Page 14 - India Gdp Growth

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

ICRA revises FY24 GDP growth forecast to 6.5%, still below RBI's estimate

Domestic rating agency Icra on Monday revised its FY24 GDP growth forecast to 6.5 per cent from 6.2 per cent earlier. However, the revised forecast is still much lower than the Reserve Bank of India's (RBI's) 7 per cent real Gross Domestic Product (GDP) growth estimate for the ongoing fiscal. Earlier this month, the RBI had revised upwards its GDP estimate to 7 per cent from 6.5 per cent, calling the revised number a "conservative" one. The rating agency did not specify reasons for the lower growth estimate made in its business activity monitor. The revision is being done because Icra feels the deflation in commodity prices will be sustained and there are expectation of better growth in the October-December period than previous estimates, it said. "The festive-led uptick in volume growth in high frequency non-agri indicators as evinced by ICRA Business Activity Monitor in October-November 2023 (11.3 per cent versus the 9.5 per cent in Q2FY24) leads us to believe that the GDP growt

Gen AI can add up to $1.5 trillion to India's GDP over next 7 years: Report

Generative artificial intelligence (Gen AI) has the potential to add a cumulative USD 1.2-1.5 trillion to India's Gross Domestic Product over the next seven years, according to a report by EY India. The report, titled 'The AIdea of India: Generative AI's potential to accelerate India's digital transformation', provided insights into the industry's preparedness and challenges in embracing Gen AI. Generative AI can potentially add a cumulative USD 1.2-1.5 trillion to India's GDP by FY2029-30, as per the report. "The report forecasts that by fully capitalising Gen AI technology and its applications across sectors, India can potentially add USD 359-438 billion in FY2029-30 alone, reflecting a 5.9 per cent to 7.2 per cent increase over and above baseline GDP," it said. Nearly 69 per cent of the overall impact is expected to be derived from sectors such as business services (including IT, legal, consulting, outsourcing, rental of machinery and equipment, and others), financial services,

India's GDP will reach $5 trillion in 2026: Ex-NITI Aayog VC Panagariya

India will become the world's third largest economy by 2026 as its GDP in current dollar terms will reach USD 5 trillion in that year and further rise to USD 5.5 trillion in 2027, former Niti Aayog Vice Chairman Arvind Panagariya said on Friday. Delivering the 18th C D Deshmukh Memorial Lecture titled 'India at 125: Reclaiming the Lost Glory and Returning the Global Economy to the Old Normal', he said it is unlikely that GDP in current dollar terms of either Germany or Japan will cross USD 5 trillion-mark in the coming three years. Japan will have to sustain a growth rate of 3.5 per cent in current dollar terms to reach USD 5.03 trillion in 2027 from its 2022 level of USD 4.2 trillion, he said. At the 4 per cent annual growth rate, German GDP will rise from USD 4.4 trillion in 2023 to USD 4.9 trillion in 2026 and USD 5.1 trillion in 2027, he said. "Given these estimates, how soon can the Indian GDP cross the GDPs of these two countries?.. that is the question," Panagariya said. I

India has potential to offer AI apps that can be used globally: Meity secy

India has the potential to create artificial intelligence models and applications that can be used across the world, especially in the Global South, a senior government official said on Thursday. While speaking at the Global Partnership on Artificial Intelligence (GPAI) Summit 2023, Ministry of Electronics and IT Secretary S Krishnan said there is a need to develop more models, which are suited to the Global South and all other countries compared to existing models. He said that existing AI models are based on limited databases and therefore have their inherent biases. "This being the case, what India has the potential to do and what India has the potential to offer to the world is the possibility of developing AI models, developing AI applications, which can be used across the world, especially in the Global South," Krishnan said. He said whether it is in the area of agriculture, healthcare, education, or translation of languages, India has the potential to develop AI-based digita

Fiscal prudence is govt's top priority, says FM Nirmala Sitharaman

The Lok Sabha approved the additional gross spending of Rs 1.29 trillion, which includes net cash outgo of Rs 58,378 crore

India to be $5 trillion economy by end of 2025, Amit Shah exudes confidence

Union Home Minister Amit Shah on Saturday said India will become a USD 5 trillion economy by the end of 2025. Addressing the valedictory session of the Uttarakhand Global Investors Summit here, Shah said India has grown exponentially on every front over the past one decade due to the farsighted and visionary leadership of Prime Minister Narendra Modi. "The world is looking to India with hope today. Between 2014 to 2023 India has risen from its position as the 11th to the fifth (largest) economy in the world. "Never before did the country make so big a leap during 75 years of Independence," he said and attributed all this to Modi's visionary leadership and his capacity to translate his vision into a reality. Modi is leading the movement against climate change, he is trying to impart pace to the slowing GDP of the world through his Make in India program besides leading the international campaign for a terror-free world, he said. On G-20, he said the Delhi Declaration was India's big

