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News18
23-07-2025
- Business
- News18
India On Track To Become Third-Largest Economy By 2028: Morgan Stanley
India is expected to more than double its GDP to $10.6 trillion by 2035, and three-five states might approach the $1 trillion GDP mark, says Morgan Stanley. India is on track to become the world's third-largest economy by 2028 and more than double its GDP to $10.6 trillion by 2035, according to the latest report by Morgan Stanley released on Wednesday. The report also highlighted the pivotal role that Indian states will play in steering this economic transformation. It said that by 2035, three to five Indian states — including Maharashtra, Tamil Nadu, Gujarat, Uttar Pradesh, and Karnataka — are projected to approach the $1 trillion GDP mark, putting them among the world's top 20 economies in their own right. 'Based on the latest data, the top three states are Maharashtra, Gujarat, and Telangana," the report noted. It further highlighted Chhattisgarh, Uttar Pradesh, and Madhya Pradesh as the states that have shown the most significant improvement in economic rankings over the past five years. Over the next decade, India is expected to contribute 20% to global growth, becoming a major engine for earnings among multinational corporations, the report said. Morgan Stanley economists emphasized the importance of India's 28 states and eight Union Territories in achieving this ambitious growth. 'States not only manage their own finances but also compete for investments by designing policies and easing business conditions. Ultimately, every factory or business is set up in a specific state," the report stated. The report credited the progress to 'competitive federalism," where states operate with significant legislative and political autonomy, enabling them to frame their own industrial policies and compete for investments. The success of this model, it added, will determine India's rise as a global manufacturing hub, its ability to double per capita income within seven years, and whether it can sustain its capital market momentum. Over the last decade, India has significantly increased infrastructure investment. The Centre's capital expenditure has risen from 1.6% of GDP in FY15 to 3.2% in FY25, spurring major improvements in transportation and logistics. Highway networks have expanded by 60%, the number of airports has doubled, and metro systems have grown fourfold. These developments have been driven by major central schemes such as PM Gati Shakti, the National Infrastructure Pipeline, Bharatmala, Sagarmala, and UDAN, which have been executed alongside state-led initiatives. States also lead infrastructure spending in areas like power, water, and urban development. 'The Centre and states must continue to collaborate closely to meet India's economic ambitions," the report concluded. India has already surpassed Japan to become the world's fourth-largest economy according to IMF data, NITI Aayog CEO BVR Subrahmanyam announced in May 2025. According to the IMF, India's GDP is currently $4.187 trillion, overtaking Japan's $4.186 trillion. Meanwhile, a recent report by JP Morgan said India has emerged as a relatively safe haven among emerging markets (EMs) amid global trade uncertainties. The report highlighted that India is benefiting from a combination of falling inflation, improved system liquidity, and lower government borrowing, which are expected to support economic growth. The report adds that India is expected to post the highest GDP growth among countries in JP Morgan's global universe in 2025. Growth is also being supported by timely demand stimulus and measures that have strengthened urban household balance sheets. In addition, a recovery in the rural economy, further aided by a favourable monsoon, is adding to the positive outlook. It stated, 'India: Falling inflation, enhanced system liquidity and lower borrowing to boost growth. Timely demand stimulus and support to urban household balance sheet". JP Morgan's emerging markets strategists are constructive on several emerging market countries, including India, Korea, Brazil, Philippines, UAE, Greece, and Poland. Among these, India holds a 19 per cent weight in the MSCI EM Index and has been rated 'Overweight" (OW) by JP Morgan. tags : indian economy view comments Location : New Delhi, India, India First Published: July 23, 2025, 17:55 IST News business » economy India On Track To Become Third-Largest Economy By 2028: Morgan Stanley Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
16-07-2025
- Business
- Time of India
UP sets ball rolling for ‘Viksit UP' by 2047
