Page 24 - Economic Growth

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, ...

IMF cuts FY24 India growth forecast to 5.9% as global banking crisis weighs

Projection of 5.9% is among the lowest; retail inflation expected to ease to 4.9%

India's March fuel demand soars to record high on robust economic activity

Consumption of fuel, a proxy for oil demand, rose by 5% from a year earlier to 4.83 million barrels per day (20.5 million tonnes), the highest recorded in data going back to 1998

India, China to account for half of global economic growth: IMF chief

The IMF chief on Thursday said that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023. International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia's military invasion of Ukraine would continue this year. The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth, our lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades," she said. Some momentum comes from emerging economies Asia especially is a bright spot. India and China are expected to account for half of global growth in 2023. But others face a steeper climb, she explained. After a strong recovery in 2021 came the severe shock of Russia's war in Ukraine and its wide-ranging consequences global

RBI rate hike touch & go affair amid inflation, growth concerns, swaps show

Policy decisions this week from some of the Reserve Bank of India's global peers offer a good reason for the split

Women-led development crucial for gender equality, growth: Munjapara

Women entrepreneurship is vital for achieving gender equality along with economic growth and the country has made huge strides in this area, Union Minister of State for Women and Child Development Munjapara Mahendrabhai said on Wednesday. Addressing the delegates, panelists, and participants of the Second G20 Empower meet which is underway here, the minister called for working towards creating an ecosystem that nurtures women entrepreneurship and leadership ensuring greater access to mentoring, capacity building, and financing to help them scale up their businesses. The minister, in his inaugural address on the theme 'Women's Empowerment: A Win-Win for Equity and Economy', also urged for focus on promoting women-led development with an emphasis on entrepreneurship, STEM education, and grassroots women's leadership. "One of the key areas of focus is women's entrepreneurship, which India sees as vital for achieving gender equality and economic growth. India has already made significan

Strong structural reforms can help Bangladesh sustain growth: World Bank

Improving trade competitiveness for export diversification will be critical to achieving Bangladesh's aspiration of upper middle-income status by 2031

Impending slowdown

Global uncertainty will affect economic growth

ADB slashes India GDP growth forecast to 6.4% for FY24, cites risks

Private consumption will be the main driver of growth, says international agency

RBI has a responsibility to promote sustainable economic growth: DG Rao

Says banks have a role to play by making finance available to incentivise sustainable initiatives

Indian economy to grow at 6.5% in coming decade: Chief Economic Advisor

The Indian economy is likely to grow at the rate of 6.5 per cent in the coming decade on the back of the turnaround in financial and investment cycle, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Wednesday. Addressing an event here, Nageswaran further said going forward, global exports growth volumes may be somewhat tepid in terms of their growth rates due to the kind of uncertainties the world is facing. "So, I think the restoration of the financial, credit and the investment cycle in the commercial sector and the real estate sector will probably see us growing on an average of six and a half per cent in the coming decade," he said. The Asia's third-largest economy recorded year-on-year growth of 4.4 per cent in October-December, down from 11.2 per cent a year back and 6.3 per cent in the preceding quarter. The finance ministry's Economic Survey has projected the economic growth to be 6.5 per cent in the 2023-24 fiscal beginning April 2023, while the RBI has projected

India expected to be one of the major beacons of economic growth: KPMG

Strong credit growth and resilience in financial markets are further expected to create an environment that supports investments