Passport fair will be held in 7 cities of the state including the capital Dehradun on 3rd December.IANS
India has been ranked at 82nd spot on a global passport index, allowing Indians visa-free entry to 58 countries, including popular destinations like Indonesia, Malaysia and Thailand.
According to the latest ranking by the UK-based Henley Passport Index, India’s passport now ranks at an improved 82nd spot. The ranking is based on data from the International Air Transport Association (IATA).
The Henley Passport Index is a global ranking of countries according to the travel freedom allowed by those countries’ ordinary passports for their citizens.
Singapore was ranked the leader on the passport index, reclaiming its title as the world’s most powerful passport in the latest ranking.
“The city-state also sets a new record score, with its citizens now enjoying access to 195 travel destinations out of 227 around the world visa-free. France, Germany, Italy, Japan, and Spain drop to joint-2nd place, each with visa-free access to 192 destinations,” according to the Index.
An unprecedented seven-nation cohort, each with access to 191 destinations without a prior visa — Austria, Finland, Ireland, Luxembourg, Netherlands, South Korea, and Sweden — now sit in 3rd place on the ranking.
Indian passport [Representational image]Twitter/All India Radio News Alerts
The UK was in fourth place along with Belgium, Denmark, New Zealand, Norway and Switzerland, despite its visa-free destination score falling to 190.
“The US, on the other hand, continues its now decade-long slide down the index, dropping down to 8th spot, with access to just 186 destinations visa-free,” said the Index.
According to IATA, airlines will connect nearly 5 billion people over 22,000 routes on 39 million flights in 2024, and the air cargo transported will reach 62 million tonnes, facilitating an $8.3 trillion in trade.
“Our industry expects to record revenues of almost $1 trillion this year. Expenses, however, will also be at a record high of $936 billion. Net profit will be $30.5 billion,” said IATA Director General, Willie Walsh.
The UAE made it into the Top 10 for the first time, having added an impressive 152 destinations since the index’s inception in 2006 to achieve its current visa-free score of 185.
Atul Bohra Group CEO Kolte-Patil Developers Limited, Budget 2024 reactions,
“The Union Budget 2024-25 presents a visionary approach to urban development that aligns with the aspirations of modern India. We commend the emphasis on sustainable development through solar and renewable energy, city planning, and transit-oriented development, which will create more liveable, sustainable urban spaces that elevate the quality of life for residents. We applaud the government’s commitment to address housing needs, with an allocation of ₹10 lakh crore under the PM Awas Yojana for constructing 3 crore houses. This will boost affordable housing and catalyze economic growth.
Focusing on job creation and skill development, and sanctioning 12 new industrial parks near 100 cities will attract businesses and stimulate urban development. Initiatives like digitization of land records and GIS mapping, combined with workforce skilling, will have a multiplier effect on the real estate sector. The ₹11 lakh crore allocation for infrastructure development will enhance urban quality of life.
The pro-business stance, featuring simplified FDI regulations and the promotion of Rupee-based overseas investments, is appreciated. The reduction in stamp duty for women homebuyers promotes inclusive homeownership.
At Kolte Patil Developers, we focus on creating elevated living experiences that inspire families to achieve superior life quality across cities. We look forward to contributing to shaping India’s urban future, creating spaces that inspire and uplift the aspirations of a rising India.“
India’s EV market saw remarkable growth in 2023, with sales exceeding 1.5 million vehicles – a 50% rise from the previous year. This brought the total number of EVs on Indian roads to approximately 2.8 million. However, infrastructure development lags, with about 135 EVs per public charging station, far above the ideal ratio of 6 to 20. This gap presents a critical opportunity for innovative EV charging solutions and sustainable energy integration. Addressing India’s cultural, linguistic, and geographical diversity requires robust and adaptable EV solutions.
Understanding Regional Diversity in India
India’s geographic and climatic variations – from arid deserts to humid coasts, dense urban centers to remote rural areas -significantly influence the design and implementation of EV charging infrastructure. Each region’s unique characteristics, such as power grid reliability, climate conditions, and user behaviours, must be considered to ensure effective and sustainable EV charging solutions.
