Page 17 - India Gdp Growth

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

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