
1 year, 9 months ago

India's GDP Growth: Economists Must Not Go by Face Value & Assess Data Robustly

The Quint  

As argued before, while reviewing the macro-elements and components of growth in any statistical interpretation exercise, it’s difficult to get the full picture one needs. For example, keeping aside the base effect, the fact that private consumption demand is still woefully low, indicates how much of the low-middle income and middle-income class in India is ‘consuming less’ and their demand …

Service firms on recovery path, manufacturing still a concern - The Hindu
1 year, 10 months ago

Service firms on recovery path, manufacturing still a concern - The Hindu

The Hindu  

The share of urban consumers who were pessimistic about the Indian economy continued to decline in January 2023 though more than half of them said the situation has worsened compared to a year ago. Chart 1A shows the responses from a Reserve Bank of India survey conducted across 19 major cities between January 2 and 11. Chart 2 shows the …

Union Budget 2023-24: Consumer Electronics sector expects proposals to bolster its growth
1 year, 10 months ago

Union Budget 2023-24: Consumer Electronics sector expects proposals to bolster its growth

Firstpost  

It would also be very helpful to the sector if the government provides incentives for the domestic design and manufacture of electronics Around 62 per cent of industry leaders were optimistic about India’s growth prospects in 2023, according to a recent survey by Deloitte. Outlook for electronics sector In recent years, there has been a lot of discussion around India …

The global economy needs a new powerhouse. India is stepping up
1 year, 11 months ago

The global economy needs a new powerhouse. India is stepping up

Live Mint  

India’s economic transformation is kicking into high gear.Global manufacturers are looking beyond China, with Prime Minister Narendra Modi stepping up to seize the moment. “India is on the cusp of huge change,” said Nandan Nilekani, a founder of Infosys Ltd., one of the nation’s largest technology services companies. “A lot of companies feel that given its size, given its young …

How growth stories of India and China stack up
1 year, 11 months ago

How growth stories of India and China stack up

Live Mint  

New Delhi: Come Union budget day on 1 February, a central point of analysis would be if it’s enabling economic growth adequately. View Full Image Mint China’s great strength, and India’s weakness over the past 15 years or so, has been investment, or the net addition to capital goods like machinery and equipment. View Full Image Mint China scripted its …

In 2022, India Was A Bright Spot in The World amid Gloom of War And Slowdown, 2023 Is The Time to Shine
1 year, 11 months ago

In 2022, India Was A Bright Spot in The World amid Gloom of War And Slowdown, 2023 Is The Time to Shine

News 18  

As the global economy was normalising after a battering from the Covid pandemic, the Russia-Ukraine War broke out in 2022. India also extended assistance of about $4 billion to stabilise Sri Lanka’s economy which was in a tailspin in 2022, coupled with massive political upheaval. India’s growing strategic importance on the world stage is reflected in the establishment of the …

India is a glimmer of hope in a slowing world
1 year, 11 months ago

India is a glimmer of hope in a slowing world

Live Mint  

As we welcome 2023, there is much to be optimistic about and as much to reflect on. From bringing global manufacturing and supply chains to India to striking astute bilateral trade deals to building the much-needed infrastructure at a steady pace, the Prime Minister has dramatically altered not only the ease of doing business but also rendered the country a …

Year in Review | Indian economy amid global headwinds
1 year, 11 months ago

Year in Review | Indian economy amid global headwinds

The Hindu  

Multiple headwinds at varied points of time impacted the Indian economy’s thorough economic revival in the calendar year 2022. “India’s growth rates in real terms of 9.7% in the first half of this year is well above the trend in other countries and is happening amid tightening global financial conditions and the commodity price shock since the Ukraine invasion by …

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