Latest news with #LicenceRaj
Time of India
6 days ago
- Business
- Time of India
From 120 to 20 days: Delhi cuts approval time for green category industries
In a major move to boost ease of doing business, the Delhi government has cut the approval timeline for over 65 green category industries from 120 days to just 20 days. According to Industries Minister Manjinder Singh Sirsa, the applications will now be automatically approved if no decision is taken within this new deadline. The move eliminates the need for mandatory clearance from the Delhi Pollution Control Committee (DPCC) for non-polluting, low-risk sectors. These include small and medium-sized industries such as: Apparel manufacturing (without dyeing or bleaching) Aluminium and PVC product units Ayurvedic medicine making (without boilers) Cold storage facilities Wooden and steel furniture units Electric oven-based confectionery Optical goods and toy assembly Soap, detergent, cardboard and battery container units A big step to end 'Licence Raj' Calling the reform a "historic reset", Sirsa said: 'This was a long-pending demand from the business community. The double-engine government has delivered what could not be done in 50 years.' He added that this change would end the outdated system of excessive licences and approvals that previously slowed down industrial growth. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologist Reveals: The Simple Morning Habit for a Flatter Belly After 50! Lulutox Undo Trust-based governance for MSMEs The Delhi government hopes this shift to trust-based and time-bound clearance will help MSMEs (Micro, Small and Medium Enterprises) grow faster. Most of the industries in the green category fall under MSMEs and were previously burdened with long approval delays. 'This is not just a reform. It's a clear message: Delhi is open for responsible business,' Sirsa said. 'We are breaking free from regulatory gridlocks and empowering honest entrepreneurs.' Live Events When will the new rule begin? The new rule will come into effect from August, and is expected to make Delhi more business-friendly and reduce red tape. Government officials also confirmed that the earlier system was a major cause of delays, especially for small units that couldn't afford long waiting periods. This reform aligns with India's broader push to improve its ease of doing business ranking and promote job creation through industrial growth. By cutting red tape and relying on trust-based systems, the Delhi government aims to turn the capital into a hub for clean, efficient and scalable businesses. Inputs from TOI
Time of India
11-07-2025
- Business
- Time of India
Adani Group to build Healthcare Temples, initiated from Ahmedabad and Mumbai, says Gautam Adani
Mumbai: Gautam Adani , Chairman of the AdGroup, on Friday announced that the conglomerate will build Artificial Intelligence-first Healthcare Temples initiated from Ahmedabad and Mumbai. Speaking at the 5th Annual Conference of the Society for Minimally Invasive Spine Surgery - Asia Pacific (SMISS-AP) in Mumbai today, Adani said, "We will be delivering on this promise through the Adani Healthcare Temples --1,000-bed integrated campuses that we will initiate from Ahmedabad and Mumbai." These healthcare infrastructures are designed to be world-class, affordable, AI-first healthcare ecosystems -- and we are proud to have the Mayo Clinic guiding us on the design, implementation, and global standards in medical infrastructure and research, Adani said. Chairman of the Adani Group further stated the group is preparing for a capital expenditure investment of nearly 100 billion US dollars over the next five years, adding that the these investments are the manifestation of the future of India. Adani Group Chairman said that the scale and pace of this investment and its commitment are unprecedented in India's private sector history. In a stirring address tracing his entrepreneurial journey, Gautam Adani, Chairman of the Adani Group, reflected on the formative experiences and bold decisions that helped build one of India's largest infrastructure conglomerates. Adani began by recounting his early days in Mumbai, where his first commission deal earned Rs 10,000 from a Japanese buyer, which was less about the money and more about the realisation that beliefs must always outpace doubts. Highlighting the essence of entrepreneurship, Adani stated, "It never begins with a grand vision; It begins with a spark of conviction; It begins with the courage to act, even when the future is uncertain, and it begins with the willingness to dream alone." He recalled being called back to Ahmedabad in 1981 to run his brother's PVC film factory at the age of 19. This experience, he said, gave him invaluable lessons in resilience, people management, and navigating the challenges