Page 23 - Economic Growth

Citigroup downgrades US stocks amid recession risks, upgrades Europe

Strategists at the brokerage downgraded UK stocks on a lack of exposure to growth stocks and a stronger pound

China's premier says economic growth accelerating, can hit its 5% target

China's No. 2 leader said Tuesday that economic growth accelerated in the latest quarter and expressed confidence it can hit the ruling Communist Party's official target of 5 per cent for the year. Premier Li Qiang, speaking at a conference in the eastern city of Tianjin, gave no figure for the three months ending in June but said it was faster than the previous quarter's 4.5 per cent. The world's second-largest economy rebounded from 2022's unusually weak 3 per cent growth following the end of anti-virus controls on travel and business activity. But that faded faster than expected. Consumer and factory activity weakened in May and record-setting youth unemployment spiked up. It is expected that the second quarter will be faster than the first quarter, Li said at the World Economic Forum. We expect to achieve the economic growth rate of about 5 per cent determined at the start of the year. Private sector forecasters expect China's economic output to grow by at least 5 per cent this

6.5% is below our potential or desirable rate of growth: Ashima Goyal

'The real repo rate is still in an acceptable band around one'

UTI Flexi-Cap will perform when there’s reversal from value to growth

UTI Flexi-Cap has underperformed in recent times. In this interview, Ajay Tyagi, Head of Equities, UTI Mutual Fund explains to Sanjay Kumar Singh, Associate Editor, Business Standard.

Pak Army chief assures full support to Sharif's economic revival plan

COAS, General Asim Munir, has assured the Armys all-out support to complement the governments efforts to deal with the economic challenges facing the country, media reports said

Rs 2,000 note withdrawal can boost growth by pushing consumption: Report

The Rs 2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond 6.5 per cent estimated by the RBI, a report said on Monday. The real GDP growth for the first quarter of FY24 will come at 8.1 per cent with an upward bias and the Reserve Bank of India's 6.5 per cent estimate can also be exceeded, economists at the country's largest lender SBI said. "We expect Q1 FY24 GDP growth at 8.1 per cent with an upward bias due to the impact of Rs 2000 note withdrawal event...this reinforces our projection that FY24 GDP could be higher than 6.5 per cent, basis the RBI estimate," a note said. It can be noted that earlier this month, the RBI informed that over half of the currency notes in the denomination have returned back, with 85 per cent of it coming as deposits into banks, while the remaining 15 per cent have been exchanged at bank counters. Based on this experience, the SBI note said the consumption can get a Rs 55,000 crore bo

FPIs stay glued to Indian equities; infuse Rs 16,405 cr in June so far

Foreign portfolio investors (FPIs) continued to invest in Indian equities for a fourth straight month as they injected Rs 16,405 crore in June so far on the country's strong economic rebound and positive growth outlook. FPI flows touched a nine-month high of Rs 43,838 crore in equities in May, Rs 11,631 crore in April, and Rs 7,936 crore in March, data with the depositories showed. Before that, FPIs had pulled out over Rs 34,000 crore during January-February. "Considering the current investment trend, it is expected that FPIs will continue to show interest in the Indian market throughout the month," Mayank Mehraa, Smallcase manager and principal partner at financial consultancy Craving Alpha, said. The ongoing economic recovery, positive corporate earnings, and supportive policy environment are likely to sustain the inflow of funds, he added. However, valuation could become a concern as Indian markets continue to surge and stricter regulatory norms could also check foreign money .

