Asia

As India's vibrant fintech industry gears up for another leap, the upcoming Union Budget 2024 carries immense weight. On February 1st, Finance Minister Nirmala Sitharaman's decisions will shape the trajectory of this rapidly evolving sector, impacting not just millions of financial service providers but also the broader quest for financial inclusion and economic growth. India Fintech Credit Fund: A dedicated fund offering affordable financing to fintech companies, particularly small and medium players, could unlock vital growth opportunities. Tax breaks for financial inclusion: Incentivising fintechs operating in underserved areas is crucial to bridging the financial gap and empowering marginalized communities. GST rationalization measures would further ease this journey. Empower...

India, emerging as the third and "eventually the largest economic superpower", is anticipated to have a GDP "90 percent larger than China’s and 30 percent larger than that of the US" by 2100, CEBR stated in its report. India is set to become the world's third-largest economy by 2032, and will eventually surpass China and the United States to become the "world's largest economic superpower" by the end of this century, as per a report released by the Centre for Economics and Business Research (CEBR) on December 27. India will sustain "robust economic growth", averaging 6.5 percent from 2024 to 2028, CEBR stated in its 'World Economic League Table 2024' report. This will result in the country surpassing Germany to become the fourth-largest economy in 2027, and overtaking Japan to becom...

The employment challenge can no longer be met only through more rapid GDP growth; a separate policy focus is needed on employment There are many indications everywhere that India continues to be going through a jobs crisis. Official data sources as well as many on-the-ground reports point to this fact. What are the macroeconomic reasons for this crisis? The symptoms of low labour demandAt the outset, it is useful to distinguish the two types of employment that prevail in an economy such as India. The first is wage employment which is a result of labour demanded by employers in their pursuit of profits. The second is self-employment where labour supply and labour demand are identical, i.e., the worker employs herself. A further useful distinction can also be made between wage labour ...

With strong domestic demand growth, it is expected that India will be among the world's fastest-growing countries, with resilient GDP growth of 6.5 per cent during the fiscal 2024-25, Fitch Ratings, one of leading credit rating firms, expects India's resilient economic growth will boost demand of the corporates, the PTI reported. In its latest research report on 'India Corporates: Sector Trends 2024', Fitch said that this is a sequel to the robust performance of the corporates in 2023 and will offset weakness from slowing growth in the key overseas markets. Fitch said that rising demand and easing input cost pressure should boost margins of the corporates in the next financial year. According to the credit rating firm, with strong domestic demand growth, it is expected that India wi...