The 3Is of Smart EV Charging
To address the unique challenges of India’s regional diversity, EV charging infrastructure must be Intelligent, Interoperable & Interconnected, and Integrated.
1. Intelligent:
Smart Algorithms: Advanced algorithms and data analysis optimize charging schedules, manage power loads, and ensure efficient energy usage. These systems can predict peak usage times and adjust charging rates to prevent grid overloads.
Data-Driven Decisions: Utilizing real-time data, these systems can make informed decisions about when and where to allocate power, maximizing efficiency and minimizing costs.
2. Interoperable-Interconnected:
Connectivity Across Platforms: EV charging systems should seamlessly connect with various charging stations, energy management systems, and EV models, facilitating real-time data exchange and operational visibility. This interconnectedness helps in overcoming operational challenges and ensures smooth functionality across different networks, providing users with a seamless charging experience.
Open Charge Point Protocol (OCPP): Adopting OCPP allows charging stations and central systems from different vendors to communicate, enhancing flexibility and reducing dependency on single suppliers.
Open Charge Point Interface (OCPI): Implementing OCPI enables real-time information exchange between charging point operators and service providers, improving user experience through better access to charging station data.
3. Integrated:
Smart Grid & V2G: Smart grids play a crucial role in managing the variability of power supply and demand across different regions, ensuring stable and efficient power distribution for EV charging stations. Additionally, V2G technology enables EVs to discharge excess energy back to the grid during peak demand periods, supporting grid stability and earning revenue for EV owners. This bidirectional flow of electricity enhances the grid’s resilience and optimizes energy use, creating a dynamic system that benefits both EV users and the overall energy infrastructure.
Renewable Energy Integration: Solar and wind power can be harnessed to provide clean energy for EV charging stations. Solar panels can be installed in regions with high solar insolation, while coastal and high-altitude regions can benefit from wind energy.
Smart Batteries and Home Energy Management: Integrating EV charging systems with smart batteries and home energy management systems creates a holistic energy ecosystem. These solutions can store excess energy during low-demand periods and release it during peak times, optimizing energy usage and reducing strain on the grid.
Smart Grid Technologies for Regional Adaptation
Smart grid technologies enable real-time monitoring and dynamic adjustments to the grid, ensuring stable and efficient power distribution for EV charging stations.
Adaptive Load Management: Smart grids balance the load by distributing power efficiently, preventing grid overloads in high-demand areas while ensuring adequate supply in regions with fluctuating power availability.
Predictive Analytics: Utilizing data on regional power consumption patterns and weather conditions, predictive analytics optimize charging schedules and station placements, enhancing the reliability and efficiency of the charging network.
Designing Climate-Resilient Infrastructure
Given India’s diverse climates, EV charging stations must be designed to withstand varying environmental conditions.
Durable Materials and Construction: Charging stations should be built using materials that can endure extreme temperatures, humidity, and weather events, ensuring longevity and reliability.
Localized Customization: Tailoring the design and technology of charging stations to regional climates, such as incorporating cooling systems in hot areas or corrosion-resistant materials in coastal regions, enhances their resilience.
User-Friendly and Multilingual Interfaces
To cater to India’s multilingual population, EV charging stations should feature user-friendly interfaces that support multiple languages and regional dialects.
Multilingual Displays and Instructions: Providing information in local languages enhances accessibility and usability, ensuring a seamless charging experience.
Voice-Activated Systems: Implementing voice-activated systems in various languages simplifies the interaction with charging stations, especially for non-tech-savvy users.
Community and Policy Engagement
Engaging local communities and policymakers is essential to develop customized EV charging solutions that meet regional needs.
Community-Driven Projects: Involving local stakeholders in the planning and implementation of charging infrastructure ensures that the solutions are aligned with regional requirements and preferences.
Flexible Regulatory Frameworks: Developing adaptable policies that consider regional diversity facilitates the deployment of tailored EV charging infrastructure and encourages innovation.
