Economists raised their full-year projections for India’s economy sharply after data on Thursday showed growth outperformed last quarter, fueled by a manufacturing boom. Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending in March, up from previous forecasts of 6.3% and 6.2%, respectively. Several other analysts also … Read more
In the latest attempt to boost consumer spending, China’s largest state-run banks lowered interest rates on deposits this week. The rate cuts, the second such reductions since last year, reflect a growing concern that the world’s second-largest economy has not rebounded as strongly as expected after lifting its restrictive “zero-COVID” measures. Six commercial banks all … Read more
New Delhi: The Centre is expected to achieve the FY23 fiscal deficit target of 6.4% of gross domestic product (GDP) despite a downward revision in national income from the budgeted levels, said a person aware of the details. The actual FY23 fiscal deficit, in absolute terms, will likely be slightly lower than the revised estimate … Read more
Economically sensitive areas of the U.S. stock market are flashing warnings over growth, even as major equity indexes edge higher. The S&P 500 is up 8.6% for the year after gaining 1.5% in April, thanks to roaring year-to-date rallies in shares of Microsoft, Amazon and Google-parent Alphabet and other growth and technology stocks that command … Read more
Acuite Ratings and Research on Monday maintained India’s FY23 gross domestic product (GDP) growth estimate at 7 per cent. The credit rating agency, however, projected the country’s economic growth trajectory in FY24 to slow down to 6 per cent. India would still be one of the highest growth economies in the world, it said. As … Read more
Minneapolis CNN — The US economy expanded again during the fourth quarter, registering solid growth to end 2022 even as consumers and businesses battled historically high inflation and rising interest rates. Gross domestic product — the broadest measure of economic activity — increased at an annualized rate of 2.9% from October to December last year, … Read more
Hong Kong CNN — China’s economy grew at least 4.4% in 2022, according to leader Xi Jinping, a figure much stronger than many economists had expected. But the current Covid wave may hobble growth in the months ahead. China’s annual GDP is expected to have exceeded 120 trillion yuan ($17.4 trillion) last year, Xi said … Read more
India’s rise to a global economic power would depend on its performance in absolute gross domestic product (GDP) and absolute per capita income besides current account and fiscal management, Uday Kotak, managing director of Kotak Mahindra Bank, said on Thursday. “There are opportunities to move up the ladder, to be among the top three in … Read more
A global economic slowdown and its impact on exports from India could lead to a reassessment of growth for this financial year (FY23) by Reserve Bank of India (RBI). A three-day meeting of the central bank’s monetary policy committee is scheduled for December 5-7. Besides its rate move, the meeting will be closely watched for … Read more
Nearly all the MSMEs in the country this fiscal would be surpassing the revenues they achieved in the pre-covid level, but their operating profits may be well below the 2019 levels as they are not able to pass on the commodity price increases, said ratings firm Crisil. Almost all the MSMEs are expected to cross … Read more