Business
“India Will Not Only Meet But Possibly Exceed IMFs Estimates,” Says Union Minister Piyush On India’s Booming GDP
New Delhi: Union Minister of Commerce & Industry, Piyush Goyal highlighted on Wednesday the International Monetary Fund’s (IMF) recent revision of India’s growth estimate, which increased from 6.4% to 6.6% for this year, stating that this upward revision is an indication to India’s strengthened economy, driven by increased consumer spending, accelerated investment in infrastructure, and a confident business atmosphere.
He also attributed the growth to the government’s proactive measures, including reduced GST rates, which have led to increased consumer spending and GST collection. Goyal futher showed optimism, stating that with a 7.8% GDP growth in the first quarter, India is set not only to meet but possibly exceed the IMF’s estimates, firming its position as one of the world’s fastest-growing economies.
While speaking to reporters outside the Indian Chemicals and Petrochemical Conclave 2025 held at Bharat Mandapam, Goyal said, “The International Monetary Fund (IMF) has recently revised its growth estimates for India, increasing the projected growth rate from 6.4% to 6.6% for this year. This reflects India’s strengthened economy, the country’s confident atmosphere, increased consumer spending due to reduced GST rates, and accelerated investment in infrastructure. While global growth is expected to weaken to 3.2% this year, India’s growth is nearly double that rate. The first quarter saw a 7.8% GDP growth rate, and it is anticipated that India will not only meet but possibly exceed the IMF’s estimates, continuing to be one of the world’s fastest-growing economies. PM Modi’s vision for a developed India by 2047 seems promising.”
Goyal also highlighted the recent surge in GST collection in September, following the rate cuts, and attributed it to Prime Minister Modi’s vision for a developed India by 2047.
“Despite initial concerns about reduced spending and GST collection in August due to anticipated GST rate cuts, September saw increased GST collection, and the market witnessed a surge in consumer spending post the rate cuts. PM Modi has gifted the Indian consumers, especially the lower and middle classes, with these economic benefits.” Goyal added.
On Wednesday, Minister Goyal addressed the distinguished captains of industry at the Indian Chemicals and Petrochemical Conclave 2025 held at Bharat Mandapam, New Delhi, emphasising India’s pathway to global leadership through innovation, technology, and competitiveness.
Applauding the sector’s vital role in nation-building, Goyal said that the chemicals and petrochemicals industry is “omnipresent in every facet of modern life, from agriculture to automobiles, healthcare to infrastructure and must be at the forefront of developing cutting-edge solutions that power India’s growth.”
Reflecting on India’s vision for Viksit Bharat @2047, the Minister called upon industry leaders to set ambitious goals, urging the sector to aspire to become a USD 1 trillion industry by 2040, thereby contributing significantly to India’s target of a USD 35 trillion economy by 2047.
“Our biggest challenge as a nation is that we often don’t aim big enough,” Goyal said. “Innovation, science, and research must be the backbone of India’s progress. The chemicals and petrochemicals sector has the potential to be a global champion in technology-driven growth and sustainability.”
He noted that advanced nations have achieved prosperity through long-term investments in research and development, and India must similarly anchor its growth in innovation. Goyal highlighted that even oil-rich nations are diversifying into renewable energy and clean technologies, recognising that the future belongs to value-added, sustainable industries.
Acknowledging the industry’s strategic importance to the economy, he emphasised collaboration across the value chain and the need for greater self-reliance in critical materials, while also integrating with global markets to enhance competitiveness.
“We must support each other within our value chains, strengthen domestic capabilities, and at the same time, engage confidently with the world,” the Minister added. “A vibrant, innovative chemicals and petrochemicals sector will be central to India’s journey toward becoming a developed economy.”
CII s report on “People Powering Progress: Building India’s Chemical Workforce for a USD 1 Trillion Industry” was released during the Special Plenary Session with Piyush Goyal, Hon’ble Minister of Commerce and Industry, at the 7th edition of Indian Chemicals and Petrochemicals Conference 2025.
The report captures insights on the transformative potential of India’s chemical industry with projections to reach USD 400-450 billion by 2030 and potentially USD 850-1,000 billion by 2040, driven by global supply chain dynamics, domestic demand, and technological advancements. The sector, contributing 7% to India’s GDP and 14% of industrial output, serves as a catalyst for growth across a wide range of sectors.
R Mukundan, President Designate, CII; Chairman, CII National Committee on Chemicals and Petrochemicals; and Managing Director & CEO, Tata Chemicals Ltd., underlined the role of trade and technology partnerships in shaping the sector’s global positioning.
Opportunities opened through Free Trade Agreements (FTAs) enable the strengthening of the ecosystem for R&D, technology partnerships, and trade linkages. These efforts foster customer development and position the chemical industry as a resilient, future-ready global player. Collaboration and partnerships in research and technology will power India’s next leap, strengthening our ecosystem for R&D and global collaboration to make India a chemical manufacturing powerhouse.
Salil Singhal, Chairman of the CII Indian Chemicals and Petrochemicals Conference, Member of the SCALE Committee, and Chairman Emeritus of PI Industries, welcomed recent policy reforms that support the industry. The unveiling of the HSN Code Mapping Guidebook, along with simplified regulatory pathways, strengthened credentials, and empowered MSMEs, marks a landmark reform.
These initiatives bring clarity, precision, and responsiveness to policy frameworks, creating opportunities for meaningful participation in India’s growth story, particularly in the chemical sector.
Chandrajit Banerjee, Director General, CII, highlighted the critical role of government initiatives in strengthening the sector’s competitiveness. The chemical sector’s significant contribution to manufacturing is widely recognised. Within the broad spectrum of Make in India, initiatives such as the Production Linked Incentive (PLI) scheme, PM Gati Shakti, and the National Logistics Policy have played a crucial role in integrating the chemicals and petrochemicals industry into India’s broader manufacturing ecosystem.