India’s regional diversity presents both challenges and opportunities for the growth of EV charging infrastructure. By leveraging smart grid technologies, integrating renewable energy sources, designing climate-resilient infrastructure, and incorporating user-friendly interfaces, India can create a robust and adaptable EV charging network. The 3Is—Intelligent, Interoperable & Interconnected, and Integrated—are essential for developing effective EV charging solutions that cater to the country’s unique and diverse landscape. Engaging local communities and policymakers ensures these solutions are sustainable, supporting India’s transition to electric mobility while accommodating its unique and diverse landscape.
Authored by:
Puneet Aggarwal, Head- Smart Mobility and Sustainable IoT
The Economic Survey tabled by Finance Minister Nirmala Sitharaman in Parliament on Monday projects India’s GDP growth rate at 6.5 to 7 per cent for 2024-25 as it sees the economy on a strong wicket.
The survey states that global economic growth will be 3.2 per cent in 2023 as per the April World Economic Outlook. Diverging growth patterns have emerged among countries. The stark difference in the growth performance of countries has been on account of domestic structural issues, uneven exposure to geopolitical conflicts and the impact of monetary policy tightening.
India’s economy carried forward the momentum it built in FY23 into FY24 despite a gamut of external challenges. India’s real GDP grew by 8.2 per cent in FY24, exceeding the 8 per cent mark in three out of four quarters of FY24. The focus on maintaining macroeconomic stability ensured that external challenges had minimal impact on India’s economy.
The Government’s thrust on capex and sustained momentum in private investment has boosted capital formation growth. Gross Fixed Capital Formation increased by 9 per cent in real terms in 2023-24.
Moving forward, healthier corporate and bank balance sheets will further strengthen private investment. The positive trends in the residential real estate market indicate that the household sector capital formation is increasing significantly, the survey states.
IANS
Inflationary pressures stoked by global troubles, supply chain disruptions, and vagaries of monsoons have been deftly managed by administrative and monetary policy responses. As a result, after averaging 6.7 per cent in FY23, retail inflation declined to 5.4 per cent in FY24, it adds.
The fiscal balances of the general government have improved progressively despite expansionary public investment. Tax compliance gains driven by procedural reforms, expenditure restraint, and increasing digitisation helped India achieve this fine balance, it adds.
The external balance has been pressured by subdued global demand for goods, but strong services exports largely counterbalanced this. As a result, the Current Account Deficit (CAD) stood at 0.7 per cent of the GDP during FY24, an improvement from the deficit of 2.0 per cent of GDP in FY23.
It’s often said that finishing fourth in the Olympics is peak agony. If coming last carries the sting of embarrassment, securing the fourth place inflicts the pain of being so near yet so far, something that can either drive an athlete to future glory or leave them completely crushed.
The iconic Olympic rings. Photo courtesy: www.instagram.com/olympics
India’s affair with near misses at sport’s grandest stage has been a long-standing one, beginning way back in 1956.
Here is a look at the instances when Indian athletes came close but ended at just that.
1956, Melbourne
The Indian football team made the semifinals after beating hosts Australia 4-2 in the quarterfinals, with Neville D’Souza becoming the first Asian to score a hat-trick at the Games.
By giving his team the lead, Neville looked like doing an encore in the last-four clash against Yugoslavia. But the Yugoslavians came back strongly in the second half to seal the contest in their favour.
In the bronze medal classification match, India lost to Bulgaria 0-3, drawing to a close an eventful few days which the great P K Banerjee would often reminisce with a hint of understandable anguish.
1960, Rome
The legendary Milkha Singh missed out on a bronze by the narrowest of margins. Competing in the 400m final and touted as a medal contender, the ‘Flying Sikh’ fell short by a mere 1/10th of a second after slowing down to steal a glance at his fellow competitors, an error that he would regret for the rest of his life.
This would go down as his worst memory after losing his parents in the aftermath of the partition.
Milkha almost gave up the sport after this loss and it required a lot of persuasion for him to hit the track again and win two gold medals in the 1962 Asian Games.