1 2 3 Lucknow: To chart a roadmap for developing a 'Viksit Uttar Pradesh' by 2047, in alignment with the vision of 'Viksit Bharat', a preliminary meeting was held in the state capital on Wednesday under the chairmanship of Chief Secretary Manoj Kumar Singh. The meeting included senior officials from the planning department, the NITI Aayog, and domain experts to outline a long-term strategy to achieve this goal. Highlighting Uttar Pradesh's role in contributing to India's growth and in achieving the national target of becoming a USD 5 trillion economy and a developed nation by 2047, the chief secretary said that UP accounts for 10% of India's land area and contributes 20% of the nation's foodgrain production. He added that a 50-hectare agri-export facility, equipped with testing, treatment, and packaging infrastructure, is being set up near Jewar Airport to support cargo-based exports of horticultural produce. "UP currently accounts for 42% of India's expressway network, which is expected to rise to 52% upon completion of the Ganga Expressway. The state also boasts a dense railway network and the upcoming Multi-Modal Logistics Park in Greater Noida, aligned with the Eastern and Western Freight Corridors. UP's demographic advantage is being leveraged through data-driven initiatives like UPDASP, which covers 2.63 crore farmers and 8 crore land parcels," he said. "Initiatives such as 'One District, One Product', 'One District, One Medical College', and the 'Zero Poverty Scheme' will ensure inclusive growth across the state," the chief secretary added. During the meeting, NITI Aayog CEO BVR Subrahmanyam said that UP, as the fifth most populous region globally, must adopt a mission-mode approach to implement its development plan. He emphasised the need for a bottom-up strategy driven by public participation, supported by sector-specific missions, flagship programmes, 'Information, Education, Communication' (IEC) campaigns, and strong local involvement. Meanwhile, NITI Aayog member Rajiv Gauba outlined key steps the state should take toward this goal, including governance reforms, improving the ease of doing business, and asset monetisation. He stressed the importance of identifying industrial parks and cities, reducing compliance burdens, and leveraging public-private partnership (PPP) models. Principal secretary (planning), Alok Kumar, informed the meeting that UP's Gross State Domestic Product (GSDP) grew at a compound annual growth rate (CAGR) of 15.2% between FY 2021 and FY 2025, surpassing India's national CAGR of 13.6%. The Female Labour Force Participation Rate increased from 14.2% in 2017–18 to 35.8% in 2023–24. According to the Sustainable Development Goals (SDG) India Index 2023–24, UP moved from the 'Performer' to the 'Frontrunner' category, registering the highest national increase in index points since 2018.
Hans India
10-07-2025
- Business
- Hans India
Centre-State coordination to make India a global investment destination: NITI Aayog CEO
New Delhi: BVR Subrahmanyam, CEO of NITI Aayog, on Thursday underscored the critical role of state-level execution in shaping India's overall investment climate. During a high-level workshop on ease of doing business and investment promotion in New Delhi, he emphasised that there is much to learn from within the country itself, citing the diversity of successful models across states. Subrahmanyam called for streamlined systems, enhanced accountability, and coordinated efforts between the Centre and states to make India the most attractive and dependable destination for global capital. The workshop brought together senior policymakers to accelerate business reforms across India. Deliberations were held across seven core reform areas vital to investment facilitation and improving the ease of doing business at the sub-national level. These included Decriminalisation of Laws; Deregulation and Compliance Burden Reduction; Business Reform Action Plan (BRAP) Implementation; Development of Industrial Infrastructure; Single Window Clearance Systems; Financial and Taxation Reforms; Investment Promotion Strategies. During the session on decriminalization and compliance reform, several states presented their ongoing initiatives stemming from the Jan Vishwas Act 1.0, highlighting efforts to decriminalize minor business-related offences at the State level. States also emphasised a shift toward enhancing the "Speed of Doing Business", with a focus on reducing the number of stages in the business lifecycle to enable faster, more seamless operations for enterprises. The discussion underscored the need to convert minor business offences into civil penalties, while also streamlining compliance mechanisms to reduce the burden on entrepreneurs. States shared examples of removing imprisonment clauses, adopting self-certification regimes, removal of licence renewal and simplifying regulatory touchpoints to encourage ease of compliance and build trust with businesses. There was also a strong emphasis on aligning state-level actions with the national Business Reform Action Plan (BRAP) framework, ensuring that reforms lead to measurable and comparable improvements. Industry representatives advocated for the enactment of a national-level legislation to harmonise decriminalization and compounding provisions, across States. They also suggested the introduction of a Trusted Taxpayers Programme for both direct and indirect taxes, to incentivize compliance and promote a more facilitative regulatory environment. The session on Investment Promotion Strategies stressed the need to institutionalise investment promotion as a continuous, core State function rather than an event-based activity. States presented innovative, sector-specific strategies grounded in local strengths and global demand trends. Rajiv Gauba, Member, NITI Aayog, noted that ease of doing business is a work in progress and stressed the importance of reforms at the municipal level within states. He highlighted the potential for collaboration between NITI Aayog and DPIIT to support states in adopting a principle-based approach to decriminalisation. SCL Das, Secretary, Ministry of MSME, highlighted the need to strengthen the institutional interface of MSMEs with CBIC and State/UT governments.
