Page 78 - Indian Economy

GST mop-up grows 12.5% to over Rs 1.68 trillion in February: FinMin

The average monthly gross collection for the current fiscal stood at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore in the last fiscal

Economy expands 8.4% in Q3; FY24 growth projection now up at 7.6%

The National Statistical Office (NSO), in its second advance estimates data released on Thursday, revised the FY24 growth estimate upward to 7.6 per cent, from the 7.3 per cent projected in January

Q3 GDP growth surges to 8.4%: Unravelling the story of robust growth

Yet, such discrepancies in India's economic data are not unprecedented. That's also the case with large downward revisions of past data that boost recent growth rates

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

Monsoon woes: Farm sector contracts in Q3, a first in 19 quarters

The growth stood at 5.2 per cent in the third quarter of 2022-23 which also played a part in pulling down agriculture and related sector's GVA

Economy on high growth trajectory due to sustained reforms: India Inc

India Inc on Thursday said 8.4 per cent GDP growth in the October-December quarter of FY24 has "surpassed" expectations, and the economy is on a high growth trajectory due to sustained reforms undertaken by the government. India's economic growth accelerated to 8.4 per cent in the October-December quarter of this fiscal, driven by double-digit growth in manufacturing and good showing by mining & quarrying and construction sectors. The GDP (gross domestic product) growth was 4.3 per cent in the October-December 2022 quarter, according to the data released by the National Statistical Office (NSO) on Thursday. "Industry is enthused to note the strong set of GDP growth numbers for the third quarter (YoY), which surpassed expectations...What is more comforting to note is the fact that the robust expansion came despite the recurring spate of geopolitical flashpoints," said Chandrajit Banerjee, director general, CII. He further said the Indian economy is on a high growth trajectory ...

Indian economy ticks many boxes in the right way, says CEA Nageswaran

He urges global rating agencies to reassess their estimates of India's potential growth rate to 7 per cent

Sustained momentum

Private consumption remains a weak spot

At Rs 11 trillion, fiscal deficit narrows to 64% of revised estimates

Both revenue and capital expenditure for the April-January FY2024 period was around 75 per cent

8.4% GDP growth shows economy's strength, potential, says PM Modi

The GDP growth of 8.4 per cent in the third quarter shows the strength of Indian economy and its potential, Prime Minister Narendra Modi said on Thursday, asserting that the government will continue to make efforts to keep fast economic growth and help 140 crore Indians lead a better life and create a 'Viksit Bharat'. Beating estimates, India's economic growth shot to 8.4 per cent in the third quarter of 2023-24, mainly due to good performance by the manufacturing, mining & quarrying, and construction sectors. Modi said, "Robust 8.4% GDP growth in Q3 2023-24 shows the strength of Indian economy and its potential.

GDP growth rate accelerated to 8.4% in Q3FY24; FY24 growth estimate at 7.6%

In the previous quarter, it was 7.6 per cent and 7.8 per cent in the July quarter

Fiscal deficit at Jan-end touches 63.6% of full year target: Govt data

In the corresponding period last year, the fiscal deficit or gap between the expenditure and revenue was 67.8 per cent of Revised Estimates (RE) of the Union Budget 2022-23

WTO meeting: India, SA oppose China-led investment facilitation proposal

Two developing countries say there is no consensus on proposal and it can't be included in outcome document of ministerial conference

Retail sector to more than double to $2 trillion in next decade: Report

India's retail sector is expected to grow at 9-10 per cent to reach USD 2 trillion in the next decade with the country's consumption story continuing to remain strong with steady growth, according to a report. Yet, organised retailers would need to sustain performance and continue to grow shares as the sector is going through key shifts impacting the pace and shape of growth, said the report by the Boston Consulting Group (BCG) and Retailers Association of India (RAI). While income growth remains steady, and consumers are optimistic about personal income outlook, consumers are increasingly looking to spend on "experiences" or save more through newer or nascent vehicles, it said. "The Indian retail sector will more than double in size to USD 2 trillion in the next decade - across categories and formats - and the successful retailers are the ones who continue to challenge the perceived growth profitability trade-off, " BCG Managing Director and Senior Partner Abheek Singhi said. The

Q3 GDP may slide to 6.7-6.9% on poor farm sector show: SBI Research

The Indian economy is likely to grow at 6.7-6.9 per cent in December quarter FY24 as compared to 7.6 per cent growth in the second quarter on poor performance in the farm sector, a report by SBI Research said on Wednesday. The report comes a day ahead of the release of official GDP data for the third quarter of 2023-24 financial year. India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in September quarter on booster shots from government spending and manufacturing. The 6.7-6.9 per cent growth forecast by SBI Research is lower than the Reserve Bank's 7 per cent growth projection for the quarter. SBI Research has projected Q4 GDP at 6.8 per cent. SBI Research said the biggest reason for the lower growth forecast is the very poor show by the farm sector as, barring fisheries, the whole sector is badly affected. As per the first advance estimates, the production of major kharif crops in 2023-24 is

Moderation in industrial growth, agri likely to drag down GDP growth in Q3

Meanwhile, services which are the major contributor to the Indian economy display an improvement in Q3, led by trade, hotels, transport and communication services

RBI consolidates reporting norms for REs, eases compliance burden

Consolidates 21 existing instructions; Audited returns to be filed within five days of signing reports

Borrowing cost for states decline for third week in a row to 7.44%

The borrowing cost for states continued to fall for the third week in a row, with the weighted average price falling to 7.44 per cent in the debt auction on Tuesday. The cost had remained at a two-year high throughout January sniffing at 7.8 per cent. However, the overall cost has been falling since the interim Union Budget, which forecast a lower than anticipated borrowing and a fiscal deficit target of 5.8 per cent for this fiscal and 5.1 per cent for the next financial year. The weighted average cut-off rate eased by 2 basis points to 7.44 per cent on Tuesday, with issuance trailing the indicated amount for the fifth consecutive week, Icra Rating said in a note. Twelve states raised Rs 32,800 crore through State Government Securities (SGS) on February 27 and the amount is 27 per cent lower than the highest-ever weekly auction of Rs 45,200 crore indicated for this week in the fourth quarter auction calendar. Both limited supply and the falling overall interest rates pulled down

Digital infrastructure is a modern day factor of production: FM Sitharaman

Sitharaman was speaking at the National Conclave on Viksit Bharat 2047 organised by the Federation of Indian Chambers of Commerce and Industry (FICCI)

Govt expresses concerns in WTO meet over unilateral protectionist measures

India on Monday expressed "serious" concerns in a WTO meeting in Abu Dhabi over increase in the use of trade protectionist measures by certain countries in the name of environment protection. The remarks assume significance as the country has earlier flagged issues over the European Union's (EU) decision to impose carbon tax (a kind of import tax) on sectors such as steel and fertiliser; and adoption of deforestation regulation by the 27-nation bloc. Speaking at a session on sustainable development and policy space for industrialisation, Commerce Secretary Sunil Barthwal said developing countries require flexibility in the existing WTO (World Trade Organization) agreements to overcome the constraints faced by them in their industrialisation. He also expressed concerns on the concerted attempt by the developed countries to club long-standing development issues like policy space for industrial development with new issues of 'Trade and Industrial policy'. The CBAM (Carbon Border ...