Page 5 - India Gdp

Fitch raises GDP growth estimates for FY24, FY25, tempers view on rate cuts

The RBI has kept the repo rate unchanged at 6.50% for the last six consecutive meetings and has reiterated its commitment to reaching the 4% inflation target on a sustainable basis

India needs to grow at 9-10% for 3 decades to be $35 trn economy: Kant

India needs to grow at an annual rate of 9-10 per cent for around three decades and constant innovations to become a USD 35 trillion economy by 2047, India's G-20 Sherpa and former NITI Aayog CEO Amitabh Kant said on Sunday. "We are the fifth largest economy in the world and by 2027 we will surpass Japan and Germany to become the third largest economy in the world. And our aim is that by the time we turn 100 in 2047, India should be a USD 35 trillion economy," Kant said while addressing a session at Mumbai Tech Week (MTW) hosted by Tech Entrepreneurs Association Mumbai (TEAM). Which means, India will become the second largest economy in the world, Kant stated. "And to be a USD 35 trillion economy means that we need to grow year after year for close to three decades by 9-10 per cent annually and this means that we need to do a lot of disruptions and constant innovation," he noted. Kant said that India created the digital identity of 1.4 billion people and technologically the country

FM delivers a prudent, pragmatic and progressive budget, says Sundeep Sikka

From an equity market perspective, some of the positives appear to be considered in valuations and therefore return expectations from near term perspective should be moderate

Not self-reliance, focus must be on 'competitive India'

The President said that the Fundamental Duties enshrined in the Constitution are essential obligations of every citizen towards making Bharat a developed nation when it completes 100 years of freedom

Red Sea disruptions likely to dent India's growth forecast, says Fitch

It added that India's economic forecast faces a significant risk in the event of a prolonged spell of disruptions

Interim Budget 2024-25: Govt may target 5.3% fiscal deficit for FY25

Of the 10 research reports by forecasting agencies that Business Standard analysed, eight expect a fiscal deficit at 5.3 per cent of the GDP for FY25, while two agencies have pegged it at 5.4 per cent

86% Indian CEOs optimistic about country's economic growth: PwC survey

44% of global business leaders expressed a similar opinion about the economy in their countries or territories

Auto sector will contribute to India's rise as 3rd largest economy: Pandey

The Ministry of Heavy Industries is overseeing the Rs 25,938 crore Production Linked Incentive (PLI) scheme for Automobile and Auto Components (PLI-AUTO Scheme)

GDP of India to surpass $4 trn in 2024-25, $5 trn by 2026-27: PHDCCI report

India's economy is likely to surpass USD 4 trillion in 2024-25 and further escalate to USD 5 trillion by 2026-27, according to a PHDCCI report released on Wednesday. The industry chamber also expects the RBI to cut the repo rate by 100 basis points in a calibrated manner by the end of 2024. "The Indian economy is showing evidence of strong growth...It is imperative that there is a need to remain watchful and adaptable in the coming days to mitigate the dangers presented by the global economy through carefully calibrated policy actions," the report stated. Observing that despite global challenges, India's economy remains resilient, the report said the country is poised to attain the status of a developed economy by 2047 under the initiative of 'Viksit Bharat'. "... India is making significant strides for its futuristic growth trajectory. (Indian economy is) anticipated to surpass USD 4 trillion in the financial year 2024-25 and further escalate to USD 5 trillion by the financial yea

GDP numbers for FY24 show discrepancies of Rs 2.59 trillion: NSO data

Discrepancies in computation of advance estimates of the country's Gross Domestic Product for 2023-24 stood at Rs 2.59 lakh crore as against (-) Rs 3.80 lakh crore in 2022-23 and (-) Rs 4.47 lakh crore in 2021-22, according to National Statistical Office (NSO). On Friday, the NSO released its first advance estimates of national accounts which showed that the Gross Domestic Product (GDP) or Indian economy will grow at 7.3 per cent in 2023-24, slightly higher than 7.2 per cent in 2022-23. According to data, there were discrepancies of Rs 2.59 lakh crore as against (-) Rs 3.80 lakh crore in 2022-23 and (-) Rs 4.47 lakh crore in 2021-22. Discrepancies in the statistical GDP data refer to the difference in national income under production method and expenditure method. According to experts, there will always be some discrepancies in national accounts because of delay in reporting of information by various agencies including state governments. About the high level of discrepancies in th

Centre expected to maintain fiscal discipline in Interim Budget 2024

Interim budget likely to prioritise fiscal consolidation over populist spending, anticipating fiscal deficit at 4.5% of GDP by FY26

Centre says likely to achieve fiscal deficit target of 5.9% of GDP in FY24

India's fiscal deficit in the first seven months of the financial year ending on March 31, 2024 was 8.04 trillion Indian rupees ($96.86 billion), or 45% of the estimate for the whole year

