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News18
4 hours ago
- 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.
Indian Express
02-07-2025
- Business
- Indian Express
In a first, Govt directs offices of ministers: Clear all files pending for over two months
Pushing to cut delays in decision-making at the top, the Cabinet Secretariat has for the first time sent letters directly to the offices of Central ministers where files have been pending for more than two months, asking them to clear the backlog at the earliest, The Indian Express has learnt. The letters were sent in the second half of June and mention the number of pending files. Until now, the pendency of files used to be reviewed at the level of joint secretary, additional secretary and secretary, and not by the offices of ministers. The Cabinet Secretariat is learnt to have been monitoring pendency at each level using the Government's E-Office digital workplace, which has around 7,000-8,000 e-files in circulation daily, of which about 2,000 go to the offices of ministers. A majority of these files pertain to inter-ministerial subjects, such as national policies and schemes. It learnt that the Cabinet Secretariat has flagged files pending at ministers' offices for 61-90 days, 91-120 days and over 180 days. At one minister's office, several dozen files were found pending, it is learnt. At another minister's office, files related to the release of funds for a state were found pending for more than six months. The move to flag pendency at this level is the latest measure taken by the NDA Government to cut bureaucratic delays. The Government has earlier launched PRAGATI (Pro-Active Governance and Timely Implementation) to monitor implementation of infrastructure projects. It has been described as a three-tier system that includes officials at the Prime Minister's Office, Central Government Secretaries and Chief Secretaries of states. The Prime Minister chairs a monthly meeting of PRAGATI where he interacts with Central Secretaries and Chief Secretaries through video-conferencing. This platform has helped accelerate over 340 'critical projects' since its inception in March 2015, sources said. In October 2021, the Government launched the PM GatiShakti platform to facilitate planning and decision-making on infrastructure projects. Another platform, e-SamikSha, is also being used as a real-time monitoring system for follow-ups on announcements and decisions pertaining to Central ministries. Harikishan Sharma, Senior Assistant Editor at The Indian Express' National Bureau, specializes in reporting on governance, policy, and data. He covers the Prime Minister's Office and pivotal central ministries, such as the Ministry of Agriculture & Farmers' Welfare, Ministry of Cooperation, Ministry of Consumer Affairs, Food and Public Distribution, Ministry of Rural Development, and Ministry of Jal Shakti. His work primarily revolves around reporting and policy analysis. In addition to this, he authors a weekly column titled "STATE-ISTICALLY SPEAKING," which is prominently featured on The Indian Express website. In this column, he immerses readers in narratives deeply rooted in socio-economic, political, and electoral data, providing insightful perspectives on these critical aspects of governance and society. ... Read More
Hans India
26-06-2025
- Business
- Hans India
China's curbs on rare earth exports taking toll on TG mfg sector: Sridhar
Hyderabad: State IT and Industries minister D Sridhar Babu requested the Union Minister for Commerce and Industry Piyush Goyal to rescue Telangana manufacturing sector from the crisis in the wake of curbs imposed by China on rare earth exports. The minister said that China's restrictions on rare earth exports are having a serious impact on the manufacturing sector in Telangana. To this end, he met Piyush Goyal in New Delhi on Wednesday and submitted a formal representation. He stated: 'Rare earth magnets, critical raw materials, and chemicals required for the production of electronics and electric vehicles are largely imported from China. That country has recently imposed restrictions on the export of such materials. This has affected the industries manufacturing electronics and EVs. If this situation continues, it could lead to significant losses. Telangana's manufacturing sector is particularly vulnerable to this impact.' He emphasized the need for the Union Government to assess the real-time situation and focus on establishing alternate supply arrangements to avoid disruption to the electronics and EV industries. The minister also urged Piyush Goyal to extend full support for the development of industrial infrastructure in the State. He elaborated on plans for the Hyderabad–Nagpur, Hyderabad–Warangal, Hyderabad–Bengaluru, and Hyderabad–Vijayawada industrial corridors. He requested the sanction of Rs 400 crore under the PM Gati Shakti scheme for essential infrastructure under the Industrial Smart City project being developed at Zaheerabad. He brought to the Union Minister's attention that the Hyderabad–Warangal Industrial Corridor (HWIC) had come to a standstill due to negligence by the previous government. However, the current government is now developing the Pharma City, which is part of this corridor, into a 'Future City.' He requested central cooperation in this initiative. He also urged the Centre to release funds for the development of Warangal Airport and several associated industrial nodes. The Minister reminded that the Telangana government has shown strong interest in the Centre's proposal to develop 100 industrial parks and has already submitted its views on the matter. He requested that sufficient funds be allocated for these projects. The Telangana government has also proposed setting up a National Design Centre (NDC) in Hyderabad to elevate India's design sector and promote global recognition for Made in India products. He stated that the centre would become a national hub for design thinking.
