Latest news with #Bery
News18
2 days ago
- Business
- News18
India's Economy Set For Strong FY26 Growth With Push In Global Economic Standing
Last Updated: India's economy in Purchasing Power Parity terms now stands at $15 trillion—more than half the size of the United States economy India's economy is poised for robust growth in the financial year 2025–26, with the Reserve Bank of India (RBI) projecting a real GDP expansion of 6.7 per cent. Backed by solid domestic demand, high capital expenditure, and improved agricultural prospects, the country continues to cement its position as one of the world's fastest-growing major economies. According to a report published in The Hindu Business Line, the RBI's quarterly GDP growth forecasts for FY26 stand at 6.7 per cent for Q1, 7.0 per cent for Q2, and 6.5 per cent each for Q3 and Q4. The central bank attributes this optimism to strong Rabi crop output, healthy reservoir levels, and a continuing recovery in manufacturing and services. The inflation outlook is also improving. CPI inflation is projected to average 4.8 per cent in FY25, with a further decline to 4.2 per cent anticipated in FY26. This moderation is expected due to easing food prices and effective monetary policy actions, helping maintain consumer purchasing power and support macroeconomic stability. A key contributor to this positive outlook is the rebound in household financial savings, which had declined in previous years. A Business Standard report notes that these savings have started to improve, reflecting increased disposable incomes and more prudent financial behaviour among Indian households. This resurgence in savings is likely to support consumption-led growth and provide a buffer against future economic shocks. On the global stage, India's economic footprint continues to grow. As highlighted by NITI Aayog Vice-Chairman Suman Bery, India's economy in Purchasing Power Parity (PPP) terms now stands at $15 trillion—more than half the size of the United States economy. 'This is a remarkable indicator of the real economic weight India holds globally," Bery was quoted as saying. This confidence in India's growth trajectory was shared by Chief Economic Adviser V Anantha Nageswaran at the Confederation of Indian Industry's (CII) Annual Business Summit. Speaking to Mint, he emphasised that India's growth continues to be broad-based and supported by structural reforms and resilient macroeconomic fundamentals. Nageswaran advised Indian industry to be prepared to deal with a stronger currency in the coming years by becoming more competitive through productivity improvements. From rising household savings to growing global stature and strong FDI flows, India's economic momentum appears not only sustained but also accelerating. With supportive fiscal policies, robust agricultural performance, and growing investor interest, FY26 could mark another milestone in India's journey toward becoming a global economic powerhouse. Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! First Published:
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Business Standard
3 days ago
- Business
- Business Standard
Sustained rise in labour productivity crucial for Viksit Bharat: NITI V-C
Citing that India's labour productivity is lowest among G20 nations, NITI Aayog Vice-Chairman Suman Bery on Thursday said increasing productivity of labour was crucial as India advances towards its ambitious target of becoming a $30-trillion economy by 2047. 'A sustained rise in the productivity of labour is crucial. In the next 5-10 years, it's a horse race between two forces – an increase in labour productivity and the fact that we need to absorb additional hands, and that is the reason why we need to grow faster,' Bery said at Confederation of Indian Industry's (CII) Annual Business Summit here. India's two most underutilised labour demographics are its women and youth, he said. Bery also said the growth in productivity for India's labour force has not been fast enough for the aspirations of its people. 'We are seeing certain pathologies – rising labour productivity is leading to faster growth in real incomes. The fact that it has not been happening as fast as people's aspirations is what is leading to the queueing for government jobs,' Bery said. Also Read 'India's track record has not been bad in terms of growth productivity, but it needs to get better. Our problem is our low level of labour productivity, not only with respect to the US but also with respect to some of our peers, such as China and other peers in Asean,' he said. He expressed the need to diversify the sources of employment in the country. 'About 44 per cent of our population is still in agriculture. If we can move labour from agriculture into high-value services or manufacturing, there will be an increase in productivity in agriculture and will also result in an increase in the productivity of the labour force that moves to manufacturing and services,' he said. 'This transition has been slower in India than certain of our peers, and it is certainly something that NITI is working on,' he added. On Trump tariffs, Bery said the current situation shows that India would need to reciprocate if it wants access to external markets. 'Indian industry is now confident enough. If it welcomed liberalisation in 1991, it is certainly strong enough to welcome judicious liberalisation in 2025 and the coming decade,' Bery said. He said a part of the onus of economic reform in pursuit of Viksit Bharat lies with states. 'The PM said the central government can create the conditions through FTAs, BITs, and review of QCOs. But in the end, it's up to states to harness opportunities,' Bery said on the deliberations at the recently concluded governing council meeting of the Aayog, which is chaired by the PM and attended by heads of all states.