of the Licence Raj. "It taught me the resilience needed to manage daily operational challenges. I got exposed to the complexities of managing people, especially factory workers. And I learnt the challenges of the Licensed Raj, where just a few companies control the landscape and did not want any change," Adani added. Adani also mentioned the Group's success of the Mundra project in Gujarat. "It all started in Mundra with the objective to build a salt export jetty along with a US partner. To make a long story short, the partner backed out, and we were left to build the jetty by ourselves. Around this time in 1995-96, Gujarat pioneered a Public-Private Partnership policy for port development, aiming to tap private sector capabilities. We dived right in. Keep in mind, we had never laid a brick before. Almost everyone called it madness. A port in a marshland to be built by a team with no construction experience!" he added. Adani emphasised that Mundra was more than just a port. "Mundra is the manifestation of a belief made real," he stated. Mundra is home to India's largest multi-cargo port, the world's largest private single-site thermal power plant, a massive integrated solar and wind manufacturing hub, and clusters of industries including petrochemicals and copper smelting. He noted that the journey that started in Mundra has now extended across India, making Adani Group the world's second-largest solar power company and builder of the world's largest single-site hybrid renewable park of 30 GW over 500 sq km. The company is now India's largest private airport operator, handling over 25 per cent of passenger traffic and 38 per cent of air cargo. With India's largest ports and logistics network, Adani said the Group now handles 30 per cent of the country's seaborne cargo and operates an integrated energy business -- spanning thermal and renewable generation, LNG, LPG, battery storage, EV charging, hydrogen, mining, and more. He also highlighted the Group's growing presence in cement manufacturing, aerospace and defence, data centres, and real estate. (ANI)
The Print
05-07-2025
- Business
- The Print
Lessons for Trump from Licence Raj as US tariffs loom & Foxconn's blow to India's iPhone ambitions
'The example of the Licence Raj suggests that damage from trade restrictions goes far beyond just losing benefits such as cheaper imports and new export markets. Restrictions allow new distortions to proliferate: companies devote their efforts to tilting the playing field in their favour, officials discover new ways to benefit at the public's expense and smugglers profit from breaking the law. All this has an insidious effect on the economy, politics and society, which runs far beyond the sizeable damage resulting from lower economic growth,' it reads. Licence Raj refers to the economic policies of the Indian government from 1951 to 1990. New Delhi: Donald Trump and India's first prime minister Jawaharlal Nehru have next to nothing in common, but it'd be worth the US President's while to take note of the Licence Raj, as countries like India rush to negotiate trade deals with Trump before the US' global tariffs kick in on 9 July, according to The Economist. Sankalp Phartiyal, Debby Wu and Mark Gurman report in Bloomberg that, in a blow to India's iPhone ambitions, Foxconn has asked 'hundreds' of Chinese engineers and technicians to return from its iPhone factories in India. 'Foxconn's move follows the steps Beijing has taken to make it harder for technology, skilled labour and specialised equipment to leave China for manufacturing upstarts such as India. The South Asian nation and countries including Vietnam are trying to attract global tech companies, taking advantage of US-China tensions that are prompting firms to diversify their locations,' the report says. The Dalai Lama, ahead of his 90th birthday, outlined his succession plan amid a quest for modernisation and an 'authoritarian Beijing', report Mujib Mashal and Hari Kumar in The New York Times. 'Traditionally, the search for a new Dalai Lama begins only after the current one dies. Tibetan Buddhist leaders say they follow ancient customs of parsing mystical visions, clues left by the previous Dalai Lama and astrology to help narrow their search. In the past, search committees would travel around Tibet testing candidates to see if they showed any traits that could be deemed especially holy,' says the report. In The Guardian, Nishad Sanzagiri reviews Sam Dalrymple's Shattered Lands, which expands the lens through which the British empire is viewed. 'Among the most poignant moments in the book is a brief account of a Bible salesman from the Naga hills who volunteers to fight in the second world war. The Nagas are ethnically Tibeto-Burman peoples native to the borderlands of north-east India and north-west Myanmar, with distinct cultural traditions and a strong sense of nationhood that long predates these modern states. When asked if he is Indian or Burmese, the man replies, 'I am a Naga first, a Naga second, and a Naga last',' the review notes. BBC's Matthew Henry deconstructs newbie cricket captain Shubman Gill's performance in India's latest test series in England. 'The travelling India press pack is large and unrelenting and Gill struggled to sate them. The message was muddled. His batting in Birmingham 24 hours later was not,' he writes. (Edited by Nida Fatima Siddiqui) Also Read: 'No true escape' from the Indian heatwave & the 'allure' of the manufacturing bet
