Page 158 - Indian Economy

Modi govt destroying economy with its cluelessness, incompetence: Congress

The Congress on Friday hit out at the Union government alleging India's growth story is being pushed back due to the inept handling of the economy and cluelessness on the part of the Modi government. It also asked the government whether it will now go back on its promises of making the country a USD 5 trillion economy, doubling farmers' income, and providing pucca houses to all by 2022. "It is evident now that the BJP government due to its inept handling of the economy, no focus, and cluelessness, is pushing the Indian growth story back," Congress spokesperson Gourav Vallabh said at a press conference. Citing the GDP growth numbers, he said India has seen a growth of only 3 per cent in the last three years and accused the government of "destroying" the Indian economy. "These are highly worrying numbers, with prospects not looking very bright due to inaction by the Modi government. Even SBI had a downward growth forecast for FY23 from 7.5 percent to 6.8 percent," he said, noting tha

CAD may touch nine-year-high in Q1FY23 as net exports soar

India's CAD stood at 1.5% of GDP in the March quarter of FY22 compared to a CAD of 2.6% of GDP in the preceding quarter of FY22

Day after Q1 GDP data, a spate of forecast cuts by banks, institutions

Moody's cut its forecast to 7.7%, from 8.8%, citing dampening economic momentum in the coming quarters on rising interest rates, uneven monsoon, and slowing global growth

Investments rise in June quarter, but still lower than 30% of GDP

Though GFCF growth at 10-year high in constant price terms, but experts say that is overstated

India's manufacturing growth stays robust in Aug, inflation eases

S&P Global's Manufacturing Purchasing Managers' Index dips slightly to 56.2 in August from 56.4 in July

India leading globally in digital payments, says Rajeev Chandrasekhar

Under PM Kisan Samman Nidhi Yojana, up to Rs 19,000 crore were transferred directly into bank accounts of 95 million beneficiaries in a single day, he added

'Economy grew by 1% annually in 3 yrs': Cong slams govt over GDP numbers

The Congress hit out at the Narendra Modi government on Thursday over the latest GDP numbers, saying the country's economy has grown by a meagre 1 per cent annually in the last three years. "While the Modi Government ministers are congratulating each other over the 13.5 per cent GDP growth, the real truth is that the Indian economy has grown only 3.3 per cent in last 3 years. From Rs 35.67 trillion in Q1 FY20 to Rs 36.85 trillion in Q1 FY23. This is an annual growth rate of around 1 per cent," Leader of Opposition in the Rajya Sabha Mallikarjun Kharge wrote on Twitter. The Congress also said on its official Twitter handle that the GDP growth in the first quarter of 2022-23 was 13.5 per cent, but the reality is horrifying. "The reality is horrifying. Not only GDP growth, GDP itself decreased. 2019-20 Q1 GDP: Rs 35.49 lakh crore. 2020-21 Q1 GDP: Rs 27.04 lakh crore. 2021-22 Q1 GDP: Rs 32.46 lakh crore. 2022-23 Q1 GDP: Rs 36.85 lakh crore. "Only 3.8 per cent GDP growth in 3 years. ...

LIVE news: NIA announces Rs 25 L reward on fugitive gangster Dawood Ibrahim

The agency has also announced a cash reward of Rs 20 L on Ibrahim's close aide Chhota Shakeel

Moody's slashes India's economic growth forecast to 7.7% for 2022

Moody's Investors Service on Thursday slashed India's economic growth projection for 2022 to 7.7 per cent, saying that rising interest rates, uneven monsoon, and slowing global growth will dampen economic momentum on a sequential basis. Moody's had in May projected India's GDP to expand by 8.8 per cent this year. The economy grew by 8.3 per cent in 2021 and contracted by 6.7 per cent in 2020, the year when the pandemic struck the country. In its update to Global Macro Outlook 2022-23, Moody's said India's central bank is likely to remain hawkish this year and maintain a reasonably tight policy stance in 2023 to prevent domestic inflationary pressures from building further. Our expectation that India's real GDP growth will slow from 8.3 per cent in 2021 to 7.7 per cent in 2022 and to decelerate further to 5.2 per cent in 2023 assumes that rising interest rates, uneven distribution of monsoons, and slowing global growth will dampen economic momentum on a sequential basis, Moody's ...

Goldman cuts India's growth forecast to 7%; M Stanley sees downside risks

Goldman Sachs has revised lower its growth projections for India after the April-June quarterly gross domestic product readings missed market estimates.

Rice export ban won't lower inflation or meaningfully improve food security

The last time India blocked grain exports, in 2007 and 2008, the decision precipitated a years-long food-security crisis

Top Headlines: Q1 GDP growth misses estimates; Sony-Zee merger, and more

India's economy grew below expectations at 13.5 per cent in April-June 2022-23 (Q1 FY23), despite the low base of the equivalent period of 2021-22

Disappointing GDP data, weak global cues to weigh on market sentiments

Analysts said there are signs of the waning of the intensity of tailwind generated by economic reopening

13.5% growth hides warts

The 13.5% print is lower than consensus estimates, and more so, when compared with the Reserve Bank of India's Q1 forecast of 16.2%

India's April-July fiscal deficit recorded at 20.5% of FY23 target

The centre spent Rs 1.1 trillion or 35% of the full year's estimate for food, fertiliser and petroleum subsidies

India's real GDP growth will exceed 7% growth in FY23: Finance secretary

This would make India the world's fastest growing major economy in FY23

India's core sector output growth slows to six-month low of 4.5% in July

The growth in these eight sectors witnessed double digits growth in May and June at 19.3% and 13.2%, respectively

Four of six major economies miss growth estimates including India: NSO

The results were even lower than the 14.5 per cent estimate given by the RBI's Survey of Professional Forecasters on Macroeconomic Indicators in August.

Unemployment rate drops for fourth straight quarter, lowest in 4 yrs: PLFS

This is the lowest unemployment rate recorded in the last 4 years, from the time NSO launched India's first computer-based survey in April 2017

Private consumption, capital investment rises in Q1, govt consumption slows

The GDP numbers, Finance Secretary T V Somanathan said this trend was par for the course, as GFCF in Q1 was usually lower than the previous year's Q4.