Page 2 - India Growth

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 has potential to offer AI apps that can be used globally: Meity secy

India has the potential to create artificial intelligence models and applications that can be used across the world, especially in the Global South, a senior government official said on Thursday. While speaking at the Global Partnership on Artificial Intelligence (GPAI) Summit 2023, Ministry of Electronics and IT Secretary S Krishnan said there is a need to develop more models, which are suited to the Global South and all other countries compared to existing models. He said that existing AI models are based on limited databases and therefore have their inherent biases. "This being the case, what India has the potential to do and what India has the potential to offer to the world is the possibility of developing AI models, developing AI applications, which can be used across the world, especially in the Global South," Krishnan said. He said whether it is in the area of agriculture, healthcare, education, or translation of languages, India has the potential to develop AI-based digita

JPMorgan touts India, Mexico in 'bumpy' 2024 for emerging stocks

JPMorgan says 2024 could see markets with strong growth, robust earnings outlooks or close ties with the US economy outperform

Bank credit to industry decelerates to 5.4% in October, reveals RBI data

Bank credit to industry decelerated to 5.4 per cent in October compared to 13.5 per cent in the year-ago month, according to Reserve Bank data released on Thursday. The data also revealed that credit growth to agriculture and allied activities improved to 17.5 per cent (year-on-year) in October 2023 from 13.8 per cent a year ago. Among major industries, credit growth (year-on-year) to basic metal & metal products, food processing and textiles accelerated in October 2023, while that to all engineering, chemicals and chemical products and infrastructure decelerated. Advances to the services sector grew by 20.1 per cent (y-o-y) in October 2023 compared to 22.5 per cent a year ago, with non-banking financial companies (NBFCs) and trade being the major contributors. Further, personal loan growth decelerated to 18 per cent annually in October 2023 against 20.5 per cent a year ago. On a year-on-year basis, non-food bank credit2 registered a growth of 15.3 per cent in October 2023 ...

'Vision India @2047' document in making for 'Viksit Bharat': NITI Aayog CEO

NITI Aayog CEO BVR Subrahmanyam on Wednesday said a vision document is being prepared for India to become a developed economy of about USD 30 trillion by 2047. The draft 'Vision India @2047' document will outline the institutional and structural changes/ reforms that will be needed for the country to become a developed nation by 2047. "A vision plan is being prepared for India to become a developed economy...the prime minister will release the document in January," Subrahmanyam said while addressing an event organised by industry body FICCI. In 2023, NITI Aayog was entrusted with the task of consolidating the 10 sectoral thematic visions into a combined vision for Viksit Bharat @2047. Subrahmanyam said the government wants college enrolment rate in India to increase from 27 per cent to 50-60 per cent. "So, the college going population would go up from 4 crore to 8- 9 crore. So we need thousand more universities, in addition to thousand universities we have today," he ...

India needs to forge ties with Global South to accelerate growth: Kant

The country needs to work in partnership with Global South to accelerate its growth rate to achieve the dream of Vikshit Bharat (developed India) by 2047, G20 Sherpa Amitabh Kant said on Monday. The next two decades are said to be the most significant of India's growth story, he said while speaking at the First Regional Conference on Access to Legal Aid. According to a Niti Aayog roadmap, India would be Vikshit Bharat with a USD 30 trillion economy by 2047 and per capita income of about USD 18,000, he noted. "If this level of sustained growth that we aim to achieve and opportunities must now catalyse this, we need to work in partnership with Global South," Kant said. The Global South is critical and important because this year, 80 per cent of the world's growth will come from emerging markets and the Global South, he said. According to the IMF, he said, almost two-thirds of global growth would come from emerging markets in the next two decades. "This year itself, six of the faste

Domestic demand to sustain India growth in the near term, says Moody's

Economy's strong second-quarter momentum continued in the third quarter, says agency's 'Global Macro Outlook 2024' report

Growth needs to be in tandem with sustainable economy: Sebi's Bhatia

India's rapid economic growth needs to be accompanied with the transition to a sustainable economy, Sebi's whole-time member Ashwani Bhatia said on Thursday and stressed that financial markets will play a critical role in promoting sustainable finance. Speaking at an international finance conference on the "Role of Financial Markets in Sustainable Growth through ESG Investments", Bhatia said, countries including India, have made a number of important commitments in the last few years to address climate change and moving to sustainable and inclusive economies. The one-day conference was hosted by the Anjuman-I-Islam's Allana Institute of Management Studies in association with the BSE here. Anjuman-i-Islam has completed 150 years of its establishment this year. "The Indian economy is at a stage of rapid growth. However, this growth needs to be accompanied with the transition to a sustainable economy. As regulators, we are putting in place holistic regulatory framework covering aspects

