India Growth Rate

India's economic growth may have slowed in the September quarter, but overall there is not much downside risk to 6.5-7 per cent growth in the current fiscal year, Economic Affairs Secretary Ajay Seth said on Wednesday. Seth said while some goods and services may not have have grown at the same pace as in the last year in the second quarter of the current fiscal year, data on e-way bills and e-invoices does not indicate any significant downside possibility to the full year 6.5-7 per cent growth projected in the Economic Survey. The secretary also said food prices have been a concern but other than that, inflation is not a challenge for India. On capex, Seth said the government's capital expenditure may see some undershooting of the Rs 11.11 lakh crore in the current fiscal year. But the capex will be higher than Rs 9.5 lakh crore in the last fiscal year. "We started the year with estimates in the economic survey of 6.5-7 per cent growth. I don't see any significant downside risk to

Though several developed economies suffered badly due to the Covid crisis, India continued to grow at 7 to 8 per cent during the last 10 years, Union Minister Dharmendra Pradhan said on Friday. In his keynote address at the Indian School of Business (ISB) here, Pradhan said India is set to surpass Japan and France and become the third largest economy in the world in the next three to four years. "Several developed economies in the world suffered badly due to the Covid crisis. Still, we are thriving with a 7 to 8 per cent growth rate since last decade and we will continue to do that," he said. The Minister of Education said India has a low corporate tax as Prime Minister Narendra Modi is very clear on not getting money to the exchequer by imposing more taxes, but more income in low slabs. He further said 46 per cent of the global digital payments are happening in India even as 25 crore people have been out of the poverty line.

India's GDP growth is likely to moderate from 8.2 per cent in 2023 to 7 per cent in 2024 and 6.5 per cent in 2025 because the pent-up demand accumulated during Covid has exhausted, as the economy reconnects with its potential, the International Monetary Fund (IMF) said on Tuesday. About the global economy, the IMF said the battle against inflation has largely been won, even though price pressures persist in some countries. After peaking at 9.4 per cent year over year in the third quarter of 2022, headline inflation rates are now projected to reach 3.5 per cent by the end of 2025, below the average level of 3.6 per cent between 2000 and 2019, it said. The annual World Economic Outlook released here projected global economic growth to stay steady at 3.2 per cent in 2024 and 2025, even though a few countries, especially low-income developing countries, have seen sizable downside growth revisions. "In India, the outlook is for GDP growth to moderate from 8.2 per cent in 2023 to 7 per c

India's industrial sector is growing at a fast pace and the country can now aim to achieve 9 per cent plus economic growth, NITI Aayog CEO B V R Subrahmanyam said on Monday. Addressing a press conference here after release of Annual Survey of Industries (ASI) by Ministry of Statistics and Programme Implementation (MoSPI), Subrahmanyam said India's manufacturing sector has been generating sufficient number of jobs. According to the ASI data, the number of persons employed in manufacturing industries rose 7.5 per cent in 2022-23 to 1.85 crore from 1.72 crore in the previous year. The estimated number of persons engaged in this sector in 2022-23 exceeded the pre-pandemic level (2018-19) by more than 22.14 lakh, a MoSPI statement said adding that at the same time, average emolument also registered an increase over the previous year. "The industrial sector in India is growing fast, it is something people have been unnecessarily criticising," he said. While pointing out that manufactur

The International Monetary Fund had earlier also raised India's growth forecast to 7 per cent for the financial year 2024-25 (FY25), following the conclusion of general elections in the country

ITI Mutual Fund said that it is at an "inflection point of 'J' curve growth," aiming to reach an AUM of Rs 1 lakh crore within the next five years, driven by India's robust macroeconomic fundamentals. A J-curve illustrates a trend that initially dips sharply before rising dramatically. As of July 2024, the company's AUM grew nearly 90 per cent year-on-year to Rs 8,763 crore. "India remains in a golden spot on the world map, with expected growth outpacing most global economies, presenting strong opportunities for the mutual fund industry," Rajesh Bhatia, Chief Investment Officer of ITI Mutual Fund told PTI. Bhatia said, "Given India's growth story, expanding at 7-8 per cent annually, it's the fastest growing among countries of its size and the most predictable. Many international observers would bet on India as having the highest growth potential over the next 5-10 years." "In this context, we are at an inflection point of 'J' curve growth, which positions us to scale dramatically.

