Page 3 - India Growth

India needs structural reforms to achieve higher growth levels: IMF

In response to another question on the impact of a sharp increase in bond yields on emerging markets, Srinivasan said that both the public and private sectors should be careful while borrowing

Indian economy may grow by average 6.7% till FY31, says S&P Global

GDP to nearly double to $6.7 trn by then, it says

India's growth trajectory secure: FinMin's monthly economic review

On wheat, the monthly review said that going forward the weather and input support are likely to increase the production in 2023, making larger quantities available for procurement

Goldman Sachs CEO projects high growth trajectory for India: Report

Global CEOs are thinking about India as a big growth opportunity while recognising some of the challenges with investing in the country, Solomon told the newspaper in an interview

Need to go beyond GDP

The need to complement purely GDP-based progress with alternative measures of economic and societal progress is now being suggested as a new reference point for measuring quality growth

India likely to move to upper-middle-income category by 2047: EAC-PM chief

Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy on Monday said that some states in India are already in the high income category in purchasing power parity (PPP) terms, and the country is likely to move to the upper-middle-income country by 2047. Debroy further said any presumption that the Indian economic growth rate will be driven only by exports may be misleading because there are plenty of endogenous sources of growth. "In 2047, India will probably move to the upper middle income category...Some states in India, at least in PPP terms, are already in the high income category," he said at an event here. According to the World Bank's definition, a country with a per capita annual income of over USD 12,000 is considered as a higher-income nation. India, which is the world's fifth largest economy, is currently classified as a developing nation. Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. A deve

India projected to grow at 7% in 2022-23, says Sitharaman at IMF meet

She highlighted that conducive domestic policy environment along with the Indian government's focus on structural reforms has kept domestic economic activity in India robust

Modest downgrade of India's growth due to slow domestic consumption: IMF

India's growth rate has been modestly downgraded from 6.1 per cent to 5.9 per cent for the current fiscal mainly because of the slowness of domestic consumption and data revision, according to a top IMF official. The International Monetary Fund (IMF) on Tuesday lowered India's economic growth projection for the current fiscal to 5.9 per cent from 6.1 per cent earlier. Yet India will continue to be the fastest-growing economy in the world. In its annual World Economic Outlook, IMF also lowered the forecast for 2024-25 fiscal (April 2024 to March 2025) to 6.3 per cent from the 6.8 per cent it had predicted in January this year. Krishna Srinivasan, Director of the Asia and Pacific Department, IMF, said the revisions to India's growth have been very modest from 6.1 per cent to 5.9 per cent and probably reflects two factors. "One is that domestic consumption growth is starting to slow, albeit modestly. The other factor is data revisions in 2019 to 2020, which suggests the economic ...

Fitch retains India's growth forecast at 7%, cuts projections for 2 yrs

Fitch Ratings on Tuesday retained India's economic growth forecast at 7 per cent for the current fiscal, saying India could be one of the fastest-growing emerging markets this year. It, however, cut the projections for the next two financial years, stating that even though the country is shielded to some extent from global economic shocks but is not impervious to global developments. In its December edition of the Global Economic Outlook, Fitch projected India's GDP to grow at 7 per cent in the current fiscal and slow to 6.2 per cent in 2023-24 and 6.9 per cent in 2024-25. In September, Fitch had projected 7 per cent growth for the current fiscal, followed by 6.7 per cent in 2023-24 and 7.1 per cent growth in 2024-25. Given the stronger-than-expected outturn, Fitch forecasts growth at 7 per cent in the financial year ending March 2023 (FY23). "India is expected to record one of the fastest growth rates among emerging markets in our Fitch20 coverage this year," it said. India is .

India as the world's factory: China may be in denial

It is interesting that the myths around the influence of Confucianism on Southeast Asia come not from Chinese scholars but from futurologist Hermann Kahn

Finance Minister says India's growth resilient despite exogenous threats

Finance Minister Nirmala Sitharaman Wednesday said that despite exogenous threats, India's well-targeted policy mix, accompanied by major structural reforms, have aided its growth to remain resilient

World Bank downgrades India's economic growth forecast to 6.5% for FY23

The World Bank on Thursday projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing deteriorating international environment. In its latest South Asia Economic Focus released ahead of the annual meeting of the International Monetary Fund and the World Bank, the Bank, however, noted that India is recovering stronger than the rest of the world. The Indian economy grew by 8.7 per cent in the previous year. "The Indian economy has done well compared to the other countries in South Asia, with relatively strong growth performance... bounced back from the sharp contraction during the first phase of COVID," Hans Timmer, World Bank Chief Economist for South Asia, told PTI in an interview. India, he said, has done relatively well with the advantage that it doesn't have a large external debt, there are no problems coming from that side, and that there is prudent monetary policy, he ...

India, Bangladesh sign deal on water sharing, six other treaties

Prime Minister Modi and his visiting counterpart Sheikh Hasina say bilateral cooperation between nations growing

ADB slashes India growth forecast to 7.2% for FY23, sees higher inflation

Private investment will soften due to higher cost of borrowing for firms, says development bank's outlook

India's growth to enhance once cloud of pandemic, conflict recedes: CEA

The impact of structural reforms, like GST and IBC, will help boost India's growth once the cloud of the pandemic and geopolitical conflict recedes, Chief Economic Advisor Anantha Nageswaran said

Netflix bets on film star-worshipping southern market to power growth

The US company has greenlighted at least six TV shows in southern Indian languages this year, aggressively chasing deals in Tollywood as the Telugu and Tamil film and TV industry is known

India's 10-year growth one of the biggest laggards in Asia, EM peers

The data for East Asia & Pacific, excludes high income countries such as Japan, South Korea, Taiwan, Hong Kong, Australia, and New Zealand

India's growth may hurt if rural-to-urban migration not checked: Adani

The rural-urban imbalance reflects the inequality of opportunities that need to be addressed, he added

ADB cuts India growth estimate to 4% for FY21 amid global Covid-19 pandemic

Growth in South Asia will decelerate to 4.1 per cent in FY2021 and then recover to 6 per cent in FY2022, largely tracking the trend in the dominant Indian economy, according to ADB

Best Of BS Opinion: Long-term growth, AGR dues, YES Bank saga, and more

Kanika Datta brings you top opinion pieces of the day