Page 16 - Latest Updates on New GDP series

The Nato conundrum

A possible Trump presidency is bad news

India's GDP growth likely to moderate to 6.5% in FY25: India Ratings

On the consumption side, India Ratings expects private final consumption expenditure to grow by 6.1 per cent in FY25, up from 4.4 per cent in FY24

Iffco ranked 1st among 300 cooperatives in world, 72nd in overall turnover

Commenting on retaining the top position in consecutive years, Dr. Uday Shankar Awasthi, Managing Director, IFFCO, said, "It is a proud moment for us at IFFCO and Indian Cooperative Movement as well

GDP growth to moderate sequentially to 6% in Q3 FY2024, projects ICRA

Rating agency ICRA on Wednesday projected GDP growth to moderate sequentially to 6 per cent in the third quarter of FY24 from 7.6 per cent in the preceding three months mainly due to subdued performance of agriculture and industrial sectors. Further, it said the GVA (Gross Value Added) growth is estimated to ease to 6 per cent in the October-December quarter FY24 from 7.4 per cent in the second quarter of the last fiscal. The anticipated deterioration in the industrial sector growth in the third quarter is partly attributable to an adverse base effect and a deceleration in volume expansion, even as the continued deflation in commodity prices kept the profitability of some sectors favourable. Additionally, a mild 0.2 per cent contraction in the total spending of the government of India and the 25 state governments (all states except Arunachal Pradesh, Goa, and Manipur) in the October-December period is expected to have dulled the GVA growth in the quarter. "Lower volume growth for t

India needs to grow at rapid rates to become $35 trn economy by 2047: Kant

India will be the third largest economy by 2027 and it needs to grow at rapid rates to become a USD 35 trillion economy by 2047, the country's G20 Sherpa Amitabh Kant said on Wednesday. Addressing an event organised by the All India Management Association, Kant further said that India needs to grow at 9-10 per cent year after year for the next three decades. "India will be the third largest economy by 2027. And now that Japan, the United Kingdom and Germany are all in the recession phase, we should be able to do it much quicker and much faster," he said. Currently, India is the fifth largest economy and the size of the Indian economy would be about USD 3.6 trillion by March 31, 2024 in nominal terms. "And it is important to be ambitious to make India grow at rapid rates and be USD 35 trillion economy by 2047," Kant added. He noted that India has come a long way from the time when it had faced balance sheet problems. Kant pointed out that unlike the West, where all innovation came

Digital public infra contributes 0.9% to GDP, to triple by 2030: Nasscom

Digital public infrastructures like Aadhaar, UPI and FASTag generated a value of USD 31.8 billion in 2022, contributing 0.9 per cent to India's GDP, and the contribution is projected to increase 2.9-4.2 per cent by 2030, industry body Nasscom said in a report. The Nasscom-Arthur D. Little report titled 'Digital Public Infrastructure of India - Accelerating India's Digital Inclusion' said that Indian DPIs' foundational layers are based on transparency and trust, which promotes paperless transactions, reduces bureaucracy, and advances the concept of digital identity and document management. The report said that mature DPIs such as Aadhaar, UPI (Unified Payments Interface), and FASTag have witnessed exponential adoption by 2022, and the next 7-8 years offer an opportunity for further scalability, reaching even the most remote segments of the population. "By 2030, adoption across matured and budding DPIs has the potential to scale up. The economic value add of these DPIs by 2030 has the

ICAI to suggest ways to improve country's tax to GDP ratio, says Agarwal

Chartered accountants' apex body ICAI will provide suggestions to the government on increasing the tax to GDP ratio as well as on green finance. At a briefing in the national capital on Wednesday, ICAI President Ranjeet Kumar Agarwal said the tax to GDP ratio should improve for the country to become a developed economy by 2047. The Institute of Chartered Accountants of India (ICAI) has more than 4 lakh members and 8.5 lakh students. Spelling out the vision for the institute, Agarwal, who took over as the President on February 12, also said a committee will identify irrelevant laws and make suggestions in this regard to the government. Among other initiatives, the institute will come out with a roadmap on how Artificial Intelligence (AI) can be used for its various stakeholders.

