Page 6 - Indian Economic Growth

Moody's raises India growth forecast to 6.8% on stronger economic data

Global rating agency Moody's on Monday raised India's growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of 'stronger-than-expected' economic data of 2023 and fading global economic headwinds. India's real GDP expanded 8.4 per cent year-over-year in the fourth quarter of calendar year 2023, resulting in a 7.7 per cent growth for full-year 2023. Capital spending by the government and strong manufacturing activity have meaningfully contributed to the robust growth outcomes in 2023, Moody's Investors Service said. With global headwinds fading, the Indian economy should be able to comfortably register 6-7 per cent real GDP growth, it added. "India's economy has performed well and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8 per cent from 6.1 per cent. India is likely to remain the fastest growing among G-20 economies over our forecast horizon," Moody's said in its Global Macroeconomic ..

Three out of five large economies recorded slow growth, shows data

Some larger economies are doing better than others. The United States (US) and China in particular have shown a stronger growth rate in the fourth quarter of the calendar year 2023

Highlights of the day: On Fb live, Shiv Sena UBT leader's son shot dead

Latest LIVE: From elections in Pakistan to BJP govt's decision to present a white paper on state of economy during UPA 's ten year rule, catch all the latest updates from around the world here

UPA ruined Indian economy, 'White Paper' to highlight deficiencies: BJP

Bharatiya Janata Party (BJP) MP Jayant Sinha said on Wednesday that the Indian economy was ruined by the end of the United Progressive Alliance (UPA) tenure in 2014, adding that the 'White Paper' likely to be presented by the Centre in Parliament would highlight the deficiencies in each sector that existed at that time.The government announced in the Union Interim Budget presented on February 1 that it would release a 'White Paper' to compare the economic performance of the Congress-led UPA government's 10 years with that of the BJP-led NDA government's 10 years.Speaking to ANI, Jayant Sinha said, "It is necessary that we present before the people that how a change has set in into the economy. There were deficiencies in every sector. If the economy is shining today and going ahead rapidly, it is due to our policies & work in these 10 years."Highlighting the economic mismanagement by Congress and the UPA during its tenure, Jayant Sinha, who was also the Minister of State (MoS) ...

Large part of Rs 11 trn capex for FY25 to flow into energy sector: PM Modi

The Interim Budget, presented on February 1, projected a capex of Rs 11 trillion for next year, up from Rs 10 trillion in FY24

Indian economy to grow at 6.7% between fiscals 2024 to 2031: CRISIL

The Indian economy is expected to grow at an average rate of 6.7 per cent per annum until the end of the decade, CRISIL said in its latest report. The economy will grow at this rate between the financial years 2024 to 2031, a notch above the pre-pandemic average of 6.6 per cent. According to CRISIL, the key contributor to this trend will be capital. This is a result of the investment-driven strategy of the government when the private sector was shy of making investments. The government increased capital expenditure significantly to support building expenditure and providing interest-free loans to states to bolster their own investment efforts, the report said. CRISIL said that after a robust 7.3 per cent growth this fiscal, there will be moderation to 6.4 per cent in the next financial year. There is also a need to monitor the impact of the escalation of the Middle East conflict on energy and logistics costs, it said. In India, the inflation level of 5.7 per cent in December 202

India certain to become 3rd largest economy in our third term: PM Modi

Prime Minister Narendra Modi on Friday said India is moving fast and will become the world's third largest economy in the third term of his government. The general elections are due in April-May this year. Addressing the Bharat Mobility Global Expo here, the prime minister also announced that 1,000 modern rest houses in Phase-1 will be constructed along national highways for truck and taxi drivers. "India is certain to become the third largest economy in the world in the third term of our government," he said. Further, Modi said that in the 10 years before 2014, around 12 crore vehicles were sold in the country. However, since 2014 more than 21 crore vehicles have been sold in the country, he added. According to him, 10 years ago, around 2,000 electric vehicles were being sold. Now 12 lakh electric vehicles are being sold. In the last 10 years, around 60 per cent growth has been registered in passenger vehicles, he added. He also talked about the advancements India is making in

Commercial paper rates harden amid tight liquidity in January, shows data

Commercial papers are an unsecured form of short-term debt issued by corporations, which serves as a financial tool primarily directed at addressing immediate financial obligations

Indian economy has transformed in last one decade: Union ministers at WEF

Asserting that the Indian economy has undergone a significant transformation in the last one decade, three union ministers on Thursday said the country's economic growth now is not only high but also inclusive. Speaking at a session on 'Can India seize its moment' at the World Economic Forum Annual Meeting 2024, union minister Hardeep Singh Puri said India has already seized the moment. "I say so because of the GDP growth we are clocking and the expectations from all quarters for a continued growth momentum," he said. Speaking in the same session, his Cabinet colleague Ashwini Vaishnaw said the last decade has seen a significant transformation in the Indian economy. "Major investments have happened in physical and digital infrastructure. That has had a huge impact on manufacturing and overall economic activity," he said. Smriti Irani, Minister for Women and Child Development, said she agrees with minister Puri that India has already seized the moment. She said India used to have

