Page 9 - Gdp

India's family-owned biz projected to drive 85% of GDP by 2047: McKinsey

From 2017 to 2022, FOBs outperformed non-family-owned businesses, reporting approximately 2.3% higher revenue growth

Budget 2024 is an economists' Budget, says Citigroup MD Samiran Chakraborty

Focus of Budget 2024 is not restricted to railways, defence and infra, but expands to manufacturing and employment to aid human capital growth, said Citigroup MD at 'Budget with BS: The Fine Print'

Ind-Ra ups FY25 GDP growth forecast to 7.5% on expectation of high demand

India Ratings & Research (Ind-Ra) on Wednesday upped India's GDP growth forecast for the current fiscal to 7.5 per cent from 7.1 per cent projected earlier on expectation of improved consumption demand. It said The ongoing growth momentum led by government capex, deleveraged balance sheets of corporates/banks, and incipient private corporate capex cycle has now found support from the union government budget. The budget promises to bolster agricultural/rural spending, improve credit delivery to MSMEs and incentivise employment creation in the economy. "Ind-Ra believes these measures would help in broad basing the consumption demand," the rating agency said while revising up its GDP growth estimate for FY25 to 7.5 per cent. Ind-Ra's growth projection is higher than that of RBI which projected FY25 growth at 7.2 per cent and Finance Ministry's Economic Survey which estimated GDP expansion between 6.5-7 per cent. Ind-Ra expects Private Final Consumption Expenditure (PFCE) to grow to a

Climate adaptation

India must invest in agricultural research

Government estimates its total debt to increase to Rs 185 trn in FY25

The government estimates its debt, including external borrowing, valued at current exchange rate and public account and other liabilities will increase to Rs 185 lakh crore, or 56.8 per cent of the GDP, during the current fiscal year. The total debt stood at Rs 171.78 lakh crore, or 58.2 per cent of the gross domestic product (GDP), at the end of March 2024, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha on Monday. As per the International Monetary Fund, World Economic Outlook, April 2024, India's Gross Domestic Product at current prices has already reached USD 3.57 trillion in 2023-24, he said. Replying to another question, Chaudhary said the growth rate of the private final consumption expenditure (PFCE) at constant prices in 2022-23 and 2023-24 is 6.8 per cent and 4 per cent, respectively, he said, quoting provisional GDP estimates for 2023-24 released by the National Statistical Office. The growth rate of PFCE at current prices in 2022-2

Throwing the baby out with the bathwater

Policy on derivatives needs to be informed by the evolution of these markets in India and the benefits of risk management

BJP CMs' Council meet: PM discusses efforts to make India $5 trn economy

PM Modi, in the two-day meeting of the BJP Chief Ministers' Council that concluded on Sunday, said that the conservation of heritage and building a legacy of development

PM Modi urges states to attract FDI, suggests 'investor-friendly charter'

Investor friendly charter, zero poverty and demographic management plans highlights of NITI Aayog meet

FY25 Budget confirms govt's commitment to reduce fiscal deficit: Fitch

Fitch Ratings on Friday said India's post-election budget confirms that the new administration remains committed to reducing the fiscal deficit for FY25 and FY26, despite demands of the coalition government. In the FY25 budget, the government has lowered the Centre's fiscal deficit target for the year ending March 2025 to 4.9 per cent of GDP, from 5.1 per cent in February's interim budget. The government's fiscal deficit target for FY25 is significantly below the 5.4 per cent that the ratings agency anticipated when it affirmed India's 'BBB-' rating, with a stable outlook, in January 2024. "India's post-election budget confirms that the new administration remains committed to reducing the fiscal deficit this and next year, despite the demands of the coalition government," Fitch Ratings said in a statement. The sustained focus on supporting economic growth through high public capex also points to continuity in key areas, it added. "We believe that it should be achievable as the ...

Fiscal clarity needed

India needs medium-term targets

Union Budget 2024: Prudent, bold and savvy

As for the long-term vision of the Budget, there are some reassuring messages from the finance minister

Rural India drives drop in poverty count over 6 years: Economic Survey

Survey says nearly 135 mn have emerged from multidimensional poverty

E-commerce as a major building block for Viksit Bharat@2047

The biggest support these enterprises need is in their marketing, access to domestic and international markets, and handholding, wherein e-commerce steps in a big way

EU's carbon tax mechanism expected to cost India 0.05% of GDP: Report

The European Union's Carbon Border Adjustment Mechanism (CBAM) will impose additional 25 per cent tax on energy-intensive goods exported from India to the EU, a new report said on Wednesday. This tax burden would represent 0.05 per cent of India's GDP, according to the report titled "The Global South's response to a changing trade regime in the era of climate change" by independent think tank Centre for Science and Environment (CSE). These findings are based on data from the past three years (2021-22, 2022-23, and 2023-24). CBAM is the EU's proposed tax on energy-intensive products, such as iron, steel, cement, fertilizers, and aluminum, imported from countries like India and China. The tax is based on the carbon emissions generated during the production of these goods. The EU argues that this mechanism creates a level playing field for domestically manufactured goods, which must adhere to stricter environmental standards, and helps reduce emissions from imports. But other nations,

What is China's 'third plenum'? Everything you need to know about it

The first, second and seventh plenums typically focus on the power transition between Central Committees

India to clock GDP growth of 7% in FY25: NITI Aayog member Arvind Virmani

The Indian economy will grow around 7 per cent in the current fiscal year and is on track to maintain a similar growth rate for several years, NITI Aayog member Arvind Virmani said on Friday. Virmani said there are new challenges facing the country and they will have to be dealt with. "Indian economy will grow at 7 per cent plus minus point 0.5 per cent... I expect that we are on track to grow at 7 per cent for several years from today," he told PTI in an interview. Last month, the Reserve Bank of India (RBI) pegged the FY25 gross domestic product (GDP) growth rate at 7.2 per cent. Responding to a question on the decline in private consumption expenditures in the last fiscal year, Virmani said it is actually recovering now. "The effect of the pandemic was to draw down savings... and very different from previous financial shocks," he said. Explaining further, Virmani said it is like what he calls a double drought situation. "We also had, of course, El Nino last year, but what the

Budget 2024: Experts call for restructuring AB-PMJAY to hike health budget

Echoing the urgency of healthcare reforms ranging from restructuring of Ayushman Bharat Yojana (AB-PMJAY) to accelerating the digital health mission, experts and industry leaders have outlined key priorities for the Modi government in its third consecutive term. Their statements highlight the importance of prioritising preventive healthcare measures, strengthening infrastructure, and increasing healthcare spending. Healthcare experts have expressed concerns about whether the government in its new term will make any difference by increasing public expenditure on healthcare to the desired level in India. Notably, the National Health Policy (NHP) 2017, which promises to increase public health spending to 2.5 percent of the GDP, remains overdue even as Indians rely heavily on private services. Dr Girdhar Gyani, Director General, AHPI (Association of Healthcare Providers, India) said, "In the upcoming term, we urge the government to prioritise a comprehensive approach to fostering a ...

Budget Watch: FinMin confident of sticking to fiscal deficit of 5.1% of GDP

However, this path may not be as easy for the government to tread

India will be superpower by 2047, but not high-income economy: Martin Wolf

He added that India's size gives It the resources to diversify and upgrade the economy overtime and can become a magnet for FDI

India must use its cultural wealth to be global economic power

Cultural economic governance assumes great importance at the stage of policy formulation and its implementation