The Print
3 days ago
- Business
- The Print
Indian economy size USD 15 tn in PPP term, more than half of US economy: NITI VC Bery
'There has been a lot in the newspapers about our being the fourth largest economy. Those are all measured at market prices, but the real way of measuring productivity is purchasing power parity. The purchasing power parity (PPP) is the amount of currency units required to purchase a basket of goods and services that can be purchased with one unit of the reference economy's currency. New Delhi, May 29 (PTI) NITI Aayog Vice-Chairman Suman Bery on Thursday said that the size of the Indian economy in the purchasing power parity (PPP) term is already USD 15 trillion, which is more than half the size of the US economy. 'And while we are USD 4 trillion GDP at market prices, at PPP term, we are USD 15 trillion economy,'Bery said while addressing the Annual Business Summit 2025 of the Confederation of Indian Industry (CII). He said that economists tend to measure labour productivity at purchasing power parity as PPP measures the real size of the economy of countries against the size of the US economy. 'And so while we (the size of India economy in PPP term) are at at USD 15 trillion, the United States is at USD 29 trillion. 'So we are roughly half the world size of the US economy,' he said. Bery said India needs to diversify its sources of supply, so the country would not have to depend on a particular supplier. He also suggested that India should leverage global knowledge and innovate locally, while reforming markets and building skills. The NITI Aayog vice chairman also emphasised that the states should utilise opportunities of Free Trade Agreements (FTAs) which were signed by the Union government. He said competitiveness should not only be restricted to manufacturing but should extend to services as well. Bery said India's labour productivity is the lowest among the G20 nations and a sustained rise in productivity of labour is crucial for India to leverage its demographic dividend. 'India's track record has not been bad in terms of growth productivity, but it needs to get better. 'Our problem is our low level of labour productivity, not only with respect to the US but also with respect to some of our peers, such as China and other peers in ASEAN,' he said. Noting that rising labour productivity leads to faster growth in real incomes, Bery said the fact that that has not been happening as fast as people's aspirations, is what is leading to the skewing for government jobs. Bery pointed out that India has maintained an average growth rate of 6.5 per cent for the 30 years since 1991 reforms to the COVID period in 2021, suggesting that the roots of resilience in India are as much in our institutions as they are in our policies. 'Deep institutional sources of resilience are in place, but we mustn't be complacent, because we need to up our game for all kinds of reasons,' he said. According to Bery, industrialisation is another challenge facing the country and policy lessons could be drawn from countries such as China, Japan and South Korea even though each country must work out its own path and productivity trajectory. PTI BKS MR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
India Gazette
3 days ago
- Business
- India Gazette
Sustained labour productivity growth key to 'Viksit Bharat' vision: NITI Aayog Vice Chairman
ANI 29 May 2025, 16:56 GMT+10 New Delhi [India], May 29 (ANI): Vice Chairman of NITI Aayog, Suman K Bery, highlighted the significance of labour productivity in achieving India's dream of 'Viksit Bharat' by 2047 on at the Confederation of Indian Industry's (CII) Annual Business Summit 2025 in Delhi, he also emphasised the critical role of the private sector in driving this Bery mentioned that boosting labour productivity would lead to higher value addition, increased incomes, and an improved standard of living. He highlighted India's demographic potential and technological advantages, noting that while India's economy is half the size of the US in purchasing power parity, its labour force is three times stated that the aim should be to leverage our labour force to take the economy to a higher growth level and generate better jobs. However, he acknowledged that India's productivity growth is lagging behind desired levels and needs to catch up with countries like China and those in ASEAN.'Mr Bery averred that the productivity trajectory can be carved out into two parts. The first would pertain to a shift of population out of agriculture, and secondly, its transition to industry and services. This would not only improve agriculture's productivity but also raise industry output. This transition is slower in India and NITI Aayog is working on remedial actions,' said the release from CII. Additionally, Suman Bery acknowledged industrialisation as another challenge and suggested that India draw lessons from countries like China, Japan, and South Korea while forging its own unique path. He also advocated for a blend of 'atmanirbharta' (self-reliance) and global engagement to maintain competitiveness, with a focus on India's small and medium industries, similar to Germany's stressed the importance of forging Free Trade Agreements (FTAs) with trading partners, venturing into high-value sectors, and diversifying supply sources. He extended the focus on competitiveness beyond manufacturing to include services as well. (ANI)
Mint
3 days ago
- Business
- Mint
India must increase labour productivity to become a developed nation, says Niti Aayog's Suman Bery
Increasing labour productivity is central to India's aspiration of becoming a developed nation in about two decades, as it would raise living standards and boost growth momentum, said Suman Bery, vice chairman, federal policy think tank NITI Aayog, on Thursday. The 'Viksit Bharat' vision entails becoming a high-income society that empowers citizens to realise their potential and aspirations, for which India's demographic dividend is to be effectively leveraged. Such a development success is a means to achieve an end, which is ensuring the dignity of the people, Bery said, speaking at the Confederation of Indian Industry's (CII) annual business summit in New Delhi. 'The point I am going to make is that for these goals, a sustained rise in the productivity of labour is crucial,' Bery said. Berry said better labour productivity will help raise the standard of living, while absorbing underutilised labour, particularly women and youth, will boost economic growth momentum. People queue up for government jobs when real wages don't rise, a result of rising productivity, as fast as their aspirations, he said, highlighting the need for the private sector to generate better jobs. Bery also said the Indian industry, which welcomed the economic liberalisation in 1991, is certainly strong enough to welcome further judicious liberalisation in 2025 and in the coming decade. According to Bery, while the size of the Indian economy is half that of the US in purchasing power parity terms, the size of the labour force is three times that of the US. The aim should be to leverage our labour force to take the economy to a higher level of growth for generating better jobs. He mentioned that countries such as the UK and Canada face the problem of stagnation in productivity. While productivity is rising in India, it is lower than in China and the ASEAN region, a statement issued by the CII said, quoting the NITI Aayog vice chairman. India should adopt a blend of self-reliance and global engagement to stay competitive, the statement added. Bery said forging free trade deals with trading partners, entering high-value sectors and diversifying India's sources of supply is crucial to stay ahead. Competitiveness should not only be restricted to manufacturing but should extend to services as well, the CII statement said, quoting Bery.