India Gazette
17-06-2025
- Automotive
- India Gazette
India's largest automobile in-plant railway siding at Maruti Manesar facility starts operation
New Delhi [India], June 17 (ANI): India's largest automobile in-plant railway siding at Maruti Suzuki's Manesar facility started operation on Tuesday, in the presence of Minister for Railways Ashwini Vaishnaw and Haryana Chief Minister Nayab Singh Saini. The Manesar railway siding, registered under the PM GatiShakti National Master Plan, has been developed as part of the 126 Km Haryana Orbital Rail Corridor (HORC) running from Sonipat to Palwal in the state of Haryana. The project has been executed by a joint venture company called Haryana Orbital Rail Corporation Ltd (HORCL). Under the joint venture, Maruti Suzuki India Ltd has committed to invest Rs 325 crore in developing HORC. Additionally, MSIL has invested about Rs 127 crore towards internal yard development. Overall, MSIL's total investment is about Rs 452 crore. Hisashi Takeuchi, MD and CEO, Maruti Suzuki India Limited said, 'We are very happy that India's largest automobile in-plant railway siding is inaugurated today at Maruti Suzuki's Manesar facility. We are deeply grateful to the visionary leadership of the Union Minister for Railways and the Government of India's focused implementation of seamless multi-modal connectivity promoting green logistics. Aligned to the PM's GatiShakti National Master Plan, the company's second in-plant railway siding facility signifies a landmark achievement in its green logistics journey. We are also highly thankful to Government of Haryana and Chief Minister for their timely support and guidance on this project.' He added, 'The project underscores our strong commitment to India's Net Zero emissions target 2070. It will contribute to avoiding 175,000 tonne* of CO2e emissions, saving 60 million litre of fuel annually at full capacity, and reducing road congestion. Lowering carbon emissions remains a top priority at Maruti Suzuki and we aim to achieve this, by increasing the share of vehicle dispatches through railways to 35 per cent by FY 2030-31.' 'The inauguration of India's largest GatiShakti Multi-Modal Cargo Terminal at Manesar, Gurugram is a matter of joy and pride for all of us!... This pioneering project of Haryana will start a golden chapter of development. This project is an important step towards bringing revolutionary changes in the logistics sector under the 'PM Gati Shakti' campaign. This will give new speed, efficiency and convenience to industrial freight transport,' the Haryana chief minister said. Spread over 46 acres inside the MSIL Manesar facility, the railway siding features a fully electrified corridor having four full-length tracks for rakes and 1 track for engine escape, totalling 8.2 kms of track length. The siding also includes a two-floor station building, a dedicated pathway for guards and drivers along the tracks, advanced electronic train interlocking and more. Models manufactured at MSIL's Gurugram and Manesar facilities will be dispatched to 17 hubs from this railway siding serving 380 cities across India. Port locations of Mundra and Pipavav, used by the Company for exports, will also be served. The railway siding will have a dispatch capability of 450,000 vehicles at full capacity. MSIL has dispatched 2.5 million (25 lakh) vehicles cumulatively through railways since FY 2014-15. Its green logistics efforts align with UN Sustainable Development Goal (SDG) No. 13 on climate action, reinforcing the Company's vision for a cleaner, greener, and more sustainable future. (ANI)
Time of India
09-06-2025
- Business
- Time of India
Metro to India Gate, T1, and Kalindi Kunj: Delhi to get 3 new metro corridors worth Rs 11,150 crore; cabinet nod likely to be soon
Metro to India Gate, T1, and Kalindi Kunj: Delhi to get 3 new metro corridors worth Rs 11,150 Cr; cabinet nod likely soon NEW DELHI: The Centre has prioritised the construction of three new metro rail corridors - R K Ashram to Indraprastha, Aerocity to Terminal-1 and Tughlakabad to Kalindi Kunj - in Delhi, entailing an investment of around Rs 11,150 crore and having a cumulative length of a little over 16 km. These links were recently evaluated by the National Planning Group (NPG) under the PM GatiShakti framework for planning of infrastructure projects and are likely to be placed before the Cabinet soon for approval. Details of the plans presented before the NPG show that R K Ashram to Indraprastha will be the longest among the three corridors and it will be an underground route with nine stations - at Indraprastha, Bharat Mandapam, Baroda House, India Gate (adjacent to C-Hexagon), the newly built Common Central Secretariat (CCS) buildings along the Kartavya Path, Central Secretariat, Yuge Yugeen Bharat Museum (near Rakabganj Gurdwara), Shivaji Stadium and R K Ashram Marg. "So, this will be a complete loop connecting the Green Line (Indralok-Indraprastha link) with the Blue Line, and the Janakpuri West-R K Ashram Marg corridor. This will also help reduce footfall at Rajiv Chowk," said a source. The proposed station at India Gate will offer visitors a safe and convenient transport alternative, and reduce reliance on private vehicles, officials said. At present, the nearest metro connectivity is the Central Secretariat metro station and people either need to walk or take auto-rickshaws to reach India Gate. The corridor will also provide faster connectivity to the proposed 10 big central govt office buildings along the Kartavya Path. Two stations on this line at the CCS buildings and the Central Secretariat will ensure govt employees reach office quickly and without any hassle. Earlier, there was a proposal to have an automated people mover system (APMS) to link all the CCS buildings to basements, but it was abandoned as such a transportation system would have been used only by the govt employees. Officials said the extension of the metro line from Aerocity to Terminal-1 (2.3 km) will be completely underground and it will have only one station at Terminal-1. This will provide direct airport connectivity to people living in areas such as Tughlakabad, Khanpur, Saket, Mehrauli and Vasant Kunj. This will enhance airport access and regional transit, especially for commuters from Faridabad via the Tughlakabad interchange. The Tughlakabad-Kalindi Kunj link (4 km) will have three stations and it will be an elevated corridor. It will pass through Ali Village, Ali Vihar, and Madanpur Khadar. The new link will facilitate interchange at Kalindi Kunj with the existing Magenta Line, linking the Violet and Magenta corridors.
