India’s economic growth will continue to hold steady in FY25 despite global uncertainties, with a projected GDP at 6.7 per cent in FY26, a report showed on Friday.
CareEdge Ratings said that it expects Indian government to continue on the path of fiscal consolidation and projects India’s GDP growth to remain healthy at 6.5 per cent in FY25 and 6.7 per cent in FY26.
“We expect to see improvement in private investment in 2025, supported by anticipated monetary policy easing,” said Sachin Gupta, Chief Rating Officer and ED, CareEdge Ratings.
The report said that CPI inflation is expected to moderate in the coming quarters. It expects food inflation to moderate, driven by a strong kharif harvest and favourable conditions for rabi sowing.
The CPI inflation, excluding vegetable inflation, has been below 4 per cent in the last few months. The average CPI inflation is projected at 4.8 per cent in FY25 and 4.5 per cent in FY26.
Reuters
Core inflation is expected to remain benign, averaging 3.5 per cent in FY25 and 4.3 per cent in FY26. And WPI inflation is anticipated to average 2.5 per cent in FY25 and 3 per cent in FY26.
“We can expect the economic growth in H2 FY25 to rebound, supported by the recovery in consumption and a pick-up in government capex. Healthy agriculture production and robust services sector performance will be supportive of a rebound in GDP,” said Rajani Sinha, Chief Economist, CareEdge Ratings.
As far as government finances are concerned, net revenue collection will be aligned with the budgeted target.
The report expects RBI to cut policy interest rate by 50-75 bps in 2025, as food inflation moderates.
Overall, the report expected India’s current account deficit (CAD) to remain manageable at 0.9 per cent of GDP in FY25.
On the external front, it projected merchandise exports to rise by 2.5 per cent, while, services exports projected to record a strong growth of 13 per cent in FY25.
India’s industrial growth to accelerate, inflation to ease in 2nd half of 2024-25IANS
India’s industrial activity is expected to accelerate in the second half of the current financial year on the back of recovering consumption demand and higher export growth while inflation is likely to ease, according to a CRISIL report released on Friday.
“So far, high food inflation, elevated interest rates and slowing credit growth have impacted consumption recovery. However, with food inflation showing signs of easing, the space for discretionary consumption is expected to increase,” the report states.
Moreover, the rural economy will likely improve following healthy agricultural production this year, it adds.
However, the urban economy is facing waning support from credit growth amid elevated interest rates. A lower fiscal impulse from the government is further expected to have a moderating impact on GDP growth. While the government capex is expected to revive in the second half of this fiscal, growth is likely to moderate relative to the previous fiscal. A revival in private investment is critical to sustain the investment momentum, the report points out.
Global trade is expected to improve and support export growth this year. However, geopolitical tensions remain a risk for trade flows and supply-chain pressures for industry. Exports will have to navigate increased uncertainties arising from the possibility of a US-China tariff war next year, according to the report.
Urban economy is facing waning support from credit growth amid elevated interest ratesIANS
Overall, elevated interest rates and fiscal consolidation are expected to slow GDP growth this fiscal. We expect GDP growth at 6.8 per cent on-year this fiscal compared with 8.2 per cent in the previous fiscal, with risks tilted downwards.
In the coming weeks, we expect food prices to ease sequentially. Vegetable prices tend to come down in December when the kharif crop enters the market. A high base from last year will also help lower inflation since vegetable prices missed their seasonal decline last year. Pressure from edible oil prices, though, will have to be monitored.
Given the subdued domestic demand conditions and soft global prices, non-food inflation is also expected to remain benign for the rest of the fiscal year, as per the report.
“Overall, we expect inflation to soften in the coming months led by food inflation; however, rigidity in vegetable and edible oil prices keep the upside pressure high. In our base case, we expect inflation to average 4.6 per cent this fiscal with some upside bias to the forecast and expect a policy rate cut in February,” the report added.
Indian grandmaster D Gukesh scripted history by becoming the youngest player, at 18, to win the World Chess Championship. Gukesh defeated Ding Liren of China to reach the needed 7.5 points to lift the trophy.