India Today
30-05-2025
- Business
- India Today
Get rich fast or die trying: India's choice is a no-brainer
Our Saare Jahan Se Achchha nation is stuck in a bizarre spot in an even weirder world in 2025. India's neighbourhood is a geopolitical soap opera: China plays trade partner and border bully, Pakistan is China's eager errand boy, and the US, under a whimsical wheeler-dealer, picks fights with friends. We just stumbled into a war with Pakistan, utterly unnecessary when we had better things to do. The US, predictably, backed its forgotten ally, even though Pakistan's firmly on China's leash. Even Bangladesh is run by a hostile gang of unelected Islamists. Sri Lanka and the Maldives need rescuing, and Myanmar is a tragedy in slow subcontinent is spinning, and so are our heads. India's self-image is closer to its aspirations than the gritty reality of the world. To bridge that gap, India needs to get filthy rich. Prime Minister Narendra Modi recently tweaked his "This is not an era of war" mantra to "peace comes from a position of strength". That strength? It's economic muscle, not just military heft is the best armourA May 2025 World Bank report says to hit high-income status by 2047 (PM Modi's target), India needs an average growth rate of 7.8% for the next 22 years. Let's round it up to 8%, because half-measures will not cut it. India's GDP growth has been solid but not spectacular. The stats ministry clocked 6.2% for the last quarter of 2024, with 2025 projections dawdling at 6.5%. Decent, but not enough to outrun China's shadow or buy the toys needed to tame our wild A $4-trillion economy growing at 8.5% adds roughly $340 billion annually (about Pakistan's entire GDP). That's cash for defence, infrastructure, and lifting millions out of poverty. Without it, India risks being a populous but toothless giant, ignored by global players. As the saying goes, money can't buy love, but it sure buys aircraft carriers and friends, in need. We just became the 4th largest economy, but per capita GDP is still abysmal. The population isn't shrinking. The economy must grow. We'll soon overtake Germany to claim the 3rd spot, but the gap with China is Reforms Un-dirty AgainManmohan Singh isn't remembered for his two terms as Prime Minister but for that one stint as Finance Minister. You know why! India's economic story since his 1991 reforms is a tale of bold starts and frustrating stalls. Born from a balance-of-payments crisis — when India had just two weeks of import cover — the 1991 market opening was a giant leap. It slashed the Licence Raj, devalued the rupee, and opened trade, catapulting GDP growth from what is derisively called the "Hindu rate" of 1.25% to a savvy 7.5% by the 2000s. Foreign exchange reserves quadrupled in five years, and poverty rates dropped Modi's first term sparkled with promise: Make in India, GST, and FDI liberalisation. Land reforms were shelved, but other things seemed on track. The second term, however, went full Nehruvian: big government, sluggish disinvestment, populist socialist policies, and a retreat from agricultural reforms after farmer protests in 2020–21. To make matters worse, a global pandemic caused significant damage. The third term, now a year old, does not feel much DilemmaModi promised to get the government out of business, but public sector undertakings (PSUs) remain sacred cows. Manufacturing's share of GDP has slumped to 13%, the lowest since 1967, despite Make in India's lofty 25% target. The Air India sale is the lone silver lining. The government clings to PSU dinosaurs, flaunting their turnarounds as trophies. Running businesses, even profitable ones, isn't the government's job. Niti Ayog says 100 billion dollars lie locked in ReformsOnly 10% of our workforce is skilled, compared to 60% in China. Coupled with a focused Skill India push, the necessary unshackling of the labour market can give impetus to the manufacturing sector, and help realise the Make In India dream. The 2020 Industrial Relations Code eased hiring and firing, but it's stuck in trade union quicksand, including those from the Sangh Parivar. Streamlining labour laws could