Major Indian economic events or changes: 2013 – 2017

Updated January, 2017

Events or changes 2016

  • Trial of burning jet engines to clear Delhi air
  • Dharavi ‘slum’ contributes $1 bn to economy
  • Foreign remittances down, mainly from Middle East and parts of Africa
  • India takes over China as no 1 consumer of soya oil
  • Tax amnesty yields $9.8 bn
  • India ratifies Paris Climate Accord following China and USA.
  • India to build satellite tracking station in Vietnam

Changes 2015

  • Major investments / policy changes:
    • China’s Xiaomi to make smart phones in India
    • Indian companies investing billions and creating jobs in US
    • India to roll out $20bn food welfare programme by December
    • Beats fiscal and revenue targets
    • Plan to increase exports to $900bn by 2019-20Airbus to invest $2bn
    • Ford to treble exports
    • Coal privatization moving
    • Vodafone tax case dropped
    • GM food given approval
    • Rail investment approved
    • Renewable energy innovation sought
    • Tech transfer sought from defence firms
    • Solar energy increase
  • Growth
    • India’s low end smart phone market is booming
    • Maruti Suzuki profit grows by 56%
    • SpiceJet profit up
    • Car production similar to China and outpaces US
  • Reform:
    • Modi’s wi helped to increase millionaires
    • Shaking up tariffs to improve foreign trade
    • Reducing subsidies
    • Land acquisition reform , more pro-business
  • Other
    • India benefits from Chinese economic slowdown and global reaction
    • $22bn trade with China agreed
    • Bharat Petroleum wants to use petrol stations to deliver gas to rural areas
    • World Bank data shows fall in poverty rate
    • India ranks low on inclusive growth and development
    • Indian roads getting more dangerous
    • Indian outsourcers under cloud
    • BRIC countries harming each others’ trade with India carrying the blame
    • India carries out first Socio Economic and Caste Census
    • India lags behind neighbours in sanitation
    • Outsourcing firms not growing as before
    • Indian companies create jobs in US
    • Start-up tech companies learning to fail fast
    • Trade agreement with Canada
    • eCommerce increasing rapidlyMillionaires leaving in large numbers
    • IT hindered by power cuts and congestion
    • Indian startups grow
    • India no 1 wealth creating households

Changes 2014

After decades of socialistic policies, Modi’s government is very much pro-business.

Changes 2013: mainly derived from –

The section below was updated 20 December 2012

India maintained its position as no 10 in GDP terms in 2011-12, though the GDP growth in 2012 of 5.4% was a bit disappointing. The target for 2013 is 5.7%, down from previous years’ 6-7%.

It is improving in terms of both export and attracting FDI. It is likely to be able to maintain its growth and not drop back a few points as China, given that it is not as reliant on exports.

Regrettably, despite many moves to reduce restricted practices, the opening up of the retail food business has hit a snag and so Indians will continue to shop at small, local groceries and bazaars as they have done for generations for a bit longer and not enjoy the economies and variety that comes with big supermarkets. Some feel this is a small price to pay to enable the small retailers to continue to earn a living.tesco india

There were several major cases of corruption and investor gloom, falling rupee and a bad monsoon.

Also in 2012, India suffered its greatest electricity blackout that affected around half the country for several days. After a bumper harvest, it did not have sufficient storage for all the grain, so a fair percentage was left in the open air.

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