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Business Standard
a day ago
- Business
- Business Standard
India will continue to grow robustly, even among major industrialized G7 countries: PHDCCI
An analysis conducted by PHD Chamber of Commerce and Industry in a report on Population, Productivity, Partnership: Rethinking G7-India Collaboration highlights that India will continue to grow robustly, even among major industrialized G7 countries. Indias consistent real GDP growth makes it the key growth driver for the world economy. The transformative reforms including GST, Insolvency and Bankruptcy Act, Production Liked Incentive Scheme, growing digital infrastructure (Aadhaar, UPI) and Make in India, among others, is strengthening Indias ascendency in the World, said Mr Hemant Jain, President, PHD Chamber of Commerce and Industry. The objective of the report is to assess the Indias growth and trade dynamics among G7 economies. Secondly, to discuss the recent Honble PM visit to Canada for G7 Outreach Session. Thirdly, to examine the cooperation and collaboration potential between India and G7. With an average real GDP growth of more than 8% growth from 2021 to 2024, India has consistently outpaced all G7 members. IMFs 2025 projections indicate that India will maintain a growth trajectory above 6% (average) through 2029, supported by robust domestic demand, sound macroeconomic fundamentals, and its demographic dividend, he said. In terms of purchasing-power-parity (PPP) terms, Indias share in global GDP has surged from 7.0% in 2020 to 8.3% in 2024, and is anticipated to exceed 9% by 2029, he said. A crucial underlying factor is the demographic divergence between India and G7, said Mr. Jain. Indias working-age population (1564 years) is projected to increase in the coming years with over 68% of its population currently between 15-64 years. This demographic dividend supports labor supply expansion, boosts domestic consumption, and enhances the innovation ecosystem through a vibrant startup culture and rising tertiary education enrolment, said Mr. Jain. Further, Indias share of total population ages 65 and above constitutes less than 5% (2025). Conversely, G7 nations are confronting demographic headwinds as they their share is more than 10% highlighting rapidly ageing populations, shrinking labor pools, and rising old-age dependency ratios, said Mr. Jain. By 2030, this share is expected to double or more than double for of the G7 economies. This is likely to slow potential output, reduce consumer demand, and increase fiscal burdens related to pensions and healthcare, said Mr. Jain. Notably, Indias merchandise trade with G7 countries has surged by 61%, rising from USD 154 billion in FY 202021 to USD 248 billion in FY 202425, maintaining a steady trade surplus. This reflects Indias growing export competitiveness and indicated by commodity net export price index, bolstering its external sector resilience, he noted. Honble Prime Minister Shri Narendra Modi, in his address at the Summit, underscored Indias leadership in clean energy transition, climate action, and digital innovation. Key global initiatives led by Indiathe International Solar Alliance, Mission LiFE, and the Global Biofuels Allianceare shaping a greener, more inclusive world, said PHDCCI. In technology and digital governance space, India highlighted its commitment to a human-centric and ethical approach to AI, showcasing initiatives like BHASHINI and Digital Public Infrastructure (DPI) as global models. Honble Prime Minister urged for global cooperation on AI governance, resilient tech supply chains, and curbing the misuse of emerging technologies, said PHDCCI. Last but not the least, a strategic collaboration in areas including clean and renewable energy, climate finance, Digital Public Infrastructure, Trade & Supply Chain Resilience, Maritime & Indo-Pacific Security and Healthcare & Pharma, will drive a mutually beneficial growth trajectory, said the study.
