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 modi seeks double digit growth for india s entry into 5 trn economy club
modi seeks double-digit growth for india's entry into $5-trn economy club

Prime Minister Narendra Modi on Friday spoke of targeting double-digit GDP growth for breaking into the $5 trillion economy club and said India's share in world trade has to be doubled to 3.4 per cent.
Speaking after laying the foundation stone of a new office complex of the Ministry of Commerce, he said his government has in four years taken steps to ease the process of doing business in India while maintaining macroeconomic indicators like current account deficit (CAD) within limits.
He said GDP growth touched 7.7 per cent in the last quarter of 2017-18 financial year but now the time has come to look beyond 7-8 per cent growth and target double-digit expansion.
The world, he said, is watching as to when India will break into the $5 trillion economy club by doubling its economy.

salaried class to carry home more with 9% hike, but engineers to lose out

Those expecting double-digit salary hikes in their annual appraisals are likely to be disappointed as Aon, a consulting firm, has projected average pay increases of about 9.4 per cent for 2018-19. The projection is close to the actual annual salary growth of 9.3 per cent in 2017-18. “Companies in India handed out an average pay increase of 9.3 per cent during 2017, marking a departure from the double-digit increments since the inception of this study. The projections for 2018 are expected to be similar at 9.4 per cent, highlighting increasing prudence by companies while finalising pay budgets,” Aon said in its 22nd annual survey report. India has been recording double-digit salary growth for the last 10 years, barring 2009, when growth was 6.6 per cent because of a global meltdown. Average

more steps needed to meet the challenge of double digit economic growth: pm

The challenge before India is to take the economic growth rate to double-digits for which many more steps need to be taken, Prime Minister Narendra Modi told a meeting of chief ministers here on Sunday.
Speaking at the Niti Aayog's fourth meeting of Governing Council, Modi stressed that the world expects India to become a $ 5 trillion economy soon, according to a statement by the Prime Minister's Office.
As many as 23 chief ministers and one Lt Governor attended the meeting.
The notable absentees however were chief ministers of Odisha, Jammu and Kashmir and Delhi.Modi also assured the chief ministers of flood-affected states of providing all central assistance to deal with the situation.
He urged the chief ministers to "give fresh ideas" to the 15th Finance Commission for incentivi

india on course for 8% plus growth, says jaitley

India is firmly on course to achieving over 8 per cent growth and becoming the world's 5th largest economy, Finance Minister Arun Jaitley said today.It has achieved an average growth of 7.5 per cent in the first three years of the Modi government, he said.The GDP (Gross Domestic Product) growth of 6.3 per cent in the July-September quarter of the current fiscal signalled turnaround of the economy, Jaitley said while presenting the Union Budget 2018-19 in the Lok Sabha.The country is expected to grow at 7.2 to 7.5 per cent in the second half of the current fiscal, ending March 31.Manufacturing sector, he said, is back on good growth path and the services, mainstay of India's growth, have also resumed their high growth rates of 8 per cent plus. Also, exports are expected to grow at 15 per ce

we will sustain economic growth of 7.5 to 8% per year: narendra modi

India's economy will sustain a growth of 7.5 to 8 per cent per year, Prime Minister Narendra Modi said here on Friday.
The Indian government has kept its economic growth forecast for the current fiscal unchanged at 7.5 per cent, buoyed by turnaround in manufacturing and pick up in investment.
"We will sustain a growth of 7.5 to 8 per cent per year," Modi said while delivering a keynote address at the Shangri-La Dialogue here.
As India's economy grows, its global and regional integration will increase, he said.
"A nation of over 800 million youth knows that their future will be secured not just by the scale of India's economy, but also by the depth of global engagement.
"More than anywhere else, our ties will deepen and our presence will grow in the region. But, the future we seek

gdp growth rate underlines india unstoppable story: shah

BJP chief Amit Shah today cited the acceleration in the growth rate of the country's GDP to assert that it underlined the "India Unstoppable" story under Prime Minister Narendra Modi and described the growth in the manufacturing sector as a very positive sign.The reforms by the BJP-led central government were leading to a faster growth as well as creating a strong and stable economy, with increased opportunities for the poor and middle class, Shah said in a series of tweets."Today's GDP numbers reiterate the #IndiaUnstoppable story under PM Narendra Modi. The strong rebound in growth is a reflection of solid economic management by the Modi government," he said."India's rise in the World Bank's ease of doing business rankings, upgrade by Moody's, praise by Standard & Poor's and the strong g

