Latest news with #Sagarmala
News18
7 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.
Time of India
a day ago
- Business
- Time of India
India Port Sector Growth: India's Port Sector Set to Surpass Global Growth Amid Economic ExpansionETInfra
Advt Port growth linked to broader economic objectives Advt By , ETInfra India's port sector is expected to grow at a faster pace than many major global economies, despite ongoing geopolitical tensions and global uncertainty, according to a recent report by PL Capital. The expansion is being attributed to rising domestic consumption, increasing trade volumes, and government-led infrastructure development.'We believe, despite ongoing geopolitical tensions and global uncertainty, India's ports sector is expected to grow faster than other major economies, driven by an increase in consumption and government-led projects,' the report report underlined the relationship between ports and economic growth in India. The government's effort to position the country as a global manufacturing base and its export-oriented policies are expected to support port expansion and the wider logistics volumes at Indian ports grew at a compound annual growth rate (CAGR) of 6.2 per cent over FY2002 to FY2025. Non-major ports recorded a higher CAGR of 9.1 per cent, while major ports grew at 4.7 per cent. The demand for port infrastructure remains steady amid rising trade activity and infrastructure currently has 12 major seaports and over 200 non-major ports, with a combined capacity of approximately 2,700 million metric tonnes (mmt). Major ports are overseen by the central government, while non-major ports fall under state jurisdiction. The country aims to increase total port capacity to 10,000 mmt by report noted several growth drivers including government programmes such as Sagarmala and PM Gati Shakti , increasing industrial activity, higher containerisation, a shift to multimodal logistics, and growing private sector also highlighted that the ports sector is undergoing structural change. Capacity expansion, technology-led efficiency improvements, and better connectivity are seen contributing to improved port India targets becoming a $10 trillion economy by FY2030, the port sector is expected to support this economic transition.
Time of India
2 days ago
- Business
- Time of India
Despite geopolitical tensions, India's port sector expected to grow faster than major economies: Report
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India's port sector is expected to grow at a faster pace than many major global economies, despite global geopolitical tensions and uncertainties according to a recent report by PL growth is being driven by rising domestic consumption, increasing trade volumes, and strong government-led infrastructure stated, "we believe, despite ongoing geopolitical tensions and global uncertainty, India's ports sector is expected to grow faster than other major economies, driven by an increase in consumption and government-led projects".The report stated that ports and economic growth in India go hand in hand. The government's push to make India a global manufacturing hub, along with efforts to boost exports, is expected to fuel the growth of ports and the overall logistics per report, cargo volumes at Indian ports grew at a compound annual growth rate (CAGR) of 6.2 per cent over FY02 to growth was led by non-major ports, where volumes rose at a higher CAGR of 9.1 per cent, compared to a 4.7 per cent CAGR growth at major ports. The demand for port infrastructure remains strong due to increasing trade and infrastructure development in the currently has 12 major seaports and over 200 non-major ports, with a combined capacity of approximately 2,700 million metric tonnes (mmt). Major ports fall under the jurisdiction of the central government, while non-major ports are managed by state country has set an ambitious target to increase total port capacity to 10,000 mmt by the year report highlighted several factors that are expected to drive this growth, including the rising aspirations of India's young population, the government's strong infrastructure focus through programs like Sagarmala and PM Gati Shakti, the increase in industrial and manufacturing activity, growing containerization, and a shift toward multimodal logistics. In addition, private sector participation in port development is also report also mentioned that the ports sector is undergoing a structural transformation. Capacity expansion, use of technology to reduce turnaround time, better loading and unloading standards, and improved connectivity are all contributing to making Indian ports more efficient and capable of handling future trade India moves toward its goal of becoming a USD 10 trillion economy by FY30, the port sector is set to play an important role in enabling this economic journey.
