Page 17 - Gdp Growth

Updating India's rituals

Particularly economic ones

RBI MPC: Repo rate kept at 6.5%; Q4FY24 inflation forecast lowered to 5%

RBI policy meet: The RBI MPC has also decided to keep its stance of 'withdrawal of accommodation' unchanged

Growth rate of about 7% next year eminently doable, says DEA secretary

Economic Affairs Secretary Ajay Seth on Friday said Budget proposals are non-inflationary and will help achieve 7 per cent-plus growth rate for the fourth year in a row in 2024-25. Although there are external risks arising from geo-political tensions, "the growth rate of about 7 per cent next year is eminently doable," Seth told PTI in a post-Budget interview with PTI. Having contracted 5.8 per cent in 2020-21, the Indian economy recorded a growth rate of 9.1 per cent in the following year. The Gross Domestic Product (GDP) growth rate was 7.2 per cent in 2022-23 and is estimated to inch up marginally to 7.3 per cent in the current financial year. The interim Budget 2024-25 projected a nominal GDP growth 10.5 per cent against the 11 per cent for the current fiscal. The nominal GDP for BE 2024-25 has been projected at Rs 3,27,71,808 crore, assuming 10.5 per cent growth over the estimated nominal GDP of Rs 2,96,57,745 crore, as per the First Advance Estimates of FY24. "The estimates,

Budget reinforces the vision of a confident, consistent and credible India

The government has exuded confidence that despite an election year, it has stayed committed to enhancing the quality of its spending

Deficit reduction will stabilise debt-to-GDP ratio over medium term: Fitch

Fitch Ratings on Friday said the slightly faster pace of fiscal deficit reduction does not significantly change India's sovereign credit profile but the government's emphasis on deficit reduction will help to stabilise the debt-to-GDP ratio over the medium term. In a post budget commentary, Fitch Ratings Director, Sovereign Ratings, Jeremy Zook said over the next five years, India's government debt-to-GDP ratio would be broadly stable at just above 80 per cent of GDP. This is based on a continued path of gradual deficit reduction, as well as robust nominal growth of around 10.5 per cent of GDP. In the interim Budget 2024-25, presented in Parliament on Thursday, the government revised lower its current year fiscal deficit to 5.8 per cent from 5.9 per cent budgeted earlier. The deficit, which is the gap between the government's revenue and expenditure, will come down to 5.1 per cent in 2024-25 and further to 4.5 per cent by 2025-26. Fitch said this demonstrates a firm desire to adher

Interim Budget: 'Fiscally prudent, growth-promoting pronouncement'

The underlying nominal GDP growth assumption of 10.5 per cent for the Budget and tax collection estimates are realistic

Expect no drama in the Budget

But over the medium term, India's fiscal health needs attention

TN economy to be worth $2.6 trn by FY48, needs $111 bn investment: Study

State must focus on industries and urbanisation to meet potential, it says

Getting to grips with logistics cost

As India focuses on reducing the cost, it is important to get the numbers right

Fiscal policy reset

Faster consolidation will require expenditure adjustments

GDP growth will moderate to below 6% in December quarter: ICRA projection

Rating agency ICRA has projected the GDP growth rate to slow down to below 6 per cent in the December quarter, mainly account of sharp fall in kharif crop output, and weak progress in rabi sowing for some crops. india had registered a Gross Domestic Product (GDP) growth rate of 7.6 per cent in the July to September period. The rating agency said the year-on-year growth in ICRA Business Activity Monitor eased for the second consecutive month to a six-month low of 8.1 per cent in December 2023 -- as against 7.9 per cent in December 2022 and 9.6 per cent in November 2023. "This can be attributed to a combination of factors, including easing in momentum of activity after the end of the festive period, tapering of demand for electricity and petrol with the onset of the winter season in North India, as well as unfavourable base effects for some indicators," it said. Despite a moderation in year-on-year growth, the index witnessed a sequential uptick of 1.4 per cent in December 2023, driv

GDP growth in most countries neither sustainable, nor inclusive: WEF study

Most economies are growing in ways that are neither sustainable nor inclusive and are limited in their ability to absorb or generate innovation and minimise their contribution and susceptibility to global shocks, a new report said on Wednesday. The Future of Growth Report released here by the World Economic Forum Annual Meeting 2024 called for a new approach to economic growth that balances efficiency with long-term sustainability and equity, examining speed and quality together. High-income economies score high on innovation and inclusion, while lower-income economies on sustainability, said the report that took a holistic look at GDP alongside the quality of growth across 107 economies. Among the lower middle income economies, India and Kenya scored high on sustainability, Jordan on innovativeness; Vietnam on inclusiveness; and the Philippines on resilience. Common challenges preventing a stronger balanced growth performance of this group included technology absorption, lack of .

86% Indian CEOs optimistic about country's economic growth: PwC survey

44% of global business leaders expressed a similar opinion about the economy in their countries or territories

Fitch affirms India's long-term FX rating at 'BBB-' with stable outlook

'India is poised to remain one of the fastest-growing countries globally in the next few years as the robust economic momentum is proving resilient,' the ratings agency said

Real, nominal GDP growth, inflation play out differently this time around

This happened because inflation, as viewed by GDP deflators, is expected to be quite lower than initially projected for first time, contrary to what had happened ahead of 3 previous interim Budgets

Quality workforce, investment in R&D essential to become 'developed nation'

To bolster its goal of becoming a developed nation by 2047, India needs to substantially increase the size of its quality workforce and investment in R&D in science and technology, including by the private sector, a top Indian official has said. In an interview with PTI on the sidelines of the PANIIT 2024 meeting in a Maryland suburb of Washington DC, Abhay Karandikar, Secretary, Department of Science and Technology, said that one of the key challenges that India has is shortage of trained manpower in R&D sector and "that requires to be enhanced substantially. Given the size and scale of our country, we need a large number of quality R&D workforce to drive the science and technology landscape of the country, he said. Another thing is that we need substantial investment in the R&D sector as a percentage of our GDP, which has been really much lower than the world average, Karandikar said in response to a question. India has taken the initiative to set up a very ...

Fiscal deficit at 5.2-5.4% in interim Budget 2024-25: Goldman Sachs

While income taxes and corporate taxes are expected to grow at around 15 per cent in FY25, the government is likely to lower its target for disinvestment in the next fiscal year

India to be $5 trn economy by FY28, to reach $30 trn by 2047: FM Sitharaman

India will become the third largest economy by 2027-28, with a GDP of over USD 5 trillion, Finance Minister Nirmala Sitharaman said on Wednesday. Even going by conservative estimates, the size of the Indian economy will be USD 30 trillion by 2047, she noted. "It is possible that we will be the third largest economy by 2027-28, and our GDP will cross USD 5 trillion by that time. By 2047, it is a conservative estimate that we will reach at least USD 30 trillion in terms of economy," Sitharaman said at the Vibrant Gujarat summit. India, with a GDP of roughly USD 3.4 trillion, is currently the fifth largest economy in the world, after the US, China, Japan and Germany. Indian economy is projected to grow by 7.3 per cent in the current fiscal, higher than 7.2 per cent in 2022-23. Sitharaman said India has received USD 919 billion in foreign direct investment in 23 years till 2023. Of this, 65 per cent, or USD 595 billion, came in the last 8-9 years of the Narendra Modi government. Refe

US trade deficit narrows in Nov due to decline in imports: Report

The trade deficit contracted 2.0% to $63.2 billion, then Commerce Department's Census Bureau said

Jobs, jobs, jobs

India needs to optimise capital allocation for enhanced employment opportunities