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Modi spoke about GDP in PPP': Mohandas Pai fact-checks Kerala Congress with $17.5 trillion GDP figure​

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'Modi spoke about GDP in PPP': Mohandas Pai fact-checks Kerala Congress with $17.5 trillion GDP figure
Mohandas Pai, Chairman at Aarin Capital, on Wednesday took a sharp swipe at the Kerala Congress for mocking Prime Minister Narendra Modi's 2015 remark on India being an $8 trillion economy.

Responding to the party's dig on social media, Pai wrote, “Idiotic comment again showing empty heads. Modi spoke about GDP in PPP which is the correct measure. It was ~8 Tr$ then and today ~17.5Tr $. Nominal is at current prices. Nominal we are ~4Tr$ today. The Masters of fake narratives showing off how fake they are. Keep going.”

Pai's post came after Kerala Congress had tweeted: “Modi told Mark Zuckerberg in 2015, that India is a 8 Trillion Dollar Economy, and he wanted to take it to 20 trillion. A wise man once said ‘Modi’s knowledge of economics can be written on the back of a postage stamp’. If you still think that this person can lead India to progress, you should get your brain checked, provided there is one.”



The former Infosys CFO defended Modi's statement by pointing out the difference between nominal GDP and purchasing power parity (PPP) — a method often used to measure economies based on relative cost of living and inflation. In PPP terms, India’s GDP stood at around $8 trillion in 2015 and has now nearly doubled to approximately $17.5 trillion, according to recent estimates.

The latest data from the International Monetary Fund supports India's upward trajectory. The country's GDP is projected to reach $4.3 trillion by the end of 2025 in nominal terms, putting it on track to surpass Japan and become the world’s fourth-largest economy by the third quarter of FY25.

India’s growth has outpaced other major economies over the past decade. While India’s economy has grown by 105%, China has expanded by 76%, the US by 66%, Germany by 44%, France by 38%, and the UK by 28%. Commerce Minister Piyush Goyal recently hailed this as “outstanding,” noting that India has outperformed all G7, G20, and BRICS nations.


India reached its first $1 trillion in GDP in 2007, $2 trillion by 2014, and $3 trillion in 2021. The current pace suggests the country may add $1 trillion every 1.5 years, potentially becoming a $10 trillion economy by 2032. While India’s nominal GDP stands at about $4 trillion, the PPP-adjusted figure places it much higher on the global scale.
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The article states that India's economy in PPP has rose to 17.5 BN USD in terms of PPP.

Why Economist Who Predicted The 2008 Crisis Is SUPER Bullish On India Jim Walker Interview​

New Delhi, March 29 -- Why Economist Who Predicted The 2008 Crisis Is SUPER Bullish On India Jim Walker Interview See less
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Krishna with Flute said:

In PPP terms, India’s GDP stood at around $8 trillion in 2015 and has now nearly doubled to approximately $17.5 trillion, according to recent estimates.

Click to expand...

This is why India is more prosperous than it seems. India's GDP in market terms may be 4 Tr USD but in PPP it is more than 4 times higher. There was an article few years back which cited WB saying that India's poverty shall reduced to 1/4th because India's PPP was scheduled to revise at that time about a decade back. This real to PP ratio of 4 times can be actually more may be in the range of 6 to 7 which puts India's GDP close to US in PPP terms.

Apple powers India’s record Rs 2 lakh crore FY25 smartphone exports​

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Apple powers India’s record Rs 2 lakh crore FY25 smartphone exports
India's smartphone exports climbed to a record more than Rs 2 lakh crore in the just-ended fiscal year, clocking a 54% growth, with Apple’s iPhones alone contributing Rs 1.5 lakh crore, said electronics and information technology minister Ashwini Vaishnaw on Tuesday. Smartphones are among India's top exported goods, he said.


The minister also highlighted that India’s electronics manufacturing industry grew fivefold in the past decade, posting more than 17% growth compounded annually. Electronics exports increased six times at over 20% compounded annually during this period.

During the day, the minister announced the notification of the Rs 22,919 crore electronics component manufacturing scheme which was approved by the cabinet on March 28. He said the government will hold consultations with the industry on the implementation guidelines, which should be ready in two to three weeks, after which a portal will be opened for applications.

“This is in a sense the third phase of our growth. We started with just the finished goods, then the sub-assemblies and now the components,” Vaishnaw said. “The thinking behind the scheme is not import substitution but export-led growth, creating bases from which both Indian and global industry will be served.”



Vaishnaw however did not comment on the imposition of reciprocal tariffs by the US government.

While India’s value addition in electronics manufacturing is currently about 20%, the aim is to double it in the next five years and be on par with other global leaders.

The government envisions that, going forward, capital goods required for manufacturing electronics products and components should also be produced locally, Vaishnaw said.

