Page 13 - India Gdp Growth

8.4% GDP growth shows economy's strength, potential, says PM Modi

The GDP growth of 8.4 per cent in the third quarter shows the strength of Indian economy and its potential, Prime Minister Narendra Modi said on Thursday, asserting that the government will continue to make efforts to keep fast economic growth and help 140 crore Indians lead a better life and create a 'Viksit Bharat'. Beating estimates, India's economic growth shot to 8.4 per cent in the third quarter of 2023-24, mainly due to good performance by the manufacturing, mining & quarrying, and construction sectors. Modi said, "Robust 8.4% GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential.

India's GDP to grow at around 6.75-6.8% in FY25, says Bank of Baroda

The International Monetary Fund has projected the Indian economy to grow at 6.7%

India's GDP growth to moderate to 6.5% in FY25, projects Morgan Stanley

Morgan Stanley Research's report said that it maintained a constructive outlook on the Indian economy, while highlighting that risks emanate from global factors and elections in May 2024

India needs to grow at 9-10% for 3 decades to be $35 trn economy: Kant

India needs to grow at an annual rate of 9-10 per cent for around three decades and constant innovations to become a USD 35 trillion economy by 2047, India's G-20 Sherpa and former NITI Aayog CEO Amitabh Kant said on Sunday. "We are the fifth largest economy in the world and by 2027 we will surpass Japan and Germany to become the third largest economy in the world. And our aim is that by the time we turn 100 in 2047, India should be a USD 35 trillion economy," Kant said while addressing a session at Mumbai Tech Week (MTW) hosted by Tech Entrepreneurs Association Mumbai (TEAM). Which means, India will become the second largest economy in the world, Kant stated. "And to be a USD 35 trillion economy means that we need to grow year after year for close to three decades by 9-10 per cent annually and this means that we need to do a lot of disruptions and constant innovation," he noted. Kant said that India created the digital identity of 1.4 billion people and technologically the country

RBI MPC: Repo rate kept at 6.5%; Q4FY24 inflation forecast lowered to 5%

RBI policy meet: The RBI MPC has also decided to keep its stance of 'withdrawal of accommodation' unchanged

Animal spirit back in economy, private investment picking up: CEA

The expression 'animal spirits' was coined by celebrated economist John Maynard Keynes to refer to investors' confidence in taking action in terms of investment

Interim Budget: Govt remains steady in its course and its objectives

Another critical point that is not really addressed in the Interim Budget of the finance minister is the fact that private investment is not moving up broadly and fast enough

No adverse policy changes in the interim budget was a boon: Rahul Arora

The focus on fiscal consolidation led by moderation in government capex aims to reduce the risk of the government crowding out the private sector

IMF raises India's GDP growth projection for FY25 by 20 bps to 6.5%

But estimate falls below FinMin's 7% projection

Direct tax to GDP ratio in FY24 likely to be the highest since FY01

Tax buoyancy measures change in tax growth as a result of GDP expansion. Buoyancy at more than one means the GDP growth rate has led to a higher increase in tax receipts

Use of tech a common thread in reforms undertaken in 9 yrs: Economy review

The report states that a common thread through all the reforms undertaken during the last nine years has been the use of technology and digital platforms

Red Sea disruptions likely to dent India's growth forecast, says Fitch

It added that India's economic forecast faces a significant risk in the event of a prolonged spell of disruptions

Quality workforce, investment in R&D essential to become 'developed nation'

To bolster its goal of becoming a developed nation by 2047, India needs to substantially increase the size of its quality workforce and investment in R&D in science and technology, including by the private sector, a top Indian official has said. In an interview with PTI on the sidelines of the PANIIT 2024 meeting in a Maryland suburb of Washington DC, Abhay Karandikar, Secretary, Department of Science and Technology, said that one of the key challenges that India has is shortage of trained manpower in R&D sector and "that requires to be enhanced substantially. Given the size and scale of our country, we need a large number of quality R&D workforce to drive the science and technology landscape of the country, he said. Another thing is that we need substantial investment in the R&D sector as a percentage of our GDP, which has been really much lower than the world average, Karandikar said in response to a question. India has taken the initiative to set up a very ...

7.3% GDP growth very positive, economic climate encouraging: SBI chairman

State Bank of India chairman Dinesh Kumar Khara on Wednesday termed the 7.3 per cent growth estimate for the country for FY24 as a "very positive" development. Speaking to PTI on the sidelines of the biennial Vibrant Gujarat Global Summit here, Khara said the overall economic climate is "very encouraging" at present. Last week, the National Statistical Office (NSO) estimated the real GDP growth in FY24 to come at 7.3 per cent in its advanced estimates. The GDP growth rate is far higher than all the prevailing estimates which said the economy will expand at less than 6.5 per cent. Last month, the RBI had upwardly revised its estimate to 7 per cent from 6.5 per cent earlier, and termed the new assumption as "conservative". Citing the silent period that the bank is in right now, Khara declined to comment on the business outlook of the country's largest lender. When asked about his expectations from the upcoming Union Budget, Khara said that it will be a vote on account, hinting that

India growing rapidly, to be $30 trn economy by 2047: FM Sitharaman

Relationship between states and centre is of collaborative federalism, she says at Vibrant Gujarat Summit

GDP numbers for FY24 show discrepancies of Rs 2.59 trillion: NSO data

Discrepancies in computation of advance estimates of the country's Gross Domestic Product for 2023-24 stood at Rs 2.59 lakh crore as against (-) Rs 3.80 lakh crore in 2022-23 and (-) Rs 4.47 lakh crore in 2021-22, according to National Statistical Office (NSO). On Friday, the NSO released its first advance estimates of national accounts which showed that the Gross Domestic Product (GDP) or Indian economy will grow at 7.3 per cent in 2023-24, slightly higher than 7.2 per cent in 2022-23. According to data, there were discrepancies of Rs 2.59 lakh crore as against (-) Rs 3.80 lakh crore in 2022-23 and (-) Rs 4.47 lakh crore in 2021-22. Discrepancies in the statistical GDP data refer to the difference in national income under production method and expenditure method. According to experts, there will always be some discrepancies in national accounts because of delay in reporting of information by various agencies including state governments. About the high level of discrepancies in th

Containing fiscal deficit at 5.9%: Low nominal GDP growth a challenge

The Budget had assumed nominal GDP to grow 10.5 per cent during 2023-24, but advance estimates have projected it to expand by just 8.9 per cent

India likely to project higher GDP growth estimates of 7% for FY24: Report

S&P expects India, currently the world's fifth-largest economy, to grow at 6.4% this fiscal and estimates growth will pick up to 7% by fiscal 2027

Rising temperature

IMD's 2023 report is a wake-up call

Inflation to ease to 4.6% in the first three quarters of 2024-25: RBI

The RBI bulletin released on Wednesday said that global growth continues to remain fragile and may slow down further in 2024