Page 20 - Latest Updates on New GDP series

Top headlines: India's economy 16.5 yrs behind China, Inflation a key issue

Business Standard brings you the top headlines at this hour

Confident of meeting fiscal deficit, nominal GDP targets: DEA secy

Govt keeping a close watch on some sectors for supply side measures to tame inflation

Six new members' combined share of Brics GDP to be just 11%: Report

GDP share of the six new members, being added to the five-member BRICS grouping of emerging economies from January, will be just 11 per cent, with Saudi Arabia's contribution the highest at 4 per cent, an analysis shows. The proposed addition of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to the five-member BRICS, or Brazil, Russia, India, China and South Africa, will also see the grouping's share in the global GDP rising to 30 per cent from 26 per cent now and that of the population to 46 per cent, according to an analysis by the SBI Research. The expansion decision, effective January 1, 2024, was announced at the recent BRICS summit held in Johannesburg. Currently China contributes 70 per cent of the BRICS' GDP, which will decline to 62 per cent, while India chips in with 13 per cent now that will inch down to 12 per cent. Russia contributes 8 per cent, Brazil is at 7 per cent and South Africa contributes a paltry 2 per cent, giving combined 26 per

Weekend Bites: Beleaguered tycoon, GDP, Ambani children, and Wonderlust

In which we munch over the week's platter of news and views

Like India, quarterly GDP growth also up in other large economies

China, Japan, the United States and the UK have shown a stronger rate of gross domestic product (GDP) growth in the second quarter of 2023 compared to the previous quarter

Moody's ups GDP projection to 6.7% for CY2023 on robust economic momentum

Moody's Investors Service on Friday raised India's growth projection for 2023 calendar year to 6.7 per cent on account of robust economic momentum. "Strong services expansion and capital expenditures propelled India's 7.8 per cent real GDP growth in the second (April-June) quarter from a year ago. We have accordingly raised our 2023 calendar year growth forecast for India from 5.5 per cent to 6.7 per cent," Moody's said in its Global Macro Outlook. "Given the robust underlying economic momentum, we also recognise further upside risk to India's economic growth performance," it added Moody's said since the second quarter outperformance creates a high base in 2023, "we have lowered our 2024 growth forecast from 6.5 per cent to 6.1 per cent". India's monsoon season which runs from June to October could also see below average rainfall, resulting in higher food prices. So far, as of August 29, the India Meteorological Department has estimated a 9 per cent rain deficiency across the ...

Top headlines: Q1 GDP data, core sector output slowed to 8%, and more

Business Standard brings the top headlines at this hour

India's GDP growth accelerates to four-quarter high of 7.8% in Q1 FY24

Weak monsoon, depressed global demand, rising rates cloud outlook

India to clock GDP growth of 6.5% in FY24 despite rainfall deficit: CEA

Chief Economic Advisor V Anantha Nageswaran on Thursday said the economy is expected to grow at 6.5 per cent in the current fiscal notwithstanding deficient monsoon rains. He also said that there is no real cause for concern that inflation would spike out of control as both the government and the Reserve Bank are taking adequate steps to maintain supply and keep prices under check. The CEA said food inflation is likely to subside with the arrival of fresh stock and government measures. However, the impact of deficient rains in August is to be watched. "There is momentum in economic activity in general and it is not driven by price-related distortions. Therefore our projections still are very comfortably placed at 6.5 per cent for the current financial year," he said. Risk is evenly distributed to around 6.5 per cent growth projection for FY2023-24, he said while briefing media following the release of first quarter GDP numbers. Rising crude prices may warrant attention and prolonge

Indian real GDP grew 7.8% in April-June quarter; lower than RBI's estimates

In its recent bi-monthly monetary policy announcement, the Reserve Bank of India had pegged the GDP growth rate for the June quarter at 8 per cent

Relative to GDP, India's space spends higher than half of G20 peers

Chandrayaan-3's successful soft landing on the lunar south pole on Wednesday has ensured India's place in the elite group of nations to have achieved this feat

GDP growth to be higher than RBI's estimate of 8% for June qtr: Economists

The country's real GDP growth in the first quarter will be better than the Reserve Bank's estimate of 8 per cent, economists said on Tuesday. Economists at the country's largest lender SBI pegged the growth at 8.3 per cent while domestic rating agency Icra estimated it to come even higher at 8.5 per cent. The Reserve Bank of India (RBI), which expects the GDP to grow at 6.5 per cent in FY24, has estimated a growth of 8 per cent in the April-June period. Official data on growth will be released later this month. In the preceding March quarter, the real GDP had grown at 6.1 per cent as compared to the year-ago period. Both SBI and Icra credited capital expenditure by the Centre and states for their expectations of faster economic growth. The rating agency also said that the lower base -- the GDP had contracted by nearly a fourth in the first quarter of FY21 -- as a helping factor. A note by Soumya Kanti Ghosh, the group chief economic adviser at SBI, said the largest lender has tra