The Print
08-07-2025
- Politics
- The Print
Mizoram's Hnahthial district tops NITI Aayog's ranking for development in north-east region
In the index released on Monday, the Aayog said 85 per cent of the districts of the NER are in the Front Runner category with overall score of 65–99. In the previous edition of the index, 62 per cent of the districts were in this category. Mizoram's Hnahthial has emerged as the highest-scoring district with a score of 81.43 in NITI Aayog's second edition of North Eastern Region District SDG Index 2023–24, while Arunachal Pradesh's Longding was the lowest scoring district in the entire region at 58.71. New Delhi, Jul 7 (PTI) Mizoram's Hnahthial has topped the NITI Aayog's ranking of north-eastern districts based on efforts towards tackling challenges to ensure social, economic and environmental development. 'The (2023-24) index is a major milestone in improving monitoring at the regional level. The index reflects the commitment to address development challenges across social, economic, and environmental dimensions while ensuring that no one is left behind in the NER,' the Aayog said. While Nagaland exhibited the widest range of 15.07 points between its highest and lowest performing districts, indicating the significant intra-state disparity, Sikkim has the narrowest range (5.5 points), showing the most consistent performance across its districts. The latest index, developed by the Aayog collaboratively with the Ministry of Development of North Eastern Region (MDoNER), governments of north-eastern states, and UNDP India, covers 15 SDGs and ranks 121 of 131 districts of the region compared to 105 districts covered in the previous edition released in 2021. According to the Aayog, Tripura has the distinction of having some of the highest-scoring districts with minimum intra-state disparities (6.5 points) while Mizoram and Nagaland have some of the highest-scoring districts but also show significant intra-state variation (ranges of 13.72 and 15.07, respectively). The Aayog said all districts of Assam improved on indicators of Zero Hunger, Quality Education, Clean Water and Sanitation and Decent Work and Economic Growth. Releasing the report, NITI Aayog's Vice Chairman Suman Bery emphasised that as India advances towards the vision of Viksit Bharat @2047, the achievement of intermediate milestones like the SDGs by 2030 is considered critical. NITI Aayog CEO B V R Subrahmanyam cited Prime Minister Narendra Modi calling the region 'Ashta Lakshmi' of eight states, and highlighted the importance of their growth and progress. MDoNER Secretary Chanchal Kumar emphasised the role of the index as a tool for identifying gaps, offer actionable insights to guide interventions and efficient resource deployment. PTI BKS HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Hindustan Times
04-07-2025
- Business
- Hindustan Times
NITI Aayog proposes faster green nods for chemical sector
The government think-tank NITI Aayog on Thursday called for sweeping reforms to slash environmental clearance times for chemical manufacturing projects from nearly two years to six months, citing bureaucratic delays that it said deterred foreign investment. NITI Aayog proposes faster green nods for chemical sector The average clearance now takes 451 days — 196 days longer than the prescribed 255-day timeline — with 90% of projects facing delays, according to a report launched in Delhi by NITI CEO BVR Subrahmanyam and vice chairman Suman Bery. 'These delays significantly inflate project costs and disrupt industrial development,' the report stated, noting India's approval process takes substantially longer than the United States' one year or the European Union's 12-18 months for major projects. The report, titled 'Chemical Industry: Powering India's participation in Global Value Chains,' identifies prolonged public consultations, documentation inconsistencies and insufficient regulatory resources as primary causes of delays. NITI Aayog proposes establishing a dedicated oversight committee under the ministry of commerce and industries by 2026, aiming to ensure fewer than 10% of projects face delays. The committee would work alongside the Environment Ministry to identify bottlenecks and publish quarterly progress reports. Key reforms include granting the expert appraisal committee autonomy to make final decisions, eliminating validation requirements by the Environmental Impact Assessment Authority (EIAA) — a change that could save 45 days. Alternatively, companies could proceed with provisional 'deemed' environmental clearances. The current approval process requires multiple stages: application submission, screening and classification, public consultation, environmental impact assessment scrutiny, expert appraisal and final authority decision. Delays are most acute during screening, expert appraisal and the final decision stage. The report suggests allowing companies to begin certain construction activities at their own risk whilst awaiting final approval, specifically civil construction for capital expansion or product mix changes not requiring public hearings. Additional proposals include allowing chemical parks to grant pre-environment clearances to industries and exempting fresh clearances when product mix changes don't increase pollution loads. 'Easing the EC process could enhance the supportive regulatory environment without compromising the environment,' the report concludes, citing potential improvements to India's ease of doing business ranking.