Business
Stock Market Live Updates: Sensex, Nifty Hit Record Highs; Bank Nifty Climbs 60,000 For The First Time
Stock Market News Live Updates: Indian equity benchmarks opened with a strong gap-up on Monday, December 1, touching fresh record highs, buoyed by a sharp acceleration in Q2FY26 GDP growth to a six-quarter peak of 8.2%. Positive cues from Asian markets further lifted investor sentiment.
The BSE Sensex was trading at 85,994, up 288 points or 0.34%, after touching an all-time high of 86,159 in early deals. The Nifty 50 stood at 26,290, higher by 87 points or 0.33%, after scaling a record intraday high of 26,325.8.
Broader markets also saw gains, with the Midcap index rising 0.27% and the Smallcap index advancing 0.52%.
On the sectoral front, the Nifty Bank hit a historic milestone by crossing the 60,000 mark for the first time, gaining 0.4% to touch a fresh peak of 60,114.05.
Meanwhile, the Metal and PSU Bank indices climbed 0.8% each in early trade.
Global cues
Asia-Pacific markets were mostly lower on Monday as traders assessed fresh Chinese manufacturing data and increasingly priced in the likelihood of a US Federal Reserve rate cut later this month.
According to the CME FedWatch Tool, markets are now assigning an 87.4 per cent probability to a rate cut at the Fed’s December 10 meeting.
China’s factory activity unexpectedly slipped back into contraction in November, with the RatingDog China General Manufacturing PMI by S&P Global easing to 49.9, below expectations of 50.5, as weak domestic demand persisted.
Japan’s Nikkei 225 slipped 1.6 per cent, while the broader Topix declined 0.86 per cent. In South Korea, the Kospi dropped 0.30 per cent and Australia’s S&P/ASX 200 was down 0.31 per cent.
US stock futures were steady in early Asian trade after a positive week on Wall Street. On Friday, in a shortened post-Thanksgiving session, the Nasdaq Composite climbed 0.65 per cent to 23,365.69, its fifth consecutive day of gains.
The S&P 500 rose 0.54 per cent to 6,849.09, while the Dow Jones Industrial Average added 289.30 points, or 0.61 per cent, to close at 47,716.42.
Osmond ChiaBusiness reporter
Getty ImagesSouth Korea’s largest online retailer, Coupang, has apologised for a massive data breach potentially involving nearly 34 million local customer accounts.
The country’s internet authority said that it is investigating the breach and that details from the millions of accounts have likely been exposed.
Coupang is often described as South Korea’s equivalent of Amazon.com. The breach marks the latest in a series of data leaks at major firms in the country, including its telecommunications giant, SK Telecom.
Coupang told the BBC it became aware of the unauthorised access of personal data of about 4,500 customer accounts on 18 November and immediately reported it to the authorities.
But later checks found that some 33.7 million customer accounts – all in South Korea – were likely exposed, said Coupang, adding that the breach is believed to have begun as early as June through a server based overseas.
The exposed data is limited to name, email address, phone number, shipping address and some order histories, Coupang said.
No credit card information or login credentials were leaked. Those details remain securely protected and no action is required from Coupang users at this point, the firm added.
The number of accounts affected by the incident represents more than half of South Korea’s roughly-52 million population.
Coupang, which is founded in South Korea and headquartered in the US, said recently that it had nearly 25 million active users.
Coupang apologised to its customers and warned them to stay alert to scams impersonating the company.
The firm did not give details on who is behind the breach.
South Korean media outlets reported on Sunday that a former Coupang employee from China was suspected of being behind the breach.
The authorities are assessing the scale of the breach as well as whether Coupang had broken any data protection safety rules, South Korea’s Ministry of Science and ICT said in a statement.
“As the breach involves the contact details and addresses of a large number of citizens, the Commission plans to conduct a swift investigation and impose strict sanctions if it finds a violation of the duty to implement safety measures under the Protection Act.”
The incident marks the latest in a series of breaches affecting major South Korean companies this year, despite the country’s reputation for stringent data privacy rules.
SK Telecom, South Korea’s largest mobile operator, was fined nearly $100m (£76m) over a data breach involving more than 20 million subscribers.
In September, Lotte Cards also said the data of nearly three million customers was leaked after a cyber-attack on the credit card firm.
Agency workers hired to cover Birmingham bin strikers will join them on picket lines on Monday, a union has said.
A rally will be held by Unite The Union at Smithfield Depot on Pershore Street, Birmingham, on Monday morning to mark the first day of strike action by agency refuse workers.
Unite said the Job & Talent agency workers had voted in favour of strike action “over bullying, harassment and the threat of blacklisting at the council’s refuse department two weeks ago”.
The union said the number of agency workers who will join the strike action is “growing daily”.
Strikes by directly-employed bin workers, which have been running since January, could continue beyond May’s local elections.
The directly-employed bin workers voted in favour of extending their industrial action mandate earlier this month.
Unite general secretary Sharon Graham said: “Birmingham council will only resolve this dispute when it stops the appalling treatment of its workforce.
“Agency workers have now joined with directly-employed staff to stand up against the massive injustices done to them.
“Instead of wasting millions more of council taxpayers’ money fighting a dispute it could settle justly for a fraction of the cost, the council needs to return to talks with Unite and put forward a fair deal for all bin workers.
“Strikes will not end until it does.”
Stock Market Live Updates: Sensex, Nifty Hit Record Highs; Bank Nifty Climbs 60,000 For The First Time
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