Indian Economy Live News Updates: India's GDP to hit $6.8 trillion by FY31, says CEA Nageswaran at CII Summit 2025

Economic Times

5 days ago

29 May 2025 | 07:00:36 PM IST
Indian Economy Live News Updates: India's GDP to hit $6.8 trillion by FY31, says CEA Nageswaran at CII Summit 2025 Indian Economy Live News Updates: The IMF concurs, estimating India's dollar GDP to reach $6.8 trillion by FY 2030-31...", says V. Anantha Nageswaran, Chief Economic Advisor to the Government of IndiaAddressing inaugural plenary of CII (Confederation of Indian Industry) Annual Business Summit-2025, he says, "... India has a few silver linings amid the uncertainty. Energy prices are lower, and with evolving tariff scenarios, India could gain an advantage in sectors where it previously didn't... Monetary policy is less growth-unfriendly this year than in 2024, middle-class tax relief kicks in and the monsoon is expected to be above average... These positive aspects make our projected 6.3% - 6.8% growth, outlined in the Economic Survey..." Show more The Motilal Oswal Foundation, the philanthropic arm of Motilal Oswal Financial Services, has committed ?100 crore to the Indian School of Business (ET Bureau) The IMF concurs, estimating India's dollar GDP to reach $6.8 trillion by FY 2030-31...", says V. Anantha Nageswaran, Chief Economic Advisor to the Government of IndiaAddressing inaugural plenary of CII (Confederation of Indian Industry) Annual Business Summit-2025, he says, "... India has a few silver linings amid the uncertainty. Energy prices are lower, and with evolving tariff scenarios, India could gain an advantage in sectors where it previously didn't... Monetary policy is less growth-unfriendly this year than in 2024, middle-class tax relief kicks in and the monsoon is expected to be above average... These positive aspects make our projected 6.3% - 6.8% growth, outlined in the Economic Survey..." A team of US officials is visiting India next week for discussions on the proposed interim trade agreement between the two countries, an official said.The visit gains importance as India and the US are likely to agree on an interim trade agreement by the end of June, with New Delhi pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods. An earthquake of magnitude 4.4 on Richter scale struck Pakistan on Thursday, as per National Center of Seismology (NCS).As per the NCS, the earthquake occurred at 16:06 hours IST (Indian Standard Time). US files notice of intent to withdraw Harvard University's certification under student and exchange visitor program, gives school 30 days to provide reasons against withdrawal Election Commission of India says, "In a major push to enhance voter experience and streamline election management, the Election Commission of India (ECI) has launched 21 new initiatives over the past 100 days. These measures span procedural reforms, training programmes, and stakeholder engagement. A slew of purposeful, pragmatic and proactive measures has marked the first 100 days of the 26th Chief Election Commissioner Shri Gyanesh Kumar assuming office." PM Narendra Modi inaugurates the New Terminal Building of Jayprakash Narayan International Airport in Patna.Bihar CM Nitish Kumar and Union Minister of Civil Aviation Rammohan Naidu were also present Modi's policy is divide and rule, alleges Bengal CM Mamata Banerjee after PM's rally in Alipurduar
Centre named Operation Sindoor to attract political attention, claims Bengal CM Mamata Banerjee after PM's rally in Alipurduar Hamas condemned Israel's announcement Thursday that it is establishing 22 new settlements in the occupied West Bank, which are considered illegal under international law. TDP was born to change lives of people: Chandrababu Naidu
TDP is case study on how to run government and political party, while YSRCP is example of how not to: Naidu
- Ministry of External Affairs 1,080 Indians have been deported from US till now, 62% came back on commercial flights, said Randhir Jaiswal, MEA spokesperson.
- Ministry of External Affairs spokesperson Randhir Jaiswal Saddened by Modi's criticism of Bengal when all-party teams visiting different countries to pitch against Pak-backed terrorism, said Mamata Banerjee "We are in touch with Iranian authorities to make sure the missing Indians are back home safe. The Iranian authoririties are cooperating," said Randhir Jaiswal, spokesperson MEA.
