Economic Growth In India

Per capita income doubles since '14 but uneven distribution a challenge

India's per capita income in nominal terms doubled to Rs 1,72,000 since 2014-15 when the Narendra Modi-led NDA came to power but uneven income distribution remains a challenge. As per the National Statistical Office (NSO), the annual per capita (net national income) at current prices is estimated at Rs 1,72,000 in 2022-23, up from Rs 86,647 in 2014-15, suggesting an increase of about 99 per cent. In real terms (constant prices), the per capita income has increased by about 35 per cent from Rs 72,805 in 2014-15 to Rs 98,118 in 2022-23. "You are looking at GDP in current prices, but if you account for inflation, the increase is much less," said noted development economist Jayati Ghosh on doubling of per capita income in nominal terms. She further said distribution is critical. "Most of this increase has accrued to the top 10 per cent of the population. By contrast, median wages are falling, and possibly even lower in real terms," said the former JNU professor. As per the NSO data,

PM GatiShakti, NMP, National Logistics Policy will help economy: Minister

Union Minister for Commerce and Industry Piyush Goyal said on Thursday that PM GatiShakti National Master Plan and National Logistics Policy (NLP) together will greatly help both businesses and people

India will become third largest economy by turn of decade: Dhankhar

Vice President Jagdeep Dhankhar on Friday said India is a rising star in the global economy primarily due to agriculture and agri-based industry, and the country's rise is "unstoppable." Addressing the 61st convocation of Indian Agricultural Research Institute (IARI), Dhankhar said: "In September 2022, India became the 5th largest economy in the world. It has not come easily. It has been a cesarean." He said agriculture is the backbone of the Indian economy. It is primarily because of the agriculture and agri-based industry, India is a rising star in the global economy. Dhankhar further said India that everyone is seeing today is wonderful. "India's rise is unstoppable. ...we are the most hotspot destination of opportunities and investment," he noted. Such an ecosystem has been developed that affirmative policies are in place to attract talent and investment, he added. Dhankhar also said the country can feed the world. By the end of the decade, India will be the third largest econ

R&D: An inside job

For innovation to power economic growth, Indian industry must raise its investment in in-house R&D five-fold

CPI eases marginally to 5.72% in Dec 2022, within RBI's comfort zone

In November, CPI, also called retail inflation, was at eleven-month low of 5.88 per cent

Govt to release first advance economic growth estimates for FY23 today

The National Statistical Office will release the first advance estimates of economic growth for 2022-23 on Friday evening, three weeks ahead of presentation of General Budget in Lok Sabha on February 1. The first advance estimates of national income for 2022-23 is significant because the data is used for preparing the Budget of the central government for next financial year of 2023-24. Earlier last month, the Reserve Bank of India had lowered the country's GDP (gross domestic product) growth forecast to 6.8 per cent for the current fiscal from 7 per cent earlier, on account of continued geopolitical tensions and tightening of global financial conditions. The RBI had projected the real GDP growth for 2022-23 at 6.8 per cent, with the third quarter at 4.4 per cent and the fourth at 4.2 per cent. It had pared the growth projection for 2022-23 for the third time in December 2022. In April 2022, the central bank had cut the GDP growth estimate from 7.8 per cent to 7.2 per cent, and fur

UP CM orders officials to provide power subsidy to boost economic growth

Uttar Pradesh Chief Minister Yogi Adityanath has said power subsidy should be provided to looms for boosting the economic growth of over 2.5 lakh weavers in the state. The power corporation should make arrangements to provide subsidy to weavers for improving productivity. This will also prevent electricity theft, the chief minister was quoted as saying in an official statement. While reviewing a presentation regarding the MSME Weaver Scheme, Adityanath had a detailed discussion with officials on the consumption of electricity and the subsidy provided to the sector. The chief minister said at prominent weaving business centres such as Ambedkar Nagar, Varanasi, Mau, Gorakhpur and Meerut, feedback and opinions of traders should be taken. He also stressed on the use of solar power in the sector. "Currently, we are giving subsidies of up to Rs 30,000 for installing solar panels. Weavers must be encouraged similarly and work should progress on mission mode, "he said. The chief minister

India's economic activity may have slowed down in Nov as resilience wanes

Demand for bank credit remained healthy at 17.2%, even amidst tighter liquidity conditions and higher borrowing costs, Reserve Bank of India data showed

Banking funds could outperform if economic recovery continues unimpeded

Global factors causing a slowdown and overexposure to this sector are key risks

RBI should pause rate hikes as growth fears loom: MPC member Varma

India's central bank should pause interest rate hikes, despite unacceptably high inflation, to avoid stalling a recovery in economic growth, monetary policy committee member Jayant Varma said

Growth in India, China, Indonesia will be less affected: S&P Global Ratings

Growth in large Asia Pacific economies like China, India and Indonesia will be less affected as their economies are more domestically oriented, said S&P Global Ratings on Thursday.

