Page 77 - Indian Economy

Moody's ups GDP forecast, India to remain fastest growing G20 nation

Moody's Ratings on Thursday raised India's GDP growth forecast for FY24 to around 8 per cent from 6.6 per cent on the back of strong domestic consumption and capital expenditure. The estimate comes a day after RBI Governor Shaktikanta Das said the economic growth in the current financial year could be close to 8 per cent in view of the third quarter GDP data released by the government. The latest estimate of Moody's is about 140 basis points higher than the earlier projection of 6.6 per cent made in November 2023. The National Statistical Office (NSO) has projected 8.4 per cent growth in December quarter of the current financial year. It has also revised GDP estimates for the first and second quarters to 8.2 per cent and 8.1 per cent from 7.8 per cent and 7.6 per cent, respectively. "We expect India to be the fastest-growing economy among major G20 countries, with its real GDP growth to accelerate to around 8 per cent in the fiscal year ending March 2024 (fiscal 2023-24) from 7 per

Fuel consumption increases 5.7% in February on strong factory output

Demand was up about 5.1% on a daily basis from the 4.74 mbpd (20.04 million metric tons) consumed in January

CRISIL raises India's GDP growth forecast to 6.8% from 6.4% for FY25

On the inflation front, Crisil expects softening to continue in the next fiscal on the back of healthier agriculture output that tames food inflation, and benign oil and commodity prices

Indian economy likely to grow close to 8% in FY24, says RBI Governor

RBI governor says 85% Paytm wallet users won't face disruption

FDI inflows shrink by 21% to $41.31 billion in 2023, shows DPIIT data

The sustained contraction in investment inflows comes against the backdrop of uncertainties and challenges in the global economy

PSUs score lowest in compliance, corporate governance: IiAS report

As of December 2023, IiAS reported the strongest Corporate Governance Score performance for BSE100 since assessments commenced in 2016

Annual GDP growth for current FY could be very close to 8%: RBI chief Das

Das said rural demand had been improving and was much stronger than a year ago, while urban demand continued to be very strong

GDP vagaries in election years: There are valid explanations for variations

But, in an election year, questions will be raised whether non-economic factors are at play

Govt notifies FDI norms for space; move may bring in $44 bn by 2033

Industry expects $20 billion investment in the sector in 10 years

India's February services PMI eases to 60.6 on low business confidence

Despite having slipped, the headline index was comfortably above the neutral mark of 50.0 and signalled a sharp rate of expansion that was well above the series history

FM Sitharaman calls for clarity on GST classification-related issues

CBIC gave a presentation that it has detected fake input tax credit claim of Rs 1.14 trillion from the year 2020 till date

Global buzz around high growth rate of Indian economy, says PM Modi

PM inaugurates 800 MW Unit 2 of NTPC's thermal power project in Peddapalli district of Telangana

Knight Frank India hires Harry Rogers as director of global capital markets

On the new addition to the firm, Knight Frank's Chairman Shishir Baijal highlighted the significance of Rogers' appointment at a time when India's real estate market landscape is thriving

Europe's higher defence expenditure may hit exports

To find more resources to fund higher defence expenditure, Europe may have to raise taxes or cut government spending on welfare and other development activities

MP strives to double its share in GDP with Rs 1 trn investment drive

Major investments to drive state's economic growth and job creation, says CM

India eliminates extreme poverty: Economists citing consumption expenditure

India has eliminated extreme poverty, a commentary authored by economists Surjit Bhalla and Karan Bhasin in a leading American think-tank The Brookings Institution said, citing the just released consumption expenditure data for 2022-23. In the article, the two noted economists cite the data to say real per capita consumption has grown 2.9 per cent per annum since 2011-12, with rural growth at 3.1 per cent being significantly higher than urban growth of 2.6 per cent. Also, there has been an unprecedented decline in urban and rural inequality. The urban Gini declined from 36.7 to 31.9; the rural Gini declined from 28.7 to 27.0. The Gini coefficient, or the Gini index, measures the inequality of income distribution, whereas a higher value closer to one (or 100 per cent) represents greater inequality. "In the annals of inequality analysis, this decline is unheard of, and especially in the context of high per capita growth," the article states. High growth and a large decline in inequa

GST mop-up rises over 12.5% to Rs 1.68 trn, car sales remain strong

The manufacturing sector, too, gathered momentum in February on the back of expansion in new export orders and easing of pricing pressures

Modi's vision to make India aatmanirbhar in all sectors: PM principal secy

Prime Minister Narendra Modi has a grand vision to make India a thought leader in science and technology and aatmanirbhar in all sectors, said PM's principal secretary PK Mishra here on Friday. Addressing students and faculty members at the Kalinga Institute of Information Technology (KIIT), Mishra outlined the Prime Minister's vision for India 2047, aiming for developed status while preserving nature and culture through technology adoption. He encouraged alignment between the growth of the youth and the country, emphasising the synergy it could create. Mishra mentioned the recently launched 'Voice of Youth' initiative, urging young minds to contribute ideas towards the vision of a developed India. Mishra stressed the role of women in India's development and the need for an economy free from corruption, casteism, and communalism. He stressed on inclusivity and diversity in higher education to empower students from all backgrounds. Discussing the National Education Policy 2020, Mi

WTO: Fighting for rights of small fishermen, says FM Nirmala Sitharaman

The ongoing WTO 13th ministerial conference (MC13) in Abu Dhabi, which was supposed to end on February 29, has been extended by a day due to the logjam over key issues

India's Q3 GDP growth boosted by sharp fall in key subsidies: Report

Government data showed fertiliser subsidies in the October-December quarter declined by nearly 70% to 307 billion rupees ($3.7 billion) from the same period a year ago