For more than half a century, the handbook for how developing countries can grow rich hasn’t changed much: Move subsistence farmers into manufacturing jobs, and then sell what they produce to the rest of the world. The recipe — customized in varying ways by Hong Kong, Singapore, South Korea, Taiwan and China — has produced … Read more
The ratings firm has projected inflation to hit 5.5% this year, up half a percentage point from its previous forecast. Earlier this week, S&P retained its forecast for India’s economic growth at 6% for FY24 and 6.9% for the subsequent two years. “The risks are fairly balanced, especially on growth. In fact, growth could come … Read more
Saugata Bhattacharya, Chief Economist, Axis Bank, says “manufacturing, if it actually stalls, in addition to the agricultural uncertainty, given the low rains that we have seen in August, might actually pull GDP growth even lower than the 6.2% that we have been expecting and forecasting for Q2. That is likely to pull down overall annual … Read more
Finance secretary T V Somanathan on Thursday said India will continue to clock the highest growth rate among the top five economies in the world in the foreseeable future and asked Indian diaspora to act as a catalyst and supplement government efforts in making India the biggest opportunity. India is currently the fifth largest economy … Read more
India’s growth prospects remain intact in FY24 on the back of improved monsoon showers, solid fiscal performance, continued expansion in manufacturing and services sectors and vigorous capital expenditure spending by both public and private sectors, the finance ministry said on Thursday. “Indian economy’s domestic dynamics continue to be strong. Real GDP growth data for the … Read more
The ₹2,000 note withdrawal decision and response to it so far suggest that the move can help boost FY24 GDP growth to beyond 6.5% estimated by the RBI, a report said on Monday. The real GDP growth for the first quarter of FY24 will come at 8.1% with an upward bias and the Reserve Bank … Read more
Nine states have projected growth rates higher than the 10.5% forecast for the country in 2023-24, according to an ET analysis of budgets of 17 bigger states that account for nearly 90% of the country’s gross domestic product (GDP). The average nominal GDP growth projected by the nine states for FY24 is 14%, well above … Read more
“If you look at the numbers, the Street was at 4.7, we were at 4.6, the number came at 4.4, but largely if I adjust for the revisions in the previous quarters the data was largely as expected,” says Tanvee Gupta Jain, UBS Securities India Pvt Ltd.The government has revised both the FY21 and FY22 … Read more
India has the potential to grow at 6.5-7 per cent and will become a USD 5 trillion economy by 2025-26 and USD 7 trillion by 2030 depending on exchange rate fluctuation, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Tuesday. Indian economy is estimated to touch USD 3.5 trillion mark by March 2023. “Ultimately, … Read more
Governor Shaktikanta Das announced a 50-bps hike in policy repo rate to 5.9% from 5.4% during the monetary policy committee’s meeting on 30th September 2022 and maintained withdrawal of accommodation. With this, the rates have gone up 190-bps cumulatively since the start of the current calendar year. The rate hike was decided by a majority … Read more