Upward revision in RBI's GDP growth forecast very well placed: Ajay Seth

The upward revision in GDP growth forecast by the RBI is "very well placed" with high frequency indicators in October and November showing good momentum, Economic Affairs Secretary Ajay Seth said on Friday. "It is quite obvious that growth that India has achieved in the first half and then in two months (October, November), where the high frequency indicators are showing a good momentum... this upward revision is very well placed," he told reporters. The RBI in its bi-monthly policy review revised upwards growth projection for current fiscal to 7 per cent, from 6.5 per cent earlier. The Indian economy grew 7.8 per cent and 7.6 per cent in the June and September quarters of this financial year, taking the first half growth to 7.7 per cent.

RBI MPC: Repo rate kept unchanged at 6.5%, FY24 GDP estimate hiked to 7%

RBI MPC: Reserve Bank's Monetary Policy Committee decides to keep the repo rate unchanged at 6.5% and also keeps the FY24 inflation forecast unchanged at 5.4%

Aiming beyond 7% growth

India is not the world's fastest-growing economy yet, but a revival of the animal spirits could propel it into that position

India set to become third-largest economy by 2030: S&P Global Ratings

S&P said that India will be the fastest-growing emerging market in the world, but its paramount test will be whether the country can become the next big global manufacturing hub

India to become $5 trillion economy early in Amrit Kaal: MoS Finance

India will become a USD 5 trillion economy early in the 'Amrit Kaal' on the path to achieve the goal of becoming an advanced economy by 2047, Minister of State for Finance Pankaj Chaudhary said on Monday. The International Monetary Fund (IMF) has projected India to become a USD 5 trillion economy with the third largest GDP in 2027-28. The USD 5 trillion milestone will be crossed with the help of a strong rupee which will result from macroeconomic stability, he said in a written reply in the Lok Sabha. "The government has set the goal of becoming an advanced economy by 2047. In the process, it will become a USD 5 trillion economy early in the Amrit Kaal," Chaudhary said. At the end of 2022-23, the Indian GDP stood at USD 3.7 trillion. In 1980-81, size of the Indian economy was USD 189 billion, which increased to USD 326 billion after a decade. In 2000-01, the size of the GDP rose to USD 476 billion. In 2010-11, India's GDP jumped to USD 1.71 trillion, and further increased to USD

India's GDP grew 7.6% in Jul-Sep quarter, higher than RBI MPC projection

At the Business Standard BFSI Summit last month, RBI Governor Shaktikanta Das said that the Q2 GDP figure is likely to surprise everyone on the upside

Sensex leaps 493 pts, Nifty ends at record closing high of 20,268

Closing Bell on Friday, December 1, 2023: The Nifty 50 index scaled a new peak of 20,291.55 in the intraday trade

Sensex soars nearly 1,400 points this week; Here's what led to the rally

November was a blockbuster month for the Nifty index, which rose 5.5 per cent, the most since July 2022

Q2 numbers an upside for FY24 GDP estimate: CEA V Anantha Nageswaran

The GDP numbers released on Thursday evening surpassed private estimates by a wide margin as manufacturing and construction activities expanded in double digits

India's GDP expected to grow by 6.5% in FY24, says finance ministry

Growth projections for Financial Year 2024 indicate that India will grow by 6.5 per cent. Growth prospects appear bright, though external factors pose a downside risk, the Finance Ministry said

Q2 GDP numbers show resilience and strength of Indian economy: PM Modi

Prime Minister Narendra Modi said that the Centre was committed to ensuring fast-paced growth to create more opportunities, rapid eradication of poverty and improving 'Ease Of Living'

Nifty 50's best month since July 2022 on IT, energy stocks, GDP data eyed

GDP growth is forecast to have moderated to 6.8% in the September-quarter from 7.8% in the previous quarter, but the country still remained the fastest growing major economy, according to Reuters

Second quarter GDP numbers likely to be good: Eco Affairs Secretary

Indian economy is showing momentum and the growth rate in the second quarter (July-September) is likely to be good, Economic Affairs Secretary Ajay Seth said on Wednesday. The GDP numbers for the second quarter are scheduled to be released on Thursday. The economy grew at 7.8 per cent in the first quarter (April-June) of the current financial year. "India economy showed good momentum in the second quarter. The second quarter numbers should be good", Seth told reporters on the sidelines of a national workshop on 'Leveraging private finance for urban infrastructure developments -- Learnings from G20 Infrastructure Working Group'. He further said that the fiscal deficit target of 5.9 per cent for the current financial year was feasible despite additional outgo towards food subsidy. "We are confident of meeting fiscal deficit target this year despite the government raising food subsidy for the next five years," Seth said. The Budget 2023-24 proposes to bring down the fiscal deficit to