- Ministry of External Affairs Naveen Kumar, an active member of the Lawrence Bishnoi Gang and sharp shooter of Hashim Baba, a notorious criminal, and wanted in the killing of a businessman in Delhi and in an MCOCA case, was injured in an encounter with the UP STF. He was declared dead during treatment. Kremlin has no plans to speak to Trump currently, reports reuters."We proposed talks with Ukraine in Istanbul on June 2, so far we have had no answer from Kyiv," said Kremlin, adding that the main thing right now is to continue the direct Russia-Ukraine talks. Price as on 02.38.17 PM , Click on company names for their live prices. PM Modi said that West Bengal is surrounded by multiple crises:
The first crisis is of violence and anarchy prevailing in the society.
The second crisis is that mothers and sisters are unsafe here, crimes against them.
The third crisis is the hopelessness, unemployment that the youth here are experiencing.
The fourth crisis is of corruption and people losing faith in the system.
The fifth crisis is of selfish politics of the ruling party which is snatching the rights of poor people. In the month of April 2025, 13.48 million subscribers submitted their requests for Mobile Number Portability (MNP).
The number of active wireless (Mobile) subscribers (on the date of peak VLR#) in April 2025 was 1072.73 million. Prime Minister Narendra Modi slams Mamta Banerjee's government saying 'Any matter cannot be settled without the intervention of court.' Price as on 01.43.36 PM , Click on company names for their live prices. Price as on 01.42.41 PM , Click on company names for their live prices. Before 2014, the country had fewer than 14000 LPG Gas distributors. Now there are more than 25000 LPG Gas distributors, said Prime Minister Narendra Modi.
This project is our commitment to strengthening the region's clean energy infrastructure, said PM Narendra Modi.This project amounts to over Rs 1010 crore, aiming to provide Piped Natural Gas (PNG) to more than 2.5 Lakh households, over 100 commercial establishments, and industries, and Compressed Natural Gas (CNG) to vehicular traffic by establishing around 19 CNG stations in line with the Minimum Work Program (MWP) targets stipulated by the Government. Arijit Singh will become the first Indian artist to headline a UK stadium this September at Tottenham Hotspur Stadium, stated by a recent post on X by British High Commission in India, saying that this event is a celebration of powerful cultural ties between the UK and India.
. Veteran Tamil actor Rajesh, who was known for various supporting roles in Tamil movies, passed away today due to health complications.
- Indian Air Force chief Air Chief Marshal Amar Preet Singh at CII Annual Business Summit Price as on 01.07.56 PM , Click on company names for their live prices. China has firmly opposed US plans to revoke Chinese students visas, reported Reuters citing Chinese foreign ministry.The ministry said that US is using ideology and national security as excuse. Chinese Foreign Ministry said that China has lodged solemn representations with the US.The ministry hopes thatUS can do more that is conducive to healthy development of China-US relations. Price as on 12.40.44 PM , Click on company names for their live prices. The airplane crash in the southern city of Pohang in South Korea has left two people dead. A Reuters report quoting local media stated that the plane belonged to the South Korean navy and it was a navy patrol plane.
The Supreme Court issues notice to
Pankaj Srivastava, Erstwhile Interim Resolution Professional of Think and Learn Private Limited,
Riju Ravindran, Suspended Director / Promoter of Think and Learn Private Limited, Aditya Birla Finance Limited, GLAS Trust Company LLC
Shailendra Ajmera, Resolution Professional of Think and Learn Private on two separate appeals filed by BCCI and Riju Raveendran
Former Delhi CM Arvind Kejriwal has filed an application seeking an NOC for the renewal of his passport, under the Delhi excise policy case, reported ANI.The Rouse Avenue court issued notice to ED and CBI for response. The court listed the matter for further hearing on June 4. Despite some moderation, NBFCs remain significantly dependent on banks for funding.This underscores the need for greater diversification of their funding sources. Scale-based regulatory framework is expected to further improve governance and risk management, as stated by RBI's Annual Report. The Reserve Bank's intervention in the forex market is aimed at maintaining orderly market conditions by containing excessive volatility in the exchange rate without targeting any exchange rate level or band, thereby allowing monetary policy to primarily remain focused on domestic macroeconomic conditions and the outlook.
RBI would support the conduct and formulation of monetary policy by providing(i) high quality inputs on the assessment and outlook of inflation and growth;(ii) analysing and refining forecast of liquidity conditions;(iii) studying the monetary policy transmission process; and(iv) evaluating credit conditions and sectoral flows. Against this backdrop, the Department would focus on the following initiatives: Review of the monetary policy framework;
Revisiting optimal level of system liquidity for effective monetary policy transmission;
Spatial and cross-sectional analysis of National Sample Survey Organisation's household consumption expenditure data; and
Collection of credit deployment data from housing finance companies (HFCs) for improved assessment of sectoral credit by NBFCs. The fiscal outlook for states remains positive for 2025-26 with their consolidated GFD budgeted at 3.3 per cent of GDP.
