Page 16 - India Gdp Growth

ADB lowers FY24 GDP forecast to 6.3%, India Ratings raises it to 6.2%

ADB has, however, retained FY25 growth forecast at 6.7 per cent, citing rising private investment and industrial output are expected to drive growth

Upward revision: OECD raises India's FY24 GDP growth projection to 6.3%

Also revises inflation projection to 5.3% from 4.8%

Low nominal Q1 growth results in fiscal pressures

On the fiscal side, the monthly data released by the CGA shows that the direct tax collections contracted by 1% in the first quarter of 2023-24

Indian real GDP grew 7.8% in April-June quarter; lower than RBI's estimates

In its recent bi-monthly monetary policy announcement, the Reserve Bank of India had pegged the GDP growth rate for the June quarter at 8 per cent

B20 Summit India: My priority is to tame inflation, says FM Sitharaman

Finance Minister Nirmala Sitharaman on Friday said the government's priority is to tame inflation to ensure sustained economic growth. Addressing the B20 Summit India, being hosted by the Confederation of Indian Industry (CII), the minister said the GDP numbers for the first quarter, to be released this month, should be good. Observing that elevated interest rates for considerable time hampers recovery, Sitharaman said, "my priority is to tame inflation." Retail inflation soared to a 15-month high of 7.44 per cent in July, mainly on account of spiralling prices of tomatoes and vegetables. On growth, she said that India has been able to accelerate the pace of economic reforms and the first quarter GDP numbers "should be good." The National Statistical Office is scheduled to release the GDP numbers for the first quarter on August 31. Sitharaman said that "green shoots' of private capital expenditure can be felt on back of the government's push for capital expenditure in the budget.

ICRA estimates GDP growth at 8.5% in Q1, maintains FY24 forecast at 6%

India's economic growth will accelerate to 8.5 per cent in the April-June period of the current fiscal from the 6.1 per cent growth rate witnessed in the preceding January-March quarter, Icra Ratings said in a report on Tuesday. The rating agency attributed the faster growth to a supportive base and also a recovery in the services sector. Though its estimate is higher than the RBI's forecast of 8.1 per cent, Icra's chief economist Aditi Nayar said the second half of the fiscal is likely to witness headwinds, which will prove a dampener. Nayar said erratic rainfall, narrowing differentials with year-ago commodity prices, and possible slowdown in momentum of government capex "as we approach the Parliamentary elections will limit the growth", and maintained her 6 per cent real GDP growth estimate for FY24 which is lower than RBI's 6.5 per cent. In the first quarter, unseasonal heavy rains, lagged effect of the monetary tightening and weak external demand exerted a downward pressure on

India to become middle-income country with GDP of $6 trn by 2030: Report

The report, released by Standard Chartered Bank, assumes that India's nominal GDP growth rate will be 10 per cent per annum from now on

Relative to their GDP, states' liabilities moderating after pandemic

Absolute numbers have shown double-digit growth in recent years

IMF raises India's FY24 GDP growth forecast by 20 basis points to 6.1%

Agency also revises upward growth outlook for global economy by 20 basis points for 2023 to 3%

India's economy to hold top spot for GDP but not so much for jobs: Poll

The latest Reuters poll of 53 economists taken between July 13 and 21 showed the Indian economy would grow 6.1% this fiscal year

Fitch raises India's GDP forecast to 6.3% for current fiscal year

Fitch Ratings on Thursday raised its forecast for India's economic growth to 6.3 per cent for current fiscal year 2023-24 from 6 per cent it had predicted previously. This is primarily because of a stronger outturn in the first quarter and near-term momentum. The growth forecast compares with 7.2 per cent GDP expansion in FY23. In the previous fiscal year (FY22), the economy had grown 9.1 per cent. "India's economy has been showing broad-based strength - with GDP up by 6.1 per cent year-on-year in 1Q23 (January-March) and autosales, PMI surveys and credit growth remaining robust in recent months - and we have raised our forecast for the fiscal year ending in March 2024 (FY23-24) by 0.3 percentage points to 6.3 per cent," the rating agency said. Fitch had in March lowered its forecast for 2023-24 to 6 per cent from 6.2 per cent citing headwinds from elevated inflation and interest rates along with subdued global demand. For 2024-25 and 2025-26 fiscal years, it estimated a growth of

India's GDP reaches $3.75 trillion-mark in 2023, says Finance Ministry

CEA says it's time to catch up with the pre-pandemic trend

India's deprived households as partners in growth and wellbeing

The poor have really suffered loss of incomes and employment during Covid-19

OECD marginally raises India's GDP growth forecast to 6% for FY24

OECD said 2022-23 (FY23) ended on a positive note for India with 7.2% growth, due to higher-than-expected agriculture output and strong government spending

5 states project their economies to grow slower than national GDP in FY'23

So far, only 15 states have revealed their projections for the gross state domestic product for 2022-23

Defending GDP figures, former CEA K Subramanian attacks his predecessor

Former CEA Krishnamurthy Subramanian said that his predecessor Arvind Subramanian could have 'easily picked up the phone and spoken to the chief statistician' something was wrong with GDP figures

UBS revises FY24 GDP growth forecast up by 70 bps to 6.2 pc

Citing a better-than-estimated global growth outlook, lower global crude oil prices and robust services exports, a foreign brokerage has revised upwards its India growth forecast by 70 bps to 6.2 per cent for the current fiscal. House economists at Swiss brokerage UBS have already revised global growth projections upwards by nearly 50 bps to 2.6 per cent in 2023, led by China's early reopening, resilience in European data and revision in the US growth numbers. The domestic economy has clipped at 7.2 per cent in FY23, 20 bps higher than what was forecast earlier. On the FY23 GDP growth of 7.2 per cent, UBS Securities India chief economist Tanvee Gupta-Jain said the same was driven by the much higher than expected Q4 growth, which printed in at 6.1 per cent. The consensus expectation is 6 per cent growth in FY24 while the Reserve Bank pegs it at 6.5 per cent. There are upside risks to the country's growth forecast on the better-than-estimated global growth outlook, lower global oil

Robust performance

Sustaining growth would be challenging

GDP preview: Why is India likely to retain fastest-growing economy tag

Growth in services and manufacturing and private investment rebound likely to have helped economy in Q4

GDP preview: Strong growth seen in Q4 on services rebound, pvt investment

While consumption recovery remains strong in urban areas, the rural market is also showing nascent sign of recovery as real wage growth turns positive