To become 3rd largest economy, Indians must remain healthy: VP Dhankhar

India will become the world's third largest economy in the next four-five years leaving behind Germany and Japan, but to achieve that the citizens of the country must remain healthy, Vice President Jagdeep Dhankhar said on Sunday. Addressing the inaugural function of the two-day 'Atal Swasthya Mela' here, Dhankhar also fondly remembered former prime minister Atal Bihari Vajpayee, saying he remained firm on principles and handled sensitive issues with care. Talking about the country's progress, Dhankhar said India's economy has overtaken those of Canada, France and the UK. "Today, we are the fifth superpower in the world in terms of economy. In the coming four-five years, Japan and Germany will also be behind us, and India is going to be the third largest (economic) superpower in the world!" he said. "For all this, it is necessary that we remain healthy. No matter how much talent, ability and skill you have, if you are not healthy you will not be able to do anything," he said. He s

India's logistics cost 7.8-8.9% of GDP in FY22, shows govt survey

The World Bank has also reviewed the methodology and has acknowledged it has an appropriate baseline and framework to fine-tune it in the future, government officials said on Thursday

India's GDP growth may slow down to 6.5% in FY25: Axis Bank report

Mishra also said that the Reserve Bank is unlikely to cut its repo rate through the calendar year 2024 due to volatile food inflation

Digital economy to contribute 20% of GDP by 2026: Rajeev Chandrasekhar

Union minister Rajeev Chandrasekhar on Thursday said that the digital economy will contribute 20 per cent of India's gross domestic product (GDP) by 2026. The Union minister of state for electronics and information technology, skill development and entrepreneurship was speaking at the inaugural function of Startup Conclave 2023', organised by the Gujarat government at helipad ground in the state capital. In 2014, the digital economy was around 4.5 per cent of the GDP and today it is 11 per cent. By 2026, digital economy will account for 20 per cent or one-fifth of the Indian GDP, he said. According to Chandrasekhar, targets and ambitions set by Prime Minister Narendra Modi when he launched the Digital India' programme in 2015 have transformed qualitatively as well as quantitatively our economy, our innovation ecosystem and our position as a nation in the world. India's position has transformed from being the consumer of technology for nearly three decades to being the producer of .

TMS Ep580: Q2 GDP numbers, Chennai calamity, RBI MPC, trading hours

What does a deeper dive into Q2 GDP numbers reveal? Could the Chennai calamity have been avoided? How will the RBI monetary policy impact markets? What are trading hours? All answers here

India's economy to grow at 6.8% in FY24, accelerate to 7% in FY25: CII

Industry chamber CII expects the country's economy to grow at 6.8 per cent in the current fiscal and accelerate to 7 per cent in 2024-25, driven by the government's continued focus on infrastructure development and promotion of ease of doing business. In an interview with PTI, CII President R Dinesh, who is also the Executive Vice Chairman of TVS Supply Chain Solutions, said even on a conservative basis, the expected gross domestic product (GDP) growth of 6.8 per cent will be more than the 6.5-6.7 per cent estimated earlier by the industry body. Sharing growth projections, the CII President said: "In the beginning, we had said 6.5-6.7 per cent. Now, actually, we are saying it is going to be 6.8 per cent for this year, and we are looking at 7 per cent for next year. Obviously, the first half has given the comfort for 6.8 per cent. In fact, I would say it is a conservative number because if you look at what has happened in the first half, we are being conservative here". On the recent

India set to become third-largest economy by 2030: S&P Global Ratings

S&P said that India will be the fastest-growing emerging market in the world, but its paramount test will be whether the country can become the next big global manufacturing hub

India to become $5 trillion economy early in Amrit Kaal: MoS Finance

India will become a USD 5 trillion economy early in the 'Amrit Kaal' on the path to achieve the goal of becoming an advanced economy by 2047, Minister of State for Finance Pankaj Chaudhary said on Monday. The International Monetary Fund (IMF) has projected India to become a USD 5 trillion economy with the third largest GDP in 2027-28. The USD 5 trillion milestone will be crossed with the help of a strong rupee which will result from macroeconomic stability, he said in a written reply in the Lok Sabha. "The government has set the goal of becoming an advanced economy by 2047. In the process, it will become a USD 5 trillion economy early in the Amrit Kaal," Chaudhary said. At the end of 2022-23, the Indian GDP stood at USD 3.7 trillion. In 1980-81, size of the Indian economy was USD 189 billion, which increased to USD 326 billion after a decade. In 2000-01, the size of the GDP rose to USD 476 billion. In 2010-11, India's GDP jumped to USD 1.71 trillion, and further increased to USD