1980, Moscow
With top hockey nations such as the Netherlands, Australia and Great Britain boycotting the Moscow Games over the USSR’s invasion of Afghanistan, the Indian women’s hockey team had a great chance to finish on the podium in its first attempt itself.
But the team endured the agony of narrowly missing out on a medal, losing its last match to erstwhile USSR 1-3 to finish behind Zimbabwe, Czechoslovakia and the hosts.
1984, Los Angeles
LA Olympics brought back memories of Milkha in Rome when PT Usha missed the 400m hurdles bronze by 1/100th of a second, making it the closest-ever miss for an Indian athlete in any competition.
Known as the ‘Payyoli Express’, she ended fourth behind Romania’s Christina Cojocaru, but her heroic effort left a lasting impression and she became a household name.
2004, Athens
After a long gap of 20 years, the curse of the fourth place returned to haunt the Indian contingent when the celebrated duo of Leander Paes and Mahesh Bhupathi missed out on the podium at the Athens Games.
Arguably India’s greatest doubles pair in tennis, Paes and Bhupathi missed out on a bronze medal after losing a marathon match to Croatia’s Mario Ancic and Ivan Ljubicic 6-7, 6-4, 14-16 to end fourth.
Leander (left) and Mahesh pose with their Men’s Doubles trophies at Wimbledon. Photo courtesy: www.instagram.com/leanderpaes
Before that, the Indian pair went into the semifinals as favourites but lost to the German duo of Nicholas Kiefer and Rainer Schuttler in straight sets 2-6, 3-6.
At the same Games, Kunjarani Devi finished fourth in women’s 48kg weightlifting competition, but she was not really in medal contention.
Disqualified in her final attempt to lift 112.5 kg in the clean and jerk category, Kunjarani finished with a total effort of 190kg, 10kg behind bronze-medallist, Thailand’s Aree Wiratthaworn.
2012, London
Shooter Joydeep Karmakar experienced the terrible feeling of finishing a place behind the bronze medal winner in this edition.
Karmakar had finished seventh in the qualification round of men’s 50m rifle prone event, and in the finals, he ended just 1.9 points behind the bronze medal winner.
2016, Rio de Janeiro
Gymnast Dipa Karmakar became the first Indian woman gymnast to compete at the Games. After making the final of the women’s vault event, she finished fourth overall with a score of 15.066 and missed the bronze medal by 0.150 points.
She introduced the sport to India and gave the message that one doesn’t have to be born in the USA or Russia to become an excellent gymnast.
At the same Games, Abhinav Bindra’s illustrious career was headed for a fairytale finish but a shooter of even his class was not spared of the curse of the fourth, as he missed the bronze medal by a whisker, eight years after his historic gold medal at the Beijing Games.
A little more than four decades after the 1980 Moscow Games, the members of the Indian women’s hockey team once again endured a similar pain at the Tokyo Olympics, missing out on the bronze.
The Indian side punched above its weight triggering an upset to knock three-time Olympic champions Australia to make the semifinal.
In the semifinals, they suffered a 0-1 defeat to Argentina but still had a shot at the bronze. They looked on course to win the elusive medal as Rani Rampal and Co. took a 3-2 lead against Great Britain.
But Britain scored twice to go up 4-3 and clinch the medal, leaving the Indian team in tears.
At the same Games, golfer Aditi Ashok also experienced the agony of missing out on a historic podium finish.
Ranked 200th in the world, the 26-year-old matched the best golfers in the world shot for shot. But, she eventually fell short after coming agonisingly close and finished fourth.
In its latest development outlook, the Asian Development Bank has kept India’s economic growth forecast unchanged at 7 percent for the fiscal year 2024.
ADB describes India as region’s fastest growing economy. Photo Courtesy: PIB
ADB also described India as the region’s fastest growing economy.
“India’s industrial sector is projected to grow robustly, driven by manufacturing and strong demand in construction. Agriculture is expected to rebound amid forecasts for an above-normal monsoon, while investment demand remains strong, led by public investment,” ADB said in a statement.
