Page 13 - Latest Updates on New GDP series

India to clock GDP growth of 7% in FY25: NITI Aayog member Arvind Virmani

The Indian economy will grow around 7 per cent in the current fiscal year and is on track to maintain a similar growth rate for several years, NITI Aayog member Arvind Virmani said on Friday. Virmani said there are new challenges facing the country and they will have to be dealt with. "Indian economy will grow at 7 per cent plus minus point 0.5 per cent... I expect that we are on track to grow at 7 per cent for several years from today," he told PTI in an interview. Last month, the Reserve Bank of India (RBI) pegged the FY25 gross domestic product (GDP) growth rate at 7.2 per cent. Responding to a question on the decline in private consumption expenditures in the last fiscal year, Virmani said it is actually recovering now. "The effect of the pandemic was to draw down savings... and very different from previous financial shocks," he said. Explaining further, Virmani said it is like what he calls a double drought situation. "We also had, of course, El Nino last year, but what the

Budget 2024: Experts call for restructuring AB-PMJAY to hike health budget

Echoing the urgency of healthcare reforms ranging from restructuring of Ayushman Bharat Yojana (AB-PMJAY) to accelerating the digital health mission, experts and industry leaders have outlined key priorities for the Modi government in its third consecutive term. Their statements highlight the importance of prioritising preventive healthcare measures, strengthening infrastructure, and increasing healthcare spending. Healthcare experts have expressed concerns about whether the government in its new term will make any difference by increasing public expenditure on healthcare to the desired level in India. Notably, the National Health Policy (NHP) 2017, which promises to increase public health spending to 2.5 percent of the GDP, remains overdue even as Indians rely heavily on private services. Dr Girdhar Gyani, Director General, AHPI (Association of Healthcare Providers, India) said, "In the upcoming term, we urge the government to prioritise a comprehensive approach to fostering a ...

Budget Watch: FinMin confident of sticking to fiscal deficit of 5.1% of GDP

However, this path may not be as easy for the government to tread

India will be superpower by 2047, but not high-income economy: Martin Wolf

He added that India's size gives It the resources to diversify and upgrade the economy overtime and can become a magnet for FDI

India must use its cultural wealth to be global economic power

Cultural economic governance assumes great importance at the stage of policy formulation and its implementation

Budget must signal change

It needs to move beyond headline GDP to prioritise job creation and alleviating rural distress

Mospi sets up 26-member committee to decide new base year for GDP

The Advisory Committee on National Accounts Statistics to review data sources, align GDP with inflation and industrial indices

Sidbi bats for sustainable development of MSMEs; pilots several projects

Small Industries Development Bank of India (SIDBI) has been making efforts for sustainable development of the MSME sector, which plays a key role in the economy, a senior official of the financial institution said on Thursday. Deputy Managing Director of SIDBI, Sudatta Mandal, said it has taken proactive steps to make the MSME eco-system green with several financial and non-financial engagements. Speaking at an interactive session on the occasion of International MSME Day organised by the MCCI, Mandal said SIDBI has launched various lending products on competitive terms to facilitate energy-efficient transition of the MSMEs. "In the green space, SIDBI has piloted several projects and validated models such as Partial Risk Sharing Facility for energy efficiency programme supported by the World Bank with a corpus of USD 37 million, he said. Mandal said SIDBI has made continuous efforts for holistic development of the MSME sector, which now contributes to 45 per cent of India's exports

'We are positive about growth, disinflation', says RBI Governor Das

Addressing the 188th AGM of Bombay Chamber of Commerce & Industry, RBI Governor Shaktikanta Das says, "India is at the threshold of a major structural shift in its growth trajectory

India's external debt rises to $663.8 bn; debt to GDP ratio falls: RBI

At end-March 2024, India's external debt was placed at $ 663.8 billion, an increase of $ 39.7 billion over its level at end-March 2023, according to RBI

Current account balance posts surplus of 0.6% of GDP in Jan-Mar 2024: RBI

For FY24, the net invisibles receipt was higher during 2023-24 than a year ago, primarily on account of services and transfers, RBI said

Reflections from the US

India remains a prized long-term bet, but investors are hesitant due to concerns over valuation

India records current account surplus of 0.6% on higher service exports

India recorded a current account surplus of USD 5.7 billion or 0.6 per cent of GDP in the March quarter, the Reserve Bank said on Monday. In the year-ago period, the current account deficit stood at USD 1.3 billion or 0.2 per cent of GDP, and the same was USD 8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023. For FY24, the current account deficit narrowed to USD 23.2 billion or 0.7 per cent of GDP against USD 67 billion or 2 per cent of GDP in FY23, the RBI said in a release on the Developments in India's Balance of Payments.

The Great Indian Inequality Debate: Is India's income inequality declining?

With the latest HCES showing a fall in Gini coefficient between FY12 and FY23, has India been able to reduce the income inequality?

Govt may finalise base year revision for CPI, IIP, GDP by end of 2024

The ministry is currently undertaking a market survey, a requirement to update the base year for CPI, as it is used to update the CPI basket

India to remain fastest growing Asia-Pacific economy, says Moody's

The report also noted that India, Indonesia, and the Philippines were the key growth outperformers in the first half of the year 2024

NITI Aayog proposes tax exemption to boost state universities R&D

Concerns include lack of an incentive system for faculties to pursue research, the dominance of R&D from central universities rather than private and state institutions, and funding constraints

Tax origin not suitable measure for budgetary devolution to states: Study

Amongst the major states, an increase in the share of tax devolution over this period was observed in Chhattisgarh, Haryana, Madhya Pradesh, Maharashtra, Punjab, Rajasthan, and West Bengal

Strong economic base to help new govt make India a developed nation by 2047

India's world record beating economic growth rate together with robust tax revenues, a fast expanding digital and financial infrastructure and a strong manufacturing sector will give the new government a base for unleashing next generation reforms that may make the country a developed nation by 2047. The new government will however have to tackle with problems like unemployment and rural distress, which seemed to have played a major role in voting pattern in states like Uttar Pradesh, while also keeping inflation under control. Given that no party, including BJP, have a clear majority of its own, tough reforms like big ticket privatisation and labour law reforms may take a backseat. As per the available trends, BJP is likely to win about 240 seats in a 543- member Lok Sabha. It would have to rely on its allies like TDP and JDU to form the next government. The new government will have to build upon the 8.2 per cent GDP growth recorded in 2023-24 and carry on with the reforms to make

Using GST as consumption proxy

Unlike private consumption data, GST can provide real-time insights into consumption patterns, economic activity, and state-wise variations