Page 3 - India's Economic Growth

IMF praises India for maintaining fiscal discipline in election year

For the demographic dividend to be reaped, India has to invest a lot in education and health

Our economy doing well compared to global growth: India to World Bank

Despite a challenging global scenario, India's economy has shown robust growth over the past year backed by sustained consumption and investment demand, a top Indian official told members of a World Bank committee here. The GDP growth estimate for the fiscal, which has been revised upwards from 7.3 per cent to 7.6 per cent in the second advance estimates, highlights the enduring strength and resilience of the Indian economy, India's Economic Affairs Secretary Ajay Seth said while addressing the Development Committee meeting here on Thursday. India grew above 8 per cent for three consecutive quarters of FY24, reaffirming its position as a standout performer amidst sluggish global growth trends, Seth said. He said that similar sentiments have been echoed by various agencies who have revised India's fiscal 24 growth estimate closer to 8 per cent. India's proactive stance on reform and investment in sustainable growth avenues sets a benchmark for emerging economies. The Indian delegati

India not reaping benefits of its demographic dividend: Raghuram Rajan

India is not reaping the benefits of democratic dividends, former RBI governor Raghuram Rajan said Tuesday, emphasizing that there is need to focus on improving the human capital and enhancing their skill sets. I think we are in the midst of it (democratic dividend), but the problem is we are not reaping the benefits, Rajan said at a conference on Making India an Advanced Economy by 2047: What Will it Take at the George Washington University here. That's why I said 6 per cent growth. If you think that's about what we are right now, take away the fluff in the GDP numbers. That 6 per cent is in the midst of a demographic dividend. It is much below where China and Korea were when they reaped their demographic dividend. And that's why I'm saying we are being overly complicit when we say this is great. This is not because we are losing the demographic dividend because we are not giving those guys jobs, the former RBI governor said. And that leads us to the question, how do we create thos

India's growth dependent on global interdependence: Ex-US trade official

: The current China situation presents an opportunity to be an alternative or additional node in global supply chains, a former US trade official said Tuesday and asserted that India's economic prosperity will be driven by its global interdependence in increasing trade and investments into and from India, helping drive job creation, GDP growth and prosperity. The former official said as India becomes the third largest economy in nominal GDP and as the Indian middle class grows to become larger and with higher incomes, it will emerge as a significant market for US and global businesses. India's productive capacity will similarly find enhanced ways to serve global demand as we already see in technology, he said. India is a beneficiary of globalisation. Its economic prosperity will be driven by its global interdependence, in increasing trade and investments into and from India, helping drive job creation, GDP growth and prosperity. Today the global supply chain situation works in ...

ADB ups India GDP forecast to 7% for FY25 on investments, consumer demand

Supply line disruptions and weather shocks to agriculture are key risks to outlook, says lender

India's economy doing good, efforts needed to sustain it: Sanjeev Sanyal

India's economy grew by better-than-expected 8.4 per cent in the final three months of 2023 -- the fastest pace in one-and-half years

ADB raises India's GDP growth forecast for FY25 to 7% from 6.7% earlier

The ADB had in December last year projected the Indian economy to expand 6.7% in the 2024-25 fiscal

India-Singapore bilateral trade grows 18.2% to $35.6 bn in FY 2022-23

The bilateral trade between Singapore and India rose to USD 35.6 billion in 2022-23, a growth of 18.2 per cent on the year, a senior diplomat at the Indian High Commission here said on Saturday. Singapore is India's eighth largest trade partner (2022-23), with a share of 3.1 per cent of India's overall trade, T Prabakar, the First Secretary (Commerce) at the high commission said. He was addressing the Institute of Company Secretaries of India (ICSI) Third International Conference being held in Singapore from April 5-6. Trade between Singapore and India saw a growth of 18.2 per cent in the year and rose to USD 35.6 billion in 2022-23, Prabakar said. Our imports from Singapore in FY 22-23 were USD 23.6 billion, a growth of 24.4 per cent, and exports to the city-state totalled USD 12 billion, up 7.6 billion in the previous financial year," he told some 100 delegates at the conference. In terms of India's exports, Singapore is the sixth largest export destination in the world, and in

Highlights: Sunita Kejriwal releases phone number to rally support for Delhi CM

From Muktar Ansari's death to the dip in student applications to Harvard University, catch all the latest updates from around the world here