India can become $5 trn economy much before 2028: Hardeep Singh Puri

Union minister Hardeep Singh Puri on Tuesday asserted that India can become a five trillion dollar economy much before 2028 and said the country's energy transition needs to be done in an orderly manner to safeguard the interests of its large population. Puri, the minister for petroleum and natural gas as well as housing and urban affairs, said India is aware of its commitments towards sustainability goals and will meet all the targets in time while meeting the requirements of a growing economy. He was speaking at a CII-EY breakfast session on 'accelerating India's energy transition towards sustainable economic growth' on the sidelines of the World Economic Forum Annual Meeting 2024. "I don't think we need to wait till 2028 to become a five trillion dollar economy, and if you look at what is happening, it should happen much before 2028," he said while listing various macroeconomic parameters. "I also think that the transition has to be orderly because transition by nature has to ha

86% Indian CEOs optimistic about country's economic growth: PwC survey

44% of global business leaders expressed a similar opinion about the economy in their countries or territories

White collar jobs dip 16% in Dec amid cautious hiring in IT, other sectors

White collar hiring in India witnessed a 16 per cent decline in December compared to the year-ago period due to cautious hiring sentiments in IT, BPO, education, retail and healthcare sectors, a report said on Tuesday. "We observed marginal sequential growth of 2 per cent in December hiring activity compared to November, driven by non-IT sectors. However, the IT sector continued to be significantly impacted pulling the overall index down by 16 per cent against last year signalling a longer wait for a complete recovery in IT hiring," Naukri.com Chief Business Officer Pawan Goyal said analysing the Naukri JobSpeak Index. According to the Naukri JobSpeak Index, sectors like BPO, education, retail, and healthcare displayed cautious hiring sentiments, witnessing a year-on-year decline of 17 per cent, 11 per cent, 11 per cent and 10 per cent, respectively, in job offers in December. Hiring in the IT sector reflected the trend seen in the second half of 2023, the report noted. The sector

Action on energy demand can save global economy $2 trillion a year: WEF

A set of business actions aimed at reducing the intensity of energy demand can unlock annual savings of at least USD 2 trillion a year for the global economy if measures are taken by the end of this decade, a new WEF study showed on Monday. These targeted practical actions can also boost growth and cut greenhouse gas emissions. Releasing the report ahead of its Annual Meeting in Davos from January 15-19, the World Economic Forum (WEF) said the right policy frameworks would unlock growth and productivity, save companies cash, deliver competitive advantage and reduce emissions. The report was launched in collaboration with PwC and is supported by over 120 global CEOs who are members of the WEF's International Business Council (IBC), a group representing 3 per cent of global energy use. In one of the most widely supported initiatives at United Nations climate change conference COP28, governments pledged to triple the world's renewable energy capacity by 2030 and double the rate of ene

India's services growth at three-month high in Dec on buoyant demand: PMI

The HSBC India Services Purchasing Managers' Index, compiled by S&P Global, rose sharply in December to 59.0 from November's one-year low of 56.9

Indian economy outperforming peers, projected to grow at 6.2% in 2024: UN

India is projected to grow at 6.2 per cent in 2024, supported by robust domestic demand and strong growth in the manufacturing and services sectors, the United Nations has said. The UN World Economic Situation and Prospects (WESP) 2024 report, launched here on Thursday, said that gross domestic product in South Asia is projected to increase by 5.2 per cent in 2024, driven by a robust expansion in India, which remains the fastest-growing large economy in the world. Growth in India is projected to reach 6.2 per cent in 2024, slightly lower than the 6.3 per cent estimate for 2023, amid robust domestic demand and strong growth in the manufacturing and services sectors, the report said. India's GDP is projected to increase to 6.6 per cent in 2025. The report notes that economic growth in India is projected to remain strong at 6.2 per cent this year mainly supported by resilient private consumption and strong public investment. While manufacturing and services sectors will continue to ..

India's growth story: A question of answers

Raghuram Rajan and Rohit Lamba advocate a new growth path for India, rejecting the China model and promoting a strategy anchored in human capital development, and a robust political economy

India to become largest economic superpower by end of century: CEBR

India is expected to overtake both China and the US after 2080, based on demographic estimates and projections

India's potential economic growth rate likely now at 7%, estimates Axis

An economy that's growing faster than its potential would generally result in bottlenecks in supply, causing inflation to accelerate and putting pressure on the central bank to hike interest rates

Air passenger traffic continues to grow, reaches 98.2% of pre-Covid levels

Domestic traffic for Oct '23 was also up 33.7% when compared with the same period last year. This was driven by the triple-digit percentage growth in China

Indian economy to grow at 6.5% in FY24: Chief Economic Advisor Nageswaran

The Indian economy will grow at 6.5 per cent in the current fiscal ending March 31, 2024, Chief Economic Advisor V Anantha Nageswaran said on Thursday. This decade is going to be the decade of uncertainty. If the corporate sector delays its investment, then the virtuous cycle of employment generation and economic growth will not materialise, Nageswaran added. "When it comes to the finance ministry, our emphasis has been to plan conservatively, both with respect to nominal GDP growth assumptions, buoyancy assumptions for revenue growth, etc. "And I think, when I talk about being able to achieve six and a half per cent in real GDP growth on average, I am giving myself enough room to surprise on the upside," he said while addressing an event organised by industry body CII. The Indian economy grew 7.2 per cent in 2022-23. The Reserve Bank also expects growth to be 6.5 per cent in the current fiscal. India's economy grew 7.6 per cent in the September quarter of this fiscal and remained