World Chess Championship winner D Gukesh. Photo courtesy: twitter.com/FIDE_chess
Before the game, both grandmasters were tied at 6.5 points each and needed a victory to win the championship. A tie would have sent the two to tie breakers.
Keeping his composure, the teenage Chess phenom displayed skills to outsmart the reigning champion and end India’s drought at the championship.
Before Gukesh, it was Vishwanathan Anand who won the championship from India. Vishy won the trophy five times.
Mumbai, December 12, 2024 – In a landmark initiative to bridge the skill gap and enhance employability among India’s youth, the National Skill Development Corporation (NSDC) today has signed an MoU with Unstop, a community engagement and hiring platform. This strategic partnership aims to align talent with industry demands through a comprehensive ecosystem of career opportunities, mentorships, competitions, next-gen role-based assessments, and skill-based finishing courses.
Through this collaboration, NSDC and Unstop will combine their strengths to empower India’s youth and strengthen the nation’s workforce. This will open up opportunities for students across the country to showcase their skills, sharpen them, and get the right career opportunities. The collaboration combines the strengths of two such organizations that are creating holistic solutions for young minds to get the right platform to showcase their talent while aligning it with sector-specific requirements guided by Sectoral Skill Councils (SSCs). The assessments curated under this collaboration will also evaluate skill proficiency and facilitate seamless hiring by creating a pool of pre-assessed candidates for the employers.
Expressing optimism about the collaboration, Shri Ved Mani Tiwari, CEO of NSDC said, “Through this strategic partnership with Unstop, we are taking a significant step towards bridging the skill gap in India. By providing our youth with access to diverse career opportunities and skill-based assessments, we aim to empower them to thrive in a competitive job market and contribute meaningfully to the nation’s workforce. By combining NSDC’s extensive experience in skill development with Unstop’s innovative platform, we aim to empower students across the country to showcase their skills and connect with potential employers in meaningful ways.
We believe that by fostering a culture of skill-based employment, we can unlock the immense potential of India’s youth and contribute to the nation’s economic growth.‘’
Speaking on the partnership, Ankit Aggarwal, Founder & CEO, said, “We are very excited to announce this collaboration. This aligns with our vision to curate the largest pool of employable talent by giving them the right opportunities and platforms to showcase their talent and connect with their dream employers. With NSDC being a part of this collaboration, we feel it strengthens our take on skill-based hiring and assessment and opens up doors for talent across the country to be evaluated on their skills.”
He added, “The opportunities are increasing daily for students to explore and learn. Through this collaboration, we want to reach students in every city and college pursuing any course, thus democratizing engagement and hiring.”
This partnership is aimed to create a substantial impact, enabling millions of learners annually through integrated offerings and engaging the participants in competitions hosted on NSDC’s dedicated platform. With a thriving community of 19 million students and early professionals from over 20,000 colleges, Unstop today connects talent with 5,000+ employers across the sectors. With this collaboration, both NSDC and Unstop will be able to combine their strengths to empower India’s youth and strengthen the nation’s workforce.
Government initiatives include the Pradhan Mantri Matsya Sampada Yojana (PMMSY), aiming to address gaps in fish production and productivity.IANS
India, a country rich in diverse potential fisheries and aquaculture resources, is making significant strides in the development of its fisheries sector. The country’s resources include reservoirs, flood plain wetlands, ponds, tanks, brackish water, saline/alkaline affected areas, rivers, canals, and a vast coastline. These resources have an estimated potential of fish production of 22.31 million tonnes.
The state of Bihar, in particular, has reported vast and varied water resources suitable for fisheries development, with an estimated potential of 12.70 lakh tonnes. However, it’s important to note that Inland Waterways have been identified for shipping and navigation purposes only, as reported by the Ministry of Ports, Shipping & Waterways. This highlights the need for a balanced approach to resource utilization, ensuring that the potential for fisheries development does not compromise other essential uses of water bodies.
Recognizing the potential of the fisheries sector, the Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government of India, has been implementing various schemes for its holistic development.
