Page 28 - 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

China sets this year's growth target at 'around 5%' to revive economy

China's government announced plans for a consumer-led revival of the struggling economy as its legislature opened a session Sunday that will tighten President Xi Jinping's control over business and society. Premier Li Keqiang, the top economic official, set this year's growth target at around 5 per cent following the end of anti-virus controls that kept millions of people at home and triggered protests. Last year's growth in the world's second-largest economy fell to 3 per cent, the second-weakest level since at least the 1970s. We should give priority to the recovery and expansion of consumption, Li said in a speech on government plans before the ceremonial National People's Congress in the Great Hall of the People in central Beijing. The full meeting of the 2,977 members of the NPC is the year's highest-profile event but its work is limited to endorsing decisions made by the ruling Communist Party and showcasing official initiatives. This month, the NPC is due to endorse the ...

Close gender gap to increase global economic activity by $7 trn: Moody's

Closing gender gaps in both labour force participation and management in OECD countries has potential to raise global economic activity by 7%, or about $7 trn in today's dollars, said Moody's

Demand remained muted despite the largely Covid-free festival season in Q3

Growth in private final consumption expenditure was down 7 percentage points from Q2

CEA Nageswaran says 7% growth forecast for current fiscal 'very realistic'

Chief Economic Advisor V Anantha Nageswaran on Tuesday said high frequency data indicate buoyant economic growth momentum and the 7 per cent GDP growth estimate for the current fiscal is very realistic. He also said that there are enough signs that manufacturing is in good health. "Inflation is softening and the pass through from wholesale prices has run its course we do have some uncertainty related to monsoon because of El Nino activity we need to be ready with both supply side and monetary policy measures in the course of the next financial year," Nageswaran told reporters. According to him, the GDP growth forecast of 6.5 per cent for the next fiscal is well within the range of forecast by other agencies like OECD and ADB but there are downside risks. "We need to be prepared for tighter financial conditions globally, weather-related uncertainties and geopolitical factors. 2023-24 may not see a big ticker shock as we saw in early months of 2022-23 as the war broke out in 2022 bu

Apr-Jan fiscal deficit comes at $144.19 bn; touches 68% of full-year target

India aims to end the current fiscal year with a budget deficit of 6.4 per cent

Congress party moves economic resolution at 85th Plenary in Raipur

In its economic resolution, the party resolved to invest in dedicated skill development programmes for the manufacturing sector and develop infrastructure to encourage domestic manufacturing

Net zero target: Why 'sustainable economic growth' will elude India

Western reluctance to spend on climate action and the govt's inability to accelerate renewables to power faster economic growth are major hurdles to the net zero target

China economy to rebound in 2023 under precise monetary policy: PBoC

2023 economic growth target, policies coming next weekend, support for domestic demand expansion a focus

How Russia-Ukraine conflict has impacted global and Indian economy

External conditions deteriorated due to the war on many fronts

India is 15% of solution G20 is looking for economic growth: Jaishankar

External Affairs Minister S Jaishankar on Thursday said India is "15 per cent of the solution" the G20 is looking for in terms of economic growth and development. He was speaking at the Festival of Thinkers, an event organized by Symbiosis International University here. The minister cited managing director of the International Monetary Fund Kristalina Georgieva's statement that in "otherwise a fairly gloomy global economic scenario" India's GDP base is growing at seven percent and is likely to increase in the coming decade. "Kristalina Georgieva tells that 15 percent of the world's growth this year is going to come from India, that means we are 15 percent of the solution that the G20 is looking for in terms of economic growth and development, but it isn't just growth, the G20 is actually looking at how we handled the COVID challenges," said Jaishankar. India's G20 presidency began in December 2022. The G20 countries have noted India's success in effectively vaccinating its vast .

Renewed focus on tourism in Rajasthan to drive economic growth

The Budget has proposed to set up more meetings, incentives, conferences, and exhibition centres in Jaipur, Udaipur, Jodhpur, and Ajmer

Budget's focus on capex to crowd-in pvt investment, push growth to 7%: RBI

The Union Budget's focus on capital expenditure is expected to crowd-in private investment and push the GDP growth rate close to 7 per cent in the next financial year beginning April 1, said a Reserve Bank article on 'State of the Economy'. In 2023-24, capital expenditure is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. "We believe that India will decouple from macroeconomic projections of current vintage and also from the rest of the world. "In our view, the instrument of decoupling will be the Union Budget by raising India's growth prospects over the period 2023-27; and raising India's potential growth," said the article 'State of the Economy' published in the RBI's February 2023 Bulletin. It further said the Union Budget's tax, capex and fiscal consolidation proposals can take India's real GDP growth close to 7 per cent in 2023-24 if they are effectively implemented. "The Union Budget 2023-24's emphasis on capital expenditure is expected to crowd-in ..

IMF predicts global inflation set to drop this year amid subpar growth

The International Monetary Fund (IMF) released the latest World Economic Outlook report this week where they predicted that global inflation is set to drop this year amid subpar economic growth

All at sea

The impact of warming oceans is a neglected threat

India a bright spot for investments despite current volatility: Blackstone

Investors alarmed over recent events, but Blackstone's investments are safe, says president and COO

Over 25% of unicorns in India have been set up by repeat founders: Report

This expertise is what helped India become the third nation to have 100 unicorns, including the 24 that emerged in 2022