Page 23 - Gdp

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

Business Standard brings you the top headlines at this hour

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

ADB retains India's economic growth forecast at 6.4% for current fiscal

It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024

India on a roll owing to landmark reforms under PM Modi: Bernstein report

India has risen from being the 10th largest economy in the world in 2014 to the fifth largest now on the back of "landmark" reforms like GST and an unprecedented infrastructure push, Bernstein said in a report on the Modi government's tenure. The brokerage in a 31-page report titled 'The decade under PM Modi - a deep-dive', hailed landmark reforms, inflation control and financial inclusion and digitisation despite inheriting "a weak economy with several institutions in distress". "Fortune strikes overnight - for some, it is by luck, and for most, it is led by years of effort. The Indian story is similar, becoming more believable even as the building blocks took over a decade to strengthen," it said. Under Modi, India has seen tremendous progress in several areas, including digitisation, formalisation of the economy, a better policy environment to attract investments for manufacturing initiatives and a step-up in infra spending. "The building blocks have been put in place, and altho

UK economy may fall further behind euro area next year, forecast suggests

Gross domestic product is expected to grow by 0.6% in 2024, well below the 1% gain anticipated in the euro area, a monthly survey of economists by Bloomberg showed

IMF sees 'pockets of resilience,' slowing momentum in global economy

Reduced supply chain disruptions and lower goods demand means likely disinflationary pressures from goods, the IMF said

Programmers using AI tools to boost global GDP by over $1.5 trn: Study

Artificial intelligence will help global economy and create demand for software developers, says GitHub

India's current account balance likely turned to surplus in Jan-March: Poll

The latest survey of 22 economists showed the current account balance likely recorded a surplus of $3.3 billion, or 0.4% of gross domestic product (GDP), in the last quarter of the 2022/23 fiscal year

Rs 2,000 note withdrawal can boost growth by pushing consumption: Report

The Rs 2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond 6.5 per cent estimated by the RBI, a report said on Monday. The real GDP growth for the first quarter of FY24 will come at 8.1 per cent with an upward bias and the Reserve Bank of India's 6.5 per cent estimate can also be exceeded, economists at the country's largest lender SBI said. "We expect Q1 FY24 GDP growth at 8.1 per cent with an upward bias due to the impact of Rs 2000 note withdrawal event...this reinforces our projection that FY24 GDP could be higher than 6.5 per cent, basis the RBI estimate," a note said. It can be noted that earlier this month, the RBI informed that over half of the currency notes in the denomination have returned back, with 85 per cent of it coming as deposits into banks, while the remaining 15 per cent have been exchanged at bank counters. Based on this experience, the SBI note said the consumption can get a Rs 55,000 crore bo

India to see a downward trend in its debt burden: Moody's Investors Service

Moody's has a 'Baa3' sovereign credit rating on India, with a stable outlook. Baa3 is the lowest investment grade rating

Growth driver

Expanding internet economy will increase opportunities

Seeking 'accuracy': Govt to come up with fresh logistics cost estimate soon

Initial indications suggest a number lower than 14-16%, says senior official