Page 2 - India's Economic Growth

Jaishankar optimistic about India achieving 7% growth despite Ukraine war

India has made powerful efforts to grow its economy and emerge as a higher-income country, External Affairs Minister S Jaishankar has said, expressing hope that it will be the fastest growing major economy in the world this year with at least 7 per cent growth despite the challenges posed by the Ukraine crisis. Jaishankar arrived here on Saturday on a three-day visit to Saudi Arabia to discuss ways to further strengthen relations between the two countries. It is his first visit to Saudi Arabia as External Affairs Minister. "Began my visit to Saudi Arabia with interaction with our community. Appreciated the contribution of our Diaspora in facing national challenges. Spoke to them about our country's resilience, especially during the time of the Covid and national transformation that is underway in India," Jaishankar tweeted. Addressing the Indian community here on Saturday, Jaishankar said: "India thinks about the ways in which it can change its credit, banking, education and labour

India in better position to tackle growth, inflation challenges: CII Prez

India is in a much better position to deal with the challenges related to growth and inflation, said Sanjiv Bajaj, President of industry body CII. According to official figures, India's retail inflation continues to remain above the Reserve Bank's tolerance level of 6 per cent since January, while the economic growth in the first quarter of the fiscal was 13.5 per cent, lower than the central bank's estimate of 16.2 per cent. "I don't want to say we don't have our own challenges with growth, with inflation but we are in a much better position and credit must go to everybody including the central and state governments. I don't see economic growth as an issue," Bajaj, who is also the CMD of Bajaj Finserv, told PTI. Tata Steel Managing Director and CII's former President T V Narendran also spoke to PTI and appreciated the efforts undertaken by states to attract investments. "There are complexities to solve but ... I feel the environment is encouraging investments, encouraging growth,

Moody's slashes India's economic growth forecast to 7.7% for 2022

Moody's Investors Service on Thursday slashed India's economic growth projection for 2022 to 7.7 per cent, saying that rising interest rates, uneven monsoon, and slowing global growth will dampen economic momentum on a sequential basis. Moody's had in May projected India's GDP to expand by 8.8 per cent this year. The economy grew by 8.3 per cent in 2021 and contracted by 6.7 per cent in 2020, the year when the pandemic struck the country. In its update to Global Macro Outlook 2022-23, Moody's said India's central bank is likely to remain hawkish this year and maintain a reasonably tight policy stance in 2023 to prevent domestic inflationary pressures from building further. Our expectation that India's real GDP growth will slow from 8.3 per cent in 2021 to 7.7 per cent in 2022 and to decelerate further to 5.2 per cent in 2023 assumes that rising interest rates, uneven distribution of monsoons, and slowing global growth will dampen economic momentum on a sequential basis, Moody's ...

India's economic recovery falters as high prices, falling rupee bite

India's economic activity showed early signs of cooling off in June as acute price pressures, rising interest rates, and a falling rupee dampened sentiment after a strong showing the previous month

The long-term hurdles to India's export growth

No country has succeeded in becoming a merchandise export powerhouse unless its quality standards are uniformly high

Polarisation damaging foundations of India's growth: Kaushik Basu

Basu further said India's big challenge is unemployment and joblessness as youth unemployment in India is over 24 per cent, which is among the highest in the world

India's economic growth to slow if RBI hikes interest rates: Finance Secy

T V Somanathan was reacting to reports of RBI likely raising its inflation projection for the current fiscal year at its June monetary policy meeting

India headed for robust economic growth, says FM Sitharaman in US

Sitharaman is here to attend the annual spring meeting of the International Monetary Fund and the World Bank

India's GDP is likely to grow at 10% in FY22, says Bibek Debroy

India's economy is moving towards a higher growth trajectory and is likely to grow at around 10 per cent in 2021-22, Economic Advisory Council to the Prime Minister Chairman Bibek Debroy said

Services PMI rises to over a decade high in Oct even as input costs rise

Unlike their manufacturing counterparts, service companies hired more hands even as the rate of employment generation remained modest

Top headlines: Economy takes 'formal' leap, Apple's India revenue doubles

Business Standard brings the top headlines at this hour

India's economy recovered very fast after tough phase of Covid pandemic: PM

He was speaking after a virtual ground-breaking ceremony of a boys' hostel

Most FDI proposals in 3 depts from nations sharing land border with India

Electronics and IT, industry and internal trade, and heavy industries are the three industries

GST milestone in India's economic landscape: PM Narendra Modi

A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT, was rolled out on July 1, 2017.

Amitabh Kant gets another one-year extension as NITI Aayog CEO

This is the third extension since he took charge of the public policy think tank in 2016.

Sitharaman expands credit relief, unveils new Covid-19 recovery package

Expanded credit guarantee program includes Rs 50,000 crore for the health sector; additional spending to focus on children.

Economic revival: FM Sitharaman raises ECLGS scheme limit to Rs 4.5 trn

FM announces Rs 1.1 trillion loan guarantee scheme for Covid-affected sectors

Sitharaman points at investment opportunities in India to US investors

FM Sitharaman discussed opportunities in India for growth and investment on the back of the reform measures taken by government

People saving less, household savings moderate in third quarter FY21

The ratio of household (bank) deposits to GDP also declined to 3.0 per cent in the October -December quarter of FY21 from 7.7 per cent in the previous quarter.

India's second Covid wave to impact infra sectors, says Moody's

The report said that the government's ability to limit the virus spread and materially increase its vaccination drive will have a direct impact on the economic recovery.