The electronics component manufacturing scheme will have turnover-linked incentives, capital expenditure incentives, and a hybrid, along with an employment-linked incentive.

As per the gazette notification, the scheme will be implemented by MeitY through a designated project management agency responsible for application processing, evaluation, and providing recommendations. A governing council headed by the secretary of MeitY will oversee the scheme's implementation and make key decisions.


The scheme is expected to attract significant investments in the electronics manufacturing sector, enhance domestic value addition in electronic products, and boost India's exports of electronic goods, the notification said.

“Unlike finished goods, where the ratio of revenue to investment is very high; in case of components, this can really vary depending upon which component you are talking about,” Vaishnaw said, adding that the gestation period for a components factory is comparatively higher.

Nearly 100,000 direct jobs are expected to be created in the electronics components industry. The scheme is expected to have a multiplier effect across many sectors as it includes components used in consumer electronics, medical electronics, automobiles among others, the minister said.

Many manufacturers have begun establishing design teams in the country, which is a promising sign indicating confidence, he said.


The notification outlined key target segments for the scheme. These include camera module sub-assembly, electro-mechanical components, multi-layer printed circuit boards (PCBs), lithium-ion cells, enclosures for mobile and IT hardware products, SMD passive components, parts and components used in the manufacturing of sub-assemblies and bare components, and capital goods used in electronics manufacturing.
For more news like this visit The Economic Times.

India overtakes Germany to become 3rd-largest generator of wind, solar power: Report​

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India overtakes Germany to become 3rd-largest generator of wind, solar power: Report
New Delhi | India became the world's third-largest producer of electricity from wind and solar energy in 2024, overtaking Germany, to according to a new report published on Tuesday.

The sixth edition of global energy think tank Ember's Global Electricity Review said wind and solar together generated 15 per cent of global electricity last year. India's share stood at 10 per cent.


The report said low-carbon sources, including renewables and nuclear power, together provided 40.9 per cent of the world's electricity in 2024. This is the first time the 40 per cent mark has been crossed since the 1940s.

In India, clean sources accounted for 22 per cent of the electricity generation. Hydropower contributed the most at 8 per cent, while wind and solar together accounted for 10 per cent.

Globally, renewables led the growth in clean electricity, adding a record 858 terawatt hours (TWh) in 2024 -- 49 per cent more than the previous record in 2022.

Solar was the largest source of new electricity for the third straight year, adding 474 TWh in 2024. It was also the fastest-growing power source for the 20th year in a row.

In just three years, global solar power generation doubled to 6.9 per cent of the electricity mix.

India, too, saw a rapid increase in solar power. Solar contributed 7 per cent of the country's electricity in 2024, the generation doubling since 2021.


Now, India's renewable energy sector marked significant progress in 2024
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India added 24 gigawatts (GW) of solar capacity in 2024, more than twice the addition in 2023, becoming the third-largest market after China and the US.

It also recorded the fourth-largest increase in solar generation globally, adding 20 TWh.

"Solar power has become the engine of the global energy transition,” said Phil MacDonald, Ember's managing director. "Paired with battery storage, solar is set to be an unstoppable force. As the fastest-growing and largest source of new electricity, it is critical in meeting the world's ever-increasing demand for electricity.” The report, released on Tuesday along with an open dataset on electricity generation in 2024, covers 88 countries that account for 93 per cent of global electricity demand and includes historic data for 215 countries.

Ember's Asia Programme Director Aditya Lolla said the clean energy transition in Asia is accelerating, led by record growth in solar and other renewables.


"With electricity demand set to rise across the region, a robust clean energy market is crucial for the continued expansion of clean power. This will not only strengthen energy security and economic resilience, but also help emerging countries access the benefits of a new clean energy market economy." Neshwin Rodrigues, Senior Energy Analyst at Ember, said India has made notable progress in adopting renewables but now faces a major challenge: ensuring its clean generation grows fast enough to meet rising demand.

Calling India a "solar superpower", UN climate change chief Simon Stiell in February said that fully embracing the global clean energy boom would accelerate India's economic rise.

As part of its climate commitments or Nationally Determined Contributions (NDCs) submitted to the UNFCCC in 2022, India aims to achieve 50 per cent of its installed electric power capacity from non-fossil fuel sources by 2030.



In 2021, the country also announced a goal of achieving 500 GW of non-fossil fuel capacity by 2030.

While this target was not officially included in India's updated NDCs, it remains a key guiding reference in national energy planning documents, including the 14th National Electricity Plan.

The report from Ember in February said India will fail to deploy 500 GW renewable energy capacity by 2030 if the funding is not increased by 20 per cent annually from current levels.

