Page 2 - Economic Growth In India

India's GDP expands 7.6% in Q2; manufacturing, construction lead the charge

While the Reserve Bank of India (RBI) had projected GDP growth of 6.5 per cent for the second quarter of FY24, a Reuters poll of economists estimated it to be slightly faster, at 6.8 per cent

Momentum continues

Low nominal growth can pose challenges

Indian economy expected to sustain strong growth amid global gloom

India's is seen as the bright spot globally as some Western countries are flirting with the possibility of recession, while China, the world's second-largest economy, has slowed down

PM to virtually interact with 'Viksit Bharat Sankalp Yatra' beneficiaries

Prime Minister Narendra Modi will virtually interact with beneficiaries of the Viksit Bharat Sankalp Yatra on Thursday.The Viksit Bharat Sankalp Yatra is being undertaken across the country with the aim to attain saturation of flagship schemes of the government through ensuring that the benefits of these schemes reach all targeted beneficiaries in a time-bound manner.The Viksit Bharat Sankalp Yatra was launched by the Prime Minister on November 15 from Khunti, Jharkhand. As a part of On-Spot services under the Viksit Bharat Sankalp Yatra, Health Camps are being organized at the places of halt of the IEC Van in the Gram PanchayatsAs on 26 November 2023, 5,470 Health camps have been conducted in 995 Gram Panchayats reporting a total footfall of more than 7,82,000 people according to a PIB release.Under the flagship Pradhan Mantri Jan Arogya Yojna (AB-PMJAY) scheme of MoHFW for the Viksit Bharat Sankalp Yatra, Ayushman cards are being created using the Ayushman app and physical cards are

Rekindling corporate investment

To achieve the levels seen in 2008, it is essential to increase corporate productivity

S&P Global raises India's FY24 growth forecast on 'robust momentum'

A subdued global growth, unfavourable base effect and the lagged impact of rate hikes are expected to slow down the growth in the second half of FY24

FY24 to end with strong growth performance, macroeconomic stability: FinMin

The current financial year should conclude as projected with a strong growth performance and macroeconomic stability as more than half of this fiscal has witnessed positive developments in the economy, a finance ministry report said on Tuesday. The Reserve Bank of India (RBI) has projected a 6.5 per cent GDP growth in the current financial year ending March 2024. In the Monthly Economic Review for October, the ministry also said the downside risk will continue to be inflation that should keep both the government and the RBI on high alert. Financial flows in the external sector need constant monitoring as they impact the value of rupee and the balance of payments, the report said, adding that a fuller transmission of the monetary policy may also temper domestic demand. On the inflation front, it said the decline in international crude oil prices and continued moderation in core inflation are likely to control inflationary pressures going forward. Recognising this trend, the report

Economy lost momentum by 80-100 bps in Q2 to 6.8-7%, say analysts

The economy has likely decelerated by 80-100 bps year-on-year in the second quarter to 6.8-7 per cent, with utilities, services and construction sectors showing robust growth on the back of strong domestic demand, while external demand continues to remain weak, according to economists. In a note, ahead of the Q2 GDP data release on November 30, domestic rating agency Icra economist has pegged the GDP growth at 7 per cent, while British brokerage Barclays see it at 6.8 per cent. We estimate that Q2 FY24 expanded by 6.8 per cent year-on-year, slower than the 7.8 per cent in Q2 FY23, but still showing robust sequential growth. Underlying growth trends continue to look robust with activity underpinned by domestic consumption, high levels of state-led capex and strong growth in the utilities sectors, Rahul Bajoria of Barclays said in a note Tuesday. He expects the growth rates to be driven by basic utility sectors ( mining and electricity generation) and manufacturing, construction and .

GDP growth to dip slightly to 6.3% in 2024, LS polls key factor: Report

India's real GDP growth will decline marginally to 6.3 per cent in 2024 from the 6.4 per cent estimated for 2023, an American brokerage firm said on Monday. The next calendar year will be of two halves, wherein the government spending before the upcoming General Elections will be the key driver for growth, while after the elections, it will be the re-acceleration in investment growth, especially from the private sector, Goldman Sachs said in a report. From a fiscal year perspective, the brokerage said it expects growth to accelerate to 6.5 per cent for FY25 from the 6.2 per cent it has projected for the ongoing FY24, it added. "India has the best structural growth prospects in the region. We believe GDP growth is likely to stay robust at 6.3 per cent y-o-y (year-on-year) in 2024," the brokerage said, adding the country is less sensitive to potential external shocks like longer rates globally, persistent dollar strength and geopolitical uncertainties. The brokerage said risks around

India's GDP to grow 6-7.1% during 2024-2026, growth prospects strong: S&P

The report further said that the State Bank of India and leading private-sector banks have largely addressed their asset-quality challenges

CII outlines nine-track plan to transform southern parts of India by 2047

The Confederation of Indian Industries (CII) southern region will focus on nine tracks to transform South India by 2047, CII southern region chairman Kamal Bali has said. Inaugurating a new office of the CII here on Saturday, Bali said the southern region will focus on key enablers of growth that would propel the economic growth of the southern states, with the theme Transformation through Competitiveness, Growth, Sustainability, Trust and Globalisation' for 2023-24, a CII release said here. The nine-track plan of the CII includes 'people and culture rejuvenation,' 'holistic sustainability and environmental, social and governance (ESG),' 'tech adoption and digital transformation,' 'embracing energy transition, innovation and startup ecosystems,' 'manufacturing excellence,' 'partnerships and collaborations,' MSMEs', brand building' and 'sectoral promotion,' he said. Bali said the CII will work closely with the state governments in bringing state-level policies on manufacturing and ..