India needs structural reforms to achieve higher growth levels: IMF

In response to another question on the impact of a sharp increase in bond yields on emerging markets, Srinivasan said that both the public and private sectors should be careful while borrowing

Indian economy may grow by average 6.7% till FY31, says S&P Global

GDP to nearly double to $6.7 trn by then, it says

India's growth trajectory secure: FinMin's monthly economic review

On wheat, the monthly review said that going forward the weather and input support are likely to increase the production in 2023, making larger quantities available for procurement

Goldman Sachs CEO projects high growth trajectory for India: Report

Global CEOs are thinking about India as a big growth opportunity while recognising some of the challenges with investing in the country, Solomon told the newspaper in an interview

Need to go beyond GDP

The need to complement purely GDP-based progress with alternative measures of economic and societal progress is now being suggested as a new reference point for measuring quality growth

India likely to move to upper-middle-income category by 2047: EAC-PM chief

Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy on Monday said that some states in India are already in the high income category in purchasing power parity (PPP) terms, and the country is likely to move to the upper-middle-income country by 2047. Debroy further said any presumption that the Indian economic growth rate will be driven only by exports may be misleading because there are plenty of endogenous sources of growth. "In 2047, India will probably move to the upper middle income category...Some states in India, at least in PPP terms, are already in the high income category," he said at an event here. According to the World Bank's definition, a country with a per capita annual income of over USD 12,000 is considered as a higher-income nation. India, which is the world's fifth largest economy, is currently classified as a developing nation. Prime Minister Narendra Modi has set an ambitious target of making India a developed nation by 2047. A deve

India projected to grow at 7% in 2022-23, says Sitharaman at IMF meet

She highlighted that conducive domestic policy environment along with the Indian government's focus on structural reforms has kept domestic economic activity in India robust

Modest downgrade of India's growth due to slow domestic consumption: IMF

India's growth rate has been modestly downgraded from 6.1 per cent to 5.9 per cent for the current fiscal mainly because of the slowness of domestic consumption and data revision, according to a top IMF official. The International Monetary Fund (IMF) on Tuesday lowered India's economic growth projection for the current fiscal to 5.9 per cent from 6.1 per cent earlier. Yet India will continue to be the fastest-growing economy in the world. In its annual World Economic Outlook, IMF also lowered the forecast for 2024-25 fiscal (April 2024 to March 2025) to 6.3 per cent from the 6.8 per cent it had predicted in January this year. Krishna Srinivasan, Director of the Asia and Pacific Department, IMF, said the revisions to India's growth have been very modest from 6.1 per cent to 5.9 per cent and probably reflects two factors. "One is that domestic consumption growth is starting to slow, albeit modestly. The other factor is data revisions in 2019 to 2020, which suggests the economic ...

Fitch retains India's growth forecast at 7%, cuts projections for 2 yrs

Fitch Ratings on Tuesday retained India's economic growth forecast at 7 per cent for the current fiscal, saying India could be one of the fastest-growing emerging markets this year. It, however, cut the projections for the next two financial years, stating that even though the country is shielded to some extent from global economic shocks but is not impervious to global developments. In its December edition of the Global Economic Outlook, Fitch projected India's GDP to grow at 7 per cent in the current fiscal and slow to 6.2 per cent in 2023-24 and 6.9 per cent in 2024-25. In September, Fitch had projected 7 per cent growth for the current fiscal, followed by 6.7 per cent in 2023-24 and 7.1 per cent growth in 2024-25. Given the stronger-than-expected outturn, Fitch forecasts growth at 7 per cent in the financial year ending March 2023 (FY23). "India is expected to record one of the fastest growth rates among emerging markets in our Fitch20 coverage this year," it said. India is .

India as the world's factory: China may be in denial

It is interesting that the myths around the influence of Confucianism on Southeast Asia come not from Chinese scholars but from futurologist Hermann Kahn

Finance Minister says India's growth resilient despite exogenous threats

Finance Minister Nirmala Sitharaman Wednesday said that despite exogenous threats, India's well-targeted policy mix, accompanied by major structural reforms, have aided its growth to remain resilient

World Bank downgrades India's economic growth forecast to 6.5% for FY23

The World Bank on Thursday projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing deteriorating international environment. In its latest South Asia Economic Focus released ahead of the annual meeting of the International Monetary Fund and the World Bank, the Bank, however, noted that India is recovering stronger than the rest of the world. The Indian economy grew by 8.7 per cent in the previous year. "The Indian economy has done well compared to the other countries in South Asia, with relatively strong growth performance... bounced back from the sharp contraction during the first phase of COVID," Hans Timmer, World Bank Chief Economist for South Asia, told PTI in an interview. India, he said, has done relatively well with the advantage that it doesn't have a large external debt, there are no problems coming from that side, and that there is prudent monetary policy, he ...