Latest news with #IndianEconomy
Skift
a day ago
- Business
- Skift
India Is Now a Top 3 Global Aviation Market — 5 Takeaways from its Rapid Rise
India's place in global aviation is no longer a potential, it's a reality. And what's fueling it? Booming domestic demand, a young fleet, and international ambitions. India is now the world's third-largest aviation market, a milestone that has been highlighted in a new report released Sunday by the International Air Transport Association (IATA). India's 174 million passengers in 2024 accounted for 4.2% of global air traffic, compared to China's 16.7% and over 18% for the U.S. While that marks a major leap, more than double India's passenger volume from just over a decade ago — the gap with the top two markets remains significant. Still, the runway ahead is long: IATA projects India's annual passenger traffic to triple by 2044, reaching 425 million journeys per year. But as the report makes clear, the real story isn't just in the numbers, it's in how aviation is reshaping the Indian economy, connectivity, and global footprint. Here are five key takeaways from IATA's deep dive into India's rapidly evolving aviation landscape: 1. Aviation Is Now a Cornerstone of the Indian Economy Aviation's role in India has expanded well beyond transport. In 2023, the sector contributed $53.6 billion to GDP and supported 7.7 million jobs, according to IATA. That includes direct employment in airlines and airports, plus millions more supported through aviation-driven tourism, trade, and logistics. 2. Domestic Travel Is Soaring With nearly 80% of the country's air traffic coming from domestic routes (136 million passengers in 2024), India's geography is playing a big role. Flying a distance of 2,500km from Delhi to Bengaluru, for instance, takes about three hours — compared to up to 45 hours by train. Between 2011 and 2024, domestic air traffic grew 2.4 times, with low-cost carrier IndiGo driving much of that growth. IndiGo operated more than half of all flights in the country. 3. International Travel Is Back India's international traffic has rebounded stronger than domestic post-Covid. By late 2024, international traffic was 20% higher than in 2019. The Middle East remains the biggest destination region, led by the UAE, accounting for 7.6 million passengers, nearly 20% of all international departures. The U.S. follows with 3.5 million passengers and over a 9% market share. The report released at the IATA annual general meeting points out: 'A number of new long-haul connections were opened between India and both North America and Africa… likely to translate into opportunities to increase economic activity, trade and tourism.' 4. Low-Cost Carriers Dominate Low-cost carriers now control 71% of scheduled seat capacity, up from 51% in 2014. IndiGo leads with a 53.4% market share, followed by Air India at 12.1% and Air India Express at 8.6%. International carriers like Emirates, Etihad, and Singapore Airlines also feature among the top 10, though with relatively smaller shares. As LCCs expand, fares are falling: domestic ticket prices are down 21% since 2011, and international fares have dropped 38%, adjusted for inflation. 5. India's Fleet Is Growing Fast and Getting Younger India's commercial aircraft fleet has more than doubled in the past decade, with 860 aircraft now in service — about 2.4% of the global fleet. Most of this growth is driven by IndiGo. India also has one of the youngest, most fuel-efficient fleets in the world, with an average aircraft age of just 7.3 years, compared to the global average of 14.8 years. And the growth is far from over: Indian carriers have 739 aircraft on order over the next five years.
Times of Oman
3 days ago
- Business
- Times of Oman
Indian economy doing well, may achieve growth at higher end of 6.3-6.8% projection in FY26: CEA
New Delhi: Chief Economic Adviser (CEA) Anantha Nageswaran on Friday affirmed that the Indian economy is doing well and may achieve a growth rate at the higher end of its 6.3-6.8 per cent projection. "All in all, given the global environment, our economy is doing quite well," the CEA told reporters at a virtual press conference, soon after the GDP data for 2024-25 and January-March were released. "And if we continue with the efforts to bring in more foreign direct investment and the private sector, if it continues its increase in capital investment, which we saw in 2024-25 and urban consumption picks up on the back of let's say, better capital formation, hiring and compensation, then we can probably achieve a growth rate which is at the higher end of this range (6.3-6.8 per cent)." As was widely expected, the Indian economy grew by 6.5 per cent in real terms in the recently concluded financial year 2024-25. According to NSO's second advance estimates, the country's economy was projected to grow at 6.5 per cent in 2024-25. The Reserve Bank of India had projected 6.5 per cent GDP growth for the fiscal year 2024-25. In 2023-24, India's GDP grew by an impressive 9.2 per cent, continuing to be the fastest-growing major economy. The economy grew 8.7 per cent and 7.2 per cent, respectively, in 2021-22 and 2022-23. On Friday, the official GDP growth data for the January-March quarter was also released. The economy grew 7.4 per cent during the quarter. During the April-June, July-September, and October-December 2024 quarters, the country's economy experienced real-term growth rates of 6.7 per cent, 5.6 per cent, and 6.2 per cent, respectively. Asked whether unusual monsoon rains will impact vegetable prices, Chief Economic Adviser Anantha Nageswaran suggested against extrapolating a few weeks of prices and activity. "To say there will be a problem as of now, I think every indication is that crop produce will be good and with adequate inventory, the benign food price trends will continue," he explained. Amidst global uncertainty, the CEA said global growth for 2025 and 2026 is likely to slow, but India faces smaller forecast cuts in global forecasts. He supplemented high-frequency indicators for April 2025, showing strong Industrial and commercial activity in India. "Food Inflation remains benign due to good rabi harvest, higher summer sowing, healthy procurernent, and above-normal monsoon. Exports remain robust, forex reserves provide 11 months of import cover. Declining crude oil prices will potentially lower import bills, create fiscal space and alleviate external economic pressures," he said in a presentation. The government retains its outlook on 2025-26 growth at 6.3-6.8 per cent, with private consumption, especially the rural rebound, and resilient services exports as the key drivers. Multiple agencies have projected India's growth to be in the range of 6.3-6.7 per cent in 2025-26.
Bloomberg
4 days ago
- Business
- Bloomberg
India's Super-Rich Spur a Wealth Management Frenzy
India's growing list of super-rich investors are reshaping the country's wealth management industry like never before. (Source: Bloomberg)
Economic Times
4 days ago
- Business
- Economic Times
Indian Economy Live News Updates: India's GDP to hit $6.8 trillion by FY31, says CEA Nageswaran at CII Summit 2025
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 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 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 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 said that US is using ideology and national security as excuse. Chinese Foreign Ministry said that China has lodged solemn representations with 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 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 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 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 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 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 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 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 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 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 (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 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 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 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 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 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 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".
Bloomberg
5 days ago
- Business
- Bloomberg
RBI Paid Record Dividend From Gains in Currency, Interest Income
India's central bank gave a record dividend to the government as gains on foreign exchange transactions and interest income boosted its profit. The Reserve Bank of India recorded gains of over 1.11 trillion rupees ($13 billion) from sale of foreign exchange in the financial year that ended in March, up from 836.16 billion rupees the previous year, according to its annual report released Thursday. Interest income from foreign securities rose 49% during the year, it said.