'We Will Soon Overtake China's Economy,' Says Lord Karan Bilimoria At News18 Rising Bharat Summit 2025​

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India is one of the fastest-growing economies globally, says British-Indian entrepreneur Lord Karan Bilimoria.© Copyright (C) new18.com. All Rights Reserved.
British-Indian entrepreneur Lord Karan Bilimoria on Tuesday said the world has recognised India’s immense potential and the country will soon overtake China’s economy. He added that India is one of the fastest-growing economies globally.

“India today has one of the fastest-growing economies globally. We’ve also become the most populous country, surpassing China. And based on my prediction, it’s only a matter of time before India overtakes China economically as well. By 2060, I believe India will emerge as the largest economy in the world,” Bilimoria said while speaking at the News18 Rising Bharat Summit 2025.

He said India’s entrepreneurial spirit was suppressed after independence.

India allows all communities to flourish, Bilimoria added.


Related video: India’s Growth Story: Why Tariffs Won’t Slow Us Down (Business Today)

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India’s Exports Hit Record $820 Billion In FY 2024-25, Commerce Ministry Lauds Exporters’ Resilience​

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India’s goods and services exports have crossed a record $820 billion in financial year 2024-25.© Provided by Free Press Journal
New Delhi: India’s goods and services exports have crossed a record $820 billion in financial year 2024-25, which represents a close to 6 per cent increase over the corresponding figure of $778 billion for the previous financial year, despite the economic uncertainties in global markets, according to data compiled by the Commerce Ministry.



The figures were revealed at a meeting held by Commerce and Industry Minister (CIM) Piyush Goyal with the Export Promotion Councils and industry bodies here to discuss the emerging trade scenario.

The minister complimented the exporters for the all-time high achievement in exports in spite of multiple headwinds, including the Red Sea crisis, Israel-Hamas conflict spilling over to the Gulf region, continuation of the Russia-Ukraine conflict and slow growth in some developed economies. The Minister lauded the exporters for their resilience and efforts.

During the meeting, CIM Goyal also apprised the exporters regarding ongoing discussions with the US for a mutually beneficial multi-sectoral Bilateral Trade Agreement (BTA). The talks were kicked off by Prime Minister Narendra Modi, who was one of the first global leaders to agree on the BTA in his meeting with President Trump in February 2025.


Related video: India’s Growth Story: Why Tariffs Won’t Slow Us Down (Business Today)

Foundation stone for India's first GaN-based semicon plant laid in Raipur​

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Foundation stone for India's first GaN-based semicon plant laid in Raipur
The foundation stone for India's first Gallium Nitride (GaN)-based semiconductor manufacturing plant of chip-making firm Polymatech Electronics in Nava Raipur was laid by Chattisgarh Chief Minister Vishnu Deo Sai on Friday. Polymatech Electronics MD and CEO Eshwara Rao Nandam also announced an additional investment of Rs 10,000 crore in Chhattisgarh.



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He informed that the production from the plant, which has set an ambitious production target of 10 billion chips annually by 2030 will commence soon.

The plant will produce advanced 5-nanometer and 3-nanometer chips.

The telecom device packaging facility will drive self-reliance in producing critical semiconductor modules for telecom infrastructure, IoT, and satellite communications, he said.

With an investment of Rs 1,143 crore, the project will place Chhattisgarh and India at the forefront of the global semiconductor industry.

The chips produced at the factory will not only power everyday devices but enable next-gen 5G and 6G networks, high-performance laptops, defence technologies, data analytics, and power electronics.

The plant's establishment marks a crucial step in India's drive to reduce its dependency on semiconductor imports and bolster its position as a global tech powerhouse.


Nandam said Chattisgarh's progressive industrial policies, robust infrastructure, proactive support from the government, and Nava Raipur's emergence as an industrial hub made it a natural location choice for expansion.

"As we lay the foundation stone today, we are not just building a factory, we are laying the groundwork for a technologically advanced future -- one where India leads the global electronics value chain," he asserted.

Globally, Gallium Nitride (GaN) is seen as a game-changer in the semiconductor world. GaN chips are faster, more energy-efficient, and highly durable, making them the ideal choice for next-gen technologies.

Until now, India has had to import such chips from abroad, however, the start of their domestic production will not only create self-reliance but also boost foreign direct investment (FDI).

This project is expected to create direct employment for thousands and indirect employment for millions in Chhattisgarh. Its biggest social impact will be seen in Bastar and other Naxal-affected areas, where youth will be connected to this industry through technical training.


The Chhattisgarh government signed an investment proposal with Polymatech Electronics during the 'Chhattisgarh Investor Connect' held in New Delhi in December 2024.

According to industry department officials, land was allotted to the company in Sector 5 of Nava Raipur through a tender process in less than 45 days, and the lease deed registration was completed in less than 25 days.
For more news like this visit The Economic Times.