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 ..

Union Minister Ashwini Vaishnaw on Thursday expressed confidence that India will continue to have 6-8 per cent consistent growth rate over the next 10 years, as he invited global players to innovate in the country for the domestic and world markets. India is open to the world, and to new ideas, Vaishnaw, the Minister of Railways, Communications and IT, said while speaking at the Raisina Dialogue 2024. He nudged the global community to "come here, innovate here for India... for the world." "The Indian economy is growing at a consistent clip at a very good rate. In the next 10 years, India will continue to see a 6-8 per cent consistent growth rate... I can say that with a high level of confidence," Vaishnaw said. The building blocks for this are already in place and the results are visible, he said, outlining various initiatives taken by the government under Prime Minister Narendra Modi. Improvement in physical and digital infrastructure, education and skilling, as well as innovation

Economic Affairs Secretary Ajay Seth on Friday said Budget proposals are non-inflationary and will help achieve 7 per cent-plus growth rate for the fourth year in a row in 2024-25. Although there are external risks arising from geo-political tensions, "the growth rate of about 7 per cent next year is eminently doable," Seth told PTI in a post-Budget interview with PTI. Having contracted 5.8 per cent in 2020-21, the Indian economy recorded a growth rate of 9.1 per cent in the following year. The Gross Domestic Product (GDP) growth rate was 7.2 per cent in 2022-23 and is estimated to inch up marginally to 7.3 per cent in the current financial year. The interim Budget 2024-25 projected a nominal GDP growth 10.5 per cent against the 11 per cent for the current fiscal. The nominal GDP for BE 2024-25 has been projected at Rs 3,27,71,808 crore, assuming 10.5 per cent growth over the estimated nominal GDP of Rs 2,96,57,745 crore, as per the First Advance Estimates of FY24. "The estimates,

Meanwhile, 37 per cent business leaders expect the growth to remain below 6 per cent, as they cite rising inflation rates, supply chain challenges, and global headwinds as major challenges

On a yearly basis, production from Indian operations in October grew 9 per cent to 2.23 million tonnes from 2.04 million tonnes

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.

The finance ministry said India's GDP deflator is dominated by the Wholesale Price Index

This controversy, like so many, has generated much more heat than light because the critics are not shining a light in the proper place

He also outlined three channels through which the diaspora can exert influence: fund flow, trade, and knowledge transfer

Continued government push to build infrastructure will drive cement demand further this fiscal by 8-9 per cent on top of a 9 per cent growth in FY22, which will help the sector see some recovery in profitability, a report said. According to India Ratings, which has a neutral outlook for the sector for the year, recovery in profitability despite the inflationary pressure and healthy balance sheets will keep the sector in good stead despite the large capex pipeline. The agency expects demand to grow 8-9 per cent in FY24 over an estimated 9 per cent growth in FY23, giving the sector a five-year compounded annual growth rate of 4.5 per cent. Softening fuel cost to drive recovery in operating margins even as the industry is likely to increase prices only in low single digit. The agency expects operating margins to recover to Rs 950-1,000/MT in FY24 on the back of softening power and fuel cost. Downside risks could arise from a rebound in coal and petcoke prices, though. After the stron

TMS Ep383: G20, FDI in India, mutual funds, Hindu rate of growth

What has the G20 achieved so far in 2023? What is hurting India's FDI story? What's behind MFs' optimism in Indian equities? What is the 'Hindu rate of growth'? All answers here

Output accelerated by only 0.1% in October; 4 of 8 core industries reported production contraction

What is low base effect?

India's GDP growth fell in the negative zone in 2020. The next year, growth numbers threw a surprise. The sudden jump in GDP growth was due to the previous year's low base. Let's know more about it

Sales uptick in dine-in and delivery channels, new products and gradual royalty hikes are positives