Economic Growth

Global uncertainty will affect economic growth

The IMF chief on Thursday said that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023. International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia's military invasion of Ukraine would continue this year. The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth, our lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades," she said. Some momentum comes from emerging economies Asia especially is a bright spot. India and China are expected to account for half of global growth in 2023. But others face a steeper climb, she explained. After a strong recovery in 2021 came the severe shock of Russia's war in Ukraine and its wide-ranging consequences global

Policy decisions this week from some of the Reserve Bank of India's global peers offer a good reason for the split

Women entrepreneurship is vital for achieving gender equality along with economic growth and the country has made huge strides in this area, Union Minister of State for Women and Child Development Munjapara Mahendrabhai said on Wednesday. Addressing the delegates, panelists, and participants of the Second G20 Empower meet which is underway here, the minister called for working towards creating an ecosystem that nurtures women entrepreneurship and leadership ensuring greater access to mentoring, capacity building, and financing to help them scale up their businesses. The minister, in his inaugural address on the theme 'Women's Empowerment: A Win-Win for Equity and Economy', also urged for focus on promoting women-led development with an emphasis on entrepreneurship, STEM education, and grassroots women's leadership. "One of the key areas of focus is women's entrepreneurship, which India sees as vital for achieving gender equality and economic growth. India has already made significan

Improving trade competitiveness for export diversification will be critical to achieving Bangladesh's aspiration of upper middle-income status by 2031

Private consumption will be the main driver of growth, says international agency

Says banks have a role to play by making finance available to incentivise sustainable initiatives

The Indian economy is likely to grow at the rate of 6.5 per cent in the coming decade on the back of the turnaround in financial and investment cycle, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Wednesday. Addressing an event here, Nageswaran further said going forward, global exports growth volumes may be somewhat tepid in terms of their growth rates due to the kind of uncertainties the world is facing. "So, I think the restoration of the financial, credit and the investment cycle in the commercial sector and the real estate sector will probably see us growing on an average of six and a half per cent in the coming decade," he said. The Asia's third-largest economy recorded year-on-year growth of 4.4 per cent in October-December, down from 11.2 per cent a year back and 6.3 per cent in the preceding quarter. The finance ministry's Economic Survey has projected the economic growth to be 6.5 per cent in the 2023-24 fiscal beginning April 2023, while the RBI has projected

Strong credit growth and resilience in financial markets are further expected to create an environment that supports investments

China's government announced plans for a consumer-led revival of the struggling economy as its legislature opened a session Sunday that will tighten President Xi Jinping's control over business and society. Premier Li Keqiang, the top economic official, set this year's growth target at around 5 per cent following the end of anti-virus controls that kept millions of people at home and triggered protests. Last year's growth in the world's second-largest economy fell to 3 per cent, the second-weakest level since at least the 1970s. We should give priority to the recovery and expansion of consumption, Li said in a speech on government plans before the ceremonial National People's Congress in the Great Hall of the People in central Beijing. The full meeting of the 2,977 members of the NPC is the year's highest-profile event but its work is limited to endorsing decisions made by the ruling Communist Party and showcasing official initiatives. This month, the NPC is due to endorse the ...

Closing gender gaps in both labour force participation and management in OECD countries has potential to raise global economic activity by 7%, or about $7 trn in today's dollars, said Moody's

Growth in private final consumption expenditure was down 7 percentage points from Q2

Chief Economic Advisor V Anantha Nageswaran on Tuesday said high frequency data indicate buoyant economic growth momentum and the 7 per cent GDP growth estimate for the current fiscal is very realistic. He also said that there are enough signs that manufacturing is in good health. "Inflation is softening and the pass through from wholesale prices has run its course we do have some uncertainty related to monsoon because of El Nino activity we need to be ready with both supply side and monetary policy measures in the course of the next financial year," Nageswaran told reporters. According to him, the GDP growth forecast of 6.5 per cent for the next fiscal is well within the range of forecast by other agencies like OECD and ADB but there are downside risks. "We need to be prepared for tighter financial conditions globally, weather-related uncertainties and geopolitical factors. 2023-24 may not see a big ticker shock as we saw in early months of 2022-23 as the war broke out in 2022 bu

India aims to end the current fiscal year with a budget deficit of 6.4 per cent

In its economic resolution, the party resolved to invest in dedicated skill development programmes for the manufacturing sector and develop infrastructure to encourage domestic manufacturing

Western reluctance to spend on climate action and the govt's inability to accelerate renewables to power faster economic growth are major hurdles to the net zero target

2023 economic growth target, policies coming next weekend, support for domestic demand expansion a focus

External conditions deteriorated due to the war on many fronts

External Affairs Minister S Jaishankar on Thursday said India is "15 per cent of the solution" the G20 is looking for in terms of economic growth and development. He was speaking at the Festival of Thinkers, an event organized by Symbiosis International University here. The minister cited managing director of the International Monetary Fund Kristalina Georgieva's statement that in "otherwise a fairly gloomy global economic scenario" India's GDP base is growing at seven percent and is likely to increase in the coming decade. "Kristalina Georgieva tells that 15 percent of the world's growth this year is going to come from India, that means we are 15 percent of the solution that the G20 is looking for in terms of economic growth and development, but it isn't just growth, the G20 is actually looking at how we handled the COVID challenges," said Jaishankar. India's G20 presidency began in December 2022. The G20 countries have noted India's success in effectively vaccinating its vast .

The Budget has proposed to set up more meetings, incentives, conferences, and exhibition centres in Jaipur, Udaipur, Jodhpur, and Ajmer