Increased capex, focus on rare earth minerals may shape India's 'Viksit Bharat' journey: EY report
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
An increased capital expenditure and focus on rare earth minerals may shape India's Viksit Bharat journey, according to a report by EY. It suggested that policy measures must balance consumption support with increased capital expenditure.Also, India's long-term growth relies on building resilience through self-reliance in critical minerals. Critical minerals are those minerals that are essential for economic development and national security.In June 2023, India has identified at least 30 critical minerals taking into account its requirements for sectors like defence, agriculture, energy, pharmaceutical, and telecom.India has launched a National Critical Mineral Mission in 2025 to address this, but further support from both the public and private sectors will be important, EY said. Strengthening partnerships with countries rich in rare earth resources could also help reduce supply chain risks.According to the EY Economy Watch May edition, India's economic growth for 2025-26 is expected to moderate, influenced by a mix of global and domestic developments.Yet, the EY report said India remains one of the fastest-growing major economies, supported by resilient domestic demand, easing inflation, and an accommodative monetary policy linked to prospects of revival in private investment.As per EY report analysis, global factors are largely contributing to a cautious outlook. These include continuing supply chain disruptions, the impact of recent tariff measures by the US, and broader uncertainties in global trade and geopolitical developments.EY report suggests that in the near term, India may need to rely on a balanced mix of monetary and fiscal policies for sustaining the growth momentum. On the monetary front, a continuation of the ongoing rate cut cycle could provide support to consumption and investment.On the fiscal side, reviving the momentum in public investment especially the government's capital expenditure, which witnessed a moderation in growth in 2024-25, will be important to sustain economic activity.DK Srivastava, Chief Policy Advisor, EY India said, "While India's medium-term prospects remain strong, current global headwinds and domestic challenges call for supportive fiscal and monetary policies. Over the long run, sectors linked to technology and clean energy will play a key role in driving sustainable growth. Building resilience through self-reliance in critical minerals, especially in rare earths, can help India move closer to its Viksit Bharat aspirations."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
39 minutes ago
- Time of India
‘GSDP growth, rise in per capita income shows UP on development track'
1 2 Lucknow: During the discussion on 'Viksit Bharat, Viksit Uttar Pradesh' in the UP Legislative Council on Wednesday, minister of state for excise (independent charge) Nitin Agarwal said that the pace of GSDP growth, and rise in the per capita income of the people, are indicators of the development of the state. Uttar Pradesh saw its GSDP grow by 2.5 times from 2016-17, when it was 13 lakh 30 thousand crore, to over 29 lakh 78 thousand crore in 2024-25. It is estimated to be around 35 lakh crore by the end of this financial year, said the minister. Similarly, the per capita income for UP in 2016-17 was Rs 54,564 and now it has almost doubled to more than Rs 1.8 lakh in 2024-25, he said, adding that it shows the resources were used well in the state to improve the basic infrastructural facilities. He said that industrialisation is another factor to measure development and the investors' summit played a role in promoting the same. During the summit, proposals worth Rs 45 lakh crore were received, out of which proposals worth over Rs 15 lakh crore are on the ground. It had a positive impact on the excise department, he said, adding that in 2016-17, there were 61 distilleries, which increased to 96 in 2024-25. The state had only five breweries in 2016-17, but in 2024-25, there are seven of them functional and four in the pipeline. The state did not have any winery earlier; now licenses have been issued for six, and four of them have started production. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
39 minutes ago
- Time of India
Every citizen should associate with Vision Document 2047, says Khanna
1 2 Lucknow: Asserting that the state government was committed to contribute its bit in making the country developed by 2047, UP parliamentary affairs minister Suresh Khanna said on Wednesday that every citizen of the state needs to be associated with government projection of `Viksit Bharat' and `Viksit Uttar Pradesh'. On the third day of the UP Assembly's Monsoon Session, a historic 24-hour debate on 'Vision 2047' began Wednesday, with senior ministers outlining plans for economic growth, social justice, environmental protection, and infrastructure. They reaffirmed the Yogi government's goal of making UP the country's most developed state by 2047, with targets like zero poverty, world-class infrastructure, and advanced technology. Spelling out the essence of the Vision document for 2047 in the state assembly, Khanna said that a robust foundation has been laid by the Yogi Adityanath government in the last eight years for making UP a developed state by 2047. He said that a new standard has been put forth in every field including security, infrastructure development, woman empowerment, agriculture, education and social security. He added that the vision document aims to achieve multiple goals. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Seniors are going crazy for these comfy, stylish, easy-on shoes Ultra-Comfortable Shoes Undo This included making the state biggest economy in the country, taking the per capita income (PCI) above national average, achieve the target of `zero poverty', improving the condition of farmers, making the state most sought after destination for investment, quality and employment oriented education, providing world class medical facilities, raising women participation in workforce by up to 60%, providing world class infrastructure, using space technology, making UP an IT and logistic hub, making gram panchayat self-reliant, environment management and better security on the international border (especially with Nepal). The minister said that the state government aims to make UP a self-reliant state by 2047 with minimal dependence on the Centre. For this, he said, new resources will have to be identified beside raising the efficiency of levying taxes from the current sources. He emphasised on the use of Artificial Intelligence in putting a check on tax pilferage. The minister said that the state government spending on development needs to be raised from 60% of the total expenditure to a minimum of 70%. Khanna said that the state government was also considering placing its own satellite in space as part of an effort to use space technology. He said that Assam has already done so. Khanna said that people from all walks of lives are getting well acquainted about the direction in which the state is progressing. The minister said that UP, despite being bestowed with rich resources, could not progress as per expectation after 1947. "The lack of political will and a hazy policy implementation nudged the state into economic backwardness. Employment and industrial investment went down consistently," he said. He said that until 2017 (when BJP formed the government in UP), the GSDP of the state was around 12.71 lakh crore, per capita income was much less than the national income and the state stood at 14th position in ease of doing business. "Scheme were formed but never got implemented on the ground because of political hurdles," he said. Khanna said that the UP witnessed a decisive turn when PM Narendra Modi assumed office in 2014 and CM Yogi Adityanath came to power in 2017. "The change in government at the Centre and the state changed the work culture and gave the state new ideas for progress," he said, adding that "public participation in various schemes changed the scenario within eight years. Khanna said that the GSDP has already crossed the mark of Rs 29 lakh crore and in 2025-26 the state government aims to raise it to around Rs 35 lakh crore. The minister said that the state has already attracted investments worth Rs 40 lakh crores and the PCI has gone up by more than 50%. "The state is on the way to become the second biggest economy in the country," he said, adding that the state government has achieved the position of giving a "long term vision" and therefore every member of the assembly should participate in discussion and become part of the progressive journey. Deputy CM Brajesh Pathak said that before 2017, UP's infrastructure and law-and-order were in disarray, with serious crimes enjoying political protection. Today, the state boasts the most expressways in the country, four-lane road links to all 75 districts, and improved power supply across all regions compared to just five districts earlier. Jal Shakti Minister Swatantra Dev Singh said that before 2017, UP was seen as a BIMARU state, but today it has won the 'Rashtriya Jal Puraskar'. He noted that irrigation now covers 1.04 crore hectares via 76,527 km of canals, the Ken-Betwa link project has begun for Bundelkhand, and flood protection spans 523 embankments. With 8 major and 58 minor rivers stretching 15,225 km, plans include dam modernization, flood forecasting, pollution-free rivers, and large-scale canal-side tree plantations. Urban development and energy minister AK Sharma said UP is swiftly working to realize the PM's vision of a developed India. Citing the poor pre-2017 power situation, he noted that many villages lacked poles and wires and billing was marred by scams, whereas the state now meets a peak demand of 32,000 MW, up from 13,000 MW in 2012–17. "In seven decades, only 8.5 lakh farmers received tube wells, while the Yogi government has provided 15 lakh in the past eight years. Electrification has reached 1.5 lakh hamlets, thermal power generation stands at 9,120 MW, and in the last three years 29 lakh poles have been replaced with 38,000 transformers repaired monthly. Smart meters have cut power complaints, and solar energy promotion has been intensified," he asserted. The minister said UP's power system will be made the best in the world, while urban development has advanced with Lucknow among India's top three cleanest cities and six UP cities in the top 20. By 2047, the state aims to achieve the Ram Rajya ideal in power and urban development. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
39 minutes ago
- Time of India
UP lagged because of rampant corruption: Dy CM Maurya
1 2 Lucknow: Deputy CM Keshav Prasad Maurya on Wednesday said the discussion under 'Viksit Bharat, Viksit Uttar Pradesh' is about how to make UP developed by 2047 and why it lagged despite being so resource-abundant state. "The upper house today needs to discuss why UP lags in development compared to Tamil Nadu, Andhra Pradesh, Maharashtra, Gujarat, Karnataka and many more states despite having the maximum population, enough talent, hard working people and natural resources in abundance. Who should we blame for this?" he said while speaking in UP Legislative Council. He said many countries that got independence in 1947, like India, are developed countries today, giving their citizens all the facilities that a developed country would and should give. He cited examples of France, which became independent in 1962, Israel, which got independence in 1948, and New Zealand, Singapore, Japan, and Australia, which got independence in 1947, 1965, 1945 and 1986 respectively. Maurya added that while the biggest reason for this was corruption Congress was "bhrashtachaar ki amma" (mother of corruption). "Only if the corruption-free India and corruption-free UP resolution was adopted after independence, India would be a developed country by now," he said adding that "Jan Dhan bank accounts and schemes like DBT are the ways of development." He hailed Prime Minister Narendra Modi as the most popular and visionary leader in the world and said he is the only leader to have received the highest award of 27 countries. He also said UP CM Yogi Adityanath is the longest-serving CM in the history of UP. "I would like to mention that 14 lakhpati didis from UP have been invited by the PM for the Independence Day celebration, which is a big thing," said Maurya. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
