Banks have historically been a prime force of economic development. By providing loans, banks help to support the growth and development of individuals and businesses. Credit, market, and liquidity risk studies suggest that Indian banks are generally resilient and have withstood the global downturn well. The Indian banking industry has witnessed the rollout of innovative banking models like payments and small finance banks. In recent years, India has also focused on increasing its banking sector reach through various schemes. 


Startup is a starter, a beginner in the world of business. In simple words, a 
startup refers to a company in the first stage of operations. Indian start-ups are everywhere today, in the 1980s Indian startup ecosystem began humbly with just a few pioneering IT service companies. With a growing young technology talent base, India has diversified its startup ecosystem to vast areas of innovative businesses.  Developing talent and enhancing the talent pool in the new tech areas would be one of the key success factors for the technology-based sector including startups.

India is the land of festivals; it celebrates festivals almost throughout the year
and across the country. In Indian culture, festivals are more than just occasions for celebration; they serve as medium to the deepest and most profound aspects of life. Each festival carries its own unique significance, offering valuable lessons, spiritual insights, and cultural traditions that have been passed down through generations. Festivals, however, no longer remain as social, cultural or religious affairs; they have become huge economic multipliers today. Uniting the celebrating spirits and religious sentiments of people, festivals have become the biggest marketing time
for clothes, electronics, consumer goods, cars and even real estate. This is the time when new products are launched and special sale offers are made with an aim to expand market presence. 

The seventh consecutive budget was presented on July 23 for the fiscal year 2024–25 by the Finance Minister of India, Smt. Mirmala Sitharaman. The Budget encompasses socialistic flavour and emphasises inclusive growth with a focus on agriculture, employment and human resource development with social justice. The total expenditure is projected at `48.21 lakh crore. Comparing the performance of the global economy, Sitharaman said in her Budget speech that “India’s economic growth continues to be the shining exception and will remain so in the years ahead. India’s inflation continues to be low, stable and moving towards the 4 per cent target. Core inflation (non-food, non-fuel) currently is 3.1%. Steps are being taken to ensure supplies of perishable goods reach market adequately.”

The good macroeconomic fundamentals of today are promises of a better tomorrow. Healthy balance sheets of banks and the corporate houses – most of the scheduled commercial banks have recorded high margins in the last fiscal – indicate that both lenders and borrowers are equipped with enough resources to take India’s growth journey further. India’s GDP grew at an accelerated rate of 8.2% in 2023-24 compared with 7.2% in the previous year, maintaining its position as the fastest-growing major economy. On the global map, India is now the fifth largest stock market and Indian stock indices have continuously moved upward.

Savings and investments are two key variables which play a pivotal role in economic growth and expansion.  Indian households saved a smaller portion of their income in 2022–23 compared to previous year and net financial savings have dropped to a five year low. The Reserve Bank of India has noted that household net financial savings fell sharply to 5.1% of GDP in 2022-23 from 11.5% in 2020-21, well below its long-run annual average of 7-7.5%.  India's economy will expand by 8% in 2023-24 and is
projected to grow by 7% in the current year. RBI estimates the economy to grow at 7% in the current financial year.

In India, plantation crops have been continuously facing the problem of lack of investment and depressed yields, and are in great need of modernization. The plantation has an interface of agriculture and industry. Plantation crops are considered to be the major segment of the horticulture crops and the mainstay of agrarian economies in many states and union territories of India. They contribute a significant amount to the national exchequer and to the country's exports by way of taxes and export earnings. The growth and spread of plantation in India is no way different from the expansion and development of plantation elsewhere in the world.

India is one of the major players in the agriculture sector worldwide and it is the primary source of livelihood for nearly three-fifths of India’s population. As India enters the new fiscal year, the agricultural landscape remains at the forefront of economic concerns. Now, as the country steps into 2024-25, policymakers are busy with the balancing exercise of supply- demand equation of food grains. So India needs second green revolution to increase the income of the farmers. 

The UN World Economic Situation and Prospects (WESP) 2024 report released last January, said that gross domestic product in South Asia is projected to increase by 5.2% in 2024, driven by a robust expansion in India, which remains the fastest-growing large economy in the world. “Growth in India is projected to reach 6.2% in 2024 amid robust domestic demand and strong growth in the manufacturing and services sectors,” the report said. India’s GDP is projected to increase to 6.6% in 2025. “The Indian economy has witnessed profound positive transformation in the last ten years. The people of India are looking ahead to the future with hope and optimism” was how FM Sitharaman opened her interim Budget speech for 2024-25. The Reserve Bank of India has appeared more optimistic and projected a 7% GDP growth for the next fiscal. The Indian economy continues to sustain the momentum achieved in the first half of 2023-24, going by high frequency indicators, the central bank has observed. Overall, investment intentions of the private corporate sector have been positive this year so far.

