India's unemployment rate decreased to 3.1 per cent in 2023, down from 7 per cent in 2022 amid robust government policies, a report showed on Thursday.
The country's national savings as a percentage of GDP increased to 33.4 per cent in 2023 compared to 29.9 per cent in 2022.
Meanwhile, the number of high net-worth individuals (HNWI) in the country increased by 12.2 per cent in 2023 as compared to the previous year, bringing the figure at 3.589 million, according to The Capgemini Research Institute's 'World Wealth Report 2024'.
The wealth of HNWI in the country increased by 12.4 per cent to $1,445.7 billion in 2023, from $1,286.7 billion in 2022.
In the APAC region, India and Australia were the best performers, which recorded HNWI wealth growth of 12.4 per cent and 7.9 per cent, and HNWI population growth of 12.2 per cent and 7.8 per cent, respectively.
Wealth growth in both of these countries was driven by a resilient economy and robust performance of the equity markets, the findings showed.
"India's economy expanded at its swiftest rate in the last six quarters, propelled by robust private consumption as well as positive trends in manufacturing and construction activities," the report mentioned.
The country's market capitalisation increased by 29 per cent last year, after an increase of 6 per cent in 2022.
Factors like renewed capital expenditure, a strong banking system, credit growth, increased demand for automobiles and power, and digitalisation-driven productivity boosts are further amplifying this trend.
Foreign portfolio investment (FPI) flows have seen a significant turnaround in 2023-24 with net FPI inflows of $24.9 billion (up to December 6) as against net outflows in the preceding two years, said the report.
CPI-M central committee member Jitendra Chaudhury re-elected as Tripura unit Secretary
Communist Party of India-Marxist (CPI-M) central committee member Jitendra Chaudhury re-elected as party’s Tripura state Secretary in the three-day (January 29 to 31) 24th state conference of the Left party.
States should boost biz reforms to generate higher incomes for citizens: Eco Survey
States should focus on business reforms on a priority basis to achieve buoyancies in some industrial or service sectors, the Economic Survey 2024-25 said on Friday.
NCERT team seizes pirated textbooks in Agartala
Officials of the National Council of Educational Research and Training (NCERT), along with Tripura Police, seized pirated NCERT books that were being sold to students in bookshops in Agartala, officials said on Friday.
Mamta Kulkarni's past haunts her, leads to expulsion from Kinnar Akhada
Actress Mamta Kulkarni, who ruled the 90s, has been expelled from the Kinnar Akhada. The designation of Mahamandaleshwar, which was given to the actress, has been revoked. The reason behind the same has been revealed to the actress’ past link to cinema, and her alleged criminal past.
Eco Survey suggests enhanced deregulation for MSMEs to boost growth
Faster economic growth is only possible if the Union and state governments continue to implement reforms that allow small and medium enterprises to operate efficiently and compete cost-effectively, said the Economic Survey 2024 on Friday.
Lifestyle choices, workplace culture key for mental well-being, productivity: Eco Survey
Lifestyle choices and workplace culture are critical for the mental well-being and thus, the productivity of the people in India, according to the Economic Survey 2024-25 on Friday.
Eco Survey: Demographic advantage, responsible approach position India to benefit from AI
With AI research and development currently concentrated in the hands of a few, very large companies that control the resources to erect high entry barriers, AI adoption in place of humans presents the risk of concentrating the benefits of automation.
Prez Murmu faces ‘repeated’ insults from Congress: Sonia Gandhi’s comments fuel backlash
The BJP was quick to condemn the remarks, calling them “derogatory” and accusing the Congress of disrespecting the President. BJP leaders said that Congress’s “feudal mindset” cannot accept that a tribal woman like Droupadi Murmu achieved the position of President of India.