Page 25 - Gdp

India's nominal GDP to reach $3.5-trn mark by March-end: Economic Survey

India has already become the world's fifth largest economy in the 75th year of Independence and will reach the USD 3.5 trillion mark by end-March, said the Economic Survey tabled in Parliament on Tuesday. In real terms, the economy is expected to grow at 7 per cent for the year ending March 2023. This follows an 8.7 per cent growth in the previous financial year. "For India, 2022 was special. It marked the 75th year of India's Independence. India became the world's fifth largest economy, measured in current dollars. Come March, the nominal GDP of India will be around USD 3.5 trillion," the Survey said. India's economy crossed the USD 3 trillion mark last year. It further said the fundamentals of the Indian economy are sound as it enters its Amrit Kaal, the 25-year journey towards its centenary as a modern, independent nation. "It is befitting that during India's Amrit Kaal, it assumed the Presidency of G-20 nations in December 2022," the survey said. Global problems need global .

Modi govt has mostly failed in meeting fiscal targets set in Budgets

It seems the glide path given in budgets has been the govt's intention, but the actual conditions turned out to be quite different

States do Centre a good turn

A sharp reduction in states' deficit augurs well for the Centre's fiscal planning

WEF 2023: 'Fragmentation can cost up to 7% of global GDP', says IMF chief

Asking the world to be pragmatic and collaborate, IMF chief Kristalina Georgieva on Friday said fragmentation can cost up to 7 per cent of the global GDP. "If we don't unite now, we'll face significant risk to the economy and people's wellbeing," she said during a session on global economy on the last day of the World Economic Forum Annual Meeting 2023. The International Monetary Fund Managing Director said if we look at medium-term growth prospects, how we handle the supply chain issues, that will decide our future prospects. She said her message to the world is to "be pragmatic and collaborate". Asked what will take the IMF to upgrade its global growth forecast, she said, "Last year, we downgraded the growth projections three times and not downgrading further itself is good news at the moment." Also, the labour market needs to be looked at seriously, as for anyone, having a cost of living crisis and a job is much better than having no cost of living crisis and no job, she ...

General elections 2024: The BJP chief has his task cut out for him

Unemployment, a general decline in incomes, and high food, health and medical bills are not good auguries for the party

China's GDP growth falls to 3% in 2022, second lowest growth in 50 years

Hit hard by the zero-Covid policy and slump in the real estate market, China's economy shrank to three per cent in 2022, registering its second lowest growth rate in 50 years in the world's second-largest economy, according to official data released here on Tuesday. The annual GDP of China totalled 21.02 trillion yuan (USD 17.94 trillion) in 2022, falling below the 5.5 per cent official target, the National Bureau of Statistics (NBS) said. The slow pace was blamed mainly on the strictly implemented zero-Covid policy leading to periodic lockdowns and the ruling Communist Party's crackdown on big industrial firms besides the lingering real estate crisis. This is the slowest growth of the Chinese economy since the 2.3 per cent registered in GDP in 1974. Significantly this year, China's GDP in terms of dollars declined from USD 18 trillion in 2021 to USD 17.94 trillion last year mainly due to a sharp rise of the dollar against RMB (the Chinese currency) in 2022. In RMB terms, the Chin

Plenty of scope to generate and sell carbon credits in India: IEX CMD

In a Q&A, Satyanarayan Goel, CMD of the exchange, dwells on the current and future power distribution scenario in India and his plans to set up an International Carbon Exchange

International trade faces a stagnant decade lagging the world economy

Trade largely tracked the growth rate of world GDP during the decade preceding the pandemic

States' fiscal health better after Covid-19 pandemic stress: RBI report

States must urgently push for debt consolidation, create capex buffers

Beyond Joshimath: How not to make the future a repeat of the past

Can we have stronger regulatory and associated institutions to ensure environmental protection? If not, the shock effect of Joshimath won't last much more than a week, cautions T N Ninan

Indian industry leaders expect GDP to grow at 6.5% in FY24: Survey

Sixty per cent of respondents suggested raising funds through Indian Government Bonds, DTTILLP said

Energy crisis driving inflation, slowing GDP, creating social turmoil: WEF

The report has proposed 10 key actions to align immediate responses with long term goals and a framework to prioritise energy security for a just and sustainable energy transition

CPI eases marginally to 5.72% in Dec 2022, within RBI's comfort zone

In November, CPI, also called retail inflation, was at eleven-month low of 5.88 per cent

At 4% of GDP, household financial savings touch 30-year low; consumption up

In FY22, savings stood at 7.3 per cent. This fall in savings indicates an increase in consumption

World Bank slashes Pakistan GDP growth projection to 2% as crisis worsens

Pakistan's economic condition is precarious with low foreign exchange reserves and large fiscal and current account deficits, has further worsened by severe flooding

Russia's 2022 budget deficit accounts for 2.3% of GDP: Finance Minister

Russia's budget deficit accounted for 2.3 per cent of the country's gross domestic product (GDP) in 2022, Finance Minister Anton Siluanov said

Best of BS Opinion: Conservative budgeting, financialising economy & more

Here is the best of Business Standard's opinion pieces for today

Conservative budgeting

Fiscal space should be used carefully

World Bank cuts 2023 economic growth forecasts, warns of global recession

Spillovers from a period of pronounced weakness in the US, China and the European Union are exacerbating other headwinds faced by poorer nations

Govt likely to consolidate fiscal deficit to 5.9% of GDP in FY24: Goldman

The government aims to shrink the gap to below 4.5% of GDP by 2025-26