With inflation falling below the target in February and March 2025, supported by a sharp fall in food inflation, there is now greater confidence about a durable alignment of headline inflation with the target of 4.0 per cent over a 12-month horizon.The benign inflation outlook and moderate growth warrant monetary policy to be growth supportive, while remaining watchful about the rapidly evolving global macroeconomic conditions, said RBI. This is a positive sign for enhancing India's relatively low share of research & development (R&D) expenditure in GDP (0.6 per cent) to catch up with the levels of its peers such as China (2.4 per cent), Korea (4.8 per cent) and Malaysia (1 per cent).
RBI's Annual Report on food inflation:
Food inflation remained elevated at 6.7% in 2024-25, with intermittent spikes due to overlapping supply shocks emanating from weather anomalies imparting volatility to headline inflation
Food inflation recorded an intra-year peak of 9.7 per cent in October 2024, before declining dramatically to 2.9 per cent by March 2025
While vegetable inflation experienced heightened volatility during the year, inflation persisted in cereals, fruits, edible oils, and meat and fish, reflecting tight supply conditions The Indian currency continued to trade under pressure during most of Q4:2024-25 amid global uncertainties, tariff-related announcements and FPI-related outflows, as stated by RBI.
The easing of supply chain pressures, softening of global commodity prices and higher agricultural production on the back of a likely above-normal south-west monsoon augur well for the inflation outlook in 2025-26, as per RBI's Annual Report.The uptick in core inflation in the second half of the year was driven primarily by the increase in international gold prices. According to RBI's Annual Report, the trade records are:
Merchandise trade deficit widened to US$ 282.8 billion in 2024-25 from US$ 241.1 billion a year ago.
Oil deficit accounted for 43.3 per cent of the total trade deficit (Chart II.7.18a).
Among the major trading partners, trade deficit with China, Russia and the UAE widened in 2024-25.
Surpluses improved in respect of the US, the Netherlands, and the UK. The Indian economy is poised to sustain its position as the fastest growing major economy during 2025-26, supported by pickup in private consumption, healthy balance sheets of banks and corporates, easing financial conditions and the government's continued thrust on capital expenditure.Going forward, global financial market volatility, geopolitical tensions, trade fragmentation, supply chain disruptions and climate-induced uncertainties pose downside risks to the growth outlook and upside risks to the inflation outlook. India's participation in 14 free trade agreements (FTAs) and six preferential trade agreements (PTAs), along with the new trade deals under negotiation with the US, Oman, Peru and the European Union (EU) may support growth in trade, stated RBI's Annual Report.The report also stated that amidst the challenging global economic environment, the Indian economy exhibited resilience during 2024-25, supported by robust macroeconomic fundamentals and proactive policy measures, said the report.Inflation eased and moved below the target by the end of the year. India's financial sector remained resilient and robust on the back of healthier bank and nonbank balance sheets, improved asset quality and capital buffers that enabled double-digit credit growth. The global economy in 2025 is likely to grow not only below its historical average (2000-19) of 3.7 per cent, but also below the growth of 3.3 per cent in 2024, on account of heightened global trade protectionism, rising policy uncertainty and ongoing geopolitical tensions, as stated by RBI's Annual Report. After not accepting Congress demand for a special session of parliament to discuss the Pahalgam incident and Operation Sindoor, the government is planning to convene a special session on June 25-26. This will be an exercise to divert focus from real issues, said AICC Plane that crashed in South Korea, with four people on board, is said to belong to the Navy, reported Reuters.
Defence Minister Rajnath Singh said, "We are not just making fighter planes, but making modern warfare systems."He further added that the people have seen how India destroyed terrorist infrastructure and then enemy's airbases. India could've done something else too, if it wanted to but it needs patience with strength, said Defence Minister.
