INDIA ECONOMIC STATISTICS
India to reassess gold import data amid calculation errors, double-counting concerns
India's import data since July is under scrutiny due to a potential miscalculation in gold imports. A transition in data portals may have led to errors, prompting a govt investigation. November's gold imports were initially reported at a record high, impacting the trade deficit. Officials are examining whether gold movements within special economic zones were double-counted.
Commerce ministry may face possible repeat of 2011 trade data error
India's November 2024 gold import figures, showing a record high of $14.86 billion and a quadrupled increase, are under scrutiny by the commerce ministry due to a potential discrepancy. This surge contributed to a record trade deficit, prompting investigations into possible data errors similar to a 2011 incident. Experts are divided, with some suspecting miscalculations while others find double-counting improbable.
59% Companies faced financial fraud in past 2 years: PwC Survey
A new survey reveals a surge in economic fraud impacting Indian businesses, surpassing the global average. Procurement fraud has become a primary concern, overtaking customer fraud. While cybercrime worries global leaders, corruption remains a significant issue in India, with many companies neglecting crucial third-party audits and real-time payment monitoring.
India is scanning more QR codes! UPI becomes top transaction mode in rural, semi-urban India: Report
A new report reveals UPI's dominance in rural India. Many people want to save and learn about finances. Traditional banking remains relevant. The report emphasizes financial inclusion through technology. It also addresses the gender gap in financial literacy. A collaborative approach is needed for sustainable growth.
Inequality debate should factor in upward mobility of people: CEA
Chief Economic Advisor V Anantha Nageswaran emphasized considering upward mobility alongside inequality when analyzing economic progress. He cautioned against fixating solely on inequality, citing a survey revealing substantial upward movement across income classes in India, despite headlines focusing on the rich getting richer.
Maha business at Maha Kumbh, the world¡¯s biggest congregation
Prayagraj gears up for the 2025 Maha Kumbh Mela, expecting a record 40 crore pilgrims. The government is investing heavily in infrastructure, expanding the Mela grounds, and enhancing amenities. Businesses are also capitalizing on the event, with over Rs 3,000 crore allocated for branding and marketing, anticipating significant economic impact.
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India¡¯s FDI inflows hit $1 tn, Taiwan cos shift supply chains to India
India has achieved $1 trillion in cumulative FDI since 2000, driven by a favorable business environment and innovation. The first half of the current fiscal year saw a 26% surge in FDI to $42.1 billion. Taiwanese companies are increasingly investing in India, exceeding $665 million between 2018 and 2024, due to global trade tensions.
Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25: Finance Ministry
The Finance Ministry announced a significant boost in tax refunds for the financial year 2024-25, with Rs 3.08 lakh crore issued between April 1 and November 27, marking a 46.31% increase from the previous year. The Income Tax Return portal handled a record 900 filings per second, processing over 1.62 crore ITRs in a single day.
India rises above roti, kapda aur makaan. Where is it headed?
India's consumption patterns are shifting from basic necessities to services like healthcare and education. The middle class is expanding rapidly, projected to reach 60% of the population by 2047, driving economic growth and potentially transforming India into a consumption powerhouse. This growth is fueled by increasing disposable incomes and an aspirational drive.
People with ambition to become pilots should look at 'fascinating' Indian market: IATA chief
IATA Director General Willie Walsh expressed optimism about India's aviation sector, citing significant aircraft orders and growth potential. He encouraged aspiring pilots to consider India, highlighting job opportunities and the expanding market. Walsh also noted positive changes in Indian regulations regarding airport charges, suggesting a more balanced approach.
A look at surprising shift in India's consumer spending habits over the last 10 years
Indians spent more on services like healthcare and education between 2013 and 2023. Spending on essentials like food, clothing, and housing decreased. National Account Statistics 2024 data reveals this shift in consumer spending. This change reflects evolving priorities over the decade. The data indicates a growing service economy.
India ranks first globally for its employment outlook in Jan-March 2025: Manpower survey
India's hiring sentiment for Jan-March 2025 is stronger by 3 percentage points compared to the previous quarter and last year, with a 40% net employment outlook, 15 points higher than the global average. The IT sector leads with a 50% hiring outlook. Regions like West and East India saw significant growth, and larger companies continue to drive hiring.
India inflation likely fell in November on moderating vegetable prices: Reuters poll
A Reuters poll predicts India's retail inflation eased to 5.53% in November, down from a 14-month high in October, due to moderating vegetable prices. The Reserve Bank of India held interest rates steady last week despite slowing economic growth. While food prices remain a concern, core inflation is expected to hold steady, offering some relief to consumers.
New quarterly survey results, starting next year
India will launch new quarterly surveys in 2025. These surveys will cover mobile phone use, internet penetration, and travel. Over 5,000 companies will participate in an investment survey. The government aims to gather data for better economic planning. The surveys will help understand demand in key sectors like tourism and IT.