These include the Centrally Sponsored Scheme on Blue Revolution: Integrated Development and Management of Fisheries, the Fisheries and Aquaculture Infrastructure Development Fund (FIDF), the issuance of Kisan Credit Cards (KCC) to fishers and fish farmers, and the Pradhan Mantri Matsya Sampada Yojana (PMMSY).
India is making significant strides in fisheries development, with an estimated potential fish production of 22.31 million tonnes.IANS
The PMMSY, in particular, is a transformative scheme for the fisheries sector. It aims to address critical gaps in fish production and productivity, quality, technology, post-harvest infrastructure and management, and strengthen the value chain. The scheme is being implemented for a period of five years (2020-21 to 2024-25) with an investment of Rs 20,050 crore. It delves into the domain of inland fisheries and aquaculture, recognizing their pivotal role in bolstering production and ensuring robust food security.
For the development of fisheries and aquaculture in Bihar, projects with a total outlay of Rs. 522.41 Crore, including a central share of 158.82 Crore, have been sanctioned under PMMSY during the last four years and the current financial year. Additionally, a total of 1290 Kisan Credit Cards (KCC) have been sanctioned to fishers and fish farmers of Bihar to help them meet their working capital requirements.
However, the development of the fisheries sector is not without challenges. The Bay of Bengal, for instance, is facing ecological issues due to hydrocarbon exploitation and pollution from shipping activity. The region has witnessed oil and gas exploration on an unprecedented scale in recent years, causing high levels of pollution and environmental hazards. The amount of synthetic trash generated in the Bay is also rising exponentially, with India’s coastal regions witnessing their most rapid expansion of plastic pollution.
Despite these challenges, the fisheries sector has shown promising growth. The sector recorded an Average Annual Growth Rate of 10.88% during 2014-15 to 2018-19, 7.53% average annual growth in fish production, and 9.71% average annual growth in export earnings, with an 18% share in agricultural exports.
The development of the fisheries sector is part of a broader effort by the Indian government to improve the country’s agricultural and rural economy. The Royal Commission of Agriculture in 1926 made comprehensive recommendations for the improvement of the agrarian economy as the basis for the welfare and prosperity of India’s rural population. Independent India appointed a National Commission on Agriculture in 1970 to review the progress of agriculture in the country and make recommendations for its improvement and modernization. The Commission released its final report in 1976, referring to agriculture as a comprehensive term, which included crop production together with land and water management, animal husbandry, fishery, and forestry.
Indian ESDM industry projected to surpass Rs 9 lakh crore by FY28IANS
India’s electronics system design and manufacturing (ESDM) industry is on a trajectory of rapid growth, with projections indicating a surge from Rs 2.09 lakh crore in FY23 to a staggering Rs 9.09 lakh crore by FY28E. This represents a compound annual growth rate (CAGR) of 34 per cent, according to a recent report by PL Capital Group – Prabhudas Lilladher. The ESDM sector, which forms the backbone of the digital economy, is witnessing a paradigm shift. The industry’s addressable market, valued at Rs 4.39 lakh crore in FY23, is seeing a gradual increase in reliance on ESDM partners by original equipment manufacturers (OEMs).
The growth of the ESDM industry is not an isolated phenomenon. It is a reflection of the larger trend of increasing demand for electronics, both domestically and globally. India’s large and expanding domestic market is a fertile ground for the growth of the ESDM industry. The ‘China +1′ strategy, which encourages businesses to consider countries other than China for their manufacturing needs, is also contributing to the industry’s growth. Government initiatives are playing a crucial role in propelling the industry forward. The production-linked incentive (PLI) scheme and investments in semiconductor development are significant government initiatives that are fuelling the growth of the ESDM industry.
The domestic printed circuit board assembly (PCBA) market is another segment that is expected to witness significant growth. The market, valued at Rs 2.31 lakh crore in FY23, is projected to reach Rs 6.55 lakh crore by FY26E, clocking a CAGR of 41.6 per cent. The growth of the PCBA market is driven by factors such as increasing value addition, rising global demand for electronics, and the need for high-speed assembly and miniaturisation. India is capitalising on this growth opportunity by incentivising contract manufacturers and expanding its manufacturing capabilities. This strategy is expected to boost PCBA exports, further enhancing India’s role in the global supply chain and strengthening its position as an electronics manufacturing hub.
