India seeks to capture world market, to become $30 trillion economy soon
2 years, 5 months ago

India seeks to capture world market, to become $30 trillion economy soon

Live Mint  

Union Minister Piyush Goyal said in all sectors, India wants to become a global industry. Goyal said, "under the guidance of PM, the Centre is working actively with different countries to finalise free trade agreement which will give zero duty access to the textile sector in the world market." He said, "the country would reach 30 trillion economy from the level of 3 trillion economy and the government has been aggressively addressing all the structural issues including the tariff barriers, issues in taxation, global competitiveness, etc." Reiterating the capability of India to become the second-largest manufacturer of PPE kits that not only protected the people of the Nation, and frontline workers, but also helped several countries through exports, Goyal said that India could manufacture PPE kits with the highest quality at an affordable price.

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History of this topic

Ajit Ranade: India needs more sectors to be reliable dollar earners
16 hours, 53 minutes ago

Ajit Ranade: India needs more sectors to be reliable dollar earners

Live Mint  

India presently has more than a quarter trillion dollars of essential imports. Domestic production capacity for all these is unlikely to become ‘ atma nirbhar ’ in the near future, even as demand will grow as India chugs at a 7% or 8% growth rate. In a report, Ajay Srivastava, founder of Global Trade Research Initiative, analysed the structural changes …

Rupee at 85 to a Dollar: Sinking Towards 100?
17 hours, 28 minutes ago

Rupee at 85 to a Dollar: Sinking Towards 100?

The Quint  

India has indeed developed a strong export franchise in not only IT services but also in setting up global capability centers that employ over 1.5 million talented Indians for highly productive use. India, in contrast to its merchandise counterpart, import much less of services, and generate good surplus despite Indians’ itch to travel abroad and seek overseas education. India exported …

India’s exports rise, boosting global presence
2 weeks, 6 days ago

India’s exports rise, boosting global presence

Deccan Chronicle  

New Delhi: India is eyeing to be a global economic powerhouse with its remarkable achievements in the export landscape. “India’s export performance in several key product categories has shown notable success, with the country maintaining or improving its rank among the top 10 global suppliers, all with export values exceeding $1 billion in 2023,” the ministry said. “The petroleum sector …

India to contribute 20 pc of global workforce growth between 2023-50, China share to decline: Report
1 month ago

India to contribute 20 pc of global workforce growth between 2023-50, China share to decline: Report

New Indian Express  

NEW DELHI: India is set to play a pivotal role in global workforce growth, contributing 20 per cent of it between 2023 and 2050, according to a report by Angel One Wealth. It said, "By 2030 high-income households are expected to triple, while middle-income households will nearly double making India the fastest-growing nation in terms of per capita income". The …

iPhone production likely to double in India due to Donald Trump, adding 200,000 new jobs & $30bn revenue
1 month, 1 week ago

iPhone production likely to double in India due to Donald Trump, adding 200,000 new jobs & $30bn revenue

Firstpost  

Apple’s production increase hinges on the policies of US President Donald Trump, who has repeatedly expressed his intent to impose steep tariffs, between 60-100 per cent, on goods imported from China If Apple implements these plans, India’s share of global iPhone production could rise to over 26 per cent, a substantial jump from the current 12-14 per cent. The Economic …

Competing in the Global Apparel Arena: How India Can Rise Above the Textile Tide
1 month, 3 weeks ago

Competing in the Global Apparel Arena: How India Can Rise Above the Textile Tide

Hindustan Times  

India's textile and apparel sector holds significant potential to create more and better employment, especially from the labour-intensive apparel segment. However, the sector faces important challenges in adapting to global market demands. It requires both the government and private sector to play their part. The government could help by rationalising domestic taxation and reducing import tariffs along the entire supply …