The Hindu
2 days ago
- Business
- The Hindu
Rajya Sabha passes The Bills of Lading, 2025
During the Monsoon session of the Parliament, the Rajya Sabha passed The Bills of Lading, 2025, aimed at updating, simplifying the legal framework for shipping documents. During the discussion, BJD MP Niranjan Bishi noted that modernisation should not come at the cost of accountability, equity and legal clarity. He highlighted that Section 4 (1) of the Bill allowed a bill of lading to be treated as valid even when goods have not been shipped. 'This opens the door for fake bills, fraudulent trading and hawala-type transactions,' he said. Also Read: Parliament Monsoon Session Day 1 LIVE updates on July 21, 2025 While talking about the electronic bill of lading, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal said that it requires a separate framework and legislation. He addressed the concerns about provisions pertaining to the e-bill of lading not being a part of the current Act. He says that an e-bill of lading is not merely a digital version of a physical bill. Mr. Sonowal also highlighted the development of the Ministry and the Sagarmala programme over the past ten years. He said that the Sagarmala programme focused on evolving world-class ports, particularly in terms of cargo. 'Earlier, there was no connectivity, but now there is a synchronisation between ministries and hence effective operation,' he said, noting that the ports are well connected to railways, roadways and relevant agencies. Mr. Sonowal moved that the Bills of Lading Bill, 2025, be considered. It was adopted clause-by-clause and passed.
Malaysia Sun
4 days ago
- Business
- Malaysia Sun
"India emerging as a leading global supplier of talent in maritime sector": Bhupendra Patel
Gandhinagar(Gujarat) [India], July 19 (ANI): Gujarat Chief Minister Bhupendra Patel urged the youth who are embarking on careers in the maritime sector to remain committed to national interest and to the preservation and promotion of India's maritime heritage. Speaking at the first graduation ceremony of Gujarat Maritime University, the Chief Minister stated that the maritime sector today offers immense opportunities and that India is rapidly emerging as a leading global supplier of talent for this industry, as stated in the release. He further added that under the visionary leadership of Prime Minister Narendra Modi, global expectations from India have risen significantly, and it is now the responsibility of the young professionals entering the maritime field to lead the sector to new heights. Prime Minister Narendra Modi envisioned Gujarat as a hub for port-led development and established Gujarat Maritime University to promote the state's port and maritime heritage through modern knowledge and skills, to create a world-class trained workforce in this sector. At the first convocation of the university, degrees were conferred upon 188 students from the LLM programme and 62 from the MBA programme. In recognition of academic excellence, Chief Minister Bhupendra Patel awarded Gold Medals to 13 students, including 8 female students, the release added. He highlighted Gujarat's ancient maritime heritage, including the 4,000-year-old Lothal port, and noted the development of the National Maritime Heritage Complex under PM Modi's 'Virasat bhi, Vikas bhi' vision. He said that initiatives like PM Gati Shakti, Sagarmala, and the Blue Economy Mission are driving India's maritime growth. He encouraged graduates to become key contributors to Viksit Bharat@2047 and wished them a bright future. Over the past 11 years of the Prime Minister's leadership, India has revived its maritime economy through initiatives like PM Gati Shakti, Sagarmala, and the Blue Economy Mission. The Chief Minister urged graduates to become global ambassadors of this progress and contribute to Viksit Bharat@2047, while extending his best wishes for their future. In his welcome address, Gujarat Chief Secretary and President of Gujarat Maritime University, Pankaj Joshi, stated that GMU has set new benchmarks through innovation, collaboration, and excellence. He said the first convocation not only celebrates academic success but also presents a new generation ready to lead the maritime sector, shaping India's future on the global stage. He highlighted GMU's significant international collaborations with renowned organisations such as the United Nations Environment Programme, International Group of P&I Clubs, ISWAN, and IUCN. He also noted the university's successful hosting of major conferences, signing of over 20 MoUs, and availability of robust training platforms across the state. He shared that over 100 research papers by GMU's students and faculty have been published in reputed journals. He also announced that GMU has been honoured as 'Maritime Capacity Building Champion in India' by the Star Awards 2024. In-charge Dean of Gujarat Maritime University, Professor Dr. S. Shanthakumar, delivered the welcome address and presented the university's annual report. In-charge Registrar Dr. Chirag Patel extended a vote of thanks. (ANI)