after five long years, motorcycles are back on double-digit growth track

Motorcycles have once again started overtaking scooters in the world’s biggest two-wheeler market. Riding on a revival in demand from the rural markets, visible in double-digit sales growth of sub-125cc motorcycles, the absolute expansion in motorcycle volume is higher to scooters after a gap of five years.
Scooters, which were clocking a double-digit growth for eight consecutive years, have expanded by 21 per cent this year (April-January). Motorcycles, on the other hand, are seeing a double-digit growth (11.43 per cent) after a five-year gap. 
Data with industry body Society of Indian Automobile Manufacturers (Siam) shows the volume of motorcycles sold in the domestic market expanded by 1.06 million units during April-January period, against a volume addition of 0.97 million units in

vodafone eyes double-digit growth in northeast in fy18

Vodafone India, which has invested over Rs 700 crore in the Northeast in the last one year, has said it will further ramp up investment in the region as the telecom major aims a healthy double-digit growth this financial year.
"The Northeast is an important and one of the fastest growing markets for us. Last year, we invested Rs 706 crore in this region to expand our base. We will continue to expand and invest in this market," Vodafone India Business Head (Assam and North East) Nidhi Lauria said in Guwahati.
She, however, declined to put a number on the proposed investment for the Northeast for the current financial year.
"The investment we put in last fiscal was for expanding our 3G and 4G networks. We also invested on the spectrum and modernising our operations," Lauria said.

mercedes-benz india eyes double digit growth in 2017

Luxury car maker Mercedes-Benz India is eyeing double digit growth in 2017 and also to maintain leadership position in the category, an official of the company said on Wednesday."Our outlook in 2017 is to maintain double digit growth in 2017. In the months of January and February, the sales figures were higher than that of the previous year", VP(sales and marketing) of Mercedes-Benz India Michael Jopp said.Launching a E-Class variant model here on Thursday, he said in 2016 the sales had been hit in the first eight months due to diesel ban in Delhi.Subsequently, demonetisation also had an impact on the sales, Jopp said adding that despite odds the car maker sold 13,231 units in 2016."There was a slight decline of 1.8 per cent as compared to 2015, the year in which Mercedes became the market

prepared to face more disruptions in india: mercedes benz india

Roland Folger, managing director and chief executive officer at Mercedes Benz India calls the calendar year (CY) 2016 a year of ‘lost opportunities’ as NCR diesel ban and demonetisation led to a flat performance. However, things have reversed this year. Having posted a nine per cent growth in first half of CY2017, Folger is confident of closing the year with a double-digit growth on positive triggers from goods and services tax (GST). At the same time, he is also prepared for more surprises and disruptions. Excerpts of an interaction with Ajay Modi:The first quarter of CY2017 was flat for Mercedes. But you clocked 18 per cent growth in Q2. Do you expect the second half to be better than the first?
With the help of Q2 performance, our first half growth is now nine per cent. Q2 gave us a s

'our india operations will see double-digit growth for many years to come'

Skewed policy keeps foreign miners away from exploration in IndiaBusiness StandardAmazon India VP talks about how India could use e-commerce to solve job creationBS Reporter  June 15, 2017 Last Updated at 01:54 IST

india regains status of fastest-growing economy, gdp grows 7.2% in oct-dec

Economic growth recovered to a five-quarter high of 7.2 per cent during October-December, backed by strong manufacturing and investment activity as the disruption caused by the goods and services tax (GST) bottomed out. The robust third-quarter performance led to a marginal upward revision in the second advance estimate for 2017-18 to 6.6 per cent from 6.5 per cent in the first estimate, though it was still lower than the 6.75 per cent projected by the Economic Survey. Gross domestic product (GDP) growth has been revised up to 6.5 per cent for the second quarter against 6.3 per cent estimated earlier. Growth stood at 6.8 per cent for the third quarter of 2016-17, which was the period of demonetisation. India overtook China’s 6.8 per cent growth in October-December after a three-quarter gap