India targets $1 trillion exports by 2030: Coimbatore DGFT
2 months, 3 weeks ago

India targets $1 trillion exports by 2030: Coimbatore DGFT

New Indian Express  

TIRUPPUR: India has an ambitious target of exporting goods worth $1 trillion USD by 2030, said Anand Mohan Mishra, Joint Director General of Foreign Trade of Coimbatore, during a seminar ‘Export Finance and Trade Facilitation for the Apparel Industry’ in Tiruppur on Saturday. Speaking among the exporters in Tiruppur, Mishra said, “ Each and every part of the export community …

India's exports soar 2.56 per cent to USD 35.2 billion in June: Govt data
5 months, 1 week ago

India's exports soar 2.56 per cent to USD 35.2 billion in June: Govt data

India TV News  

The government of India on Monday released data on the exports by the nation in the month of June. According to the data, India's merchandise export in June increased by 2.56 per cent to $35.32 billion compared to $34.32 billion in June last year. In May, the country's merchandise exports increased by 9.1 per cent and reached USD 38.13 billion, …

India plans to expand production-linked incentives for small textile firms: minister
5 months, 4 weeks ago

India plans to expand production-linked incentives for small textile firms: minister

Hindustan Times  

By Manoj Kumar India plans to expand production-linked incentives for small textile firms: minister NEW DELHI - India plans to expand production linked incentives to small textile firms soon, part of efforts to increase garment exports to $50 billion by 2030, the federal textile minister said on Tuesday. The government introduced incentives for the textile sector in 2021, and has …

Goldman Sachs predicts this ‘favourable scenario’ for Indian economy by 2030
7 months, 3 weeks ago

Goldman Sachs predicts this ‘favourable scenario’ for Indian economy by 2030

Hindustan Times  

India's services exports are likely climb to $900 billion- about 12.4 percent of its GDP, by 2030- Goldman Sachs said in what it called a "favourable scenario" of the economy. "India has been gaining share in professional consulting globally, which is relatively less concentrated than other sectors, and India has scope of gaining further share with the rise of GCCs," …

India needs to grow at rapid rates to become $35 trn economy by 2047: Kant
10 months ago

India needs to grow at rapid rates to become $35 trn economy by 2047: Kant

Business Standard  

"Our aim will be to become the cheapest producer, the cheapest exporter of green hydrogen and its liquid form ammonia and to be the biggest manufacturer of electrolyzer," he said | Photo: Bloomberg India will be the third largest economy by 2027 and it needs to grow at rapid rates to become a $35 trillion economy by 2047, the country's …

Vantage | What India must do to be a $7 trillion economy by 2030
10 months, 3 weeks ago

Vantage | What India must do to be a $7 trillion economy by 2030

Firstpost  

As the Indian government gears up to present the annual budget in what is considered the last one ahead of the general election, the focus is on maintaining stability with an interim budget. In the next three years, India aims to secure its position as the world’s third-largest economy, targeting a GDP of $5 trillion dollars. Projections for India’s growth …

India will be $7 trillion economy by 2030
10 months, 3 weeks ago

India will be $7 trillion economy by 2030

Firstpost  

India can aspire to become a $7 trillion economy by 2030, according to “The Indian Economy: A Review” written by V Anantha Nageswaran, Chief Economic Adviser to the government, and his team of economists. Meanwhile, as per National Statistical Office, the Indian economy is estimated to grow 7.3 per cent in 2023-24, while Reserve Bank of India projected a 7 …

Budget 2024: Can India become a $7 trillion economy by 2030?
10 months, 3 weeks ago

Budget 2024: Can India become a $7 trillion economy by 2030?

