Page 37 - Gdp

Q1 GDP growth misses estimates despite low base; govt spending subdued

13.5% expansion in June QTR despite low base; GVA at basic prices up 12.7%

Economy likely to grow at 7%-7.4% in FY23, says Finance Secretary

Indian economy is on course for a 7-plus per cent growth rate in the current fiscal year, finance secretary T V Somanathan said on Wednesday. Commenting on the first quarter GDP growth rate of 13.5 per cent, he said the economy is 4 per cent above pre-Covid levels. Allaying concerns of high imports denting the fiscal architecture, he said the government was on course to meet fiscal deficit target of 6.4 per cent of GDP in current fiscal ending March 31, 2023. Economic Affairs Secretary Ajay Seth said GST collection for August is likely to remain in the range of Rs 1.42-1.43 lakh crore, in signs of buoyancy in economy. Also, gross fixed capital formation grows 34.7 per cent during April-June, highest in 10 years, he said.

On course to achieve fiscal deficit target: Finance Secretary Somanathan

Finance Secretary TV Somanathan on Wednesday exuded confidence that the fiscal deficit target of 6.4 per cent of GDP in 2022-23 will be met without pruning capital expenditure. The Union Budget has pegged the fiscal deficit at Rs 16.61 lakh crore or 6.4 per cent of the gross domestic product (GDP) for the financial year ending March 2023. "We are on course to achieve our fiscal deficit target and it is not because of a slowdown in capital expenditure," said Somanathan, who is also expenditure secretary. He further said the government will focus on capital expenditure and try to control revenue expenditure to the extent possible. "We have some large revenue contingencies, which are going to come in here in terms of fertiliser subsidies and food subsidies. So, the fact that revenue expenditure has been growing slightly less than proportionately to that is not a bad thing. It's a good thing," he added. The capital expenditure was Rs 1.75 lakh crore during the first quarter of 2022-23

India will not miss estimated 11.1% FY23 nominal GDP growth: Bibek Debroy

Says country will the milestone assumed in the Budget despite the tense geopolitical situation

FinMin sees Q1 growth at 15.6% ahead of GDP data, impact on trade component

This is lower than RBI's April-June (Q1FY23) GDP projection of 16.2%

2050 net-zero target can boost India's GDP by 7.3% till 2032, says report

Should India ramp up its ambition to achieve net zero emissions by 2050, it could boost GDP by 7.3 per cent (USD 470 billion) and create almost 20 million additional jobs by 2032, a new research shows. Achieving net zero emissions by 2070 could boost India's economy by as much as 4.7 per cent above the projected baseline growth in GDP terms by 2036 worth a total of USD 371 billion, illustrates modelling and research commissioned by the High-level Policy Commission on Getting Asia to Net Zero. Launched in May, the commission has four members -- former Australian prime minister Kevin Rudd, former United Nations secretary general Ban Ki-Moon, former vice chairman of Niti Aayog Arvind Panagariya, and global head and director of Climate Business, International Finance Corporation, Vivek Pathak. The commission launched the "Getting India to Net Zero" report on Friday, which said India achieving net zero by 2070 would boost annual GDP by up to 4.7 per cent by 2036. Net zero will also bri

Uber India created Rs 44,600 cr in value for economy in 2021: Report

Study commissioned by ride-hailing firm says its services help riders, drivers and communities save money and time

SBI and ICRA see economy growing in double-digits in June quarter

Low base, robust recovery in contact-intensive services sector to boost expansion

India $5-trn economy by FY29 only if it grows at 9% for 5 yrs: Ex-RBI Guv

I see eight key challenges for India to overcome to achieve the dream of USD five trillion economy," a press release from FTCCI quoted Subbarao as saying.

India at 75: Here's how much our per capita income has zoomed since 1950

Since 1950, India's per capita income (PCI) has jumped over 500 times. In 1950, it stood at Rs 265, and increased to Rs 1,28,829 in 2020-21

CAD of 2.5-3% can be sustained without external sector crisis: RBI DG Patra

India's economy is predicted to overtake that of the US by 2048, said Patra

No chance of recession, India to be fastest growing economy this yr: Report

Govt continuously taking steps, engaging with RBI to curb inflation, says top govt source

India's GDP to contribute 22% to global growth, says Morgan Stanley

The Indian economy, they said, is set for its best run in over a decade as pent-up demand is unleashed

Reckitt contributes Rs 7,880 cr to India's GDP in 2021: Oxford Economics

India is among the top three markets for Reckitt, earlier known as Reckitt Benckiser, and owns popular household brands such as Dettol, Lysol, Harpic, Durex, Veet and Strepsils

India's market capitalisation to GDP goes past 100% again, shows data

Interestingly, between 2008-09 and 2019-20, the ratio going past 100 per cent was a rarity

India should gradually withdraw fiscal, monetary stimulus, says IMF

In its latest External Sector Report, IMF said India should further liberalise its investment regime accompanying it with reduction in tariffs, especially on intermediate goods

Govt eyes ending schemes, including PAHAL, with wasteful expenditures

The PAHAL scheme, launched in 2013, is aimed at reduce diversion and eliminate duplicate or bogus LPG connections

What is a recession?

It looks like the equity markets have priced in the prospect of the US slipping into recession. But ever wondered what exactly recession is? Our next report tells

France's GDP bounces back in Q2 after negative Q1 owing to foreign trade

Following the stagnation of the first quarter of 2022 (Q1), France's gross domestic product (GDP) recovered by 0.5 per cent in the second quarter (Q2)

Top Headlines: BSNL bailout, YES Bank to raise $1.1 bn from Carlyle, Advent

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