procter & gamble sees double-digit sales growth in indian market in q1

The world’s largest consumer goods company Procter & Gamble (P&G) appears to be getting its mojo back in the Indian market after a few years of struggle. The January-March 2018 period saw the company deliver double-digit sales growth in India, said Jon Moeller, P&G’s vice-chairman and chief financial officer.
The maker of Vicks, Oral-B and Whisper announced its first-quarter financial results on Thursday, a day when it also said that it was buying the consumer health care business of drugmaker Merck in a $4.2 billion deal.
In India, P&G operates through two listed and one unlisted company, which together delivered a topline of nearly Rs 90 billion for the financial year 2016-17. Numbers for 2017-18 are yet to be declared. Some of its categories of operation include detergents, shampoo

india's economy posts first growth in five quarters

India's economy grew at 6.3 percent in the second quarter of the financial year, official data showed Thursday, rebounding from a sharp slowdown in the wake of high-profile reforms.Government figures showed Asia's third-largest economy expanded for the first time in five quarters, shaking off the lingering impact of a sudden cash ban and launch of a nationwide tax that had dragged growth to three-year lows.India's chief statistician T.C.A. Anant described the bounce back as "encouraging"."It's quite a significant trend reversal," he told reporters Thursday.However he acknowledged that growth clocked 7.5 percent in the same quarter last year.The official figures were slightly below expectations. A Bloomberg survey of economists predicted GDP growth at 6.4 percent from a three-year low of 5.

india, us to work on saving jobs

Prime Minister Narendra Modi and US President Donald Trump will try to seek a common ground on saving and creating jobs when they meet in Washington on June 26.Modi is likely to tell Trump that Indian companies not only created jobs in America, but professionals from India also contributed to the US economy. He will try to ensure that Trump agrees on a win-win proposition that continued growth of India would support hundreds of thousands of jobs in America, sources in New Delhi told DH.Trump, for his part, is expected to nudge Modi to continue reforms and open up the economy further to spur growth and make it easier for the US companies to do business in India. ‘Make in India’The White House has signalled that Trump would like to see Modi’s “Make in India” initiative creating more opportun

india's economic slowdown an aberration, gst will revive growth: world bank

World Bank President Jim Yong Kim said the recent slowdown in India's economic growth is an "aberration" caused by temporary disruptions in preparation for the Goods and Service Tax (GST) and asserted that it will get corrected in the near future.
Kim while responding to questions on the slowdown in India's growth in the first quarter said GST is going to have a positive impact on the Indian economy.
"There's been a deceleration in the first quarter, but we think that's mostly due to temporary disruptions in preparation for the GST, which by the way is going to have a hugely positive impact on the economy," Kim told the media during a conference ahead of the annual meeting of the International Monetary Fund and the World Bank here.
"We think that the recent slowdown is an aberration

brakes on double-digit profit growth of auto majors

Rising sales volume and revenue are no longer translating into a corresponding rise in profit for top automobile firms like Maruti Suzuki, Hero MotoCorp, Bajaj Auto, and Ashok Leyland. Profit growth at these companies have considerably slowed down from high double-digit during the first half (H1) of FY17 to a low single-digit this year, thanks to the adverse movement in commodity prices and a challenging market environment. Many companies are also faced with higher tax and wage burden.
Maruti Suzuki, the country’s biggest car maker, saw its profit grow by less than four per cent in ...

government will spend rs 1 lakh crore in 4 years to revamp education, says modi

The government will spend Rs 1 lakh crore to revamp education system in India in the next four years, Prime Minister Narendra Modi said on Friday.Speaking at a media event here, he said the government was actively working towards setting up 20 world-class institutes of eminence. Towards this end, he said, his government was working in close coordination with private and public sector institutions connected with higher education.He said India has been contributing seven times more to the world economy today. "India is performing well on all macro-economic parameters, be it inflation, current account deficit, fiscal deficit, GDP growth or FDI inflow. It is due to this reason that the rating agencies have been upgrading India continuously," the prime minister said.Modi said economists were al

india's 7% projected growth rate for fy18 is 'amazingly fast', says adb

India's projected GDP growth of over 7 per cent for the current fiscal is "amazingly fast" and if this momentum is maintained the size of the economy can double within a decade, ADB Chief Economist Yasuyuki Sawada has said.
The country shouldn't worry about not achieving 8 per cent growth but focus on increasing domestic demand by reducing the income inequality, he said.
Growth is driven more by domestic consumption than exports, he added.The Asian Development Bank (ADB) has projected India to remain the fastest growing Asian nation with 7.3 per cent growth in 2018-19, and 7.6 per cent in 2019-20.
The Indian economy is forecast to grow at 6.6 per cent in the 2017-18 fiscal ended March 31, slower than 7.1 per cent in 2016-17.
"7 per cent growth is amazingly fast. If a 7 per cent gro