turbocharge manufacturing and attract global value chains, where India trails Vietnam and Thailand. Labour market reforms could create millions of non-farm jobs, critical for our educated youth, a 2024 UNU report big-ticket Modi promise was improving the ease of doing business. Though India has moved up the global ranking for facilitating businesses, Licence Raj is alive and kicking Black White AgainAgriculture employs 45% of India's workforce but contributes just 15% to GDP. The 2020 farm laws crashed into farmer protests and were repealed in 2021. Since then? Crickets. Farmers called these laws black laws because they alleged lack of consultation. What's stopping the government from consulting farm interest groups now and crafting laws to boost agricultural output? Instead of dodging taunts about failing to double farmers' income, the Centre needs reforms that can actually double their in India & Skill IndiaMake in India is a mixed bag. FDI inflows hit $81 billion in 2020–21, but manufacturing's share of GDP hasn't moved. Skill India, launched in 2015, aimed to train 400 million workers by 2022 but reached only 40 million. Apple, Google, and Tesla may cheer Make in India, but do we have workers matching China's precision tooling and motherboard craftsmanship? A 2025 World Bank report urges doubling down on skills and tech to hit 8% growth. Revamping these initiatives could add 2% to annual GDP, OECD Talks, Poverty WalksIndia's strategic headaches — China's border games, Pakistan's proxy wars, and a potentially isolationist US — demand economic firepower. A richer India can afford $120-billion defence budgets, not the $81-billion it scraped together in 2024. It can fund regional aid, like the $1-billion Nepal package in 2014, to counter China's Yuan-erosity. It can absorb shocks like the 2020 recession or demonetisation's 2016 reduction is the flip side. Despite growth, 40% of India's workforce languishes in low-productivity agriculture. Trickle-down economics has flopped. Income inequality has spiked, and unemployment is unsustainable. Schemes like MGNREGA (2005) and Jan Dhan Yojana (2014) help, banking 300 million unbanked and guaranteeing rural jobs, but they're band-aids. Every election, we have a new set of band-aids. The cure? Grow so fast that wealth actually trickles down. Sustained 8% growth can create the 1 crore+ jobs India needs War ConsensusPM Modi wields more political capital than Narasimha Rao and Manmohan Singh did in 1991. Free foodgrains, welfare schemes, and rapid infra upgrades have only enriched his clout coffers. He must spend country's mood is electric. We're united against terrorism bred by our western neighbour. To the world, we're a rainbow coalition, with all-party delegations pitching India's story. But if it takes a war to unite us, it's time we declared war on slow growth. If PM Modi can rally the opposition to counter Pakistan's narrative, why not for economic reforms? If we can forge consensus against terrorism, we can do it for growth. If terrorism is non-negotiable for PM Modi, then neither should be his promise of India becoming a "Developed Nation by 2047".India's at a crossroads. It can coast at 6.5% and stay a regional player. Or it can reignite reforms, aim for 10%, and create jobs, buy drones, and gain global clout. Manmohan Singh turned a crisis into opportunity in 1991. PM Modi must turn his conviction into reality. Ditch the socialist nostalgia, privatise the dinosaurs, liberate labour, and supercharge agriculture. Make in India and Skill India need a reboot, not a requiem. Politics can wait; growth can' rising clout isn't about its military. It's about three decades of relentless high growth. Military might is a buy product of economic he navigates the second year of his third term, PM Modi must channel his inner Manmohan Singh, not his inner InMust Watch
Time of India
26-05-2025
- Business
- Time of India
India Becomes 4th Largest Economy: What students need to know about GDP, economic growth & global rankings
India has officially outpaced Japan to become the world's fourth-largest economy, marking a historic leap that carries profound implications for its future and global influence. Tired of too many ads? go ad free now Speaking at a press conference after the 10th Governing Council meeting of NITI Aayog, the think tank's CEO, B V R Subrahmanyam, confirmed: 'We are the fourth largest economy as I speak. We are a $4 trillion economy as I speak,' Subrahmanyam said, as quoted by PTI. The peg of this remarkable story lies not only in India's growing GDP but in how this economic metamorphosis reflects shifts in global power, opportunities for young Indians, and the structural evolution of the country's mixed economy. Understanding GDP and its impact on students GDP, or Gross Domestic Product, is the total