Indian retail market set to reach Rs 190 lakh crore by 2034 as consumption surges

Mumbai, (IANS): India, the fastest-growing major economy, is set to become the third-largest by GDP by 2030, driving a Rs 190 lakh crore retail market by 2034, according to a report released on Thursday.Consumption in the country has been expanding at a pace ahead of other large economies. The Indian retail market is growing and this expansion has outpaced overall consumption, highlighting the sector’s resilience and strong momentum, according to the report by Boston Consulting Group (BCG) and the Retailers Association of India (RAI).India’s retail market has grown from Rs 35 lakh crore to Rs 82 lakh crore in the last decade, witnessing a 9 per cent growth."It is expected to be Rs 200 lakh crore in the next decade and will offer diverse opportunities which are all at scale and need very different operating models to deliver a winning proposition. There is an opportunity for multiple trillion-rupee turnover retailers by 2035," BCG Managing Director and Senior Partner, Abheek Singhi, said.Affluent households are projected to triple by 2030, creating significant opportunities in premium...

Read More........ → March 11, 2025

The economics of ticket scalping

Event promoters are underpricing and undersupplying tickets. Shutterstock Paul Crosby, Macquarie University and Jordi McKenzie, Macquarie UniversityAllegations that tickets to recent AFL and NRL finals matches were being resold for up to three times their initial price raises questions of why ticket scalping happens, and whether anything can be done about it. To an economist, the existence of a secondary market - where tickets are resold - is a sign that they have been undersupplied, underpriced or a combination of the two. Event promoters, for example, are incentivised to sell as many tickets as possible so they can profit off sales of food, drinks and other concession stand items. This leads them to price tickets low. Scalpers thrive off such conditions as it presents them with an arbitrage opportunity (the chance to make a profit from buying and selling the same thing) that would never have existed in a world where tickets were plentiful and priced in line with demand. Online reselling platforms also put upward pressure on prices by making tickets easier to re-sell, while...

Read More........ → January 01, 2025

Electronics sector in India projected to create 12 million jobs by 2027

New Delhi, (IANS) The electronics sector in the country is projected to create 12 million jobs by 2027 — 3 million direct and 9 million indirect roles, a report said on Saturday.Direct employment opportunities are likely to include employment for nearly 1 million engineers, 2 million ITI-certified professionals, and 0.2 million specialists in fields like AI, ML and data science, while non-technical roles are expected to contribute 9 million indirect jobs, highlighting the sector’s immense potential to fuel economic growth, according to the report by TeamLease Degree Apprenticeship.The electronics industry has an ambitious goal of achieving $500 billion in manufacturing output by 2030. To meet this target, the sector must grow five-fold over the next five years, bridging a $400 billion production gap.Currently, domestic production stands at $101 billion, with mobile phones contributing 43 per cent, followed by consumer and industrial electronics at 12 per cent each, and electronic components at 11 per cent.Additionally, emerging segments like auto electronics (8 per cent), LED lighting...

Read More........ → December 31, 2024

What’s a trade war?

Philip Lange/Shutterstock Lisa Toohey, UNSW SydneyThis article is part of The Conversation’s “Business Basics” series where we ask experts to discuss key concepts in business, economics and finance. Thanks to US President-elect Donald Trump, the term “trade war” is back in the headlines. Trump campaigned successfully on a platform of aggressive trade policies, and since being elected, has only doubled down on this posture. On Tuesday, he threatened Mexico and Canada with new 25% tariffs on all goods, and a separate “additional” 10% tariff on China “above any additional tariffs”. While the term might conjure up dramatic images of battlefield tactics, the real economic impact of any looming trade war is likely to hit much closer to home – both for Americans and the rest of the world. Global supply chains are deeply interlinked. That means a major trade war initiated by the US could push up the prices of all kinds of goods – from new cars to Australian-inspired avocado on toast. To understand where we might be headed, it’s worth unpacking the metaphor. What exactly is a trade...