UAE-India CEPA deal paying off on every economic front: UAE Min Al Zeyoudi

The landmark UAE-India Comprehensive Economic Partnership Agreement (CEPA) is paying off on every economic front, with the benefits of its integration far broader than just trade, Dr Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, said on Tuesday. India and the UAE inked CEPA on February 18 last year to boost trade ties following a virtual summit between Prime Minister Modi and Crown Prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan. India has been given certain duty concessions on the import of gold from the UAE under the CEPA. The agreement was officially implemented on May 1 last year. "Indian business owners have been spurred to pursue new opportunities in the UAE since the deal was signed, with 11,000 new companies registering with the Dubai Chamber of Commerce in 2022, bringing the total to more than 83,000," Al Zeyoudi wrote in the Dubai-based Gulf News newspaper. There is little question that the CEPA will come to be regarded as a significant milestone

India economy performing strongly despite global slowdown: J P Nadda

BJP president J P Nadda on Tuesday asserted that the Indian economy is moving ahead strongly despite adverse global circumstances as he cited the retail inflation of 4.25 per cent and growth rate of 7.2 per cent to laud Prime Minister Narendra Modi-led government's performance on the economic front. He said at a time when many developed countries have been facing economic adversities amid a slowdown following the Covid pandemic, the Indian economy has been growing and doing well. Food prices have been declining and retail inflation has been on a downward curve, he said. The Indian economy has grown to be the fifth largest in the world, he noted in a statement. At a press conference here, BJP national spokesperson Gopal Krishna Agarwal said the Indian economy has also become an engine of growth for the global economy due to the "concerted and visionary efforts" of the government. Agarwal said India's gross domestic product (GDP) has increased to 3.75 trillion dollars from around 2

GDP growth for FY 2023 was 7.2%, surpassing expectations, says CEA

The Chief Economic Advisor to the Government of India, Dr V Anantha Nageswaran, on Monday said the real GDP growth for the year ending March 2023 was 7.2 per cent, which surpassed expectations, as the underlying momentum in the economy was quite strong. During an interaction with the Industry, organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) here, Nageswaran explained the current state of the Indian economy and said the government was optimistic about its medium-term performance. Addressing the gathering, he said while goods exports were on the weaker side in 2022-23 due to the war in Ukraine and oil price rise, services exports did very well for the country. "We have a good story to share about the Indian economy. The real GDP growth for the year ending March 2023 was 7.2 per cent, surpassing expectations. The underlying momentum in the economy is quite strong. We expect the final number to be even higher than 7.2 per cent," Nageswaran said. He ...

Multi-pronged policy action needed to reignite, sustain growth: RBI Dy Guv

Reserve Bank Deputy Governor M D Patra has pitched for a multi-pronged policy response to reignite and sustain productivity and growth at a time when multiple factors which can influence the economy are at work. The policy response has to be powered by technological capital deepening, accompanied by long-term investment in research and development to nurture a competitive innovation ecosystem, skill development through sustained educational attainments and training, and building up the physical infrastructure, he said. Emerging Markets and Developing Economies (EMDEs) need to leverage the potential of the services sector to drive productivity growth, he said in his inaugural address at the Sixth Asia KLEMS Conference on Sunday at Lonavala. Investing in ICT infrastructure, securing reduction in trade costs like those associated with shipping, logistics and regulation and supportive business-enabling reforms could help to engage the private sector in partnering in this endeavour, he .

Australia's economic growth slows amid inflation, cost-of-living increases

The household saving ratio fell from 4.4 per cent in the last quarter of 2022 to 3.7 per cent, the lowest figure since 2008

Private sector investment set to witness significant increase: R Dinesh

Private sector investment is set to witness a significant increase, as capacity utilisation in several key sectors has already crossed 80 per cent and economic growth is estimated to be 6.7 per cent in the current financial year, newly elected CII President R Dinesh said on Sunday. He also exuded confidence that the Reserve Bank of India (RBI) will maintain status quo on interest rate in the next bi-monthly monetary policy to be announced later this week. On why the government unsuccessfully keeps on nudging private companies to increase investment, the CII president told PTI that the period between 2016 to 2019, was not good for growth and in 2020 there was COVID. "We have circumstances beyond our control which hampered demand We did come out of the COVID much faster," he said, adding there are signs of improvement. Citing the CII's annual CEOs survey, he said all sectors have crossed 75 per cent capacity utilisation and the figure was 80 per cent in key sectors like cement, stee

GDP growth at 6.1% in Q4, 7.2% in full FY23; construction, agri surprise

For FY23, the Indian economy clocked a growth rate of 7.2%. In the previous financial year (FY22), India had seen 9.1% GDP growth