Hans India
20-06-2025
- Business
- Hans India
Need to safeguard oil and gas supply chains amid geopolitical uncertainties: Report
New Delhi: With India projected to grow at over 6 per cent annually and its primary energy demand increasing at a CAGR of 5.5 per cent, there is an urgent need to safeguard oil and gas supply chains amid rising geopolitical and market uncertainties, according to a report released on Friday. Over 85 per cent of India's crude oil needs are met through imports, positioning the country as the world's third-largest oil importer. 'Geopolitical instability, especially in chokepoints like the Hormuz Strait and Suez Canal, threatens consistent crude supply and pricing,' said the report by the PHD Chamber of Commerce and Industry (PHDCCI). Brent crude prices are forecast to decline from $81 per barrel in 2024 to $66 per barrel in 2026, driven by supply expansion outside OPEC+ and moderate demand growth. 'India's economic growth trajectory demands resilient and diversified energy sources. This report provides an integrated roadmap to navigate future energy challenges while ensuring affordability, accessibility, and sustainability,' said Hemant Jain, PHDCCI President. The industrial sector now consumes approximately 40 per cent of India's total energy, making it the largest single energy-consuming sector in 2023. 'Over past three decades, industrial energy demand has tripled, and industry accounts for approximately 36–38 per cent of final energy consumption,' the report noted. Currently, India' domestic oil and gas production is centred in Assam, Gujarat, Rajasthan, Mumbai High and the Krishna Godavari Basin. Hydrocarbon Exploration and Licensing Policy (HELP) launched in 2016 has simplified approval processes, with attractive fiscal terms, and bolstered licensing and exploration activity. By mid-2024, 144 blocks covering approximately 243 000 km² had been awarded, though international companies have largely avoided participation, favouring other countries with more attractive terms. Offshore production is set to increase thanks to additional supplies from ONGC's deepwater KG-D5 project between 2025 and 2030. However, offshore (and overall) gas supply growth will be tempered by plateauing output from the KG-D6 fields and declining production from legacy assets like ONGC's Mumbai offshore fields. According to recent reports, India may be inching closer to a game-changing offshore oil discovery in the Andaman Sea — one that could hold as much as 184,440 crore litres of crude oil and rival Guyana's transformational find, Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, has hinted. According to projections, India's natural gas production is also expected to rise to 54.7 BCM by FY 2029-30.
Business Standard
17-06-2025
- Business
- Business Standard
India's exports to grow robustly and resiliently supported by government continuous efforts: PHDCCI
Indias cumulative total exports (merchandise and services) registered a y-o-y growth of over 5%, increasing from USD 134.6 billion during April-May 2024 to USD 142.4 billion during April-May 2025. This resilient exports growth is driven by positive momentum of 3% in merchandise and 9.1% in services exports during the same period, said Shri Hemant Jain, President, PHDCCI, in a press statement. In May 2025, Indias overall exports (merchandise and services combined) accelerated to USD 71.12 billion, marking a 2.7% increase compared to the same month last year. This growth is driven by high merchandise exports of electronic goods (54.1%), marine products (26.8%), organic and inorganic chemicals (16%), drugs and pharmaceuticals (7.4%), and readymade garments of textiles (11.3%), among others. On the import side, declines were seen in categories such as pulses, transport equipment, fertilizers, crude oil, coal, gold, and vegetable oils , he said. Amid USA trade policy uncertainty, Indias trade relations remained resilient as exports to the USA grew by over 20% during April-May 2025 vis-a-vis April-May 2024. Trade with other major partners also showed promising trends. Exports to Australia surged by over 50%, Oman by 40.9%. China by 18.7%, and the United Arab Emirates by 12.3%, he said. Going ahead, we anticipate exports to grow robustly and resiliently supported by government continuous efforts to diversify the export market and boost Indias exports competitiveness with initiatives like the recent restoration of RoDTEP benefits, he said.