- Defence Minister Rajnath Singh Connectivity is the main focus of our govt, Sevoke-Rangpo project will link Sikkim with rail network, said Prime Minister Narendra Modi. This project will open employment opportunities in the fishing sector for youth. PM Narendra Modi, in his virtual address at Sikkim said that as India aims to become a developed nation, the major focus would be on four pillars - Poverty, farmer, women, and youth. PM Narendra Modi virtually inaugurates and lays the foundation of multiple development projects in Sikkim, including a new 500-bedded District hospital worth over Rs 750 crore in Namchi district, Passenger Ropeway at Sangachoeling, Pelling in Gyalshing District, and the statue of Bharat Ratna Atal Bihari Vajpayee at Atal Amrit Udyan at Sangkhola in Gangtok District. Prime Minister Narendra Modi canceled his visit to Gangtok, scheduled to attend the golden jubilee celebrations of Sikkim's statehood, due to inclement weather. He will address the people of Sikkim through a video conference. PM Narendra Modi will not travel to Gangtok for the 50th anniversary celebrations of Sikkim's statehood due to inclement weather.He will address the people of Sikkim via video conference from Bagdogra at 10 am. A joint team of Uttar Pradesh Police's Special Task Force (STF) and Delhi Police gunned down a sharpshooter of the notorious Lawrence Bishnoi gang in an encounter in the Hapur Kotwali area, officials said on Thursday.The deceased has been identified as Naveen Kumar, who was wanted in multiple cases, including for murder and under the Maharashtra Control of Organised Crime Act (MCOCA), a senior police officer said.ADGP (STF) Amitabh Yash said in a statement that on Wednesday night, a joint team of STF's Noida unit and Delhi Police's Special Cell engaged in a gunfight with criminals in the Hapur Kotwali area, in which Kumar was seriously injured.Kumar was taken to a local hospital, where doctors declared him dead, the officer said.A resident of Loni in Ghaziabad district, Kumar was an active sharpshooter of the Lawrence Bishnoi gang, who worked closely with gang member Hashim Baba, the ADGP said. Even as Nvidia reported another blockbuster quarter of 69% sales growth on Wednesday, the maker of artificial intelligence chips warned of more risks to its business emerging in the technology conflict between the U.S. and China.Tucked into Nvidia's quarterly filing with U.S. securities regulators, Nvidia for the first time said that restrictions on the use of open-source AI models from China such as DeepSeek and Qwen could hurt its business, as could U.S. rules barring connected vehicle technology from China, where Nvidia's long-struggling car chip business has finally flourished.While Nvidia CEO Jensen Huang on a conference call with analysts praised U.S. President Donald Trump's decision to rescind an export rule put in place by President Joe Biden that would have regulated the flow of Nvidia's chips around the world, the company's quarterly filing noted that no new rule had been issued in its place and that a "replacement rule may impose new restrictions on our products or operations." Deputy Secretary Christopher Landau met with Indian Foreign Secretary Vikram Misri today in Washington. The Deputy Secretary reaffirmed the close partnership between the U.S. and India, a key component of U.S. foreign policy for the 21st century. He underscored the importance of fair and reciprocal market access to fostering economic growth and prosperity in both countries. The Deputy Secretary emphasised the importance of enhanced cooperation on migration and counternarcotics. The Deputy Secretary and the Foreign Secretary also reaffirmed their shared desire to maintain regional stability and peace: Spokesperson, US Department of State, Tammy Bruce Congress MP Shashi Tharoor, who is leading multi-party delegation to Panama, on Wednesday (local time) reaffirmed India's firm stance against terrorism and said that the country will not turn the other cheek and will respond to any further attack.Speaking at an event organised by the Indian Embassy, Tharoor emphasised the teaching of Mahatma Gandhi to live without fear."He (Mahatma Gandhi) also taught us in his brave leadership in our struggle for freedom that we must always stand up for our rights. We must always stand up in principle for the values we believe in, and we must live without fear that freedom from fear is what we in India have to fight for these days against the evil attacks of malign men who are called by the world as terrorists, but who believe that by doing this kind of thing of coming into our country, killing innocent people and going off again that they will somehow achieve some larger political or religious cause," Tharoor said."That is not something that any self-respecting country will give into, and even the land of Mahatma Gandhi will not turn the other cheek when this happens, we will respond," Tharoor added.Further speaking about Operation Sindoor, Tharoor criticised the Pakistan Army for giving a funeral to terrorists killed during India's operation. Hong Kong Financial Secretary Paul Chan said on Thursday the U.S. federal court rule against tariff measures would bring President Donald Trump "to reason".A U.S. trade court on Wednesday blocked the tariffs from going into effect in a sweeping ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.Asked how countries and companies navigate the uncertainty of trade deals following the U.S. court block, Chan said the move would "at least bring President Trump to reason".