India Today  

A recent review report released by the government has estimated India's potential economic trajectory, aiming to hit the $7 trillion mark by 2030, ahead of the upcoming Interim Budget 2024-25. "India's unwavering commitment to ensuring steady economic growth is generating resources for investment needed for climate change adaptation, building resilience, and mitigating emissions,' the Finance Ministry report said. The report …

Indian economy to grow close to 7% in FY25, hit $7 trillion by 2030: FinMin
10 months, 3 weeks ago

Indian economy to grow close to 7% in FY25, hit $7 trillion by 2030: FinMin

Live Mint  

Even as the finance ministry expects FY24 economic growth to exceed the central bank’s projection of 7%, it also expects growth in the following year, FY25, to be close to 7%, even though geopolitical risks could lead to supply chain disruptions and a rise in inflation. The ministry’s latest monthly economic review also said that under reasonable assumptions, India can …

Gujarat aims to contribute 10 per cent to GDP, targets USD 500 billion economy by 2026-27: Bhupendra Patel
11 months, 2 weeks ago

Gujarat aims to contribute 10 per cent to GDP, targets USD 500 billion economy by 2026-27: Bhupendra Patel

India TV News  

Gujarat Chief Minister Bhupendra Patel has said his government has set a target to contribute 10 per cent to India's GDP and become a USD 500 billion economy by 2026-27. At present, Gujarat, with five per cent of the country's population, contributes 8.3 per cent to the national Gross Domestic Product, and in the previous year, the state accounted for …

India set to become third-large economy by 2030, says S&P
1 year ago

India set to become third-large economy by 2030, says S&P

India TV News  

American credit rating agency S&P Global Ratings on Tuesday said India would become the world's third-largest economy by 2030. The rating agency forecasted the nation's GDP growth would reach 7 per cent in 2026-27 fiscal year. S&P in its Global Credit Outlook 2024 highlighted a 6.4 per cent GDP growth in the fiscal year through March 2024 as compared to …

Increase Investment in India, Goyal tells Corporates
1 year ago

Increase Investment in India, Goyal tells Corporates

Deccan Chronicle  

New Delhi: As India’s focus on infrastructure is empowering the economy and giving it a fillip, Union commerce minister Piyush Goyal on Friday urged the corporate to increase investments in India as the country was "at a sweet spot" with massive development of infrastructure driving the economy. The stock market is also hitting a 4 trillion mark for the first …

A $5 trillion economy, but for whom?
1 year, 1 month ago

A $5 trillion economy, but for whom?

The Hindu  

Last week, at an election rally in Chhattisgarh, Prime Minister Narendra Modi announced that he is extending the Pradhan Mantri Garib Kalyan Ann Yojna, a scheme providing 5 kg of foodgrains free every month to beneficiaries of the National Food Security Act, by five years because he does not want any citizen to sleep hungry. This is the year the …

India makes it to $4 trillion economy club
1 year, 1 month ago

India makes it to $4 trillion economy club

Deccan Chronicle  

New Delhi: Achieving a historic milestone, India's economy on Sunday crossed the $4 trillion mark in its gross domestic product in nominal terms for the first time ever, several media reports said, citing a purported screenshot of a live GDP tracker of all economies based on the IMF data. After the report surfaced in the media circle, BJP leaders, ministers …

India’s global exports in labour-intensive sectors declined in last 5 years: FIE
1 year, 2 months ago

India’s global exports in labour-intensive sectors declined in last 5 years: FIE

Live Mint  

With India experiencing a decline in global market share across segments during the last five years, the labour-intensive export sectors such as apparels, marine products, plastics, and gems and jewellery are showing a "troubling pattern", news agency PTI quoted FIEO report as saying. "An analysis of sector-wise export performance for the last five years reveal the troubling pattern that India …

To reach its economic potential, India must abandon protectionism
1 year, 4 months ago

To reach its economic potential, India must abandon protectionism

Hindustan Times  

It is not hard to see what enthuses the many evangelists for India’s economy. India’s government is convinced that reducing imports is necessary for its security and creating manufacturing jobs, and especially hopes to reduce imports from China. In 2022 value added in manufacturing accounted for 13.3% of India’s GDP, down from 15.6% in 2015 and the lowest since 1967; …

India Should Be $5 Tn Economy by 2027-28, Says Member of EAC-PM Sanyal After Modi’s ‘Guarantee’
1 year, 4 months ago