In 2024, India is the world's third-largest automobile market and providing direct and indirect employment to more than 19 million people. With the automotive sector currently undergoing an electrifying transformation, India is on track to fulfil its commitment to the United Nations Convention on Climate Change (UNFCCC), aiming to reduce emissions intensity by 45% from the 2005 level by 2030. The automotive industry in India is one of the main pillars of the economy. The rise in popularity of electric vehicles among the public and the business communities in the post-pandemic world has significantly altered the overall landscape of the automobile industry in India. A large number of auto makers both domestic and foreign have shown interest to invest in electric vehicles, recognizing them as the sustainable transportation choice of the future.

A beginning is the secret of success. Indian start-ups began small each with specific intent and its work mechanism. With a huge technology support and the ambition to succeed, India’s startup ecosystem has grown to a global leader. A startup refers to
a company in the first stage of operations. A startup venture could be defined as a new business that is in the initial stages of operation. Most of the startups are tech-driven and India has a vast pool of tech hands, the startup ecosystem has grown steadily over the past years. India continues to have a deep technology talent base and is estimated to have a total employee count to approximately 5.4 million in 2023, according to the Nasscom report. Developing talent and enhancing the talent
pool in the new tech areas would be one of the key success factors for the technology-based sector including startups.

Owing a home for an average Indian is as much a step for wealth building as the fulfilment of emotional security. This is reflected in the sharp rise in residential housing sales in India over the years. The size of the country’s real estate industry is expected to reach $1 trillion by 2030 from $200 billion in 2021, according to a joint report prepared by Naredco and EY. 
The real estate sector is one of the fastest moving sectors of the Indian economy – it is the second-highest employment generator in the country after agriculture. The sector is deeply interlinked to a large number of allied industries including steel, cement and bricks and is estimated to account for about 6-7% of the economy. India’s real estate market has grown tremendously in the past decade. Robust occupier interest, the rise of organized real estate developers, and the entry of institutional capital have acted as catalysts for the growth.   


India is a land of festivals: it celebrates festivals almost throughout the year. Festivals are a significant part of Indian culture, acting as a vehicle for promoting India’s values and emotions. The importance of festivals, however, goes much beyond the social and cultural integration or promoting values and emotions of country as it has a huge impact on the economy. 
When we think of an economic stimulus, we usually think of increased public spending or monetary easing. But there’s another kind of stimulus that is not announced as one: Festivals. Festivals create a substantial economic boon, generating increased consumer spending, promoting tourism, and supporting various industries. Festivals play an important role in the economic activities of buying and selling goods and services. Durga puja, Diwali, and their preceding weeks are traditionally a period of heightened consumption and investment in India. Demand and sales during this period are often seen as a barometer of the vitality of business and the economy.   


India's gross domestic product (GDP) rose by a four-quarter high of 7.8% during the April-June quarter of the current fiscal against a comparatively lower growth forecast of many international agencies. The higher government spending on infrastructure is reflected in the better performance of the core sector industries. The combined index of eight core industries increased by 8% in July 2023 compared to July 2022. All eight core industries recorded growth for the first time in 14 months this July with core sectors and output raising 8% after a five-month high of 8.3% in June. The higher growth is largely attributed to the sharp increase in capital expenditure by the central and state governments, greater consumption demand and higher activities in the services sector.

Tourism is a social, cultural and economic phenomenon which entails the movement of people to countries or places outside their usual environment for personal or business / professional purposes. As the definition of tourism suggests, its traditional domains of impact are economic, socio-cultural and environmental. The economic effects of tourism encompass improved tax revenue, personal income growth, enhanced living standards, and the creation of additional employment opportunities.  Socio-cultural impacts are associated with interactions between people with different cultural backgrounds, attitudes and behaviours, and relationships to material goods. Environmental impacts can be categorized as direct effects including degradation of habitat, vegetation, air equality, bodies of water, the water table, wildlife, and changes in natural phenomena, and indirect effects, such as increased harvesting of natural resources to supply food, indirect air and water pollution..   

