Page 28 - Economic Growth

S&P Global Ratings lowers India's FY23 GDP growth forecast to 7%

Says domestic demand recovery will support growth

Slower annual economic growth will be good for India, for now: Economists

India's annual economic growth is forecast to slow to about 6% for a few years, according to economists from Goldman Sachs Group Inc. and Barclays Plc.. And they say that's not such a bad thing

S&P Global Ratings cuts India's economic growth forecast to 7% for FY23

S&P Global Ratings on Monday cut India's economic growth forecast for current fiscal year to 7 per cent, but said the domestic demand-led economy will be less impacted by the global slowdown. S&P had in September projected the Indian economy to grow 7.3 per cent in 2022-23 and 6.5 per cent in next fiscal year (2023-24). "The global slowdown will have less impact on domestic demand-led economies such as India... India's output will expand 7 per cent in fiscal year 2022-2023 and 6 per cent in next fiscal year," S&P Global Ratings Asia-Pacific chief economist Louis Kuijs said. The Indian economy grew 8.5 per cent in 2021. In its quarterly economic update for Asia-Pacific, S&P said in some countries the domestic demand recovery from COVID has further to go and this should support growth next year in India. It projected inflation to average 6.8 per cent in current fiscal year and RBI's benchmark interest rate to rise to 6.25 per cent by March 2023. To control price rise, ...

India capable of growing 9%, but 6.5-7% satisfactory: Sanjeev Sanyal

India is capable of generating a 9 per cent growth rate but in view of the geopolitical situation, we should be satisfied with a 6.5-7 per cent economic expansion, says Sanjiv Sanyal, member of the Economic Advisory Council to the Prime Minister. India is following an "investment and export-driven growth model" and against the backdrop of "turbulent" global times, the RBI and the government have followed a restrained macro-economic approach, which is a correct step. "It is a very turbulent time and we are generating a 7 per cent growth rate already. Nothing to sniff at. But if we get an open road, this economic machinery that we have built is capable of generating a 9 per cent growth rate," Sanyal said at the Times Now Summit 2022. The global economy is facing supply chain disruptions following the outbreak of the Russia-Ukraine war in February. In its World Economic Outlook released last month, the International Monetary Fund (IMF) forecast global growth to slow from 6 per cent

Indian economy expected to maintain growth above 6.5% in coming years: CEA

Chief Economic Advisor V Anantha Nageswaran on Thursday expressed hope that the economy will maintain the trend growth rate of 6.5 per cent and above for the rest of the years in the current decade. The economy will close the current fiscal logging in a growth of 6.5-7 per cent, he said, citing the projections of private sector analysts, Reserve Bank of India (RBI) and international agencies like OECD and the IMF. "This appears to be reasonable at this point in time although we will get the data on the fiscal second quarter in a few days, which will give more clarity on these numbers. By and large, the projections for FY24 coming from international agencies is converging around 6-6.2 per cent," he said at the SBI Banking and Economic summit here. For the current financial year ending March 2023, Citigroup has projected an economic growth of 6.7 per cent, S&P Ratings has estimated 7.3 per cent expansion and RBI has pegged the growth at 7 per cent. Going ahead, Nageswaran expressed .

Recession unlikely in APAC region in coming year: Moody's Analytics

A recession is unlikely in the APAC region in the coming year, although the area will face headwinds from higher interest rates and slower global trade growth, Moody's Analytics said on Thursday. In its analysis titled 'APAC Outlook: A Coming Downshift', Moody's said India is headed for slower growth next year more in line with its long-term potential. On the upside, inward investment and productivity gains in technology as well as in agriculture could accelerate growth. But, if high inflation persists, the Reserve Bank of India would likely take its repo rate well above 6 per cent, causing GDP growth to falter. In August, Moody's had projected India's growth to slow to 8 per cent in 2022 and further to 5 per cent in 2023, from 8.5 per cent in 2021. It said the economy of the Asia-Pacific (APAC) region is slowing and this trade-dependent region is feeling the effects of slower global trade. Global industrial production has remained "fairly level" since it peaked in February just pr

Financial regulators designed in socialist era, must change: Amitabh Kant

Financial regulators were designed in the "socialist era" and there is a need for a change in the mindset of many regulators to aid economic growth, India's G-20 sherpa Amitabh Kant said on Wednesday. Kant, a career bureaucrat who was till recently heading the government's think-tank Niti Aayog, also hit out against certain politicians for "ruining" the country by offering freebies like free power without naming anyone. Speaking at the annual SBI conclave, Kant said financial sector regulators like the Reserve Bank of India, Securities and Exchange Board of India or even the Competitive Commission of India need to act as development and change agents. "...regulators were also designed at a particular period when you were going through a socialist era, and therefore, there is a huge need for a change of mindset amongst many of the regulators I strongly believe," he said. The remarks come at a time when the RBI has hiked interest rate by 1.90 per cent to tame inflation, which is its

OECD cuts India FY23 GDP forecast to 6.6% on slowdown at home, global fears

Says India is set to be second-fastest growing G-20 economy in FY23, despite decelerating global demand and tightening of monetary policy to manage inflationary pressures

Banking funds could outperform if economic recovery continues unimpeded

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

Rupee sheds 0.2% to dollar as Covid worries trigger slump in yuan

Talk of persistent rate hikes by US Fed officials also drags rupee lower

Six months that make a leader

As time goes on, most elected leaders run out of ideas. It seems to hold as true for the world as for India

India, Australia to identify companies in critical mineral space

In the critical minerals space, Australia is the world's largest producer of lithium and the second largest producer of rare-earth elements

From UPA govt's CEA to PM Modi's NITI Aayog member: Who is Arvind Virmani?

Prime Minister Narendra Modi has approved Virmani's appointment notified on November 15. Here's all you need to know

US treasury secy Janet Yellen to visit India on Nov 11 for EFP dialogue

Yellen will meet with tech sector haeds, visit Microsoft India Development Center, and hold a bilateral meeting with FM Sitharaman

McKinsey lists 10 steps to decarbonise India while pursuing economic growth

India emits a net 2.9 gigatons of carbon-dioxide equivalent every year, third-largest globally, as of 2019, according to a report recently released by McKinsey Sustainability

Indian-Americans secret weapon for economic growth: Congressman Jim Himes

Indian-Americans are a "secret weapon for economic growth", Congressman Jim Himes said showering praises on the thriving community, which is the highest-earning ethnic group in the US.

FM Sitharaman lists climate finance, crypto regulation as key G-20 agenda

Nirmala Sitharaman says India will push for the voice of developing and low-income nations

Growth in Asia-Pacific region to slow down in 2022, 2023, says IMF

The International Monetary Fund (IMF) said in a report released on Friday that economic growth in the Asia and Pacific region is expected to slow down in 2022 and 2023

China's economic growth now seen below 5% through 2024 on Covid zero risk

Growth is now expected to be below 5% for each year through 2024, the latest Bloomberg survey of economists shows

JSW Steel logs Rs 848 crore loss in Sept quarter as steel prices fall

Led by an increase in volumes, the firm saw net sales increase by 28.9 per cent at Rs 41,122 crore