India Should Be $5 Tn Economy by 2027-28, Says Member of EAC-PM Sanyal After Modi’s ‘Guarantee’

News 18  

With Prime Minister Narendra Modi declaring that India is expected to be the world’s third largest economy in the next five years on the 77th Independence Day from the ramparts of the Red Fort on Tuesday morning, Sanjeev Sanyal, member of Economic Advisory Council to the Prime Minister, spoke exclusively to News18 in which he stressed that more economic reforms …

T.N. Industries Minister urges garment industry in Tiruppur to focus on technical textiles
1 year, 5 months ago

T.N. Industries Minister urges garment industry in Tiruppur to focus on technical textiles

The Hindu  

The garment industry in Tiruppur, should focus on technical textiles, said T.N. Inaugurating the renovated building of the Tiruppur Exporters Association, the Minister said the size of the global technical textiles industry was expected to be USD 220 billion by 2030. Participation of the industry was critical for further research and development, he said, adding that the government would also …

India’s GDP has touched $3.75 trillion-mark in 2023: Nirmala Sitharaman
1 year, 6 months ago

India’s GDP has touched $3.75 trillion-mark in 2023: Nirmala Sitharaman

Live Mint  

India's gross domestic product has touched the $3.75 trillion-mark in 2023 so far from around $2 trillion in 2014, said finance minister Nirmala Sitharaman on June 12. Recent government data revealed that India's GDP grew by 6.1 per cent in the fourth quarter of fiscal year 2022-23 beating Street estimates. Recently, ratings agency Moody's estimated the Indian economy to clock …

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 …

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 …

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 …

\'India\'s GDP nearing to $20 trillion, per capital income at $10k by 2047\'
1 year, 11 months ago

\'India\'s GDP nearing to $20 trillion, per capital income at $10k by 2047\'

Deccan Chronicle  

HYDERABAD: India's GDP will be close to USD 20 trillion by 2047 and per capita income may reach USD 10,000, Bibek Debroy, chairman, Economic Advisory Council to the Prime Minister, said on Wednesday. Virtually addressing the inaugural session at the 57th Annual Conference of the Indian Econometric Society held at the University of Hyderabad here, he said though the COVID-19 …

Indian manufacturing sector and the great transformation under Narendra Modi
2 years ago

Indian manufacturing sector and the great transformation under Narendra Modi

Firstpost  

With the vision of transforming India into a manufacturing hub, our government under the leadership of Prime Minister Narendra Modi took concrete steps towards improving various business parameters In 2014, when Prime Minister Narendra Modi took the reins of our nation, India had been tagged as one of the so-called “Fragile Five” nations alongside Indonesia, Brazil, Turkey, and South Africa, …

India will become $40 trillion economy by 2047, says Mukesh Ambani; spells out 3 big mantras
2 years, 1 month ago

India will become $40 trillion economy by 2047, says Mukesh Ambani; spells out 3 big mantras

Firstpost  

During his virtual address at the 10th Convocation of Pandit Deendayal Energy University, Mukesh Ambani stressed that concerns over climate change must be addressed as India strives to achieve economic progress Gandhinagar : Asserting that India will become a $40 trillion economy by 2047, Reliance Industries Chairman Mukesh Ambani said that three revolutionary shifts - Clean energy, bio-energy, and the …

Destination India: Services Sector Is The Next Big Opportunity To Achieve $5-Trillion Economy
2 years, 1 month ago

Destination India: Services Sector Is The Next Big Opportunity To Achieve $5-Trillion Economy

ABP News  

India has made tremendous progress over a period of time. From being a predominantly agrarian economy, India has transformed into a services sector-oriented economy that contributes over 50 per cent to the GDP. Around 697,453 foreign tourists came for medical treatment to India in 2019, making up 6.4 per cent of the total foreign tourist arrivals in India. During 2010-2019, …

China’s total trade surplus with India ‘surpasses $1 trillion’
2 years, 2 months ago