Economic outlook appears bright, 7% GDP growth expected in FY25: FinMin

The outlook for the Indian economy appears 'bright' with GDP likely to clock 7 per cent growth rate next fiscal although the nation needs to keep a watch on global headwinds emanating from geopolitical tensions and volatility in international financial markets, a finance ministry report said on Tuesday. During the current financial year, the Indian economy is estimated to grow at 7.3 per cent. This would be the third year in the row when the GDP would grow in excess of 7 per cent. Driven by a better-than-expected performance in Q2 and above 7 per cent growth projection for FY24 (by Ministry of Statistics and Programme Implementation in its first advance estimates), many global agencies have revised India's growth projection in the upward direction, the Monthly Economic Review released by the finance ministry said. This reflects the resilience of the Indian economy to sustain its growth path amidst ongoing geopolitical headwinds, it said, adding, the measures announced in the Interim

Israel's economy takes deep dive in Q4 with 19.4% GDP drop amid Gaza war

"The contraction of the economy in the fourth quarter of 2023 was directly affected by the outbreak of the Iron Swords War on October 7," the statistic bureau said

In an election year, markets typically flourish, says Arbind Maheswari

Historically, the markets tend to perform well during election years as governments aim to increase spending and call attention to growth, he said

Downside risks to growth persist

The odds of soft-landing have increased with inflation moving closer to the target and growth holding up better than expected in major advanced and emerging market economies

We are more federal than UPA, says NDA government's White Paper

The transfer of these resources to states constituted 3.36 per cent of gross domestic product (GDP) during UPA rule against 4.24 per cent during NDA rule so far

OECD marginally raises India's GDP growth forecast to 6.2% for FY25

For FY26, OECD has kept its growth forecast for India unchanged at 6.5 per cent

Various measures taken to reduce debt burden, strengthen economy: FM

To bring down the debt burden, the government has taken various measures like increasing the tax revenue buoyancy, enhancing the public expenditure effectiveness, commitment to reducing fiscal deficit and augmenting the productive efficiency, Finance Minister Nirmala Sitharaman said on Monday. In addition to strengthening the financial system, the government has more than doubled its effective capital expenditure from Rs 6.57 lakh crore in 2020-21 to Rs 13.71 lakh crore and Rs 14.97 lakh crore in 2023-24 (BE) and 2024-25 (BE), respectively, to crowd in private investments, she said in the Lok Sabha. The government's emphasis on increasing capital expenditure will not only boost the investments, but also return a higher GDP growth to lower the debt burden, she said. Simultaneously, she said, the state governments have been incentivised to increase their capital spending through measures like 50-year interest-free capex loans and front-loading of tax devolution instalments. Various .

We're on course to reaching inflation target of 4% in FY25: CEA Nageswaran

Our potential growth rate is somewhere between 6.5 and 6.8 per cent and it is not 6 per cent as the international agencies used to estimate, he says

Tax buoyancy cannot continue year after year, says DEA secy Ajay Seth

Economic Affairs Secretary Ajay Seth spoke on the government's thinking behind the major budget projections and the fiscal math

Interim Budget 2024-25: Strong foundation towards 'Viksit Bharat'

The cornerstone of this Budget is a commitment to foster global competitiveness among Indian enterprises, attract foreign investments, and bolster startups and innovation-driven ecosystems

Budget focused on economic resilience, creates opportunities for all

It carefully allocates public resources and commits to reduce the country's fiscal debt

Interim Budget 2024-2025: From Amrit Kaal to Kartavya Kaal

In the ongoing phase of transformation health care stands as a foundational element

Increase spending to 2.5% of GDP to improve quality of healthcare: Experts

Dr. Trehan also said that the schemes started by the Government of India, like Ayushman Bharat, are life saviours for people