Manufacturing PMI at eight-month low in October due to decline in demand

According to the survey, growth eased in October due to competitive pressures despite an increase in new orders

India's economic growth expected to rise at 6.3% in FY24: Ficci survey

India's economic growth is expected at 6.3 per cent during 2023-24 on the back of good health of the financial sector and uptick in private investment even as downside risks remain, said a survey by industry body Ficci unveiled on Monday. The latest round of Ficci's Economic Outlook Survey pegs annual median gross domestic product (GDP) growth for 2023-24 at 6.3 per cent - with a minimum and maximum growth estimate of 6 per cent and 6.6 per cent, respectively, the chamber stated. The median growth forecast for agriculture and allied activities has been put at 2.7 per cent for 2023-24. This marks a moderation vis-a-vis growth of about 4 per cent reported in 2022-23. The El Nino effect has had an impact on the spatial distribution of rainfall this monsoon. Industry and services sector, on the other hand, are anticipated to grow 5.6 per cent and 7.3 per cent, respectively in current fiscal year, the survey shows. Ficci said the survey was conducted in September 2023 and drew responses

Global warming a problem but can't sacrifice growth, says CEA Nageswaran

Says global economy was going through a period of uncertainty

Malawi looks to deepen trade relations with India in key economic areas

African country Malawi looks to deepen trade and investment relationship with India in areas of energy, agriculture, mining and tourism, its High Commissioner to India Leonard Mengezi said here on Saturday. Mengezi said that Malawi looks forward to cementing the "great cohesion" with businessmen in Gujarat to further strengthen India-Malawi relationship and attract investment. Mengezi was here to participate in the India-Malawi Trade Conference organised by India Africa Trade Council with the aim to enhance business cooperation with Gujarat. "Malawi has been in great trade, economic and investment relations (with India) since 1964, when Malawi got its independence. But there is a need to deepen relationships further in the areas of energy, agriculture, mining, tourism," he told mediapersons. "We need to cement great cohesion with the business people here in Gujarat so as to strengthen Malawi-India relations, so that there is a greater understanding and we take business people who a

India must grow at 8% to transform lives: Former US treasury secy

Speaking at a CII event, Larry Summers highlighted that the issues India faces are less related to the scale of the govt and more about its effectiveness

Economy likely to expand by around RBI's projection of 8% in Q1, FY24

Various analysts that Business Standard spoke to put GDP growth in the range of 7 to 8.5 per cent for Q1 of FY24

Meghalaya CM highlights effective law and order for economic growth

Meghalaya Chief Minister Conrad K Sangma on Tuesday stressed on the importance of good law and order situation to take forward the economic and social activities in the state. Addressing the 77th Independence Day celebrations after hoisting the national flag at the Polo ground here he said that three formal peace talks between the HNLC, Government of India and the state government are making steady progress. The CM said Assam and Meghalaya are resolving the disputed interstate border and a historic Memorandum of Understanding was signed with Assam as a first step towards resolving the dispute. He said his government has set a target to make the state a 10 billion US dollar economy by 2028. "India is on the verge of becoming the world's third largest economy and growing to a size of 5 trillion US Dollar in the next five years. In resonance with that prediction, the Government of Meghalaya has set a target of making the state a 10 billion US Dollar economy by 2028, thereby doubling o

FinMin on same page with RBI for FY24 growth forecast: CEA Nageswaran

Chief Economic Adviser V Anantha Nageswaran on Saturday said that the government is on the same page with the Reserve Bank of India on the GDP growth forecast for the current financial year which is 6.5 per cent. RBI Governor Shaktikanta Das announced at the end of the monetary policy committee (MPC) meeting on Thursday that the GDP growth forecast for 2023-24 has been pegged at 6.5 per cent, a tad higher than the April forecast of 6.4 per cent. Speaking at a session organised by Bharat Chamber of Commerce here, Nageswaran said, "Both the ministry of finance and the RBI are on the same page with the growth forecast for the current fiscal which is 6.5 per cent with risks evenly balanced. The domestic economic growth momentum is strong enough to overcome external risk factors". "We also benefit from lower oil prices and overall domestic macroeconomic stability," he said. The CEA said that during the last financial year, real GDP growth was 7.2 per cent, which was lower than the 9.1 p

India's GDP grows 6.1% in Q4, 7.2% in 2022-23; beats analysts' expectations

Manufacturing and construction sectors surprise on the upside