India will become the world’s third largest economy by 2026 as its GDP in current dollar terms will reach $5 trillion in that year and further rise to $5.5 trillion in 2027, former Niti Aayog vice chairman Arvind Panagariya said on Friday. Delivering the 18th C D Deshmukh Memorial Lecture titled ‘India at 125: Reclaiming the Lost Glory and Returning the Global Economy to the Old Normal’, he said it is unlikely that GDP in current dollar terms of either Germany or Japan will cross $5 trillion-mark in the coming three years. Japan will have to sustain a growth rate of 3.5 per cent in current dollar terms to reach $5.03 trillion in 2027 from its 2022 level of $4.2 trillion, he said.
Posts tagged Rediff
Forex reserves jump $2.82 bn to $606.86 bn (15-12-2023)
India’s forex reserves jumped $2.816 billion to $606.86 billion in the week ended December 8, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had risen $6.11 billion to $604.04 billion. It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $645 billion.
Bulls on rampage in D-Street; Sensex breaches 71K (15-12-2023)
HCL Technologies was the biggest gainer in the Sensex pack, rising 5.58 per cent, followed by Tata Consultancy Services and Infosys, State Bank of India, Tech Mahindra, Tata Steel, NTPC and Wipro. In contrast, Nestle, Bharti Airtel, Maruti and ITC were among the laggards.
Driven by AI, Micron sees robust chip demand (15-12-2023)
US-based chipmaker Micron Technology is expecting demand for semiconductors to rise significantly in the next few years, globally and in India, as memory consumption is going up, largely driven by the widespread adoption of technologies like artificial intelligence (AI). “Memory consumption is expected to double by the end of the decade and the biggest driver in this is AI. “While it’s natural to talk about compute and GPUs (graphics processing units) in the context of AI, it is not to be forgotten that the true enabler for AI is memory … in all the AI engines that we talk about, there is a lot of need to access memory quickly,” Anand Ramamoorthy, managing director, Micron Technology India, told Business Standard.
Exports, imports down in Nov; trade deficit narrows (15-12-2023)
India’s exports declined by 2.83 per cent to $33.90 billion in November this year compared to $34.89 billion a year ago, government data released on Friday showed. Imports also declined to $54.48 billion in the month under consideration, as against $56.95 billion recorded in November 2022.
Zee-Sony merger: A media giant is all set to be born (15-12-2023)
The National Company Law Appellate Tribunal on Friday issued notices to Zee Entertainment Enterprise Ltd (ZEEL) over the petitions filed by IDBI Bank and AXIS Finance against an NCLT order that approved the media company’s merger with Culver Max Entertainment. However, a two-member NCLAT bench comprising chairman Justice Ashok Bhushan and Member Arun Baroka declined to grant any stay over the merger process during the pendency of the hearing. The appellate tribunal (NCLAT) has directed to list both petitions on January 8 for hearing, directing Zee Entertainment Enterprise Ltd to file a reply.
US reaches H-1B cap for fiscal year 2024 (15-12-2023)
The US has received a sufficient number of petitions needed to reach a cap for the much-sought-after H-1B foreign work visas for the fiscal year 2024, a federal agency has announced. The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
Sharp downgrades may keep Paytm stock under pressure (15-12-2023)
In a presentation, One97 Communications (Paytm) announced that it is going to cut back on loan distribution for small-ticket ‘postpaid’ loans as a prudential measure. This decision follows the Reserve Bank of India’s (RBI’s) recent tightening of regulations, raising risk weights on unsecured loans. This particular segment accounts for about 55 per cent of quarterly disbursements and was growing at 120 per cent year-on-year in the second quarter (Q2) of 2023-24 (FY24). Paytm will now focus on big-ticket personal loans.
Investors richer by Rs 8 lakh crore in 3 days (15-12-2023)
Among the Sensex firms, Infosys, Tech Mahindra, HCL Technologies, Tata Consultancy Services, Wipro and JSW Steel were the major gainers during the morning deals. Nestle, Bharti Airtel, Axis Bank ITC were among the laggards.
Nirmalji Goes Cautious On Fiscal Deficit Target (15-12-2023)
But the government will present a second tranche of Supplementary Demands for Grants during the Budget session of Parliament in February, when it can seek additional spending.