Page 19 - India Gdp Growth

India's GDP to grow 6-7% during 2024-26, growth prospects strong: S&P

India's economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, S&P Global Ratings said on Thursday. In a report titled 'Global Banks Country-By-Country Outlook 2024', S&P said the banking sector's weak loans will decline to 3-3.5 per cent of gross advances by March 31, 2025, on the back of structural improvement, including healthy corporate balance sheets, tighter underwriting standards and improved risk-management practices. Interest rates in India are unlikely to rise materially, and this should limit the risk for the banking industry, it added. "Unsecured personal loans have grown rapidly and could contribute to incremental NPLs. We believe underwriting standards for retail loans generally remain healthy and overall level of delinquencies remains within acceptable limits for this product category," S&P Primary Credit Analyst Deepali Seth Chhabria said. The report said that global ...

UBS upgrades India's FY24 real GDP growth estimate marginally to 6.3%

Foreign brokerage UBS on Wednesday upgraded its FY24 real GDP growth estimate marginally to 6.3 per cent. The brokerage's chief India economist Tanvee Gupta Jain said domestic economic activities are fairing better than expected, but added that managing the macro risks and next year's General Elections are the key factors to watch out for. "We expect growth momentum in the near term to get support from higher household spending during the ongoing festive season, buoyant credit growth and reallocation of government spending towards pro-rural pro-social schemes ahead of a tight election calendar, she said. Jain said she's upping her expectations despite slower global growth but added that the revised estimate is lower than the 6.4 per cent consensus. It can be noted that the Reserve Bank has estimated growth to come at 6.5 per cent for FY24, while Governor Shaktikanta Das recently said that the number for the July-September 2023 period will surprise on the upside. Jain said going ..

Fitch upgrades India's mid-term GDP growth forecast to 6.2% from 5.5%

Fitch blamed China for pulling down the estimate of 10 emerging countries to 4 per cent from 4.3 per cent earlier

India's Q2 GDP number will surprise on the upside: RBI governor Das

BS BFSI Insight Summit 2023: Shaktikanta Das said India is better placed as compared to other countries to deal with risky geopolitical situations

India expected to become $30-trillion economy by 2050: Chakraborty

India is expected to become a USD 30-trillion economy by 2050 pushed by robust consumption and exports, HDFC Bank chairman and former economic affairs secretary Atanu Chakraborty said on Wednesday. International financial institutions have projected India's growth to be around 6.3 per cent this year and inflation at about 6 per cent, so nominal GDP would be around 10-12 per cent, he said. "If this kind of pace continues for some year, it will make India a USD 30-trillion economy by 2045-50 with per capita income of USD 21,000," he said at an event organised by KPMG here. International Monetary Fund (IMF) on Tuesday raised India's GDP projection marginally by 0.2 per cent to 6.3 per cent even as it slashed the global growth forecast to 3 per cent. IMF in July had estimated India's GDP forecast at 6.1 per cent for 2023-24. However, this is lower than the RBI's latest estimate of 6.5 per cent for the current financial year. Last week, the World Bank retained India's growth forecast a

IMF raises India FY24 GDP growth forecast by 20 basis points to 6.3%

Agency keeps global growth forecast unchanged at 3% for 2023, says economic activity still 'short of pre-pandemic path'

India GDP: Cricket World Cup economic boost is threatened by taxes

An additional $2.6 billion spent on everything from ticket sales and TV rights to tourism and food delivery may lift India's GDP by as much as $1 billion, they say

RBI MPC LIVE: Original aim of Rs 2000 note withdrawal largely met, says Das

RBI policy: In the last bi-monthly announcement in August, the MPC decided to keep the benchmark repo rate unchanged at 6.5% for the third time in a row. Check all LIVE updates for today's MPC here

RBI MPC meeting: Key takeaways from Guv Shaktikanta Das' announcements

RBI MPC has decided to continue with the pause on repo rate at 6.5 per cent for the fourth time in a row

Policy rate unchanged at 6.5%, FY24 inflation forecast retained at 5.4%

RBI policy: Shaktikanta Das said that real GDP forecast for 2023-24 has been retained at 6.5% by MPC

India's experience of manufacturing GDP growth different: NITI member

India's experience has been different compared to the rest of the world in terms of the rise and peaking of its manufacturing GDP, NITI Aayog member Arvind Virmani said on Wednesday, while stressing on creation of a competitive economy. Addressing an event organised by the Institute for Studies in Industrial Development (ISID), Virmani further said India has positioned itself in the last ten years with policy reforms related to product and services space. "India's experience has been different compared to the rest of the world in terms of the rise and peaking of its manufacturing GDP and then a plateau that has been witnessed for the last many years," he said. According to Virmani, the country has put in dynamism for entrepreneurship and startups, and has instituted public sector and institutional reforms. "There is a need of the creation of a competitive economy and not just a few monopoly segments with reduced information barriers and breaking asymmetric information circuits," he

World Bank raises India's retail inflation forecast to 5.9% for FY24

Country remains one of the fastest-growing global economies but 'adverse global environment' a challenge, it says

WB ups India's FY24 inflation forecast to 5.9%, growth estimate unchanged

World Bank also said that it expects fiscal consolidation to continue in FY24, with the central government fiscal deficit projected to continue to decline from 6.4% to 5.9%

Current account deficit widens to 1.1% of GDP during Q1FY24: RBI

The deficit was $17.9 billion, or 2.1% of GDP, in the first quarter a year ago, the Reserve Bank of India's release showed

India to clock GDP growth of 6.5% in FY24: NITI Aayog member Arvind Virmani

The Indian economy will grow at around 6.5 per cent in the current fiscal, notwithstanding high crude oil prices and increased uncertainty due climate changes, NITI Aayog member Arvind Virmani said on Thursday. Virmani also asserted that the gross household savings ratio in India has consistently gone up. In an interview with PTI, he said: "My growth projection (of India's GDP growth) is 6.5 per cent plus minus 0.5 per cent... because my experience is that the fluctuations in global GDP more or less has balanced out for us, assuming normal changes." On some US-based economists' claim that India is overstating economic growth, Virmani said he has noticed that certain former officials don't have any idea how GDP is constructed as they have come from academic background. Last week, the Finance Ministry also dismissed the criticism of inflated GDP, saying it has followed the consistent practice of using the income side estimates to compute economic growth, and stressed many internatio

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.