Meet Bharat Jain, world¡¯s richest beggar: Here's how he turned pennies into a fortune
Bharat Jain, who has been begging for over four decades, has amassed a fortune of ?7.5 crore, proving that even the most unlikely professions can lead to significant wealth. Despite his success, Jain remains committed to begging, earning ?60,000-?75,000 a month, and owns valuable properties in Mumbai. His story challenges perceptions of begging and showcases how determination and smart investments can lead to financial success.
Govt expanding data sources for better decisions
India's statistics ministry is exploring new data sources like e-commerce and social media. The ministry will release a Time Use Survey and a capital expenditure survey soon. An economic census covering 11 million enterprises is planned for next year. The ministry aims to use data for national development by 2047.
The game needs to change for world¡¯s fifth-largest economy after poor Q2 show
India's economy experienced its slowest growth in nearly two years during the July-to-September quarter, with GDP growing at just 5.4%. Declining wages, falling company profits, high inflation, and stagnant interest rates all contributed to the slowdown, challenging Prime Minister Narendra Modi's economic targets.
Second half GDP number expected to be much better: DEA secretary
Economic Affairs Secretary Ajay Seth expressed optimism about India's GDP growth, despite second quarter figures being lower than potential at 5.4%. He predicts improvement in the second half, supported by high-frequency indicators from October. India's economic growth was hindered by weak performance in manufacturing and mining sectors, and weak consumption.
Make in India has become "Make-Believe in India": Jairam Ramesh on GDP report
Congress MP Jairam Ramesh criticized the Central government for its inability to enhance private investment in manufacturing. The recent GDP growth figures for July-September 2024 indicate a slowdown to 5.4%. He highlighted the decline in manufacturing growth to 2.2% and concerns over stagnant manufacturing and export sectors, despite the Make in India initiative introduced ten years ago.
Crisil anticipates India's GDP growth to slow to 6.8% in 2024-25
India's GDP growth is expected to slow to 6.8% in FY 2024-25 due to high interest rates and low fiscal impulse. The July-September quarter saw a disappointing 5.4% growth, below the RBI's 7% forecast. Despite this, high-frequency indicators and agricultural growth show signs of potential economic revival.
Congress slams government, says "stagnant wages" key cause of lower GDP growth in July-September quarter
Congress leader Jairam Ramesh blames India's GDP growth decline to 5.4% in July-Sept 2024 on stagnant wages, citing a report by India Ratings and Research. He emphasizes the worsening real wages for workers, contrasting past growth under Manmohan Singh with the current decline under Narendra Modi.
GDP growth figures worse than anticipated, "slowdown" will have severe consequences: Jairam Ramesh
India's GDP growth for July-September 2024 was 5.4 per cent, lower than expected. Consumption grew by 6 per cent. Congress leader Jairam Ramesh attributes this slowdown to stagnant wages over the last decade. He notes that private investment remains sluggish and urges attention to real wage growth to boost economic potential.
Economic potential eroding rapidly while PM Modi generates hype: Congress
India's economic growth has slowed to a near two-year low, with GDP growth at 5.4% in July-September 2024. Congress criticizes stagnant wages as the primary cause, citing various reports showing little to no wage growth over the past years. This stagnation affects consumption and investment, leading to a grim economic outlook.
India's iron ore production rises 4 pc in Apr-Oct
India's iron ore production rose by 4.1% to 158.4 million tonnes in the April-October period of the current fiscal year, showing strong demand from user industries like energy, infrastructure, and automotive. Additionally, manganese ore and bauxite production saw significant increases, while primary aluminium and refined copper production also grew, indicating robust economic activity.
Successful, but burnt-out, founder quits start-up life, advises: 'No shame in 9-to-5 jobs if you are happy'
Not every entrepreneurial endeavor leads to success. Although the idea of leaving behind a predictable and routine nine-to-five job to make a mark in the startup ecosystem can feel exciting, the outcome often falls short of the aspirations.
India's gold demand soars 50x production in 2023: Report
India's gold demand in 2023 soared to 747 tonnes, dwarfing its 15.1-tonne production. Turkey and China also faced significant demand-supply gaps, highlighting the global appetite for gold. Sustainable metal production is crucial for environmental, economic, and social well-being, according to The Gold Bullion Company.
'A time bomb is ticking': Zerodha's Nithin Kamath sounds alarm for young Indian men and women
Zerodha CEO Nithin Kamath raises concern about the increasing number of diabetes cases in India. He highlights the alarming statistics and the urgent need for action. Kamath emphasizes the importance of lifestyle changes and public awareness campaigns. He calls for government initiatives to tackle the issue and improve access to affordable healthcare.
Unemployment rate dips to 6.4% in September quarter: Survey
India witnessed a slight dip in urban unemployment to 6.4% in July-September 2024, down from 6.6% the previous quarter, according to the NSSO's latest survey. Both male and female unemployment rates decreased, while overall labor force participation saw an uptick.
States endorse MoSPI plan for district surveys
India is gearing up to collect economic data at the district level, aiming to release gross district development figures by January 2026. This initiative, endorsed by all states, will encompass data on household consumption, employment, inflation, and more. The move aims to bolster the state statistical system and provide valuable insights for both government and private sector decision-making.
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