monetary value of all goods and services produced within a country's borders in a specific time frame. It is a broad indicator of a nation's economic health, and for students—particularly those studying economics, public policy, or international relations—grasping the implications of GDP is essential. The International Monetary Fund (IMF) forecasts India's nominal GDP for 2025 at $4.187 trillion, marginally ahead of Japan's, validating Subrahmanyam's announcement. India's ascent in the global GDP rankings is not merely symbolic. It reflects rising production, expanding markets, and strengthening macroeconomic resilience, all of which influence policymaking, job creation, and global negotiations. How did India get here? A quick economic retrospective India's economic journey has not been linear. Post-independence, India adopted a Soviet-style command economy with extensive state control, known as the Licence Raj. The 1991 balance of payments crisis catalyzed a sweeping liberalisation, ushering in market reforms, deregulation, and increased foreign investment. Tired of too many ads? go ad free now Today, India operates as a developing mixed economy—a hybrid of private enterprise and strategic public sector control. It maintains dominance in sectors such as railways, banking, and telecommunications, while simultaneously cultivating tech unicorns and attracting global manufacturers. Subrahmanyam pointed to favourable geopolitical dynamics and hinted at further economic reforms, stating that a second round of asset monetisation would be unveiled by August 2025. India's economic engine: Domestic consumption and global trade Nearly 70% of India's GDP is fuelled by domestic consumption, underlining the critical role of India's burgeoning middle class. Complementing this is India's strong performance in global trade. In 2022, India ranked 10th in imports and 8th in exports, according to WTO data. With the digital economy expanding and infrastructure development accelerating, India's trade capacity is only expected to grow. In addition, India continues to lead in remittance inflows, topping the global chart with receiving remittances of over 100 billion for the third consecutive year, accounting for over 14% of global remittances, as per the World Bank. What this means for students: Key economic indicators to watch For students, understanding the nuances of India's rise requires attention to a broader set of indicators beyond GDP: Index India's Rank Significance Global Firepower Index 2025 4th Highlights India's strong military capabilities alongside economic heft Global Innovation Index 2024 39th out of 133 Indicates scope for growth in R&D and technology-driven transformation Human Development Index 2023–24 134th out of 193 Reflects need for improvement in education, health, and living standards Global Hunger Index 2024 105th out of 127 Underscores inequality and undernutrition in certain population segments World Competitiveness Index 2024 39th Measures ability to generate long-term economic value through reforms Air Quality Life Index 2024 – (Delhi: 84.3 µg/m³ PM2.5) Pollution remains a drag on urban livability and health outcomes Rule of Law Index 2024 79th Points to systemic reforms needed in governance and legal infrastructure World Press Freedom Index 2024 162nd out of 180 Raises concerns about media independence and institutional transparency These indices remind students that GDP alone does not tell the full story. For inclusive, sustainable growth, improvements in human capital, governance, innovation, and environmental health are essential. India's economic future: Third largest by 2028? Subrahmanyam projected that if current momentum continues, 'It is only the US, China, and Germany which are larger than India, and if we stick to what is being planned and what is being thought through, in 2.5-3 years, we will be the third largest economy.' IMF data supports this optimism, with projected growth at 6.5% in both 2024 and 2025, significantly above the global average of 3.3%. However, per capita income still lags behind developed economies. India's per capita GDP is estimated to reach $2,880 in 2025, up from $1,438 in 2013–14—signifying progress, but also room for improvement. Challenges that persist: Growth with inequality Despite impressive macroeconomic numbers, India continues to grapple with jobless growth, income disparity, and low workforce productivity. The Global Multidimensional Poverty Index (2024) reported that 234 million Indians still live in acute poverty. This paradox of rising GDP and persistent poverty is a critical subject of study for policy and economics students. Moreover, India's 126th rank in the World Happiness Report and 108th in the Gender Inequality Index show that social development must catch up with financial growth.
