Page 19 - India Gdp Growth

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.

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