Page 13 - India Gdp

India GDP to grow 6-6.3% in FY24, economic prospects brighten: Deloitte

India is likely to grow 6-6.3 per cent in the current fiscal year ending March 31, 2024, Deloitte India said in its economic outlook, forecasting growth surpassing 7 per cent over the next two years if global uncertainties recede. With the probability associated with a recession in major industrial countries this year trimming, several economic indicators such as the tight labour markets and reduced risk spreads post the US banking crisis suggest that downside risks to global growth are subsiding. Yet, there remain significant uncertainties around the actions of the central banks of major economies and the oil price movements, the economic outlook said. "Amid continuing global uncertainties, India continues to see strong economic activity," it said. "Keeping in view the resilience shown by the economy, Deloitte is optimistic about the outlook and has put out its expectation for this year and the next. Deloitte expects India to grow between 6 per cent and 6.3 per cent in FY 202324, a

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

Commerce ministry looking at fixing export target in range for this fiscal

With the increasing global economic uncertainties, the commerce ministry is looking at fixing this fiscal year's export target in a range instead of a single figure, an official said. To set the target range, a detailed study on 200 countries and 31 commodity groups is in the process, the official said. The target range would depend on parameters such as the USD 1 trillion merchandise exports target by 2030; import to GDP ratio of importing countries; export to GDP ratio of India that will tell the potential and past trends. "We are not fixing any export target as a figure. In fact, my team has done an exercise, where we are saying that let us talk in terms of range. In the best scenario, the exports can be this much and in the worst scenario, it can be this much," the official said. For a monitoring purpose of exports every month, the official said a fixed number would be required and that could be a mid-value or an average may be accepted. The ministry has though fixed an intern

Agri sector contribution to GDP can rise by improving marketing: Shah

Cooperation Minister Amit Shah on Friday said the contribution of agriculture and allied sectors to the country's GDP can further be enhanced by strengthening marketing, for which farmer producer organisations (FPOs) are the key. Addressing a conclave here, the Minister said agriculture can become a profitable venture if modern technology and marketing methods are adopted. Primary Agricultural Credit Societies (PACS) and FPOs can help in this endeavour. He urged both FPOs and PACS to operate in a "hybrid model" under which around 11,770 FPOs that have already been set up can link themselves with PACS through an agreement to provide services to cooperative members. Existing 65,000-odd PACS can begin operating as FPOs. Stressing the need to work in a hybrid model, Shah said: "GDP (Gross Domestic Produce) is very important for any country. If you increase GDP through manufacturing, the job creation will not be much. If you strengthen agriculture and allied sector through cooperatives,

Why you should care about India's R&D-to-GDP ratio?

In this video, we explain what percentage of GDP India spends on research and development compared to other countries and how it impacts India's overall growth >

India's app economy to touch $792 bn by 2030, 20% of estimated GDP: Report

India's app economy is expected to reach USD 791.98 billion by 2030, contributing 12 per cent to the country's estimated GDP of USD 6.59 trillion, a report commissioned by Broadband India Forum said on Friday. The report prepared jointly by ICRIER Senior Visiting Professor Rekha Jain and IIM Ahmedabad Professors Viswanath Pingali and Ankur Sinha is based on the assumption that the app economy will grow at the rate of 2.5 times the GDP growth as of 2030. The researchers defined app economy as the range of economic activities surrounding mobile applications including the development and sale of apps, in-app purchases, subscriptions, advertisements, public relations generated by free apps and the hardware devices and software on which apps are designed to run. "Our main conclusion is that by 2030, the amount of money spent on apps is likely to be around USD 800 billion. Given that the Indian economy is expected to be around USD 6600 billion, the app spending is likely to be around 12 p

Centre's fiscal deficit at 11.8% of full year target, shows CGA data

The central government's fiscal deficit at the end of May stood at 11.8 per cent of the full-year budget estimates for 2023-24, according to official data. The fiscal deficit was 12.3 per cent of the 2022-23 BE in the same period of the last year. Fiscal deficit is the difference between total expenditure and revenue of the government. It is an indication of the total borrowings that are needed by the government. In actual terms, the deficit was Rs 2,10,287 crore at end-May 2023, as per the data of the Controller General of Accounts (CGA). In the Union Budget, the government aimed to bring down the fiscal deficit during the current financial year 2023-24 to 5.9 per cent of the gross domestic product (GDP). The deficit was 6.4 per cent of the GDP in 2022-23 against the earlier estimate of 6.71 per cent. Unveiling the revenue-expenditure data of the Union government for the first two months of the 2023-24, CGA said the net tax revenue was Rs 2.78 lakh crore or 11.9 per cent of the