Amidst global uncertainties and a faltering global 
economic growth prospect, the Indian economy 
continues to display robust growth momentum, supported 
by strong macroeconomic fundamentals. The Reserve Bank 
of India has projected the real GDP growth at 6.5% for 
2023-24 over and above the 7.2% growth it achieved last 
year. The International Monetary Fund has projected India’s 
GDP growth at 5.9% for 2023-24 while the World Bank has 
projected it at 6.3%.
The UN report ‘The World Economic Situation and 
Prospects as of mid-2023’ published last May was even 
more optimistic about India’s growth prospects. India's GDP 
is expected to grow by 6.7% in the calendar year 2024, 
supported by resilient domestic demand, according to the 
report which suggested that higher interest rates and weaker 
external demand will continue to weigh on investment and 
exports this year for the country.

Dear Readers
Indian Economy: The Nation seems to be on course to achieve the ‘developed country’ status by 2047 as forecasted by Swami Vivekananda in 1897. The government of India under our honourable PM has been working in this direction. Current ties of the US and India will be a landmark with the US becoming the biggest trading partner of India in FY23 with trading volume touching USD 128.55 billion, while China is in the second position. Major deals are in the areas of defence, semiconductor and high-tech sectors. India’s Current Account Deficit (CAD) is expected to narrow to below 2% of GDP in FY 23- 24.

Iron and steel have been at the centre of human development for centuries. Steel is the world's most important and cost-effective engineering and construction material. However, despite serving humankind in innumerable ways,  steel has its share of predicaments. The industry is a high-energy and natural resource-intensive sector, such as coal, iron ore and water. Steel manufacturing is one of the largest contributors to global CO2 emissions, estimated at around 7-8%.

Introduction: Bharatvasis celebrated the birthday of Lord Rama and his brothers Bharat, Shatrughna and Laxman on 30th Global Economy and India: The International Monetary Fund (IMF), in its World Economic Outlook, has cut its global growth rate estimate for 2023 to 2.8% from 2.9%.The US economy growth has slowed down to 1.1% in Q1 of 2024. The World Bank and Asian Development Bank (ADB) have forecast India’s economic growth rate for FY24 to be 6.3% and 6.4% respectively. IMF has also revised India’s Gross Domestic Product (GDP) growth forecast for FY24, lowering it to 5.9%.

Bharatvasis celebrated the birthday of Lord Rama and his brothers Bharat, Shatrughna and Laxman on 30th March 2023 with devotion and lighting throughout the country at night resembling shining of the sun. Lord Rama was a Suryavanshi. His life gives the message of an ideal king and husband, loving brother, obedience to parents, caring nature for his subjects, respect for poor populace irrespective of their caste, a great warrior with great leadership skills for the army. As the incarnation of Lord Vishnu as a human being on earth, Lord Rama’s aim was to establish righteousness and ensure justice for all.

Holi: Bharatwasis across the world celebrate the auspicious Holi festival (colour sprinkling festival) symbol of joy, love and harmony. This festival marks the killing of demon, Hiranyakashipu by Lord Narsimha (incarnation of Lord Vishnu) for his cruelty and unethical way of governing.
Economy: Union Budget 2023-24 focus was mainly on increasing the CAPEX by 33% (to ` 10 lakh crore), tax moderation, targeting to lower the fiscal deficit at 5.9% of GDP from 6.8% in 2022-23, aiming for economic growth of 7% while containing the inflation and boosting rural sector (by investing in agriculture, animal husbandry, poultry farming, dairy, fishery, etc.). The agricultural credit target has been increased to ` 20 lakh crore. Capital outlay of government now works out to be almost 3.3 % of GDP.
RBI, in its economic report, states that if most of Union Budget outlay gets utilised, growth could be around 7% in FY24, against estimated growth forecasts for India for 2022-23 and 2023-24 at 6.8% and 6.1%, respectively.

All Bharatwasis celebrated the Republic Day of our Bharat Mata on 26th January 2023 with great joy and with a spirit of dedication to our great Nation “Bharat“. Tribute was paid to Netaji Subhash Chandra Bose on 23rd January 2023 for his warrior and Motherly nationalist spirit. He was championing equality, harmony, inclusiveness and eradication of poverty. Reverence and homage was paid by joyous celebration to Paramananda Sri YoganandaJi on 5th January 2023 and revered Swami Vivekananda on 12th January 2023.
Indian Economy: A World Bank report said that navigating the storm India’s economy is relatively insulated from global shocks as compared to other emerging markets. India’s economy has been remarkably resilient to the deteriorating external environment. United Nations reported India’s Gross Domestic Product (GDP) growth rate is projected to be moderate to 5.8% in 2023 from an estimated 6.4% in 2022. The government has estimated India’s real GDP growth in FY 23 at 7% as compared to 8.7% in 2021 – 22. India is said to become the 5th largest economy in the world.