ESDM firms can leverage economies of scale to adapt to technological changes and negotiate better with suppliersIANS
The report by PL Capital Group – Prabhudas Lilladher has initiated coverage on four domestic ESDM companies – Avalon Technologies, Cyient, Kaynes Technology and Syrma SGS Technology. These companies are well-positioned for growth, supported by diverse sector penetration, strong order books, and strategic expansion plans. The growth of the ESDM industry is a win-win situation for both OEMs and ESDM firms. As OEMs delegate manufacturing to ESDM partners, they can concentrate on marketing and post-sales services and growth initiatives. On the other hand, ESDM firms can leverage economies of scale to adapt to technological changes and negotiate better with suppliers.
The Indian ESDM industry is poised for exponential growth, driven by a confluence of factors such as increasing demand for electronics, government initiatives, and a shift in manufacturing strategies. The industry’s growth will not only boost India’s economy but also enhance its role in the global supply chain. The future of the ESDM industry looks promising, with opportunities for growth and innovation abound.
CARS24 has unveiled Autonaut, a cutting-edge AI-powered chatbot designed to revolutionize how India interacts with cars. Built in-house at CARS24’s GenAI Labs, Autonaut is among India’s first multilingual automotive AI chatbots, offering intuitive, human-like conversations to simplify and elevate every aspect of car ownership.
Whether it’s helping users choose the perfect car, providing insights on selling or offering post-sale guidance, Autonaut answers all car-related questions with precision and ease. Tailored for buyers, sellers, and enthusiasts alike, it transforms the often complex car journey into a seamless and empowering experience.
Powered by cutting-edge Retrieval-Augmented Generation (RAG) technology, Autonaut is more than just a chatbot—it’s a personal car expert designed to make the car discovery and ownership journey seamless, enjoyable, and worry-free. From providing tailored recommendations to answering complex queries with precision, Autonaut is engineered to empower people at every step of their car journey. According to CARS24, early traction for Autonaut has been remarkable for Autonaut, with 36.25% of people adopting Autonaut within days of its pilot launch.
A Chatbot that understands you
Autonaut was built with one mission: to eliminate uncertainty and empower users to make confident, informed decisions. Whether someone is buying their first car, upgrading to a new one, selling a vehicle they’ve owned for years, or is simply curious about the latest automotive trends, Autonaut ensures they never feel nervous, unsure, or overwhelmed. From questions like “Which car is best for a family of five?” to “Can this car be upgraded with CNG?” or “What’s the RC transfer process?” Autonaut provides answers with clarity and confidence.
Unparalleled expertise backed by rigorous testing
Autonaut is the result of countless hours of research, innovation, and collaboration by CARS24’s team of tech and automotive experts. Extensively tested with some of India’s top car specialists, Autonaut ensures every response, recommendation, and insight is backed by industry-leading expertise. This meticulous validation process guarantees reliability, setting a new benchmark for trust in AI-driven car solutions.
Powered by our in-house Intent & Entity Detection Architecture coupled with our proprietary RAG and Recommendation engine all driven through GenAI, Autonaut turns complex data into simple, actionable insights. Its conversational tone encourages users to ask openly about anything, whether basic or complex.
Autonaut also learns from every interaction. With each conversation, it grows smarter, tailoring future responses for even better accuracy and relevance. This ability to adapt and evolve ensures users always receive the most relevant, up-to-date insights. To make it easier for our users we have also integrated Autonaut with WhatsApp.
“Autonaut is a global ambition brought to life in India. We’re designing AI-first solutions that aren’t just for the future of cars—they’re for the future of the world,” shared Vikram Chopra, CEO & Co-Founder, CARS24.
Key Features of Autonaut
Stress-Free Recommendations: Queries like “I need a car for off-roading under ₹17 lakhs” receive instant, personalized suggestions tailored to individual preferences.
