Page 7 - India's Economic Growth

GST milestone in India's economic landscape: PM Narendra Modi

A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT, was rolled out on July 1, 2017.

Amitabh Kant gets another one-year extension as NITI Aayog CEO

This is the third extension since he took charge of the public policy think tank in 2016.

Sitharaman expands credit relief, unveils new Covid-19 recovery package

Expanded credit guarantee program includes Rs 50,000 crore for the health sector; additional spending to focus on children.

Economic revival: FM Sitharaman raises ECLGS scheme limit to Rs 4.5 trn

FM announces Rs 1.1 trillion loan guarantee scheme for Covid-affected sectors

Sitharaman points at investment opportunities in India to US investors

FM Sitharaman discussed opportunities in India for growth and investment on the back of the reform measures taken by government

People saving less, household savings moderate in third quarter FY21

The ratio of household (bank) deposits to GDP also declined to 3.0 per cent in the October -December quarter of FY21 from 7.7 per cent in the previous quarter.

India's second Covid wave to impact infra sectors, says Moody's

The report said that the government's ability to limit the virus spread and materially increase its vaccination drive will have a direct impact on the economic recovery.

Reforms by conviction and incentives, says PM Modi in blog post

PM Modi stated that the 15th Finance Commission and several academics have emphasised the crucial importance of sound property taxation.

Repo rate expected to remain unchanged in fiscal 2022: Emkay Global

Reserve Bank of India's repo rate is expected to remain unchanged during FY22, said Emkay Global in a report.

Tech hiring rebounds in May; overall job market still weak, says report

Other profiles like sales, marketing, site engineering, human resources, finance and project manager witnessed flat demand, the report added.

India maintains 43rd rank on IMD's World Competitiveness Index

The 64-nation list was led by Switzerland

Phased unlock: Fiscal 2022 GDP growth projected at 8.5%, says ICRA

ICRA continues to expect a prolonged negative impact of the second wave on consumer sentiment and demand

Businesses struggling with rising cost of raw materials: PHDCCI survey

The supply chain disruptions are causing skyrocketing commodity prices: PHD Chamber of Commerce and Industry President Sanjay Aggarwal

Confident all will revise GDP growth projection to 10-10.5 pc: NITI Aayog

The RBI has cut the GDP growth forecast from 10.5 per cent to 9.5 per cent for the financial year 2021-22.

Look forward to repo rate cut by RBI in future, says India Inc

RBI decided to leave the benchmark interest rate unchanged at 4 per cent

Onus of recovery on govt; expect over 9.5% growth in FY22: Economist

Axis Bank's chief economist Saugata Bhattacharya said that he is sceptical if the government will be able to inoculate over 40 per cent of the population with both doses by September or October.

UBS warns of more downside risks to growth on longer lockdowns

The economy faces more downside risks now as economic disruptions arising from the second wave are likely to stabilise only from July, warned the Swiss brokerage USB Securities. Last month, the brokerage had cut its GDP forecast by 150 bps to 10 per cent for FY22, which though is much higher than the consensus projections by others with some pegging it at as low as 8 per cent. Though adverse impacts on sequential growth is less severe than in the June 2020 quarter when it plunged by 23.9 per cent, as lockdowns are more targeted and localised and households and businesses have adjusted to the new normal now, still, it is increasingly possible that normalcy returns only by July as against our baseline assumption of June. This increases the downside risks to our FY22 growth estimate of 10 per cent, its India economist Tanvee Gupta Jain in a note on Thursday said without quantifying how much it will be. She bases her warnings to the UBS-India activity indicator that has slipped to 78.6

Govt may announce stimulus when Covid unlock phase commences: Report

'We believe that irrespective of the ability to spend, there will be another stimulus announced by the government when the unlock phase commences,' says brokerage Bernstein

April headline numbers deceptive; economy in trough, says ICRA report

Uptick in headline numbers of key economic indicators in April is due to the base effect: ICRA

Covid to act as speed-breaker, but won't derail economy, say experts

Some improvement likely when enough people are vaccinated in the later part of the year