Dear Readers
Wish you Happy New Year. Hope the New Year brings happiness and prosperity
to all.
Indian Economy: Finance Minister Nirmala Sitharaman said government aimed
for lower inflation and to maintain fiscal deficit target at 6.4% of GDP during
current financial year.
IMF estimated India’s GDP growth at 6.8% in FY23. Slower growth in advanced
countries will affect exports. That is likely to affect India’s growth as well and the
GDP growth is expected to moderate to 6.1% in FY24. It is expected that RBI will
keep the repo rate on hold at 6.25-6.5% through FY24. Government will take steps
to attract greater FDI inflow and will ease and reform in doing business and will
consider temporary closure to stressed assets.


Indian is having a large human capital, both physical and intellectual. A recent report titled “Why this is India’s decade” by Morgan Stanley has forecast that that India will account for a fifth of total global economic growth in the next decade. According to this report India’s GDP is set to double from the current USD 3.4 trillion to USD 8.5 trillion over the next decade. India will add more than USD 400 billion to its GDP every year. In 1857 Swami Vivekananda had also said that India shall be one of the major global economies within 150 years. IMF has projected India’s GDP to grow by 6.8% in 2022-22.

The World Bank substantially scaled down its projection on India growth to just 6.5% from 7.5% predicted earlier. The forecast by IMF is now around 6.8% down from 7.4% for India for the FY23, due to slowing global economy, inflation, rising interest rates and oil price. However, Indian economy remains
robust. Global economy’s future health rests on successful calibration of monetary policy. As external environment is deteriorating, export growth will be moderate, but India will still remain the world’s fastest-growing major economy.


Business Economics wishes its readers a joyous and blissful Dussehra – Vijaya Dashami (victory over evil) and Diwali. May all be blessed by Mother Durga (embodiment of power – Shakti) and may Lord Ganesha and Mother Lakshmi bless all to prosper for their devotional worship. Mother Durga – Mother of Universe is the beginning of the Universe. She is the creator, sustainer and destroyer. She is the embodiment of power and grantor of boon. Mother Durga is worshipped along with Lord Ganesha, Lord Kartikeya, Mother Lakshmi and Mother Saraswati. The festival of Mother Durga, who is the destroyer of evil and establisher of righteousness, has been being celebrated globally by Bharatvasis. We all celebrate the festival of light, praying to Mother Lakshmi for granting prosperity.

India has risen to become the world’s sixth largest economy and is currently the fastest growing major economy. With the European region heading for a likely recession, India will soon overtake UK and become the fifth largest economy. However, it is yet to gain ‘developed country’ status. According to NITI Aayog, 25% of India’s population in India fall in the ‘poor’ category. Millions do not get nutritious food. Millions remain hungry and do not have two square meals. Millions are educated, yet unemployed.

The hike in the price of crude oil caused by the supply chain disruptions due to the Ukraine-Russia war and there to inflation has adversely affected the global economy. There is a fear of global recession. Its impact is also on the Indian economy. FY23 GDP growth forecasted for India has also been scaled down by various agencies. RBI Governor said that the Indian economy remains resilient despite formidable global headwinds and amidst fears of a recession in developed nations. Continuous monitoring is needed on the widening of trade deficit and the continuous decline in forex reserves.


India needs holistic education; intellectual, technical and moral for happiness and growth

Present education is not comprehensive and inclusive.
Covid-19 has affected education greatly though it was being conducted virtually
Students of Nursery, Primary and Secondary were affected more as they were
denied the physical atmosphere. In fact, children of those segments of the society
who do not have any access to the internet suffered the most.
The new National Education Policy 2020 (NEP 2020) introduced by the Central
government is expected to bring profound changes to education in India. The
new policy replaces the 1986 National Policy on education. The policy is a
comprehensive framework for elementary education to higher education as well
as vocational training in both rural and urban India.
The NEP 2020 has “emphasised” on the use of mother tongue or local language
as the medium of instruction till class 5 while recommending its continuance till
class 8 and beyond. It also states that no language will be imposed on the
students.

Insolvency and Bankruptcy Code (IBC) was enacted on May 2016. In August 2021, the Parliamentary Committee on Finance examined the IBC’s performance and expressed serious concerns about low recoveries and huge haircuts creditors took (even 90-95% haircuts in some cases), apart from long delays in disposal of cases. 
According to IBBI (Insolvency and Bankruptcy Board of India), the haircut (or loss of debt) is 90% in Q4 FY22. In Q3 FY22 the haircut was 86.6%. There is ample evidence to show that the IBC has proved to be a disaster – far worse than the BIFR which was replaced.

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