Author: Bhakti Narayanan

Prime Minister Narendra Modi has announced a $2.8 billion investment plan by 2047 aimed at developing and improving India’s ports while reducing shipping emissions. He revealed this during his address at the Global Maritime India Summit (GMIS) in Mumbai. “In the post-corona (COVID-19) era, the world needs reliable and resilient supply chains,” Modi said. “Today, a new world order is taking shape, and in this new order, the whole world is looking at India in a new light,” he emphasized. Modi also laid the foundation stone for the $547 million Tuna Tekra, the all-weather deep draft terminal to be constructed…

Ficci’s recent Economic Outlook Survey forecasts a 6.3% growth for India’s economy in FY24, citing a robust financial sector, strong urban demand, increased private investments due to government capital expenditure, and a resurging real estate sector. Notable economists contributed to this survey conducted in September 2023. However, external factors pose uncertainties, including geopolitical tensions, China’s economic slowdown, and the impact of an El Niño-influenced monsoon season. Agricultural growth is expected to slow due to reduced monsoon rainfall (2.7% in the current fiscal year compared to 4% in FY23), while the industry and services sectors are predicted to grow at 5.6%…

Mutual funds (MFs) are once again attracting record numbers of systematic investment plan (SIP) investors, with H1 FY24 witnessing the addition of 77 million SIP accounts, slightly surpassing H1 FY22’s 76.5 million. This resurgence is attributed to MF schemes performing well, supported by the market’s rapid recovery from this year’s March lows. Key indices, including the NSE Nifty 50, Nifty Midcap 100, and Nifty Smallcap 100, displayed significant growth. Around 97% of equity plans delivered double-digit returns over the past year, reflecting a favorable investment environment. Vishal Kapoor, CEO of Bandhan Asset Management Company (AMC), attributed the renewed investor confidence…

Union Minister of Commerce & Industry, Mr. Piyush Goyal, oversaw the “Chintan Shivir – Unleashing the power of India’s Manufacturing Industry” at Bharat Mandapam, New Delhi. He emphasized the government’s commitment to supporting the manufacturing ecosystem and sought input for achieving economies of scale more rapidly. The event brought together industry leaders from prominent organizations such as the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce & Industry (FICCI), Associated Chambers of Commerce and Industry of India (ASSOCHAM), Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM), and knowledge partners BCG and McKinsey.…

The US India Business Council (USIBC) played host to health delegations representing the governments of India and the United States on October 13. This reception and dinner occurred in conjunction with the U.S.-India Health Dialogue, held at the U.S. Chamber of Commerce headquarters in Washington, D.C. The delegation consisted of notable individuals, including Secretary Sudhansh Pant, the Union Health Secretary of India, Dr. Rajiv Bahl, who serves as the Secretary of the Department of Health Research and as director-general of the Indian Council of Medical Research (ICMR), Atul Gawande, the USAID assistant administrator for Global Health, and Dr. Atul Goel,…

Shiprocket, an e-commerce enablement platform, reports that the Indian e-commerce opportunity during the festive season is expected to reach approximately $13 billion for Micro, Small, and Medium Enterprises (MSMEs) in India. Notably, non-metro cities contribute to 56% of the order volume, indicating the growing acceptance of online shopping and digital transactions in smaller towns and rural areas. MSMEs in Tier II, III, and IV cities are anticipating a surge in Diwali gift orders, outpacing merchants in metro cities. The increased e-commerce activity is likely to see first-time buyers comprising 10-15% of the overall order volume. Delhi NCR leads in festive…

In September, the count of unique investors in mutual funds (MFs) crossed the 40 million mark, with the addition of 10 million new investors in the preceding 21 months. Notably, these investors constitute a significant portion of the financial landscape, accounting for around 57% of all income tax filings this year, and comprising 6.5% of all PAN card issuances, indicating the growing importance of mutual fund investment. The count of unique investors is based on the total number of PAN (Permanent Account Number) registrations within the MF industry. This achievement came at a time when the industry witnessed a surge…

On October 11, 2023, Information and Broadcasting Minister Mr. Anurag Thakur announced that the Union Cabinet has granted approval for the establishment of an autonomous entity called “Mera Yuva Bharat” (MY Bharat). The primary objective behind the creation of Mera Yuva Bharat is to establish it as a government platform dedicated to youth development. Minister Thakur revealed that the official dedication of this body to the nation will take place on October 31, coinciding with the birth anniversary of Sardar Vallabhbhai Patel. This platform is envisioned to serve as a comprehensive hub for youth-related activities and initiatives, providing an avenue…

Prime Minister Narendra Modi highlighted the increasing global influence of India amidst numerous challenges. He underlined the international recognition of the country’s strength during the G20 Summit. Speaking at a public rally in Pithoragarh, he referred to his government’s decisions on long-pending issues, such as the women’s reservation bill. Additionally, he mentioned the success of India’s Chandrayaan-3 mission, which reached a part of the moon where no other country could. Modi attributed India’s bolstered position on the world stage to the Indian people who granted him a second term. He credited them for the nation’s progress. Modi explained that when…

The International Monetary Fund (IMF) has revised India’s economic growth forecast for the current fiscal year upwards to 6.3 percent from the previous estimate of 6.1 percent. This update was revealed in the IMF’s World Economic Outlook (WEO) report for October 2023, released on October 10. The IMF anticipates that retail inflation in India will rise to 5.5 percent in fiscal year 2023-24, before gradually easing to 4.6 percent in 2024-25. According to the IMF, the increased growth projection for India is attributed to stronger-than-expected consumption during the April-June period. In contrast, the Reserve Bank of India (RBI) had projected…