Indian government expenditure needs to be focused on development given the growth needs and the interim budget intentions signal that the general government debt-GDP ratio could decline to 73.4 per cent by 2030-31, around 5 percentage points lower than the IMF’s projected trajectory of 78.2 per cent, a research paper by RBI showed. “With recalibration … Read more
BENGALURU: Indian consumer spending during this year’s festival season will be slightly better than in 2022, said economists polled by Reuters, but probably not enough to ramp up the speed of what is already the world’s fastest-growing major economy. The broadly optimistic survey data, taken together with expectations for 6.3% growth this fiscal year and … Read more
The world economy is on a precarious footing, says the World Bank as it forecasts a deceleration in global growth from 3.1% in 2022 to 2.1% in 2023. Its latest edition of the Global Economic Prospects report, published earlier this month, however, projects India’s growth for FY2024 at 6.3%, a healthy number against a bleak … Read more
The Reserve Bank of India (RBI) has said that the International Monetary Fund’s growth forecast for India might be off the mark. “Although too early to tell, most recent data arrivals suggest that the multilateral institutions – the IMF, in particular – might encounter forecast errors, with actual outcomes surprising them positively,” RBI said in … Read more
Mumbai: Clawing the economy back to an 8 per cent growth path will require bringing savings and investment rates closer to 35 per cent on a sustained basis, which were 30.2 and 29.6 per cent, respectively, in FY22, according to a report. As per India Ratings, a large part of investments will have to be … Read more
India can achieve the 7 per cent GDP growth in current financial year as projected by the National Statistical Office (NSO), Chief Economic Advisor V Anantha Nageswaran said today. The CEA said the country needs to grow at just 4-4.1 per cent in the March quarter to achieve 7 per cent real GDP growth rate … Read more
Mumbai, Noted banker KV Kamath, who now chairs the National Bank for Financing Infrastructure and Development (NaBFID), expects the digital sector to contribute a quarter of the incremental GDP by the time the economy becomes a USD 7 trillion giant by FY29. Currently, the contribution of the digital economy is a low 4 per cent, … Read more
NEW DELHI: India is ‘fairly’ confident it can meet its target to cut its fiscal deficit by nearly 200 basis points to 4.5% of GDP in the next three years, assuming there is no major global economic shock, a top government official told Reuters on Thursday. On Wednesday, the government in its 2023/24 budget set … Read more
With global agencies pegging India as a ‘shining star’ amid global turmoil, the Economic Survey presented in Parliament on Tuesday looks ahead to the medium term while concluding that the pandemic response and recovery phase is now over. 1. Survey sees economy growing a tad slower GDP growth seen in a 6.1-6.8% range with a … Read more
Rising domestic and external headwinds will more than halve the GDP growth to 4-4.5 per cent in the second half of FY2023, shaving off the better numbers in the first half, India Ratings said in its report on Tuesday. The agency, however, did not offer a full-year forecast. The Indian economy grew 9.7 per cent … Read more