BRICS economies catching up with combined GDP of G7 countries: Piyush Goyal

BRICS is the driving force of global growth and the economies in the five-member bloc are catching up with the combined GDP of G7 countries, with significant shifts in the manufacturing process, Union Minister of Commerce Piyush Goyal said here on Monday. He was speaking at the opening ceremony of the BRICS Manufacturing Business Summit. The 21st century has witnessed significant shifts in what we manufacture, how we manufacture and for whom we manufacture, Goyal told delegates from more than 30 countries at the event. Manufacturing is a significant part of trade and industry and plays a pivotal role in the growth of a nation. While its dominance in the economy continues, the 21st century has witnessed a significant shift in what we manufacture, how we manufacture and what we manufacture, he said at the summit. The summit was one of the peripheral events ahead of the 15th BRICS Summit at which the leaders of the member countries - Brazil, Russia, India, China and South Africa - wil

Govt will stick to fiscal deficit target of 5.9% of GDP: Finance secretary

The government will stick to the fiscal deficit target of 5.9 per cent of the GDP as robust tax, non-tax collections will help meet the spending requirement and make up for any shortfall in disinvestment proceeds, Finance Secretary T V Somanathan said on Friday. Although there would be a shortfall with respect to disinvestment, he said, this shortfall would be met by non-tax revenue mobilisation. "Disinvestment target is unlikely to be met. However, I would say in aggregate the collective amount between disinvestment and non-tax revenue is likely to be very close to the budget," he told PTI in an interview. The total of disinvestment receipts, plus non-tax receipts are likely to be very close to the Budget Estimates, he said. "We expect to adhere to our fiscal deficit target this year...none of the events so far have caused anything for us to deviate from it," he said. The government has already got a higher dividend from the Reserve Bank of India and expects higher dividends from

Centre's debt stands at Rs 155.6 trn in March 2023, 57.1% of GDP

The central government's debt stood at Rs 155.6 lakh crore or 57.1 per cent of the GDP at the end of March 2023, Parliament was informed on Tuesday. "The Central Government's debt was Rs 155.6 lakh crore as on March 31, 2023. It has reduced from 61.5 per cent of GDP in 2020-21 to 57.1 per cent of GDP in FY 2022-23," Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha. The debt of state governments at the end of 2022-23 is estimated to be about 28 per cent of GDP. Replying to another question, Chaudhary said the Gross Fixed Capital Formation (GFCF) in the Indian economy has increased from Rs. 45.41 lakh crore (constant 2011-12 prices) in 2018-19 to Rs 54.35 lakh crore in 2022-23 (Provisional Estimates). "The government is implementing the 'Scheme for Special Assistance to States for Capital Expenditure' (2020-21 & 2021-22) and 'Scheme for Special Assistance to States for Capital Investment' (2022-23 & 2023-24)," he said. The government ..

Per capita income to grow nearly 70% to $4,000 by FY30 from $2,450 in FY23

The country's per capita income is likely to grow by close to 70 per cent to USD 4,000 by fiscal 2030 from USD 2,450 in fiscal 2023, helping it become a middle-income economy with USD 6-trillion GDP, more than half of which will be coming in from household consumption, says a research report. Per capita income/GDP has risen from USD 460 in fiscal 2001 to USD 1,413 in fiscal 2011 and further to USD 2,150 in fiscal 2021. The biggest growth driver will be external trade which may nearly double to USD 2.1 trillion by 2030 from USD 1.2 trillion in fiscal 2023 when the GDP printed in at USD 3.5 trillion, Standard Chartered Bank said in a weekend report which assumes a 10 per cent nominal GDP growth annually from now on. According to the report, the second biggest growth driver will be household consumption which is seen jumping to USD 3.4 trillion by fiscal 2030which as big as the current size of the GDPfrom USD 2.1 trillion in fiscal 2023. Household consumption is as much as 57 per cent

US well clear of recession, Q2 GDP growth at 2.4%; beats Street estimates

The Fed staff is no longer forecasting a recession, Chair Jerome Powell said Wednesday after the central bank raised interest rates by a quarter percentage point

Relative to their GDP, states' liabilities moderating after pandemic

Absolute numbers have shown double-digit growth in recent years

Top headlines: IMF ups GDP forecast, L&T board approves buyback, and more

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Economy to hold top spot for GDP but not so much for jobs growth: Report

The world's most populous country aspires to leapfrog to the status of a developed nation, riding on the unprecedented demographic dividend