Indian economy can grow at 8% till 2047, reforms are key: IMF's Subramanian

Indian economy can grow at 8 per cent till 2047, if the country can redouble the good policies that it has implemented over the last 10 years and accelerate reforms, India's executive director at International Monetary Fund (IMF) Krishnamurthy Venkata Subramanian said on Thursday. Subramanian further said that clearly 8 per cent growth target is ambitious, because India has not grown consistently at 8 per cent before, but it is achievable. "So, the basic idea is that with the kind of growth that India has registered in the last 10 years, if we can redouble the good policies that we have implemented over the last 10 years and accelerate the reforms, then India can grow at 8 per cent from here on till 2047," he said at the Times Now Summit. India's economy grew at better-than-expected 8.4 per cent in the final three months of 2023, logging the fastest pace in the past one-and-a-half years. The growth rate in October-December helped take the estimate for the current fiscal to 7.6 per

S&P Global raises India's FY25 GDP growth forecast by 40 bps to 6.8%

Agency's projection is lower than the Reserve Bank of India's and the government's growth estimate of 7%

Investors, once eager to pump in billions in Indian startups, losing steam

In January and February, India's startups raised about $900 million - a pace that signals another slow year after a six-year low of just $8 billion in 2023, Venture Intelligence data shows

India's exports may reach $450 bn this fiscal: FIEO Prez Ashwani Kumar

The country's merchandise exports are expected to reach USD 450 billion by the end of this fiscal despite geo-political challenges like the Red Sea crisis, newly elected president of apex exporters body FIEO Ashwani Kumar said on Tuesday. He said that the need of the hour is to address the Red Sea crisis challenges by ensuring the availability of marine insurance and rational increase in freight charges. The exporting sector, particularly, MSMEs, needs easy and low-cost credit, and marketing support to further boost the country's exports, Kumar said, adding early conclusion of free trade agreements such as with the UK and Oman will also help push the outbound shipments. "I will focus on addressing issues of MSMEs as they are going to play. They will play a key role in achieving the USD 1 trillion goods export target by 2030. They are the backbone of the economy and they are facing certain issues pertaining to credit. I would urge banks to come forward in extending support to these

Significant ramp up in capacities to help achieve $40 bn exports target

Steps such as significant ramp up in production capacities, and skilling of workforce will help achieve USD 40 billion garment exports target by 2030, AEPC said on Tuesday. Apparel Export Promotion Council of India (AEPC) Chairman Sudhir Sekhri said skilled workers like tailors and quality checkers are still not sufficient as during the peak season they go to their native villages thereby creating shortage. "Our target to reach USD 40 billion of RMG (readymade garments) export by 2030 can be a reality and my duty is to take every possible step to reach this target," Sekhri said. He said "we need to ramp up our capacities as the export houses in India are still unable to handle core/basic products which are required in huge quantities". He added that the council is also focused on skilling the workforce. "We are creating about 150,000 skilled workers every year but it is still not enough. To attain the growth that we are targeting, we need to empower our workforce with skills," he

ANZ CEO aims to expand presence in India, China as customer focus shifts

In its home market of Australia, Elliott struck a more hawkish tone than that of the bank's economists on the outlook for interest rates

India's economic growth rate resembles that of 2003-07, says Morgan Stanley

India's current world-beating economic growth rate on the back of an investment boom resembles that of 2003-07 when growth averaged more than 8 per cent, according to economists at Morgan Stanley. In a report 'The Viewpoint: India - Why this feels like 2003-07', Morgan Stanley said after a decade of investment to GDP steadily declining, capex has emerged as a key growth driver in India. "We think the capex cycle has more room to run, therefore the current expansion closely resembles that of 2003-07. The current cycle is driven by investment outperforming consumption, public capex leading initially but private capex rapidly catching up, the urban consumer leading consumption followed by catch-up in rural demand, market share in global exports rising and macro stability risks kept in check. "We think the defining characteristic of the current expansion is the rise in the investment-to-GDP ratio. Similarly, in the 2003-07 cycle investment to GDP rose from 27 per cent in F2003 (fiscal .

India's Feb trade deficit at $18.71 billion, consistent with forecast

In February, services exports were $32.35 billion, while imports were $15.39 billion. In January, services exports were $32.80 billion and imports were $16.05 billion

Despite grounds for optimism, India economy is yet to hit high-growth phase

India's macroeconomic stability is impressive compared to many of its peers

Fitch raises GDP growth estimates for FY24, FY25, tempers view on rate cuts

The RBI has kept the repo rate unchanged at 6.50% for the last six consecutive meetings and has reiterated its commitment to reaching the 4% inflation target on a sustainable basis

India, Indonesia bright spots for investment opportunities: BlackRock

US investment firm BlackRock sees India and Indonesia as two Asia-Pacific countries offering a lot of investment opportunities, its head of research for the region said on Tuesday