Page 29 - Economic Growth

PM Modi to chair second National Conference of Chief Secretaries in Delhi

The three-day Conference, from 5-7 January, will focus on achieving rapid and sustained economic growth in partnership with the States

Opportunities and choices in the Budget

Fiscal consolidation is needed if India is to seek sustainable private sector-led growth

Infra brushstrokes for the Budget

There are seven key areas that the FY24 Budget needs to address to re-energise the infrastructure sector

Top Headlines: India ups windfall tax on crude, 6.5% growth likely in FY24

Business Standard brings you the top headlines at this hour

Investors must have moderate return expectations in 2023: Nippon India exec

Earnings could be challenging as global economic growth is weakening, says Sailesh Raj Bhan

Indian stocks top Asian markets, strong economic growth fuels hope

Next year's optimism for India is driven by strong corporate earnings, a post-pandemic retail boom and an economy set to grow by 6% in the next fiscal year

Revisiting international trade's role in domestic development

Unlocking trade-enabled economic development alongside tenets of development including gender equity, income inequality, infrastructure, and other SDGs is very much possible

Austria's economy expected to face stagnation in 2023 amid energy crisis

With the projected stagnation in 2023, the country's economy is expected to return to significant growth of 1.8% in 2024

ADB keeps India's GDP growth unchanged at 7% for current financial year

Asian Development Bank (ADB) has kept its outlook for India's economic growth unchanged at 7 per cent for the current fiscal year while forecasting a weaker-than-previously expected pace for developing Asia. ADB's 7 per cent growth projection for fiscal 2022-23 (April 2022 to March 2023), unchanged from its September forecast, compares to 8.7 per cent GDP growth in 2021-22. For 2023-24, the GDP growth has been kept unchanged at 7.2 per cent. The Manila-based ADB in a report on Wednesday saw Asia expanding 4.2 per cent this year before accelerating to 4.6 per cent in 2023. These projections compare to the previously estimated expansion of 4.3 per cent and 4.9 per cent, respectively. "Despite recent global headwinds, the Indian economy is expected to grow by 7.0 per cent, as projected in the Update, supported by a strong domestic base. "While some recent high-frequency indicators are more favourable than expected -- notably consumer confidence, electricity supply and purchasing ...

We see trade with India growing two-fold in next 5 years: Ontario minister

In a Q&A, Victor Fedeli says several top Indian companies are continuing to build their presence in the Canadian province despite concerns of tighter global financial conditions

Climate issues, economic growth solutions sought from India G20 presidency

Supporting India's G20 Presidency, Indonesia, which passed on the baton to India, said that with this, the interest of developing countries will continue to prosper

India can sustain 9% GDP growth for many years: EAC member Sanyal

Economic Advisory Council member Sanjeev Sanyal on Sunday said India is capable of sustaining an economic growth of 9 per cent for many years, even as he asserted that a high sustained GDP growth rate is key for the world to achieve the 2030 Sustainable Development Goals (SDGs). Speaking at a side event of the first Sherpa meeting under India's G20 presidency here, the economist said India has a per capita income of only USD 2,200 and that has been achieved after several years of very high growth rate. "Particularly for the Global South, sustaining high GDP growth rate is critical to achieving SDGs and without that, all we are doing will be re-distributing poverty. "Even for relatively advanced countries, most of them have very high debt levels. For them also, sustained high level of GDP growth will be very important," he said. Sanyal was speaking at the first side event of the India's G20 presidency and the topic was 'Transforming lives: Accelerating implementation of SDGs'. Adop

Britain nears bottom of the heap for economic growth potential: Economist

Potential output, a mixture of productivity and workforce growth, is a measure of how fast an economy can expand before generating inflation

Rally in PSU banks set to continue; biz prospects may improve further in H2

There's been credit expansion and credit costs have remained low, due to general economic growth and low non-performing assets (NPAs)

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