Page 23 - Economic Growth

India needs high economic growth to invest in energy transition: CEA

India requires high economic growth to invest in energy transition, Chief Economic Advisor (CEA) V Anantha Nageswaran on Wednesday said, observing that the country needs time to move away from coal to renewable energy. Addressing an event here, India is well ahead of other G20 countries in meeting the Nationally Determined Contributions (NDCs) target. "(India) needs high economic growth to invest in energy transition... We basically need the time to move away from coal towards other fossil fuels, and later on towards other renewable energy," he said. NDCs are national action plans adopted by various countries to limit the earth's average temperature rise to well below two degrees Celsius and preferably to 1.5 degrees Celsius compared to the pre-industrial (19850-1900) levels. "You will have to use coal for quite some time," he said. Nageswaran noted that the fear of carbon emissions is driving the West, particularly, Europe towards the impossible trinity of net zero, fiscal pruden

RBI to retain 6.5% rate as growth comfortable, inflation in check: Experts

The Reserve Bank is likely to maintain the status quo on the short-term interest rate in its monetary policy review later this week, with inflation staying in comfort zone and economic growth moving at an accelerated pace, opined experts. The RBI has left the benchmark policy rate (repo) unchanged in its past four bi-monthly monetary policies. The RBI had last increased the repo rate In February to 6.5 per cent, thus ending the interest rate hiking spree which began in May 2022 in the aftermath of Russia-Ukraine war and subsequent disruptions in the global supply chain resulting in high inflation in the country. RBI Governor Shaktikanta Das-headed Monetary Policy Committee (MPC) is scheduled to begin its three-day deliberations on December 6. Das would unveil the decision of the six-member MPC on December 8 morning. The MPC meeting is scheduled for December 6-8, 2023. India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expecte

Barclays, Citi raise India's economic growth closer to 7% after GDP beat

Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending in March, up from previous forecasts of 6.3% and 6.2%, respectively

Growth slows down in three of five advanced economies; US, UK exceptions

China, Japan, Germany showed weaker rate; for UK, it remained the same

India's GDP expected to grow by 6.5% in FY24, says finance ministry

Growth projections for Financial Year 2024 indicate that India will grow by 6.5 per cent. Growth prospects appear bright, though external factors pose a downside risk, the Finance Ministry said

Monetary Policy Committee may have underestimated economic growth for Q2

Most economists peg it higher than 6.5%, numbers to come today

Indian economy expected to sustain strong growth amid global gloom

India's is seen as the bright spot globally as some Western countries are flirting with the possibility of recession, while China, the world's second-largest economy, has slowed down

India's GDP growth expected to slow to 6.3% in FY24: OECD economic outlook

The GDP growth is expected to further slow to 6.1 per cent in the next financial year (FY25), before rebounding in FY26

Mixed results

Economic activity remains uneven

Steel demand to touch 190 MT-mark; production to reach 210 MT: SteelMint

India's steel demand is expected to grow at a CAGR of 7 per cent to touch 190 Million Tonne (MT) level by 2030, according to a report by SteelMint India. The demand will be largely fuelled by construction and infrastructure sectors, which contribute 60-65 per cent to the demand, the market research firm said. In 2030, India's steel demand is projected to reach 190 MT based on a 7 per cent Compound Annual Growth Rate (CAGR). "In the best case scenario, it can also reach 230 MT by 2030," the report titled 'India's Steel and Coking Coal Demand 2030' stated. The demand will also be pushed by sectors like auto and engineering, and factors like population growth, growing urbanisation, various government initiatives will be its key drivers. The demand is expected to touch 120 MT mark by 2023-end, and production will be at 136 MT, as per the report. India's crude steel production is expected to be at 210 MT by 2030, 45 per cent higher from production levels of 2023. Many countries, incl

Here's why the world's most loved-emerging market is feeling jittery

Where India has stood apart from most other emerging markets is in delivering high economic growth - 6 per cent-plus expected in 2023 and 2024, according to the International Monetary Fund

FY24 should conclude as projected with strong growth: Finance ministry

The government is also confident of achieving the budgeted deficit target for the current fiscal year

Moody's retains India's 2023 forecast at 6.7% on strong domestic demand

Moody's Investors Service on Thursday retained India's economic growth forecast for 2023 at 6.7 per cent and said strong domestic demand will likely sustain the growth in the near term. With exports remaining weak against an unfavourable global economic backdrop, Moody's in its Global Macroeconomic Outlook 2024-25 said sustained domestic demand growth is propelling India's economy. We expect India's real GDP to grow about 6.7 per cent in 2023, 6.1 per cent in 2024 and 6.3 per cent in 2025, Moody's said. India's real GDP rose 7.8 per cent year-over-year in June quarter, up from 6.1 per cent in March quarter and bolstered by a 6 per cent increase in household consumption and solid capital expenditure and service sector activity. Moody's said high-frequency indicators show that the economy's strong June quarter momentum carried into July-September as well. Robust goods and services tax collections, surging auto sales, rising consumer optimism and double-digit credit growth suggest ur

Oil prices up 1.5% as Saudi Arabia and Russia stick to supply cuts

Oil was rebounding after both benchmarks lost about 6 per cent in the week to November 3

Southeast Asia woos Indians with more flight seats and free visas

What was striking about Q3 2023 was that the number of airline seats between China and southeast Asia was 53 per cent of the 2019 levels, or 4.24 million seats

CEA V Ananatha Nageswaran sees RBI holding fire if US Fed hikes rate again

The Federal Reserve left interest rates unchanged on Wednesday while still keeping alive the possibility of more hikes given inflation remains above its 2 per cent target and economic growth is strong

BS BFSI Summit: Q2 GDP numbers likely to surprise on upside, says RBI's Das

The RBI has projected a GDP growth rate of 6.5 per cent for July-September while growth for 2023-24 too is seen at 6.5 per cent

Conflicts and macro threaten India's firewalls

Policy agility, prudence, and resilience will be key for sustained growth in a rapidly changing global landscape

Sustainable finance will foster economic growth: Deputy Guv Swaminathan J

He said that lenders need to go beyond mere compliance and must imbue the organisation's practices with sustainable finance principles in order to foster a culture of financial inclusion

India's core sector output touches 14-month high of 12.1% in August

In August last year, the core sector had grown by 4.2 per cent