Read More........ → December 27, 2024

UK officially joins Asia-Pacific trade bloc CPTPP

London, (IANS): The U.K. officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on Sunday, becoming the first European nation to join the Asia-Pacific trade bloc. The 12-country landmark trade agreement is expected to boost the British economy by 2 billion pounds (about 2.52 billion U.S. dollars) annually in the long term, according to the Department for Business and Trade, Xinhua news agency. The department noted on its website that the UK's accession to CPTPP is a cornerstone of the government's Plan for Change, which aims to deliver economic growth and increase household incomes. The plan is projected to raise household wages by 1 billion pounds (1.26 billion dollars) annually while benefiting all regions of the country. "Agreements like this boost trade and create opportunities for UK companies abroad, supporting jobs, raising wages, and driving investment across the country," said British Business and Trade Secretary Jonathan Reynolds. Ian Stuart, CEO of HSBC UK, underscored the significance of the trade bloc, stating: "Since the announcement...

Read More........ → December 16, 2024

IMF sees India driving growth in Asia-Pacific region

New Delhi, (IANS) India remains the world’s fastest-growing economy with investment and private consumption driving growth, according to the IMF’s latest Regional Economic Outlook for Asia-Pacific.The IMF, in its World Economic Outlook report released on October 2, had retained India’s gross domestic product (GDP) growth forecasts at a robust 7 per cent and 6.5 per cent for FY25 and FY26, respectively.While growth in Asia is expected to slow down in 2024 and 2025 — reflecting fading support from the pandemic recovery and factors like ageing — short-term prospects were more favourable than expected in April, the regional economic outlook report said.IMF said that the growth for the Asia Pacific region in 2024 has been revised up marginally by 0.1 percentage point to 4.6 per cent, primarily reflecting the robust performance early in the year. With this, the Asia and Pacific region are expected to contribute roughly 60 per cent to global growth this year.However, “the outlook is subject to sizable economic and geopolitical uncertainties,” the report states.A blog post released by IMF along...

Read More........ → November 13, 2024

Australia’s fertility rate has reached a record low. What might that mean for the economy?

BaLL LunLa/Shutterstock Jonathan Boymal, RMIT University; Ashton De Silva, RMIT University, and Sarah Sinclair, RMIT UniversityAustralia’s fertility rate has fallen to a new record low of 1.5 babies per woman. That’s well below the “replacement rate” of 2.1 needed to sustain a country’s population. On face value, it might not seem like a big deal. But we can’t afford to ignore this issue. The health of an economy is deeply intertwined with the size and structure of its population. Australians simply aren’t having as many babies as they used to, raising some serious questions about how we can maintain our country’s workforce, sustain economic growth and fund important services. So what’s going on with fertility rates here and around the world, and what might it mean for the future of our economy? What can we do about it? Are lower birth rates always a problem? Falling fertility rates can actually have some short-term benefits. Having fewer dependent young people in an economy can increase workforce participation, as well as boost savings and wealth. Smaller populations...

Read More........ → October 24, 2024

India’s medium-term outlook remains positive amid strong growth: World Bank

New Delhi, (IANS): The Indian economy continues to grow at a healthy pace despite challenging global conditions, a World Bank report said on Tuesday, adding that the country's medium-term outlook remains positive.Amid tough external conditions, the country remains the fastest-growing major economy and grew at a rapid pace of 8.2 percent in FY23/FY24.Growth is forecast to reach 7 per cent in FY24/FY25 and remain strong in FY25/FY26 and FY26/FY27, said the World Bank.With robust revenue growth and further fiscal consolidation, the debt-to-GDP ratio is projected to decline from 83.9 per cent in FY23/24 to 82 per cent by FY26/27. the current account deficit is expected to remain at around 1-1.6 per cent of GDP up to FY26/FY27, according to the World Bank’s latest India Development Update (IDU).“India’s robust growth prospects along with declining inflation will help to reduce extreme poverty,” said Auguste Tano Kouame, World Bank's Country Director in India.The country can boost its growth further by harnessing its global trade potential. In addition to IT, business services and pharma...