gst catapulted india into list of major global economic markets: modi

The introduction of Goods and Services Tax (GST) has established India as one of the major economic markets in the world by removing uncertainties in the countrys tax system, Prime Minister Narendra Modi said here on Friday.
"Before 2014, India's tax system was seen as unfriendly, unpredictable and non-transparent for the investors. But the situation is changing now. The GST has established India as one of the major economic markets in the world," he said in his address at an event organised by the CNN-News18 TV network.
Modi said that In the last 3-4 years, India has lent strength to the world economic growth as well along with its own growth and pointed out that the country that is just three per cent of the world GDP is contributing "seven times more in the growth of world economy".

fujifilm aims double-digit growth at rs 1,100 cr in fy18, business picks up

Japanese photography and imaging major Fujifilm is aiming for double-digit topline growth at Rs 1,100 crore this financial year buoyed by opportunities in small towns as they come out of the crippling impact of the last year's note-ban.In the past five years, the company claims to have achieved 9 per cent year-on-year growth that substantiates its target to achieve double-digit growth this year."We had Rs 1,000 crore revenue last year and are looking at 10 per cent growth or Rs 1,100 crore this fiscal year," Fujifilm India managing director Yasunobu Nishiyama told PTI here today.Nishiyama said after a slump post-GST rollout, the business has now started picking up and is hopeful of a promising future."Our focus here is on developing strategic solutions in medical systems, photo imaging, im

stricter norms to propel electric cars to double-digit growth by '20: study

Electric vehicle (EV) market has the potential to grow significantly in the coming years as sales are expected to witness high double-digit growth rates annually in India till 2020, noted a recent study. "Stricter emission norms, reducing battery prices and increasing consumer awareness are driving EV adoption in India, while EVs are not yet mainstream, government push and other indications point to a growing momentum," stated the study titled, 'Electric mobility in India: Leveraging collaboration and nascency,' jointly conducted by Assocham and global advisory services firm Ernst and Young (EY). Currently, EV industry is at a nascent stage in India, comprising less than one percent of total vehicle sales and is dominated by two-wheelers (95 percent). "Going forward, EVs will be a stepping

yawning deficits to world-beating growth punctuate modi's four-year rule

Prime Minister Narendra Modi completes four years in office on May 26. He's used the time to give India its biggest tax reform, overhauled a century-old bankruptcy law, revived stalled projects and got the World Bank to say Asia’s No. 3 economy is a much better place to do business.
Still, all’s not well with the economy. Once-trusted state-owned banks are facing allegations of fraud, their soured-debt pile is larger than ever, investors are dumping Indian stocks and bonds amid a stronger dollar and U.S. Treasury yields. Foreign direct investment growth appears saturated after accelerating at a healthy pace in the initial three years under his watch.
Modi’s Bharatiya Janata Party, which swept to power in 2014 promising to tackle price rises, give high priority to job creation, eliminat

new payroll data should end debate on jobless growth: niti aayog v-c

NITI Aayog Vice-Chairman Rajiv Kumar speaks with Indivjal Dhasmana and Sanjeeb Mukherjee about various aspects of the economy, ahead of the completion of four years of the Narendra Modi government. Edited excerpts: How do you assess the first four years of the Narendra Modi government in terms of reforms and its achievements? You have to look at the four years of the Modi government in the context of the economy that we inherited. The economy was in a shambles — there was policy paralysis because of zero decision making, declining GDP growth and rising inflation. Current ...

pm modi meets 20 american ceos in us, assures a business-friendly environment

Above: Modi with top American CEOs in Washington DC. Photo: Courtesy PMOPrime Minister Narendra Modi on Sunday (June 25) met with the CEOs of 20 leading American firms in Washington DC and asked them to invest in the country. He told them that India’s growth could be an equally beneficial partnership for the US and the American companies had a great opportunity of contributing to that benefit.According to media reports Modi said that India over the years has emerged as a business-friendly country and the upcoming GST would further accelerate its growth. Some of the CEOs raised concerns over the impact of GST on the Indian economy but the prime minister assured them that the overall impact of the new tax reforms would be positive on all the sectors.Modi also lauded GST to be a landmark init

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