Modi govt at 9: Social goals to economic targets, here're hits & misses

The pandemic has weighed on growth in recent years and has worsened government finances. A lacklustre performance on trade may also have contributed to slower overall growth

India will be global leader by 2047 with unusual growth trajectory: VP

Vice President Jagdeep Dhankhar on Wednesday said India was moving on an unprecedented growth trajectory and will be a "global" leader by 2047, the year it will commemorate a hundred years of Independence. He stressed that the economic progress of the country was deeply connected to its security, and defence forces such as the Border Security Force (BSF) were guardians of the "holistic growth" of India. Dhankhar was speaking at the annual 'Rustamji memorial lecture' of the BSF here. The lecture is organised in memory of the BSF's first chief and founding father K F Rustamji, who was the director general of the 3.25 lakh-strong force during 1965-74. The Border Security Force (BSF) was raised in 1965 and is primarily tasked with guarding the Indian frontier with Pakistan and Bangladesh. Dhankhar said national security was the "cornerstone" of the country's progressive prosperity, and the developments that should have come earlier are taking place now. "You see the kind of road ...

Goa govt notifies modified interest rebate scheme to boost economic growth

The Goa government believes the modified interest rebate scheme, notified on Tuesday, will create a conducive environment for entrepreneurs, boost employment opportunities, and drive overall economic growth in the coastal state. The Mukhyamantri Modified Interest Rebate Scheme was announced in the Budget to promote industrial development. A senior official of the Chief Minister's Office (CMO) said the new scheme is aimed at encouraging investments in various sectors and promoting industrial development in the state, including the industrially underdeveloped talukas. He said the scheme reflects the state government's commitment to ensuring inclusive growth and equal opportunities for entrepreneurs across all regions. The scheme will be implemented for a period of five years, starting from April 1, 2023, to March 31, 2028, and it applies to both new and existing industrial/MSME loans disbursed by EDC (Economic Development Corporation). He said that as per the scheme, the units locat

Singapore & India looking at new growth drivers to propel ties: Kumaran

India and Singapore are looking at new growth drivers to propel their relationship for the next decade, Indian High Commissioner to Singapore P Kumaran said on Thursday, asserting that the two countries have an "active calendar" of more than 20 bilateral mechanisms, dialogues and exercises being planned. Speaking at the "B20 India Conference on Resilient Supply Chains for Trade and Connectivity", Kumaran said that Singapore is an important partner for India and the relationship between the two countries is growing. Singapore is a very special partner for India, and it is evident from the fact that this year, under its G20 Presidency, India has invited Singapore to be a guest country at the forum, he said. We have an active calendar of more than 20 bilateral mechanisms, dialogues, and exercises. We are now looking at new growth drivers to propel the relationship for the next decade or more, he said in a keynote address at the conference. Attended by Indian and Singaporean business .

China's focus on industrialisation fueled growth, but at cost of citizen

China's focus on industrialisation helped it achieve rapid growth, but it has cost its citizen their lives, as numerous people are dying in the country due to air pollution, Just Earth news reported

IMF slashes Pakistan's growth rate to 0.5% for FY23 amid high inflation

The IMF has lowered its forecast for Pakistan's economic growth rate from 2 per cent to just 0.5 per cent for the current fiscal year, amid high inflation and a growing unemployment rate in the cash-strapped country. This showed an unambiguous deterioration of economic fundamentals over the last six months since October when the IMF forecast the country's gross domestic product to grow by 3.5 per cent against 6 per cent for 2022 ago and inflation at 20 per cent against 12.1 per cent. The revision in Pakistan's growth prospects is in line with similar 0.4 per cent and 0.6 per cent projected last week by the World Bank and the Asian Development Bank, respectively. They also projected inflation at 29.5 per cent and 27.5 per cent respectively for the current year, the Dawn newspaper reported on Wednesday. In its flagship World Economic Outlook (WEO), the IMF has also estimated the unemployment rate in Pakistan to rise to 7 per cent against 6.2 per cent last year. For fiscal 2024, ...