Read More........ → October 21, 2024

EU seeks to take on China, US to reverse economic decline

BRUSSELS - The European Union's economy is falling further behind China and the United States, a major headache that will dominate leaders' talks on Thursday as they discuss how to stem the bloc's economic decline and bounce back.From supply chain disruptions following the coronavirus pandemic to an energy crisis after Russia's invasion of Ukraine, Europe's economy has faced multiple challenges in recent years.But it may yet face its biggest: the clean energy and digital transitions that Brussels has made its priority in the coming years will require additional annual investment of nearly 620 billion euros ($660-billion).From artificial intelligence to solar panels, from computer chips to batteries, the EU is fast losing ground fast on innovation to other global powers.The EU has been put further on the back foot as China and the United States have ploughed billions of dollars of state aid to prop up their critical industries.What is needed is "radical change", former European Central Bank chief Mario Draghi said during a speech in Belgium on Tuesday, pointing to "other regions (that)...

Read More........ → October 06, 2024

Why does tourism sector matter for South Africa’s economy?

Before the arrival of the COVID-19 pandemic to our shores, the tourism sector contributed 3.7% to the national Gross Domestic Product (GDP).We continue to make steady progress as we recover by injecting some 2.3% in the year 2021.Our industry has a huge impact on the services sector, manufacturing, and agriculture.It employs a significant number of young people in both urban and rural settings.Tourism has very few barriers to entry for both skilled and unskilled workers.For many years, tourism has been in the top 3 export earnings level for the country. This is a critical industry that needs to be leveraged better by all of us in both the private and public sectors.In recent times, we have seen some of our sector’s listed establishments realising significant revenue growth as they released their financial results.These results demonstrate the strength of tourism, and therefore, the need to give the sector more attention and support.What this translates to, are real jobs for people. As the private sector lobby, we have partnered with organisations such as the Youth Employment Service...

Read More........ → September 27, 2024

India set to become third-largest economy by FY30-31: S&P Global

Mumbai, (IANS) India is on track to become the third-largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7 per cent, a report by S&P Global projected on Thursday.The country has emerged as the fastest-growing large economy at an 8.2 per cent growth rate in FY24, significantly exceeding the government’s earlier estimate of 7.3 per cent.According to the report, Infrastructure development and geopolitical strategies will play an important role in maximising trade benefits."India’s medium-term prospects are healthy and filled with opportunities in multiple sectors including trade, agriculture, and AI, likely structural reforms and growing energy demands," said Abhishek Tomar, Head-S&P Global India Leadership Council.India is poised for growth, and with a young and dynamic workforce well-positioned to shape, added Tomar, also Chief Data Officer for S&P Global Market Intelligence.According to the report, titled "India Forward", continued reforms are crucial to improving business transactions and logistics, boosting private sector investment,...

Read More........ → September 20, 2024

India to add 179 million people to its working age population by 2045

New Delhi, (IANS): India's demographics are in a sweet spot, and the country is projected to add at least 179 million people to its working-age population by 2045, which can be a significant tailwind for economic growth, particularly as demographics in several parts of the world (including China) turn unfavourable, a new report has said.At the moment, India's working-age population is around 961 million and the unemployment rate is at a five-year low.India's working age population (age 25-64) is rising as a proportion of the total population which will be a positive for savings and investments as well, according to global investment firm Jefferies.A rise in the Labour Force Participation Rates (LFPR) of females has started in India which will be among a key driving force for expansion of the labour force, alongside demographics.Labour force addition is expected to slow to 6 million by 2030 but the gap should be filled by the shift from agriculture jobs, said Jefferies in its latest note.According to August data released by the Ministry of Statistics, the LFPR in India's urban areas...