For Southeast Asia, the growth forecast is maintained at 4.6 percent this year amid solid improvements in both domestic and external demands.
This year’s outlook for the Caucasus and Central Asia is raised to 4.5 percent from a previous projection of 4.3 percent, driven in part by stronger-than-expected growth in Azerbaijan and the Kyrgyz Republic.
In the Pacific, the outlook for 2024 is maintained at 3.3 percent growth, driven by tourism and infrastructure spending, along with revived mining activity in Papua New Guinea.
China
The growth forecast for the People’s Republic of China (PRC), the region’s largest economy, is maintained at 4.8 percent this year.
“A continued recovery in services consumption and stronger-than-expected exports and industrial activity are supporting the expansion, even as the PRC’s struggling property sector has yet to stabilize,” read a statement issued by the ADB.
The government introduced additional policy measures in May to support the property market.
ADB raised its economic growth forecast for developing Asia and the Pacific this year to 5.0 percent from a previous projection of 4.9 percent, as rising regional exports complement resilient domestic demand.
The growth outlook for next year is maintained at 4.9 percent.
“Most of Asia and the Pacific is seeing faster economic growth compared with the second half of last year,” said ADB Chief Economist Albert Park. “The region’s fundamentals remain strong, but policy makers still need to pay attention to a number of risks that could affect the outlook, from uncertainty related to election outcomes in major economies to interest rate decisions and geopolitical tensions.”
18th July 2024 Ahmedabad, Gujarat, India Kody Technolab, a pioneer in digital transformation and robotic solutions, is thrilled to announce a strategic partnership with Tuneland – The Music Fest. This vibrant event will take place on May 11th and 12th, 2024, at GIFT City, Gandhinagar, Gujarat, featuring performances by Bollywood sensations B Praak and Vishal Mishra.
Step into the world of Tuneland, where the fusion of music, technology, and culinary delights promises an immersive experience like no other. With an expected attendance of over 20,000 music lovers and festival-goers, the event is set to be a milestone in celebrating the intersection of art and technology. Considering the substantial crowd, the safety and security of each attendee is paramount. Kody Technolab’s advanced surveillance robot, Athena, will be diligently monitoring the entire event to ensure a secure and enjoyable experience for all.
This year, Tuneland is not just about the music. Kody Technolab will showcase Athena, India’s most advanced autonomous surveillance robot, ensuring top-notch security throughout the festival. Attendees will have the unique opportunity to observe Athena in action, as live feeds display its operational prowess, reinforcing the theme of transparency and innovation.
Kody Technolab Limited & Tuneland India’s Music Festival with B Praak and Vishal Mishra
In addition to Athena, Kody Technolab will showcase Dasher, an autonomous serving robot designed to enhance the attendee experience. Dasher will be actively serving drinks and refreshments to attendees within designated zones, demonstrating the company’s commitment to integrating cutting-edge technology into everyday life and creating more interactive and enjoyable environments.
Manav Patel, Founder of Kody Technolab, expressed his enthusiasm for the partnership, “Our strategic partnership with Tuneland – The Music Fest aligns perfectly with our mission to make technology accessible and beneficial for everyone. Athena is proof of how AI and robotics can enhance safety and efficiency in public spaces. We are excited to demonstrate this on such a large stage.”
Event Details
Dates: May 11th and 12th, 2024
Location: GIFT City, Gandhinagar, Gujarat
Activities: Live music performances, food stalls, robotic demonstrations
Headliners: B Praak and Vishal Mishra
Kody Technolab invites all attendees to witness how robotics and artificial intelligence are shaping the future of public events. The festival will not only be a feast for the ears but also a spectacle of technological marvel. Don’t miss out on this extraordinary meld of technology and music. For more updates follow us on our social media handles mentioned below.
The Asian Development Bank (ADB) has kept India’s growth forecast unchanged at 7 per cent in 2024-25 as it sees the country as the fastest growing economy with robust growth in the industrial sector and a rebound in agriculture due to a better monsoon.