Entrepreneur
17-06-2025
- Business
- Entrepreneur
India's Exports Climb Over 5% Despite Global Trade Headwinds: PHDCCI
The growth was led by a spike in shipments of electronic goods, which surged 54.1 per cent, followed by marine products (26.8 per cent), organic and inorganic chemicals (16 per cent), drugs and pharmaceuticals (7.4 per cent), and readymade garments (11.3 per cent) You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India's combined merchandise and services exports rose 5.75 per cent year-on-year in the months of April-May in FY 2025, signaling sustained resilience in external trade despite a turbulent global economic environment. The total value of exports reached USD 142.4 billion during April-May 2025, up from USD 134.6 billion in the same period last year, according to a press release issued by the PHD Chamber of Commerce and Industry (PHDCCI). The growth is underpinned by a 3 per cent uptick in merchandise exports and a strong 9.1 per cent surge in services exports, reflecting India's steady grip on both traditional and emerging trade sectors. "This resilient exports growth is driven by positive momentum of 3 per cent in merchandise and 9.1 per cent in services exports during the same period," said Hemant Jain, president of PHDCCI. In May 2025 alone, India's overall exports stood at USD 71.12 billion, a 2.7 per cent increase compared to May 2024. The growth was led by a spike in shipments of electronic goods, which surged 54.1 per cent, followed by marine products (26.8 per cent), organic and inorganic chemicals (16 per cent), drugs and pharmaceuticals (7.4 per cent), and readymade garments (11.3 per cent). Meanwhile, imports in several key categories saw a contraction, offering some relief to the trade deficit. Notable declines were reported in the import of pulses, transport equipment, fertilizers, crude oil, coal, gold, and vegetable oils. Jain noted that India's trade performance remains firm even amid global trade uncertainties, particularly with respect to the United States. "Amid USA trade policy uncertainty, India's trade relations remained resilient as exports to the USA grew by over 20 per cent during April-May 2025 vis-a-vis April-May 2024," he said. Other key export destinations also recorded sharp increases, with shipments to Australia jumping over 50 per cent, Oman 40.9 per cent, China 18.7 per cent, and the UAE 12.3 per cent. Looking ahead, PHDCCI projects a strong outlook for India's export performance, citing supportive government policies and a push for market diversification. "We anticipate exports to grow robustly and resiliently supported by government continuous efforts to diversify the export market and boost India's exports competitiveness with initiatives like the recent restoration of RoDTEP benefits," Jain added.
Hans India
16-06-2025
- Business
- Hans India
Softening of WPI inflation to propel economy on higher growth path: Economists
The continued softening of wholesale price index (WPI) inflation since December 2024 is a positive signal for higher economic growth in India, economists said on Monday, adding that they expect WPI inflation to remain benign in the coming months, assuming geopolitical tensions abate. The annual rate of inflation based on the WPI eased further to a 14-month low of 0.39 per cent in May this year from 0.85 per cent in April and 2.05 per cent in March, according to the Ministry of Commerce and Industry data. PHDCCI President Hemant Jain said this was largely driven by a significant reduction in the prices of primary articles, fuel and power, as well as manufactured product categories. "This downtrend in wholesale inflation will boost business sentiment as it will result in reduced costs of production," he added. The fall in prices of food articles from (-)0.86 per cent to (-)1.56 per cent, petrol from 7.70 per cent to (-)8.49 per cent, and manufactured products from 2.62 per cent to 2.04 per cent from April to May, respectively, are significantly contributing to the softening of WPI inflation. ICRA's senior economist Rahul Agrawal said that aided by a favourable base, the WPI inflation expectedly flattened further to a 14-month low of 0.4 per cent in May 2025 from 0.9 per cent in April 2025, printing somewhat lower than ICRA's estimate (+0.7 per cent) for the month. "The cooling was broad-based, with the food, non-food manufacturing, minerals, and fuel and power segments contributing to the dip in the headline print between these months. Notably, the WPI food inflation print slumped to 1.7 per cent in May 2025, the lowest in 19 months, amid the subdued sequential uptick in prices," he added. As many as 20 of the 22 food items for which data is released by the Department of Consumer Affairs reported an easing in their annual inflation rate in June (until June 15) compared to May, partly aided by a favourable base. "Given these trends, ICRA expects the WPI-food inflation to soften further in June 2025 from 1.7 per cent in May 2025," he noted.