Read More........ → September 18, 2024

India expected to clock 7.2 pc GDP growth in 2024-25: Report

New Delhi, (IANS) India's economy is expected to clock a 7 to 7.2 per cent growth rate in 2024-25 supported by a rebounding rural economy, strong manufacturing growth, robust bank balance sheets, and increased exports, according to financial advisory firm Deloitte.The August update of Deloitte's India Economic Outlook said several initiatives in the Union Budget 2024-25 toward improving agriculture productivity, creating jobs for the youth, and manufacturing would help improve supply-side demand, curb inflation, and prop up consumer spending, especially in rural areas.According to the report, optimism prevails as India records 8.2 per cent growth in the FY 2023-2024, exceeding all expectations for the third consecutive year. Amidst the robust growth, new spending patterns are emerging in both rural and urban India. There is a visible shift towards spending on discretionary durable goods (including automobiles and electric and electronic goods) as well as services as evidenced by the data released by the Household Consumption Expenditure Survey 2022-23, the report added.This points to...

Read More........ → September 12, 2024

What’s a recession – and how can we tell if we’re in one?

William Barton/Shutterstock Leonora Risse, University of CanberraThis article is part of The Conversation’s “Business Basics” series where we ask experts to discuss key concepts in business, economics and finance. Today’s economic data shows that, outside of the pandemic, the Australian economy has slowed down to its lowest annual rate of growth since the early-1990s recession. That’s prompting the dreaded question: are we headed for another one? Any mention of the “R” word can trigger anxiety. Recessions bring job losses and financial strain, and put serious pressure on people’s mental health. These impacts can be especially severe for people who are already experiencing disadvantage and vulnerabilities. But what exactly does it mean to be in a recession? What are the different ways we define them? And are these current approaches the best way to measure people’s economic pain? What’s a recession? A bit like the waves of the ocean, our economy is characterised by ebbs and flows in overall activity. Spending and business growth can swell during times of confidence,...

Read More........ → September 06, 2024

UPI processed Rs 81 lakh cr worth transactions in April-July, up 37 pc YoY

New Delhi, (IANS): Surpassing world’s leading digital payments platforms, India’s Unified Payments Interface (UPI) processed nearly Rs 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase (year-on-year).According to latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second registered in 2022— surpassing China’s Alipay, Paypal and Brazil’s PIX in the number of transactions, the data showed.In July, UPI transactions crossed Rs 20.6 lakh crore — the highest-ever during a month. The value of UPI transactions processed remained above Rs 20 lakh crore for three consecutive months.Paysecure examined 40 of the top alternative payment methods from around the world to reveal this data.The findings showed that India leads the world in digital transactions, with over 40 per cent of payments being made digitally, and UPI being used for a majority of them.According to Dilip Asbe, CEO of National Payments Corporation of India (NPCI), UPI has the potential...

Read More........ → September 04, 2024

India has 26.52 cr students in schools, 4.33 cr in higher education: Economic Survey

New Delhi, (IANS) India has 26.52 crore students in schools and 4.33 crore in higher education institutions, according to the Economic Survey 2023-24, tabled in Parliament on Monday.The document was tabled by Finance Minister Nirmala Sitharaman, a day ahead of the Union Budget announcement.According to the Survey, India also has “more than 11 crore learners in skilling institutions”.“These sweeping figures put into perspective the enormity of the challenge and the inherent ambition of the New Education Policy 2020 to transform India’s educational ecosystem”, the document showed.The policy aims at “efforts towards strengthening institutional capacity to embed lifelong learning in the education and skills ecosystem”.Further, the survey showed that the rise in enrolment in higher education has been driven by underprivileged sections such as SC, ST, and OBC, with a faster growth in female enrolment across sections.“Female enrolment in higher education increased to 2.07 crore in FY22 from 1.57 crore in FY15, that is., a 31.6 per cent increase since FY15. The growing equity in higher education...

