Economy Growth Forecast

The states - including Maharashtra, Uttar Pradesh and Gujarat - are estimating expenditure to have risen 21.5% in 2022-23, and plan to increase it further by 11% in 2023-24

S&P Global Ratings on Monday kept its forecast for India's economic growth unchanged at 6 per cent in the fiscal year starting April 1, before rising to 6.9 per cent in the following year. In the quarterly economic update for Asia-Pacific, S&P saw inflation rate easing to 5 per cent in 2023-24 fiscal, from 6.8 per cent in the current financial year. It saw India's gross domestic product (GDP) likely growing by 7 per cent in the current financial year ending March 31 (2022-23), before slowing to 6 per cent in the next 2023-24 fiscal. "India leads, with average growth of 7 per cent in 2024-2026," the update said. GDP is projected to rise to 6.9 per cent in the following two financial years -- 2024-25 and 2025-26 and rising to 7.1 per cent in 2026-27. "In India, domestic demand has traditionally led the economy. But it has become more sensitive to the global cycle lately, in part due to rising commodity exports; and its year-on-year GDP growth slowed to 4.4 per cent in the fourth

/ -- India became the fifth largest economy of the world, overtaking the UK and is set to become the third largest by 2029. According to the IMF (International Monetary Fund), India is expected to leap further ahead of the UK up to 2027 - making it the fourth largest economy by that time. The recent geo-political re-alignments coupled with global supply chain issues provide an opportunity for the country to become a global manufacturing hub. Organizations are focusing on de-risking their supply chain dependencies and are exploring newer markets to bolster their manufacturing capabilities. This shift creates a conducive environment for India, which is the most suited candidate to establish itself as the next best destination owing to its strategic geographical location, infrastructure and skilled workforce. Sharing his views, Alexander Reisch, Managing Director, IPM India,opined, "India is poised to become the preferred destination for manufacturing and is paving its way to becoming a

Jordan's Finance Minister Mohammad al-Ississ said the country's economy is expected to grow by 2.7 per cent in 2023

Asian Development Bank has lowered its economic growth forecasts for developing Asia and the Pacific amid a worsened global outlook

Says domestic demand recovery will support growth

The world economy will be as weak next year as it was in 2009 after the financial crisis as the conflict in Ukraine risks becoming a "forever war," the Institute of International Finance said

The GDP numbers for the second quarter of the current financial year are scheduled to be out by this month end

Gross domestic product may expand by 5.9% in calendar year 2023 from an estimated 6.9% this year

India's economy showed signs of slowing-but-steady growth last month, with businesses holding on to optimism that domestic demand will revive as the peak shopping season approaches

Higher global borrowing costs are expected to affect growth prospects

S&P noted that India's domestic recovery from Covid-19 would continue to support growth in FY23

On the exchange rate, the report said the rupee was holding its poise, with adequate supplies of dollars

India has seen GDP growth of 7% or more for five straight years only once in the past 30 years

Chief economist at State Bank of India has revised downward the full-year growth forecast to a low 6.8 per cent from 7.5 per cent earlier for FY2023, citing "the way below GDP numbers for the first quarter". The National Statistical Office on Wednesday released the Q1 growth numbers which showed a consensus growth of 13.5 per cent, pulled down by the poor show of the manufacturing sector, which reported a paltry 4.8 per cent expansion in the first three months of FY23, negating the robust show by the services sector. Consensus forecast was 15-16.7 per cent of which the RBI made the highest forecast of 16.7 per cent. SBI group chief economic adviser Soumya Kanti Ghosh had also forecast a 15.7 per cent growth for the first quarter. The economy from the gross value added (GVA) also fared much lower than forecast, logging in only 12.7 per cent. At 13.5 per cent, real GDP growth has declined by 9.6 per cent sequentially, but the seasonally adjusted real GDP growth series shows pick-up

Private investment will soften due to higher cost of borrowing for firms, says development bank's outlook

The RBI on Friday kept the benchmark interest rate, repo -- at which it lends short term money to banks -- unchanged at 4%

The council said contact intensive sectors and construction should recover in 2022-23

The growth projection for the Asia and Pacific region downgraded by more than 1 percentage point from April 2021 forecasts to 6.5%

Survey shows inflation to soften further