Digestible Summaries: Whether it’s understanding service history or decoding paperwork timelines, Autonaut simplifies complex information into clear, actionable answers.
Smart Bargaining Assistance: Wondering about discounts? Autonaut helps users uncover potential savings and explore better deals effortlessly.
A Smarter Future: Autonaut learns from every interaction, continuously improving its capabilities to deliver sharper, more relevant answers over time.
Transforming the CARS24 experience
By integrating with CARS24’s proprietary GenAI-powered recommendation engine, Autonaut combines years of automotive expertise with advanced AI capabilities. It ensures that every interaction is informed by data, experience, and a deep understanding of user needs. For CARS24, Autonaut represents more than just a tool; it embodies a steadfast commitment to enhancing car ownership experiences, reinforcing our belief that better drives lead to better lives.
“When we started CARS24, we saw how challenging car ownership could feel for so many people. Autonaut is a reflection of that learning—a way to turn those challenges into simple, intuitive, and empowering experiences,” shared Gajendra Jangid, Co-founder and CMO, CARS24.
Exclusively available on the CARS24 app, Autonaut caters to everyone—from first-time buyers seeking guidance to seasoned car enthusiasts looking for technical details. By addressing the technical, emotional, and environmental aspects of a car, Autonaut is ready to transform how people approach car ownership.
India’s surging FDI inflows surpass $1,000 billion milestone in last 4 yearsIANS
Foreign Direct Investment (FDI) inflows into India in the period between April 2000 to Sept 2024 have soared to $1,033.40 billion mark, reflecting the increasing investment opportunities in the country’s fast-growing economy, as per figures compiled by the Department for Promotion of Industry and Internal Trade (DPIIT).
The main sectors of the economy that benefited from the FDI include automobile, computer software, IT hardware, telecom, pharmaceuticals, chemicals and services as well. The data also show that FDI inflows in the sunrise non-conventional energy sector have recorded a big jump.
FDI inflows lead to higher investments and job creation in the economy and bring in state-of-the-art technology which raises the level of productivity and spurs economic growth.
A senior official said that the Government has facilitated the ease of doing business and various incentives such as the PLI scheme have been put in place which have helped accelerate the flow of FDI into the country.
The FDI surge has continued into the current financial year with a robust 45 per cent jump to 29.79 billion USD in April-September compared to 20.5 billion USD in the same period during 2023-24, the DPIIT data showed.
Government has facilitated the ease of doing business and various incentivesIANS
FDI in services has increased to USD 5.69 billion during the first half of the current financial year as against USD 3.85 billion in the same period last year.
A state-wise analysis of the figures shows that Maharashtra received the highest inflow of 13.55 billion USD during April-September 2024-25. It was followed by Karnataka (3.54 billion USD), Telangana (1.54 billion USD) and Gujarat (about 4 billion USD).
FDI inflows for the July-September quarter jumped by 43 per cent to 13.6 billion USD during the current financial year compared to 9.52 billion USD in the same quarter of 2023-24.
In the preceding April-June quarter, the country recorded a 47.8 per cent to 16.17 billion USD.
December 07, 2024,Mumbai, Maharashtra, India :IDFC FIRST Bank has unveiled the first-of-its-kind AI-powered holographic digital avatar of the country’s most celebrated and legendary actor Amitabh Bachchan, setting a new benchmark in customer engagement and digital innovation. The Holographic Extended Reality (HXR) device, features touch capability, allowing users to interact directly with the digital avatar. Currently, customers can engage with Mr Bachchan’s digital avatar and get information on bank products and services, including Zero Fee Banking, Monthly Interest Credits, Mobile Banking, and the innovative Current Account BRAVO. The Bank will integrate additional product offerings in subsequent phases.
This revolutionary technology will redefine the banking experience for customers, offering personalized assistance and an immersive service experience. This initiative is in line with IDFC FIRST Bank’s commitment to its digital-first philosophy and innovation-led customer-centric approach.