China’s total trade surplus with India ‘surpasses $1 trillion’

The Hindu  

The favourable trade balance that China has enjoyed with India, since bilateral commerce began to boom in the early 2000s, has cumulatively exceeded $1 trillion, according to estimates. In 2021, annual two-way trade crossed $100 billion for the first time, reaching $125.6 billion, with India’s imports accounting for $97.5 billion, pegging the imbalance at close to $70 billion. Trade ties …

India set to become 10 trillion-dollar economy by 2030: Hardeep Singh Puri
2 years, 3 months ago

India set to become 10 trillion-dollar economy by 2030: Hardeep Singh Puri

India TV News  

Highlights Hardeep Singh Puri said that India is on the path to become 3rd largest economy in world by 2047 Puri addressed 25th Energy Technology Meet under aegis of Petroleum & Natural Gas Ministry in Mumbai India is wedded to the concept of net zero and is committed to making a transition: Puri Union Minister for Petroleum and Natural Gas …

India is the trusted partner of the world, says Union Minister Piyush Goyal
2 years, 3 months ago

India is the trusted partner of the world, says Union Minister Piyush Goyal

Firstpost  

San Francisco: Union Commerce and Industry Minister Piyush Goyal, who is on a six-day visit to San Francisco and Los Angeles starting on Monday, highlighted India’s stable economic conditions during COVID-19 pandemic and said that the country has emerged as the trusted partner of the world. Speaking at a luncheon interaction with the Institute of Chartered Accountants of India where …

DC Edit | Growth: India must aim higher
2 years, 3 months ago

DC Edit | Growth: India must aim higher

Deccan Chronicle  

India has finally overtaken its erstwhile colonial master, the United Kingdom, in terms of the size of the economy — the first time after nearly 150 years. In October 2016, India’s GDP was $2.29 trillion compared to $2.34 trillion of the Brexit-mauled UK economy — a difference of just $50 billion — which was expected to be erased by 2017. …

India to be 2nd biggest economy in world by 2047: Commerce secretary
2 years, 3 months ago

India to be 2nd biggest economy in world by 2047: Commerce secretary

Live Mint  

Commerce secretary BVR Subrahmanyam said on Saturday India will become the second largest economy in the world by 2047. The commerce secretary also said India's exports grew by 17 percent year-on-year in the first five months of the current financial year. From April-August 2022-23, India's merchandise export was $192.59 billion compared to $164.44 billion in the corresponding period last year. …

Indian economy 'can touch USD 20 trillion by 2047'
2 years, 3 months ago

Indian economy 'can touch USD 20 trillion by 2047'

Firstpost  

India, which is the world’s sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing nation New Delhi: Economic Advisory Council to the Prime Minister Chairman Bibek Debroy on Tuesday said Indian economy’s size will touch USD 20 trillion by 2047 provided the annual average growth is 7-7.5 per cent in the next 25 …

Achieving 11pc growth in next decade possible if India capitalises on demography, exports: RBI Dy Guv
2 years, 4 months ago

Achieving 11pc growth in next decade possible if India capitalises on demography, exports: RBI Dy Guv

India TV News  

RBI growth forecast: India can "bend time' and catapult to an 11 per cent growth rate in the next decade if it capitalises on the demographic dividend, and boosts manufacturing, as well as exports, RBI Deputy Governor Michael Patra said on Saturday. "India must raise the share of manufacturing to at least 25 per cent of GDP to become a …

Central govt. wants to create 75 textile hubs across India, says Piyush Goyal
2 years, 5 months ago

Central govt. wants to create 75 textile hubs across India, says Piyush Goyal

The Hindu  

The Central government wants to create 75 textile hubs across the country on the lines of Tiruppur to generate jobs and support higher textile exports, Union Minister of Textiles and Commerce and Industry Piyush Goyal said in Tiruppur on Sunday. Speaking at an exporters’ meeting, organised by Federation of Indian Export Organisations and Apparel Export Promotion Council, the Minister explained …

