Page 3 - Economic Growth In India

India's economic growth expected to rise at 6.3% in FY24: Ficci survey

India's economic growth is expected at 6.3 per cent during 2023-24 on the back of good health of the financial sector and uptick in private investment even as downside risks remain, said a survey by industry body Ficci unveiled on Monday. The latest round of Ficci's Economic Outlook Survey pegs annual median gross domestic product (GDP) growth for 2023-24 at 6.3 per cent - with a minimum and maximum growth estimate of 6 per cent and 6.6 per cent, respectively, the chamber stated. The median growth forecast for agriculture and allied activities has been put at 2.7 per cent for 2023-24. This marks a moderation vis-a-vis growth of about 4 per cent reported in 2022-23. The El Nino effect has had an impact on the spatial distribution of rainfall this monsoon. Industry and services sector, on the other hand, are anticipated to grow 5.6 per cent and 7.3 per cent, respectively in current fiscal year, the survey shows. Ficci said the survey was conducted in September 2023 and drew responses

Global warming a problem but can't sacrifice growth, says CEA Nageswaran

Says global economy was going through a period of uncertainty

Malawi looks to deepen trade relations with India in key economic areas

African country Malawi looks to deepen trade and investment relationship with India in areas of energy, agriculture, mining and tourism, its High Commissioner to India Leonard Mengezi said here on Saturday. Mengezi said that Malawi looks forward to cementing the "great cohesion" with businessmen in Gujarat to further strengthen India-Malawi relationship and attract investment. Mengezi was here to participate in the India-Malawi Trade Conference organised by India Africa Trade Council with the aim to enhance business cooperation with Gujarat. "Malawi has been in great trade, economic and investment relations (with India) since 1964, when Malawi got its independence. But there is a need to deepen relationships further in the areas of energy, agriculture, mining, tourism," he told mediapersons. "We need to cement great cohesion with the business people here in Gujarat so as to strengthen Malawi-India relations, so that there is a greater understanding and we take business people who a

India must grow at 8% to transform lives: Former US treasury secy

Speaking at a CII event, Larry Summers highlighted that the issues India faces are less related to the scale of the govt and more about its effectiveness

Economy likely to expand by around RBI's projection of 8% in Q1, FY24

Various analysts that Business Standard spoke to put GDP growth in the range of 7 to 8.5 per cent for Q1 of FY24

Meghalaya CM highlights effective law and order for economic growth

Meghalaya Chief Minister Conrad K Sangma on Tuesday stressed on the importance of good law and order situation to take forward the economic and social activities in the state. Addressing the 77th Independence Day celebrations after hoisting the national flag at the Polo ground here he said that three formal peace talks between the HNLC, Government of India and the state government are making steady progress. The CM said Assam and Meghalaya are resolving the disputed interstate border and a historic Memorandum of Understanding was signed with Assam as a first step towards resolving the dispute. He said his government has set a target to make the state a 10 billion US dollar economy by 2028. "India is on the verge of becoming the world's third largest economy and growing to a size of 5 trillion US Dollar in the next five years. In resonance with that prediction, the Government of Meghalaya has set a target of making the state a 10 billion US Dollar economy by 2028, thereby doubling o

FinMin on same page with RBI for FY24 growth forecast: CEA Nageswaran

Chief Economic Adviser V Anantha Nageswaran on Saturday said that the government is on the same page with the Reserve Bank of India on the GDP growth forecast for the current financial year which is 6.5 per cent. RBI Governor Shaktikanta Das announced at the end of the monetary policy committee (MPC) meeting on Thursday that the GDP growth forecast for 2023-24 has been pegged at 6.5 per cent, a tad higher than the April forecast of 6.4 per cent. Speaking at a session organised by Bharat Chamber of Commerce here, Nageswaran said, "Both the ministry of finance and the RBI are on the same page with the growth forecast for the current fiscal which is 6.5 per cent with risks evenly balanced. The domestic economic growth momentum is strong enough to overcome external risk factors". "We also benefit from lower oil prices and overall domestic macroeconomic stability," he said. The CEA said that during the last financial year, real GDP growth was 7.2 per cent, which was lower than the 9.1 p

India's GDP grows 6.1% in Q4, 7.2% in 2022-23; beats analysts' expectations

Manufacturing and construction sectors surprise on the upside

Per capita income doubles since '14 but uneven distribution a challenge

India's per capita income in nominal terms doubled to Rs 1,72,000 since 2014-15 when the Narendra Modi-led NDA came to power but uneven income distribution remains a challenge. As per the National Statistical Office (NSO), the annual per capita (net national income) at current prices is estimated at Rs 1,72,000 in 2022-23, up from Rs 86,647 in 2014-15, suggesting an increase of about 99 per cent. In real terms (constant prices), the per capita income has increased by about 35 per cent from Rs 72,805 in 2014-15 to Rs 98,118 in 2022-23. "You are looking at GDP in current prices, but if you account for inflation, the increase is much less," said noted development economist Jayati Ghosh on doubling of per capita income in nominal terms. She further said distribution is critical. "Most of this increase has accrued to the top 10 per cent of the population. By contrast, median wages are falling, and possibly even lower in real terms," said the former JNU professor. As per the NSO data,