Read More........ → August 02, 2024

Outlook for Indian economy bright, 7 pc growth likely in 2024-25: RBI

Mumbai, (IANS) The outlook for the Indian economy remains bright with the GDP growth likely to be at a robust 7 per cent in 2024-25, the Reserve Bank of India (RBI) said in its annual report released on Thursday.Against the backdrop of subdued global economic activity and multiple headwinds, the Indian economy expanded at a robust pace in 2023-24, with real GDP growth accelerating to 7.6 per cent from 7.0 per cent in the previous year - the third successive year of 7 per cent or above growth, the report pointed out.The sustained strengthening of macroeconomic fundamentals, robust financial and corporate sectors and a resilient external sector are expected to drive growth in 2024-25, the report stated.The government's continued thrust on capex while pursuing fiscal consolidation, and consumer and business optimism augur well for investment and consumption demand, it added.According to the report, the prospects for agriculture and rural activity appear favourable due to the ebbing El Nino and the expected above-normal southwest monsoon.The extension of Pradhan Mantri Garib Kalyan Anna...

Read More........ → July 13, 2024

World Bank report: India to remain World’s fastest-growing economy with 6.7% growth over next three years

According to a recent World Bank report, India to remain the World’s fastest-growing economy, with a steady growth rate of 6.7 percent over the next three fiscal years. This robust growth is fueled by strong domestic demand, a surge in investment, and vigorous activity in the services sector. In its Global Economic Prospects report, the World Bank retained its growth forecast for India at 6.6 per cent for the financial year 2024-25. This projection underscores India’s strong economic momentum, driven by robust domestic demand, increased investment, and vigorous services sector activity. On the other hand, The International Monetary Fund (IMF) had earlier raised India’s growth forecast for 2024-25 to 6.8 per cent from 6.5 per cent on the back of strong domestic demand and a rising working-age population.World Bank report: India to remain World’s fastest-growing economy with 6.7% growth over next three yea...

Read More........ → June 14, 2024

India welcomes Egypt, Iran, UAE, Saudi Arabia and Ethiopia joining BRICS

India has wholeheartedly welcomed Egypt, Iran, UAE, Saudi Arabia and Ethiopia joining the BRICS as their representatives attended for the first time a key meeting of the grouping hosted by Russia.The BRICS Foreign Ministers meeting in Nizhny Novgorod yesterday was the first ministerial meeting following BRICS expansion in 2023 when Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE joined the grouping as full-fledged BRICS members.Secretary (Economic Relations) in the Ministry of External Affairs (MEA) Dammu Ravi led the Indian delegation at the BRICS Foreign Ministers’ Meeting. Usually, the External Affairs Minister attends such meetings.Since Dr S Jaishankar was reappointed as External Affairs Minister only yesterday after Prime Minister Narendra Modi’s swearing-in ceremony on Sunday, he could not make it to Russia to attend the meeting. The MEA spokesperson, Randhir Jaiswal termed the meeting significant and welcomed the new BRICS members.Meanwhile, BRICS Ministers of Foreign Affairs have expressed their concern about ongoing conflicts in many parts of the world and reiterated their...

Read More........ → June 12, 2024

India will remain fastest growing economy; South Asia outlook poor: UN report

FILE PHOTO: A worker arranges food packets inside a retail store in Kolkata October 24, 2013. REUTERS/Rupak De Chowdhuri/File PhotoIndia will remain the fastest-growing major economy recording a growth of 5.8 per cent this year while the rest of the world will grow by a paltry 1.9 per cent, the UN said on Jan. 26, 2023. The UN’s World Economic Situation and Prospects (WESP) report sliced off 0.2 per cent from the 6 per cent gross domestic product growth projection made last May without affecting India’s rank as the country faces headwinds from the global economy Overall, the report said, “Growth in India is expected to remain strong at 5.8 per cent, albeit slightly lower than the estimated 6.4 per cent in 2022, as higher interest rates and a global slowdown weigh on investment and exports”. Next year, the UN expects India’s economy to grow by 6.7 per cent. The WESP gave a positive picture of India’s jobs scene, noting that its “unemployment rate dropped to a four-year low of 6.4 per cent in India, as the economy added jobs both in urban and rural areas in 2022”. For the world, the WESP...

Read More........ → March 14, 2024