Page 7 - Indian Economic Growth

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

India's construction sector levels up as housing demand spurs economy

The construction sector grew 13.3% in July-September from a year earlier, up from 7.9% in the previous quarter and its best performance in five quarters, the data released on Thursday showed

94% Indian CFOs optimistic about nation's economic future: Survey

As many as 94 per cent of Indian chief financial officers expressed confidence in the nation's economic future, displaying the highest optimism across the APAC region, according to the latest Deloitte Asia Pacific (APAC) CFO Survey 2023. According to the report, more than 30 per cent of Asian CFOs have confidence in the nation's economic future, with 71 per cent of Japanese CFOs being more neutral as compared to their Australian (51 per cent) and Chinese (49 per cent) counterparts. Indian CFOs' confidence underscores the resilience and proactive strategies that Indian financial leaders adopt during global economic uncertainties, Deloitte said in a statement. The report titled 'The next set of imperatives for CFOs in the Asia-Pacific region', demonstrates the business imperatives facing organisations of 276 leading CFOs in the region. It highlights CFOs' responses to the near-term business landscape marked by economic fluctuations, slowing growth, surging inflation, and elevated ...

Farm GVA growth slows to 1.2% in second quarter amid uneven rains

The sluggish growth in the sector can be attributed to weak harvest activity during July-September and most inputs coming from residual rabi crops

India needs to forge ties with Global South to accelerate growth: Kant

The country needs to work in partnership with Global South to accelerate its growth rate to achieve the dream of Vikshit Bharat (developed India) by 2047, G20 Sherpa Amitabh Kant said on Monday. The next two decades are said to be the most significant of India's growth story, he said while speaking at the First Regional Conference on Access to Legal Aid. According to a Niti Aayog roadmap, India would be Vikshit Bharat with a USD 30 trillion economy by 2047 and per capita income of about USD 18,000, he noted. "If this level of sustained growth that we aim to achieve and opportunities must now catalyse this, we need to work in partnership with Global South," Kant said. The Global South is critical and important because this year, 80 per cent of the world's growth will come from emerging markets and the Global South, he said. According to the IMF, he said, almost two-thirds of global growth would come from emerging markets in the next two decades. "This year itself, six of the faste

Urban consumption likely to propel India's GDP growth in July-September

Besides, the index of industrial production (IIP) also grew at a robust pace of 7.34 per cent during the quarter, along with a robust 13.9 per cent growth in electricity demand

Uneven growth

Income inequality can affect development

NASDAQ can play key role in attracting global investors to India: Official

NASDAQ can play a key role in bringing much-needed investment into India from global investors, according to a top official of the American stock exchange. India has right now "over 200 very large startup companies that could go public in future" and that's unheard of anywhere else in the world, NASDAQ executive vice chairman Edward Knight told PTI in an interview on Tuesday. NASDAQ (National Association of Securities Dealers Automated Quotations) is a stock exchange that lists some of the world's largest technology companies, such as Apple, Microsoft, and Amazon. It is one of the world's oldest and second-largest stock exchanges by market capitalisation, after the New York Stock Exchange (NYSE). Knight noted that India has "a very strong legal system...very strong universities" and "all the ingredients that have produced and could continue to produce great early-stage companies, innovation and technological innovation". "But," he said, "you need capital and the capital needs of In

Rupee expected to trade near record lows despite economic growth: Experts

India's economy is expected to expand 6.3% this fiscal year, the fastest-growing major economy in the world. But the rupee is not reflecting that optimism.

Tata Steel CEO expresses concern over India's rising steel imports

India being a net importer of steel is a matter of concern, Tata Steel CEO & MD T V Narendran said Tuesday. The government has assured of intervention, if the imports remain on a rise, Narendran said at the ISA Steel Conclave event in the national capital. "I think it's a little bit of a concern because internationally steel prices are still a bit soft because of China... You heard the (commerce) minister Piyush Goyal saying that if imports increase the government will look at what it can do to help us," he said replying to a question on India being net importer of steel in October. Commerce and Industry Minister Piyush Goyal on Tuesday assured the domestic industry that India will not accept such unfair taxes and will fight to get a fair deal for producers and exporters. He said India has already flagged its concerns over the carbon tax with the European Union (EU) and in the WTO (World Trade Organization). The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of ..

Rural market recovery boosts consumer goods sector growth to 9%: Report

Rural markets showed continued recovery during the quarter, with sales volumes rising 6.4% from 4% in the June-quarter, the market research firm NielsenIQ said.

India's steel capacity crosses 161 MT mark, sector poised for growth: Govt

India's steel capacity has crossed 161 million tonnes and the industry is poised for continued growth, Steel Secretary Nagendra Nath Sinha said on Tuesday. As per the National Steel Policy, India has an ambitious target of installing 300 MT steel capacity by 2030. "We have already crossed 161 million mt of capacity, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF) and 58 MT by induction furnace (IF) route," Sinha said addressing the '4rth Indian Steel Association (ISA) Steel Conclave' event in the national capital. He further stressed that the steel sector in India is poised for continued growth. Sinha said, India is the world's fourth-largest automobile market, and it is expected to grow at a CAGR of 8-10 per cent over the next 10 years. Moreover, the manufacturing sector saw a Compound annual growth rate (CAGR) of 7-8 per cent and this is driving demand for steel in both the sectors. The production-linked incentive scheme

India will account for 18% of global growth by 2028, to play key role: IMF

India's faster growth compared with China's economic slowdown could see the South Asian nation make a bigger contribution to global growth than its larger rival

Gujarat to play key role in achieving $5 trillion economy: CM Patel

CM Patel reiterated the state government's support to industry and stated that the government is committed to ensuring that businesses in the state do not face any problems

India making new export records, economy will grow 10 times by 2047: Goyal

Union Minister Piyush Goyal on Saturday expressed confidence that by 2047 the country's economy will increase tenfold