The employment rate among Indian youth (15-24 years) stood at 10.4% in 2021-22 compared to 10.9% in 2020-21, shows the Consumer Pyramid Household Survey of the Centre for Monitoring Indian Economy. This is much lower when compared to the World Bank estimates of 23.2% for 2020.
"With NPCI planning to take UPI to overseas markets, this number is only expected to grow exponentially, as UPI will then become a home-grown alternative to SWIFT," said Jasmin B Gupta, CEO, LXME - India's first neobank for women.
The gross GST revenue collected in the month of August 2022 stood at Rs 1,43,612 crore, up 28% on a year-on-year basis, the Finance Ministry said in a statement on Thursday. With this, the monthly GST revenues have exceeded Rs 1.4 lakh crore for six months in a row.
Asia's third-largest economy grew 13.5% in the April-to-June quarter, which was lower than RBI's projection of 16.2% and 15.2% forecast by economists in a Reuters poll.
Factory activity in India stayed strong in August as an improvement in demand and easing input cost inflation boosted output and buoyed business confidence. The Manufacturing Purchasing Managers' Index compiled by S&P Global dipped slightly to 56.2 in August from 56.4 in July.
There’s talk that Indian officials — worried about shrinking supplies and domestic inflation — are now considering restricting rice exports, too. A wholesale ban of the sort that New Delhi usually imposes would be a dire mistake — for the world and for Indian farmers.
India’s real GDP growth will slow from 8.3% in 2021 to 7.7% in 2022 and will decelerate further to 5.2% in 2023, Moody's Investor Service said in a report on Thursday. Rising interest rates, uneven distribution of monsoons, and slowing global growth will dampen economic momentum on a sequential basis, it said.
To streamline inter-ministerial coordination of service-related issues in logistics, an institutional mechanism, such as the Network Planning Group under PM GatiShakti, is also under consideration, the ministry added. "Such endeavours are expected to give a significant boost to India's logistics efficiency," it said.
The potato trade was holding back the crop in anticipation of better prices, but it did not happen, and traders were forced to release stocks, impacting the prices. In the case of tomato, good production this year has pushed down prices.