PM GatiShakti, NMP, National Logistics Policy will help economy: Minister

Union Minister for Commerce and Industry Piyush Goyal said on Thursday that PM GatiShakti National Master Plan and National Logistics Policy (NLP) together will greatly help both businesses and people

India will become third largest economy by turn of decade: Dhankhar

Vice President Jagdeep Dhankhar on Friday said India is a rising star in the global economy primarily due to agriculture and agri-based industry, and the country's rise is "unstoppable." Addressing the 61st convocation of Indian Agricultural Research Institute (IARI), Dhankhar said: "In September 2022, India became the 5th largest economy in the world. It has not come easily. It has been a cesarean." He said agriculture is the backbone of the Indian economy. It is primarily because of the agriculture and agri-based industry, India is a rising star in the global economy. Dhankhar further said India that everyone is seeing today is wonderful. "India's rise is unstoppable. ...we are the most hotspot destination of opportunities and investment," he noted. Such an ecosystem has been developed that affirmative policies are in place to attract talent and investment, he added. Dhankhar also said the country can feed the world. By the end of the decade, India will be the third largest econ

R&D: An inside job

For innovation to power economic growth, Indian industry must raise its investment in in-house R&D five-fold

CPI eases marginally to 5.72% in Dec 2022, within RBI's comfort zone

In November, CPI, also called retail inflation, was at eleven-month low of 5.88 per cent

Govt to release first advance economic growth estimates for FY23 today

The National Statistical Office will release the first advance estimates of economic growth for 2022-23 on Friday evening, three weeks ahead of presentation of General Budget in Lok Sabha on February 1. The first advance estimates of national income for 2022-23 is significant because the data is used for preparing the Budget of the central government for next financial year of 2023-24. Earlier last month, the Reserve Bank of India had lowered the country's GDP (gross domestic product) growth forecast to 6.8 per cent for the current fiscal from 7 per cent earlier, on account of continued geopolitical tensions and tightening of global financial conditions. The RBI had projected the real GDP growth for 2022-23 at 6.8 per cent, with the third quarter at 4.4 per cent and the fourth at 4.2 per cent. It had pared the growth projection for 2022-23 for the third time in December 2022. In April 2022, the central bank had cut the GDP growth estimate from 7.8 per cent to 7.2 per cent, and fur

UP CM orders officials to provide power subsidy to boost economic growth

Uttar Pradesh Chief Minister Yogi Adityanath has said power subsidy should be provided to looms for boosting the economic growth of over 2.5 lakh weavers in the state. The power corporation should make arrangements to provide subsidy to weavers for improving productivity. This will also prevent electricity theft, the chief minister was quoted as saying in an official statement. While reviewing a presentation regarding the MSME Weaver Scheme, Adityanath had a detailed discussion with officials on the consumption of electricity and the subsidy provided to the sector. The chief minister said at prominent weaving business centres such as Ambedkar Nagar, Varanasi, Mau, Gorakhpur and Meerut, feedback and opinions of traders should be taken. He also stressed on the use of solar power in the sector. "Currently, we are giving subsidies of up to Rs 30,000 for installing solar panels. Weavers must be encouraged similarly and work should progress on mission mode, "he said. The chief minister

India's economic activity may have slowed down in Nov as resilience wanes

Demand for bank credit remained healthy at 17.2%, even amidst tighter liquidity conditions and higher borrowing costs, Reserve Bank of India data showed

Banking funds could outperform if economic recovery continues unimpeded

Global factors causing a slowdown and overexposure to this sector are key risks

RBI should pause rate hikes as growth fears loom: MPC member Varma

India's central bank should pause interest rate hikes, despite unacceptably high inflation, to avoid stalling a recovery in economic growth, monetary policy committee member Jayant Varma said

Growth in India, China, Indonesia will be less affected: S&P Global Ratings

Growth in large Asia Pacific economies like China, India and Indonesia will be less affected as their economies are more domestically oriented, said S&P Global Ratings on Thursday.

Indian economy may grow at 6-7% in FY23 amid 'big' demand: PHDCCI

Industry chamber PHDCCI on Wednesday said going by the current trend, it is expecting the Indian economy to grow at 6-7 per cent during current fiscal year. Chamber's new president Saket Dalmia said production has bounced back and there is a "big" demand in the country. The statement comes a day after the International Monetary Fund (IMF) cut its economic growth forecast for India to 6.8 per cent in 2022. The Reserve Bank of India too has cut the economic growth projection for FY23 to 7 per cent from 7.2 per cent estimated earlier on account of extended geopolitical tensions and aggressive monetary policy tightening globally. Dalmia also said the chamber has identified 75 potential products such as agriculture and chemicals to promote their exports in 75 countries like the US and Europe to help India achieve trade the target of USD 750 billion by 2027. He said the US, Canada, Germany, France, the UK, Japan, the UAE, and China, among others would be the major focused markets to boo