Page 18 - Latest Updates on New GDP series

House panel recommends benchmark percentage of GDP for defence allocation

The government should fix a "definite benchmark" percentage of the GDP for defence budget as military expenditure by neighbouring countries and the evolving global security scenario warrant such an outlay for the country to prepare for dealing with future security challenges, a parliamentary panel said on Wednesday. It expressed "surprise" over the defence ministry not taking any action towards arriving at such a benchmark yet following its earlier recommendation. In its report, the parliamentary standing committee on defence, specifically recommended putting adequate focus on developing futuristic drones and electronic warfare systems to confront future challenges. "While appreciating the concern and the efforts made by the ministry towards preparedness of the defence forces in the country, the committee feel that the recent wars in the international arena should act as a grim reminder that the nomenclature of war has really changed and defence preparedness in terms of an electroni

US Federal Reserve pivot helps markets log seventh weekly advance

A dovish pivot by the US Federal Reserve and a sharp retreat in bond yields spurred risk appetite across the globe

Govt likely to come out with logistics cost estimate framework on Thursday

The government is expected to release a framework to assess the logistics cost in the country to get a realistic estimate tomorrow, an official has said. At present, the government is going by certain estimates, suggesting India's logistics cost stands at about 13-14 per cent of the country's GDP (gross domestic product). Sumita Dawra, Special Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT), had earlier stated that the government is coming out with its logistics cost framework. The framework would include elements of this cost and how to measure that. Acknowledging the necessity for targeted policy interventions, a report containing baseline aggregated logistics cost estimates; and a framework for long-term logistics cost calculation is now ready and has been reviewed by external experts from the World Bank, the official said. "This comprehensive report is scheduled for the launch on December 14," the official added. The objective of this endeavou

States' gross fiscal deficit below Budget Estimate for a 2nd yr: RBI report

The implementation of goods and services tax (GST) has led to increased tax buoyancy for the states," the report said

PM talking up transformative GDP but what matters is growth rates: Congress

The Congress on Sunday said Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman are "repeatedly talking up" transformative GDP growth based on the recent July-September numbers but what matters more is annual growth rates over a longer period. Annual average GDP growth rate during the UPA government was 8.1 per cent against 5.4 per cent under the current dispensation, it further said. The Congress' attack comes after Modi said last week that the GDP growth figure for the second quarter of this fiscal displayed the resilience and strength of the Indian economy amid testing times globally. In a post on X, Congress General Secretary Jairam Ramesh said, "The PM and the FM are repeatedly talking up the 'transformative GDP growth in India' based on the recent numbers for July-September 2023." "But if you leave aside quarterly growth numbers, which could be high or low for a number of reasons. What matters a lot more -- to understand how well the economy is doing -- is ..

GDP growth reflection of transformative reforms of last 10 years: PM Modi

Prime Minister Narendra Modi on Saturday said India's GDP growth of 7.7 per cent in the first six months of the current fiscal year is a reflection of the country's strengthening economy and the transformative reforms carried out in the last 10 years. Addressing the 'Infinity Forum 2.0' conference at the GIFT City here via video link, Modi said his government wants to turn the Gujarat International Finance Tec (GIFT) City into a global nerve centre of the new age global financial and technology services. "In the first six months of this financial year, India has achieved a GDP growth of 7.7 per cent...Today, the entire world has pinned its hopes on India, and this did not happen just on its own. This is a reflection of India's strengthening economy and also the transformative reforms carried out in the last 10 years," Modi said in his inaugural address. India is one of the fastest growing fintech markets in the world today and the GIFT International Financial Services Centre (IFSC)

India needs to increase R&D spending to 3% of GDP: Kris Gopalakrishnan

Private sector must contribute 1.5% to such spending, he says in speech urging educational institutions to teach new technologies

RBI MPC keeps repo rate unchanged at 6.5% for 5th straight policy review

The central bank raised the GDP growth forecast for FY24 to 7% from 6.5%

All about property transfer, insurance ULIPs: Top personal finance stories

This week we explain the difference between a will and gift deed; next we analyse index funds of life insurers

Safety, a cost and an opportunity

If safety standards are raised carefully, not only will the public become safer, but the GDP can also grow a little faster

India's GDP grew 7.6% in Jul-Sep quarter, higher than RBI MPC projection

At the Business Standard BFSI Summit last month, RBI Governor Shaktikanta Das said that the Q2 GDP figure is likely to surprise everyone on the upside

Barclays, Citi raise India's economic growth closer to 7% after GDP beat

Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending in March, up from previous forecasts of 6.3% and 6.2%, respectively

Q2FY24 GDP surprised on the upside

The real pressure point in today's GDP statistics is the "agriculture & allied activities" sector that has posted a growth of just 1.2 per cent (Y-o-Y) in Q2FY24, the lowest in the past 18 quarter

Farm GVA growth slows to 1.2% in second quarter amid uneven rains

The sluggish growth in the sector can be attributed to weak harvest activity during July-September and most inputs coming from residual rabi crops

Trade unions witnessing decline across the world, says senior economist

Speaking on the problems faced by trade unions, Bardhan said that an increase in the informal labour force is leading to a higher degree of labour fragmentation

Q2 GDP numbers show resilience and strength of Indian economy: PM Modi

Prime Minister Narendra Modi said that the Centre was committed to ensuring fast-paced growth to create more opportunities, rapid eradication of poverty and improving 'Ease Of Living'

India to remain fastest-growing major economy, demand uneven: Poll

Gross domestic product (GDP) growth is forecast to have slowed to 6.8% in the July-September quarter from 7.8% in the previous quarter

FY24 supplementary grants: Big cash flow unlikely this winter session

The government has exhausted only 39 per cent of its fiscal deficit target in the first half (April-September) of FY24

India needs 8%-8.5% growth to create enough jobs, says Raghuram Rajan

While India's expansion has outpaced that of other major economies, the country isn't creating enough jobs for the millions of people joining the workforce every year

Fitch upgrades India's medium-term GDP growth projection to 6.2%

The ten emerging economies include Brazil, China, India, Indonesia, Korea, Mexico, Poland, Russia, South Africa, and Turkey