The ADB projected India’s economy to grow faster at 7.2 per cent in 2025-26, in its report released on Wednesday.
“The outlook for India, the region’s fastest-growing economy, is unchanged at 7.0 per cent for fiscal year 2024-25. India’s industrial sector is projected to grow robustly, driven by manufacturing and strong demand in construction. Agriculture is expected to rebound amid forecasts for an above-normal monsoon, while investment demand remains strong, led by public investment,” the ADB report states.
The announcement comes close on the heels of the International Monetary Fund’s upgrade for the growth of the Indian economy to 7 per cent from 6.8 per cent projected in April.
ADB has also raised its economic growth forecast for developing Asia and the Pacific this year slightly to 5.0 per cent from a previous projection of 4.9 per cent, as rising regional exports complement resilient domestic demand. The growth outlook for next year is maintained at 4.9 per cent.
The growth forecast for China, the region’s largest economy, is maintained at 4.8 per cent this year. A continued recovery in services consumption and stronger-than-expected exports and industrial activity are supporting the expansion, even as China’s struggling property sector has yet to stabilise. The government introduced additional policy measures in May to support the property market.
Inflation is forecast to slow to 2.9 per cent in Asia this year amid easing global food prices and the lingering effects of higher interest rates, according to the latest edition of Asian Development Outlook (ADO), released on Wednesday.
After a post-pandemic recovery that was driven mainly by domestic demand, exports are rebounding and helping propel the region’s economic growth. Strong global demand for electronics, particularly semiconductors used for high-technology and artificial intelligence applications, is boosting exports from several Asian economies.
“Most of Asia and the Pacific are seeing faster economic growth compared with the second half of last year,” said ADB Chief Economist Albert Park. “The region’s fundamentals remain strong, but policymakers still need to pay attention to a number of risks that could affect the outlook, from uncertainty related to election outcomes in major economies to interest rate decisions and geopolitical tensions.”
While inflation is moderating towards pre-pandemic levels in the region as a whole, price pressures remain elevated in some economies. Food inflation is still high in South Asia, Southeast Asia, and the Pacific, in part due to adverse weather and food export restrictions in some economies.
For Southeast Asia, the growth forecast is maintained at 4.6 per cent this year amid solid improvements in both domestic and external demand. This year’s outlook for the Caucasus and Central Asia is raised to 4.5 per cent from a previous projection of 4.3 per cent, driven in part by stronger-than-expected growth in Azerbaijan and the Kyrgyz Republic. In the Pacific, the outlook for 2024 is maintained at 3.3 per cent growth, driven by tourism and infrastructure spending, along with revived mining activity in Papua New Guinea.
The International Monetary Fund (IMF) has revised India’s GDP growth forecast for the fiscal year 2024-25 to 7 percent, a significant increase from the earlier projection of 6.8 percent. This upward revision is attributed to the improvement in private consumption, particularly in rural India. The IMF’s World Economic Outlook report highlighted that the change reflects the carryover from upward revisions to growth in 2023 and improved prospects for private consumption, especially in rural areas.
The IMF’s forecast for India’s economic growth for 2025-26 remains unchanged at 6.5 percent. This indicates a steady growth trajectory for the Indian economy in the coming years. The report also emphasized that growth in India and China will account for almost half of global growth in 2024, underscoring the significant role these two economies play in driving global economic expansion.
The IMF’s First Deputy Managing Director, Gita Gopinath, noted that growth in major advanced economies is more aligned. The Euro area’s growth is picking up as the US shows signs of cooling after a strong year. The IMF World Economic Outlook put China’s growth rate at 5 percent for 2024 and 4.5 percent for 2025. In contrast, the GDP growth rate of the US has been forecast at 2.6 percent for 2024 and 1.9 percent for 2025.
Reuters
The report also highlighted the global growth projection, which is expected to be in line with the April 2024 World Economic Outlook (WEO) forecast at 3.2 percent in 2024 and 3.3 percent in 2025. However, the report also pointed out the challenges that governments face due to high debt levels and additional spending pressures from population ageing, climate adaptation, and mitigation.
