Page 5 - India Economic Growth

India in 2047

Policy adjustments can enable higher growth

India's tourism challenge: Foreign arrivals remain below 2019 levels

CMIE data shows that in February 2020, just before the pandemic struck, 1.02 million foreign tourists had arrived in India. In August 2023, the number stood at 640,000

India's bank credit growth likely to moderate to 13-13.5% in FY24: CRISIL

"The extent to which deposit growth picks up would determine credit growth for banks," said Subha Sri Narayanan, Director at CRISIL Ratings

India must grow at 8% to bring transformational changes for people: Summers

India has the potential and should aim to grow at 8 per cent annually to bring about transformative changes in the lives of millions of people by around 2050, said noted economist and former US Treasury Secretary Larry Summers here on Saturday. India's GDP growth in 2022-23 was 7.2 per cent as against 9.1 per cent in 2021-22. According to the Reserve Bank of India's projections, India's GDP will likely grow 6.5 per cent in the current fiscal year. Summers clarified that 8 per cent growth was not his forecast on the basis of current policy, but added, "given India's potential, even in a more challenging world economy, I believe that it is an imaginable goal. "...an eightfold expansion in the economy is transformative in the lives of hundreds of millions of people. I think it is something to target as India defines its greatness in this next century." In his lecture on 'The World is on Fire', organised by the CII in partnership with Department of Economic Affairs (DEA), the eminent .

We see signs of buoyancy in the economy, says FM Nirmala Sitharaman

Inflation a permanent challenge; won't sit back, says FM Nirmala Sitharaman

Fitch retains India's growth forecast at 6.3%, flags inflation risks

Fitch Ratings on Thursday retained India's growth forecast for the current fiscal at 6.3 per cent saying the Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, but upped year-end inflation projection on El Nino threat. The Indian economy grew 7.8 per cent in the April-June quarter of current fiscal on strong services sector activity and robust demand. "The Indian economy continues to show resilience despite tighter monetary policy and weakness in exports, with growth outpacing other countries in the region," Fitch said, while projecting 6.3 per cent growth for current fiscal, and 6.5 per cent for next fiscal. In its September update of the Global Economic Outlook Fitch, however, said that high-frequency indicators suggest that the pace of growth in the July-September quarter is likely to moderate. Growth in the July-September quarter is likely to moderate as exports continue to weaken, credit growth flatlines and the Reserve Bank of

Economy likely to expand by around RBI's projection of 8% in Q1, FY24

Various analysts that Business Standard spoke to put GDP growth in the range of 7 to 8.5 per cent for Q1 of FY24

Statsguru: Nearly four out of five Indians are literate, shows govt data

One key reason for India's low growth is said to be low merchandise exports, which helped propel countries such as China and South Korea to prosperity

Trade: A call to action for rapid growth

For India to attain high-income status by 2047, it must urgently prioritise trade as the primary driver for achieving accelerated growth

Need to grow at 7.6% to be a developed nation by 2047-48, says RBI

Sustainable path to development requires investment in physical capital & comprehensive reforms across sectors covering education, infrastructure, healthcare & technology to raise productivity: Study

India's Superman stature in world order by 2075 to be US' kryptonite

Off the back of superior economic growth, EMs and the Indian capital market are expected to grow in stature over the decades to come

India to be among top three economies of world by 2027: Rajnath Singh

He was addressing the convocation ceremony of Gopal Narayan Singh University in Rohtas district of Bihar on Saturday

India's economy likely to grow 6.5-6.7% in FY24: CII president R Dinesh

Industry body CII on Thursday said India's economy is expected to grow in the range of 6.5-6.7 per cent in the current financial year supported by strong domestic drivers and robust capex momentum of the government. India's Gross Domestic Product (GDP) grew by 6.1 per cent in the March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent. The growth has propelled the country's economy to USD 3.3 trillion, setting the stage for achieving the USD 5 trillion target in the next few years. Addressing the media, newly elected President of Confederation of Indian Industry (CII) R Dinesh said India's GDP growth is expected to leapfrog to 7.8 per cent in the next decade (FY22-31) from 6.6 per cent previously recorded. "We expect GDP growth in a range of 6.5-6.7 per cent in 2023-24, supported by strong domestic drivers and robust capex momentum of the government," Dinesh said. He said the government's structural reform agenda has enabled the country to become the highest growi

Curb your enthusiasm

The detail of the GDP data also throws up some inconsistencies, curbing one's enthusiasm from the fear of future data revisions

Shouldn't return to old pension system with same formula: C Rangarajan

Private investment needs to pick up if India's economic growth has to be sustained at 6-7%, says former RBI governor

Economic, demographic base driving interest in doing business: Report

When Tim Cook arrived in India earlier this month to open Apple's first physical store in the country, he was welcomed like a hero, media reports said

India's economic growth projected to decelerate to 6% in 2023: UN

India's economic growth is projected to decelerate to 6 per cent in 2023 from 6.6 per cent in 2022, according to the United Nations. The UN Trade and Development Conference (UNCTAD) in its latest Trade and Development Report Update released Wednesday expects global growth in 2023 to drop to 2.1%, compared to the 2.2% projected in September 2022, assuming the financial fallout from higher interest rates is contained to the bank runs and bailouts of the first quarter. It warned that developing countries are facing years of difficulty as the global economy slows down amid heightened financial turbulence. Annual growth across large parts of the global economy will fall below the performance registered before the pandemic and well below the decade of strong growth before the global financial crisis. The report said that India grew 6.6 per cent in 2022, ceding the pole position among G20 countries in 2022 to oil-rich Saudi Arabia, which grew at 8.6 per cent. Meanwhile, as current governme

S&P keeps India's economic growth forecast unchanged at 6% in FY24

S&P Global Ratings on Monday kept its forecast for India's economic growth unchanged at 6 per cent in the fiscal year starting April 1, before rising to 6.9 per cent in the following year. In the quarterly economic update for Asia-Pacific, S&P saw inflation rate easing to 5 per cent in 2023-24 fiscal, from 6.8 per cent in the current financial year. It saw India's gross domestic product (GDP) likely growing by 7 per cent in the current financial year ending March 31 (2022-23), before slowing to 6 per cent in the next 2023-24 fiscal. "India leads, with average growth of 7 per cent in 2024-2026," the update said. GDP is projected to rise to 6.9 per cent in the following two financial years -- 2024-25 and 2025-26 and rising to 7.1 per cent in 2026-27. "In India, domestic demand has traditionally led the economy. But it has become more sensitive to the global cycle lately, in part due to rising commodity exports; and its year-on-year GDP growth slowed to 4.4 per cent in the fourth

India's steadying economy shows early signs of weakening consumption

Economic expansion may be under pressure as the "full-blown impact" of the Reserve Bank of India's 250 basis point hike in borrowing cost since May gets transmitted to end-consumers, Crisil Ltd., the

India's Q4 economic growth in 2022 to be temporary: Moody's Analytics

The country's economic slowdown late last year will be temporary and even salutary, helping to wring some of the demand-side pressures out of the economy without stopping it wholesale