Need to raise MSMEs contribution for India to be 3rd largest economy: Rane

There is a need to increase the contribution of India's micro, small and medium enterprises to become the third largest economy in the world by 2030, Union Minister Narayan Rane on Tuesday said. The MSME minister also said that a survey should be conducted to ascertain the number of micro-enterprises that have been shut in the country. According to the Udyam Registration Portal, 97 per cent of the MSMEs registered are micro units. "Even if we make efforts to increase the productivity of micro-enterprises we can become the third largest economy in the world by 2030," Rane said. The minister said at present, Japan (USD 4.3 trillion) and Germany (USD 4.03 trillion) are third and fourth largest economies, while India has a GDP of USD 3.46 trillion. He asked officials to make more efforts for entrepreneurs' transition to small from the micro category. Rane also said the latest technology needs to be adopted and related information must be disseminated among entrepreneurs. Various ...

India's Jan-March current account deficit narrows as trade gap shrinks: RBI

Net services receipts increased, sequentially and on a year-on-year (y-o-y) basis, on the back of a rise in net earnings from computer services, the RBI said

India to account for 12% of global m-cap by 2075; GDP to surpass US

The US-based investment bank said the growth in EMs will continue to outpace that in the developed market, with 7 of the top 10 world economies becoming EMs by 2075

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

Target is to have technology be 20-25% of Indian GDP by 2025-26: MoS IT

The Indian Government has set a goal of making technology 20-25 per cent of the nation's GDP by 2025, India's IT minister Rajeev Chandrasekhar has told Indian American entrepreneurs and asked them to be part of this story of India. Over the last nine years digital economy has expanded, diversified and currently there isn't a slice or space in the tech sector that Indian entrepreneurs, Indian startups are not present in; whether it is semiconductors, micro-electronics, AI, the blockchain and web three high-performance computing languages and consumer internet, Chandrasekhar said in his virtual address to the annual conference of the Global Indian Technology Professionals Association. Any part of technology that you look at today, there is significant presence and momentum by Indian startups, Indian enterprises and Indian innovators. Over the last five years, in particular, during and after COVID-19, the Indian innovation economy has grown from the four-five per cent in 2014 to ten per

Profits under pressure

Earnings growth will be a constraint for markets

FPI invest Rs 43,838 cr in India in May, likely to continue in June

FPIs are likely to continue their investment in India in June too since the latest GDP data and high frequency indicators reflect a robust economy gaining further strength

India is taking its place on global economic map due to Modi: Rajnath Singh

Rajnath Singh stated that efforts were being made to create a strong, and tech-savvy armed forces on the back of a robust defence industry

Encouraging GDP numbers, but mining and quarrying segment disappoints

Sector contracted in FY23 compared to FY19 and marginally grew over pre-Covid FY19

GDP figure exposes lies of Rahul's 'market of hate' against India: BJP

The BJP on Wednesday accused Rahul Gandhi of "spreading a market of pessimism, hate and distrust" against India's development journey as it cited the robust 7.2 per cent annual economic growth of the country to target the Congress leader. Addressing a press conference, BJP leader and former Union minister Ravi Shankar Prasad said Gandhi's claim of spreading the message of love amid alleged hatred is merely an excuse for him as his priority is to spread hate against India's development under Prime Minister Narendra Modi's leadership. "The GDP figure has exposed the lies of your market of hate," he said, attacking the former Congress president. Prasad cited an interaction between Gandhi and former RBI governor, an apparent reference to Raghuram Rajan, to note that the opposition leader had claimed that India's exports were slowing down and the country would be lucky to have five per cent growth. "Every prediction of the sponsored expert has proved wrong," he claimed, dubbing Gandhi a

Manufacturing PMI hits 31-month high in May, helped by demand and output

Last month's data points to 23-month rise in factory orders straight: Survey

JPMorgan hikes India's FY24 GDP forecast to 5.5%; warns of global slowdown

The economy also grew at a better-than-expected 7.2% for fiscal 2023

Curb your enthusiasm

The detail of the GDP data also throws up some inconsistencies, curbing one's enthusiasm from the fear of future data revisions