The IMF report also touched upon the issue of inflation. It stated that services inflation is complicating monetary policy normalization. The upside risks to inflation have increased, raising the prospect of higher for even longer interest rates, in the context of escalating trade tensions and increased policy uncertainty. The report suggested that the policy mix should be sequenced carefully to achieve price stability and replenish diminished buffers.
The IMF’s upward revision of India’s GDP growth forecast comes at a time when the global economy is grappling with several challenges, including stubbornly high inflation, soaring debt levels, escalating trade tensions, and increased policy uncertainty due to elections in various countries. The report underscores the need for stronger near-term efforts to contain spending growth, improve public spending efficiency, reallocate spending to areas that better support opportunities and growth, and optimize tax revenues.
The IMF’s revised forecast for India’s GDP growth is a testament to the resilience of the Indian economy amidst global economic uncertainties. The improvement in private consumption, particularly in rural India, has been a key driver of this growth. This indicates that increased spending in rural areas is driving economic growth, leading to an upward revision of the GDP growth forecast.
Historically, India has demonstrated a robust economic performance despite global economic uncertainties. For instance, during the global financial crisis of 2008, India’s economy showed resilience and managed to maintain a positive growth rate, albeit slower. The current upward revision of the GDP growth forecast by the IMF is a reaffirmation of the strength and resilience of the Indian economy.
The IMF’s upward revision of India’s GDP growth forecast for 2024-25 to 7 percent from the earlier 6.8 percent is a significant development. It reflects the improving private consumption in rural India and the carryover effect from upward revisions to growth in 2023. Despite the global economic uncertainties and challenges, the Indian economy is poised for steady growth in the coming years. However, it is crucial for policymakers to carefully sequence the policy mix to achieve price stability, replenish diminished buffers, and manage the risks associated with high inflation and escalating trade tensions.
PUNE: In a thought-provoking event hosted by CareEdge Ratings, key industry leaders and experts gathered to discuss the importance of promoting homegrown credit rating agencies in India. The conference, titled “Conversations 2024”, saw Shri Amitabh Kant, G20 Sherpa and Former CEO of Niti Aayog, Government of India, emphasize the critical role of appropriate sovereign credit ratings in driving economic growth in emerging economies.
Mr. Kant highlighted the need for global credit rating agencies to address biases and lack of transparency in assessing countries like India. He called for a more objective approach to evaluating economic fundamentals, stressing that developing countries should not be unfairly labeled as risky investments based on subjective assessments.
The event also featured insightful discussions on global capital flow and risk in changing world order, with experts emphasizing the importance of transparent and professional credit rating agencies in today’s complex financial landscape. Mr. Mehul Pandya, MD & Group CEO of CareEdge Ratings, underscored the need for a transparent assessment methodology to support the growth potential of emerging economies.
Mehul Pandya, MD & Group CEO of CareEdge Ratings said “The panel discussion addresses the context of global capital flow, growth drivers, and challenges with the perspective of the impact of sovereign rating. The debt levels of advanced economies and emerging economies are indeed different. The growth potential of emerging economies and the investment it necessitates need to be looked at in the sovereign ratings methodology. These aspects need to be addressed transparently. We believe, that both the assessor need to be transparent so that the entity being assessed knows about the methodology and how it’s being done.”
Shri Babasaheb Neelkanth Kalyani, Chairman of Kalyani Group, echoed Mr. Kant’s sentiments on India’s growth potential, emphasizing the importance of focusing on manufacturing to drive economic expansion. Shri Gulshan Malik, Deputy Managing Director of State Bank of India, highlighted the banking sector’s readiness to support India’s next phase of growth.
Overall, the CareEdge Ratings conference shed light on the crucial role of credit rating agencies in shaping India’s economic future and the need for international cooperation to ensure fair and transparent assessments. As India strives to become a developed country by 2047, the push for homegrown credit rating agencies is more important than ever.