Speaking on the launch, Mr Shreepad Shende – Head, Business Excellence & Corporate Strategy at IDFC FIRST Bank, said, “We’re proud to be the first in the banking industry to bring this AI-powered holographic innovation to life. With this, we have created an entirely new way for our customers to interact with us at our select branches, making banking simpler, faster, and more engaging. It has been an amazing journey with Wing Commander Ramesh Pulapaka, CEO & Director – AB Corp. Ltd., from conceptualising this pioneering concept to bringing it to life and I am delighted that IDFC FIRST Bank was first to partner Mr Amitabh Bachchan in this unique journey.”
Mr Amitabh Bachchan, said, “This unique initiative by IDFC FIRST Bank showcases the possibilities of innovation in creating immersive and meaningful customer experiences. It is fascinating to see how technology continues to evolve and redefine the way we connect with people. I am delighted to see my digital avatar being a part of this revolutionary and groundbreaking journey in banking.”
The first device has been launched at IDFC FIRST Bank’s Juhu branch in Mumbai, with plans to deploy similar devices across high-footfall branches and other strategic locations nationwide.
Jaideep Mirchandani, Group Chairman of Sky One says that domestic growth and infrastructure development will help Indian aviation maintain its momentum in the coming year
India’s aviation sector is witnessing rapid growth, with significant increases in both domestic and international passenger numbers. Jaideep Mirchandani, Group Chairman of Sky One believes that with substantial infrastructure development, enhanced regional connectivity, and strategic government initiatives, Indian aviation will likely experience continued momentum in 2025.
Here’s Mr Mirchandani’s recap of the key trends India’s aviation sector witnessed this year:
Domestic Aviation Growth
According to data from the Civil Aviation Ministry, domestic air passenger traffic has seen a significant rise, with October 2024 recording an increase to around 138.5 lakh passengers, marking a 6.3 percent increase over September’s 130.3 lakh. This reflects a 9.6 percent growth over October 2023. International travel is also on the rise. Official data shows that Indian carriers reported 162.6 lakh international passengers in the first half of 2024, a 16 percent increase over last year and an impressive 46.5 percent jump from pre-COVID levels in 2020. One reason for this surge is the growing desire among India’s youth to explore new destinations, with affordable fares making air travel a convenient choice.
New Routes and Airports
According to government data, the number of operational airports in India has doubled from 74 in 2014 to 157 in 2024, with plans to expand this to 350-400 by 2047. The Regional Connectivity Scheme -Ude Desh ka Aam Nagrik (RCS-UDAN) has also been instrumental in connecting underserved and unserved airports across the country by reviving existing airstrips and airports. Official data indicates that 583 RCS routes are now operational, linking 86 airports, including 13 heliports, two water aerodromes, and 12 greenfield airports. International airports in Delhi, Mumbai, Hyderabad, and Bengaluru have achieved Level 4+ Airports Council International (ACI) Accreditation and are undergoing expansion. Moreover, the Noida International Airport is expected to begin operations in the coming year.
Rise of Spiritual Tourism
In 2022-2023, the travel and tourism industry contributed about US$199 billion to India’s GDP. According to professional services company Colliers, spiritual tourism holds a 30% market share in the country’s travel and tourism sector and accounts for 60% of the domestic tourism market. Various reports predict that India’s spiritual tourism market will be worth around US$59 billion by 2028. We have also seen airports emerging in smaller cities such as Shirdi and Kushinagar, primarily aimed at the convenience of pilgrims. The increase in passenger numbers at airports in Amritsar, Ayodhya, Varanasi, Dwarka, Puri and Tirupati further indicates the growing popularity of spiritual tourism in India.
Emergence of New Airlines
The emergence of new airlines will benefit business travellers as well as domestic passengers. The latest entrant to Indian skies, Shankh Air, has already announced plans to offer convenient travel options for workers in Greater Noida, Meerut, Ghaziabad, Faridabad, and southern Gurgaon. New entrants like Air Kerala, Alhindair will soon offer convenient travel options across South and North India. The increase in the number of flights, especially in the domestic sector, will enhance connectivity on inter- and intra-state routes. This will also help passengers in cities with relatively high demand by providing more direct connectivity options and filling gaps in the market with additional choices.
