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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.
Time of India
3 days ago
- Business
- Time of India
JSW Steel flags risks from elevated Chinese exports, urges vigilance on imports from FTA nations
Indian steel producers must remain cautious as Chinese steel exports continue to stay elevated, despite no current surge in import bookings, JSW Steel 's Joint Managing Director and CEO Jayant Acharya said on Wednesday. Speaking during an investor call, Acharya said the domestic industry needs to keep a close watch on import dynamics, especially from countries with which India has free trade agreements (FTAs), PTI reported. 'Imports, if you see Q3 to Q4, have reduced primarily... As of now, we do not see any surge in import booking, but we will have to keep our watch on because the Chinese exports continue to be at an elevated level,' he said. Acharya pointed to the risk posed by FTA partner nations like Vietnam, Japan, and Korea, from where inbound shipments could affect Indian manufacturers. 'So we'll keep our eyes open. Keep in mind also that the safeguard duties are applicable and are under final review. So if the imports are found to be surging, then the authorities have the possibility to take appropriate action to safeguard the domestic industry,' he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Walmart Photos Which Are Not For Everyone Old Money Style Undo The comments come as India remains a net importer of steel for the second consecutive year. Steel imports rose 9.2 per cent year-on-year to 10.5 million tonnes in FY25, while exports dropped sharply by 27 per cent to 6.3 million tonnes. To address the imbalance, the government imposed a provisional safeguard duty of 12 per cent on flat steel products starting April 21, 2025, aimed at protecting domestic producers. 'There are already investigations ongoing with respect to certain imports where there are injuries found,' Acharya noted. JSW Steel, one of India's leading steelmakers, currently has an installed annual production capacity of around 35 million tonnes. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Deccan Herald
3 days ago
- Business
- Deccan Herald
Indian economy's size is more than half of US economy in purchasing power parity term: NITI Aayog VC Suman Bery
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.
Time of India
3 days ago
- Business
- Time of India
Indian economy size $15 tn in PPP term, more than half of US economy: NITI VC Bery
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. 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. "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. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Air conditioners without external unit. (click to see prices) Air Condition | Search Ads Search Now Undo "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. Live Events "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
Scoop
4 days ago
- Politics
- Scoop
EDS Has Concerns Over Sweeping Review Of National Direction Under The RMA
The Government today released for consultation an unprecedented package of reforms to national direction under the Resource Management Act 1991 (RMA). This review covers 12 existing instruments and proposes 4 new ones - making it the largest overhaul of national direction in the Act's history. National direction - including national policy statements, environmental standards, planning standards, and section 360 regulations - sits at the core of the RMA. 'These instruments drive local planning and consent decisions across key domains such as freshwater, indigenous biodiversity, the coastal marine area, and more. They are, in effect, the engine-room of the environmental management system and are incredibly important,' said EDS Chief Operating Officer and resource management lawyer Shay Schlaepfer. 'EDS will undertake a detailed and rigorous analysis of the proposals over the coming days. However, serious concerns are already emerging from our preliminary review, including: 1. Undermining Te Mana o te Wai - The proposed rebalancing of the hierarchy of obligations embedded in Te Mana o te Wai would significantly weaken protections by removing the clear requirement to prioritise the health and wellbeing of water bodies over uses. 2. Cattle grazing in wetlands now allowed - Even if the wetland contains threatened species. 3. New provisions weaken environmental bottom lines - The reprioritisation of freshwater objectives is likely to leave gaps, have cumulative adverse effects, allow more pollution and breach FTAs. 4. Mining even more enabled - Easier consenting pathways are proposed in valued environments. 5. Forestry reforms miss the mark - The review of the National Environmental Standards for Commercial Forestry appears to sidestep the fundamental structural and operational failings in those standards in spite of EDS drawing those matters to attention of the Minister. 'The context of the wider reform process raises critical questions of coherence and purpose. This extensive revision is occurring under the framework of the RMA, at the very time the Government is proposing to replace it with two new statutes that will have different enabling provisions for national direction. That suggests this review is being driven more by political expediency and ad hoc coalition agreements than sound policy logic. 'Importantly, any changes made to national direction as a result of this process must comply with the purpose and principles of the RMA, including its purpose of achieving sustainable management of natural and physical resources. Where proposals fall short, legal challenge is likely. 'We will release further commentary, analysis and webinars as our expert team works through the full breadth of the discussion documents. EDS will itself be presenting detailed feedback and will oppose any lowering of necessary environmental protections,' concluded Ms Schlaepfer. Environmental Defence Society EDS speaks for the environment. It has influence. Since 1971, EDS has been driving environmental protection in Aotearoa New Zealand through law and policy change. That's why it's one of this country's most influential non- profit organisations when it comes to achieving better environmental outcomes. EDS has expertise in key disciplines including law, planning, landscape and science. It operates as a policy think-tank, a litigation advocate, and a collaborator – bringing together the private and public sectors for constructive engagement. EDS runs conferences and seminars on topical issues, including an annual Environmental Summit and the Climate Change and Business Conference. EDS is a registered charity and donations to it are tax-deductible.
