Govt to make India $5 tn economy

New Delhi: Gold prices climbed `480 to `57,380 per 10 grams in the national capital on Tuesday amid strong global trends, according to HDFC Securities. It ended at `56,900 per 10 grams on Monday. Silver also zoomed `2,150 to `66,900/kg. “Spot gold price in the Delhi markets was at `57,380/10 grams, up `480/10 grams,” Saumil Gandhi of HDFC Securities, said on Tuesday. In the overseas markets, gold and silver traded higher at $1,909/ounce and $20.80/ounce, respectively. —PTI

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New Delhi (PTI): The government on Tuesday informed the Rajya Sabha that it is taking steps to make India a $5 trillion economy earlier than the International Monetary Fund’s forecast year of 2026-27. The IMF's Outlook earlier said the size of the Indian economy will increase from $3.2 trillion in 2021-22 to $3.5 trillion in 2022-23 and cross $5 trillion in 2026-27.

"The government has been taking steps to make the country a $5 trillion economy at an early date,"

MoS for Finance Pankaj Chaudhary said. Observing that the outbreak of the COVID pandemic in 2020 and the Rus- sia-Ukraine conflict in 2022 has impacted the world output, increased inflation in several countries and raised uncertainty in the

WPI inflation eases to over 2-year low of 3.85% in February 2023

New Delhi: State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 202324 fiscal, Parliament was informed on Tuesday.

“NTPC is planning to import around 5.4 million tonnes of coal for its group stations to meet domestic coal supply shortage during the first half of Financial Year

2023-24,” Power Minister R K Singh said in a written reply to the Rajya Sabha on Tuesday. —PTI

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New Delhi (PTI): The wholesale price-based inflation declined to over two-year low of 3.85% in February on easing prices of manufactured items, fuel and power, even though food articles remained expensive.

This is the ninth straight month of decline in the rate of wholesale price-index (WPI) based inflation.

The WPI inflation was 4.73% in January and 13.43% in February, last year. "Decline in the rate of inflation in February 2023 is primarily contributed by

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fall in prices of crude petroleum & natural gas, nonfood articles, food products, minerals, computer, electronic & optical products, chemicals & chemical products, electrical equipment and motor vehicles, trailers & semi-trailers,"

MOST APAC FINANCIAL INSTITUTIONS NOT TO BE IMPACTED BY US BANK FAILURE: MOODY’S

New Delhi: Most Asia Pacific financial institutions are not exposed to the failed US banks and are not as susceptible to large losses from debt security holdings as Silicon Valley Bank was, Moody’s said on Tuesday. On March 12, US regulators closed Signature Bank, just two days after shutting Silicon Valley Bank, following mass withdrawals of customer deposits from these regional banks. Moody’s Investors Service said these events are likely to result in a tightening of liquidity in debt markets globally as investors grow wary. —PTI the commerce and industry ministry said on Tuesday. The 3.85% WPI inflation is the lowest since January 2021, when the rate of price rise on wholesale basis was 2.51%.

The decline in the rate of price rise was mainly due to a favourable base effect, economists said, adding that going forward, softening commodity prices would help ease WPI inflation further. However, the future course of food inflation would depend on weather related conditions and timely monsoon.

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world economy, he said, "lower uncertainty in the global economic outlook will help India become a $5 trillion-dollar economy earlier".

Some of the important measures taken by the government in the past to boost economic growth include the making of the National infrastructure pipeline of projects, push to capital expenditure, implementation of the PLI scheme, finalisation of the National Monetization Pipeline of public sector assets and formulation of

National Logistics policy.

The minister further said that capital expenditure will be speeded up by PM Gatishakti for integrated planning of infrastructure and synchronised project implementation across all concerned central ministries, departments and state governments.

The Union Budget 202324, Chaudhary said, “further sustains the growth momentum with an increase in capital investment outlay for the third year in a row by 33% to `10 lakh crore (3.3% of GDP)”.