Indian economy may grow at 6-7% in FY23 amid 'big' demand: PHDCCI

Industry chamber PHDCCI on Wednesday said going by the current trend, it is expecting the Indian economy to grow at 6-7 per cent during current fiscal year. Chamber's new president Saket Dalmia said production has bounced back and there is a "big" demand in the country. The statement comes a day after the International Monetary Fund (IMF) cut its economic growth forecast for India to 6.8 per cent in 2022. The Reserve Bank of India too has cut the economic growth projection for FY23 to 7 per cent from 7.2 per cent estimated earlier on account of extended geopolitical tensions and aggressive monetary policy tightening globally. Dalmia also said the chamber has identified 75 potential products such as agriculture and chemicals to promote their exports in 75 countries like the US and Europe to help India achieve trade the target of USD 750 billion by 2027. He said the US, Canada, Germany, France, the UK, Japan, the UAE, and China, among others would be the major focused markets to boo

When everyone is slowing, India in relatively bright spot than others: IMF

When everyone is slowing down in terms of economic growth, India has not remained unimpacted, but is doing better and is in a relatively bright spot compared to other countries, a top International Monetary Fund (IMF) official said on Tuesday. Just look at the global conjuncture right now, which is the overarching problem, IMF Director of Asia and Pacific Department, Krishna Srinivasan, said, adding that the growth was "slowing across many parts of the world even as inflation is rising". "We expect countries accounting for 1/3 of the global economy to go into a recession this year or the next. And inflation is rampant. So that is the overarching story, Srinivasan told PTI in an interview. Almost every country is slowing. In that context, India is doing better and is in a relative bright spot compared to the other countries in the region, Srinivasan said. The IMF on Tuesday in its World Economic Outlook projected a growth rate of 6.8 per cent in 2022 as compared to 8.7 per cent in 2

Sitharaman says India's growth rate to be around 7% this financial year

Amidst reports of a global recession and downgrading of growth rates of almost all major economies, Finance Minister Nirmala Sitharaman on Tuesday exuded confidence on India's relative and absolute growth performance in the rest of the decade and forecast the country's growth rate to be around 7 per cent this financial year. Addressing a gathering here, Sitharaman said India's foundation for the ongoing successful recovery from the pandemic was laid when Prime Minister Narendra Modi took office in 2014. "I am aware that growth forecasts around the world are being revised lower. We expect India's growth rate to be around 7 per cent this financial year. More importantly, I am confident of India's relative and absolute growth performance in the rest of the decade, she said. The minister, however, observed that the Indian economy is not exempt from the impact of swirling global currents. No economy is, she said. After the unprecedented shock of the pandemic, came the conflict in Europ

Services PMI at 54.3 in Sep; slowest expansion in 6 months amid weak demand

Growth in India's services industry slumped in September to a six-month low, led by a substantial easing in demand amid high inflation

Karnataka, Manipur, Cahandigarh top NITI ranking for innovation, growth

Chhattisgarh is last among major states in index based on seven broad parameters and 66 indicators

India's economy seen growing 9.2% in FY22 on upbeat rural sector: BoB

India's economy is expected to have grown at 9.2 per cent in the fiscal ended March 2022, after having contracted by 7.3 per cent in the previous financial year

Indian banks to benefit from strong domestic economic growth: Moody's

Ukraine conflict will not derail the country's recovery

Top sectors to invest in 2022

This year is likely to test the sustainability of the economic growth momentum in India, amid new Covid-variants. Investors will have to be careful in stock selection. Find out what analysts say

Indices to remain range-bound in 2022 as earnings catch up: Ajay Garg

With the pandemic risk still lurking around the fringes, global growth is yet to attain a structural foothold, Garg said