India has managed inflation better than developed countries amid global headwinds: Goyal
2 years, 5 months ago

India has managed inflation better than developed countries amid global headwinds: Goyal

Live Mint  

India has managed to maintain its inflation at a reasonable level compared to developed countries at a time when global shortage of certain commodities has push up the world inflation, said commerce and industry minister Piyush Goyal at an industry event in Tirupur in Tamil Nadu. "For most of the items, we have been able to maintain the prices much …

One vision and a billion people’s dream for a $5 trillion economy
2 years, 7 months ago

One vision and a billion people’s dream for a $5 trillion economy

Firstpost  

One man’s vision… a hundred and 38 billion dreams… a journey towards a $5 trillion economy. The government and the start-up India workforce have been working towards an inclusive India and that is a growth story right there itself. Creator Economy fuelled by digitisation, Start-Up India, e-commerce, infrastructure, Pradhan Mantri Jan Dhan Yojana – the banking outreach programme, Swachch Bharat, …

India’s GDP can grow to $40 trillion if working-age population gets employment: CII report
2 years, 8 months ago

India’s GDP can grow to $40 trillion if working-age population gets employment: CII report

The Hindu  

India’s Gross Domestic Product can grow from the current $3 trillion to $9 trillion by 2030, and $40 trillion by 2047, if the country’s working-age population — which is expected to increase by over 100 million people between 2020-30, is productively employed, according to a report by the Confederation of Indian Industry. ‘Golden period’ “The golden period of 30 years …

Get these wrinkles out of the South Asian textile story
2 years, 9 months ago

Get these wrinkles out of the South Asian textile story

The Hindu  

South Asia became a major player in the global textiles and clothing market with the onset of the third wave of global production. Supportive industrial policy was an instrumental factor in the 1990s, with zero duty on raw material and capital machinery, as access to global markets led to the industry’s boom. India’s production centres are operational at near full …

India poised to achieve Services export target of USD 1 trillion by 2030: Piyush Goyal
3 years, 1 month ago

India poised to achieve Services export target of USD 1 trillion by 2030: Piyush Goyal

India TV News  

Terming the 'Services' sector as the key driver of India's economic growth, Union Minister Piyush Goyal on Tuesday said that India is poised to achieve the Services Export target of USD 1 trillion by 2030. Goyal while speaking at the ' Export PromServicesotion Council- Global Services Conclave 2021' at the national capital said, "Services sector provides employment to nearly 2.6 …

Modi’s visit to the US has helped expand economic cooperation
3 years, 2 months ago

Modi’s visit to the US has helped expand economic cooperation

Live Mint  

Prime Minister Narendra Modi’s visit to the US last month included three notable events: His first in-person meeting at the Quad leaders’ summit, his first bilateral engagement with US President Joe Biden in person, and his speech at the 76th United Nations General Assembly. Prime Minister Modi also announced the resumption of vaccine exports, which would contribute to India’s overall …

India likely to become world's 3rd largest importer by 2050: Report
3 years, 3 months ago

India likely to become world's 3rd largest importer by 2050: Report

India Today  

India could become the world’s third-largest importer by 2050, according to a report released by the UK’s Department of International Trade. With a 5.9 per cent share of global imports by 2050, the country will become the third-largest importer, following China and the United States. As per the Global Trade Outlook report, the country’s position on the list will jump …

Textile industry looks at ₹3000 crore additional investment in TN
3 years, 3 months ago

Textile industry looks at ₹3000 crore additional investment in TN

The Hindu  

The textile and clothing industry in Tamil Nadu hopes to attract ₹3000 crore additional investment in man-made fibre and technical textile segments with several schemes announced by the Central and State governments. Sundararaman, chairman of the Indian Technical Textile Association and vice-chairman of Southern India Mills’ Association, said the Production Linked Incentive Scheme approved on Wednesday by the Union government …

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