Page 37 - Indian Economy

Budget focus is to maintain growth, tame inflation: FM Nirmala Sitharaman

The minister is in Washington DC to the annual meetings of World Bank and International Monetary Fund, as well as the G-20 Finance Ministers and Central Bank Governors meetings

India macro indicators may return to FY20 levels by FY27, says IMF

Although China's debt to GDP ratio is projected to remain at 76.9 in 2022, it is projected to overtake India's ratio in 2024 at 89.8 and continue to increase further to 102.8 in 2027

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

India's debt ratio projected to be 84% of its GDP by end of 2022: IMF

India's debt ratio is projected to be 84 per cent of its GDP by the end of 2022, which is higher than many emerging economies, but its debt is a little bit easier to sustain, a senior IMF official has said. Stressing that it is important for India to now have a very clear medium-term objective on the fiscal, Paolo Mauro, Deputy Director, Fiscal Affairs Department, International Monetary Fund, said there's still not a whole lot of clarity on the fiscal anchor. "It would be very important to give reassurance to people and to investors that things are under control, and things are going to become less vulnerable over time," Mauro, told PTI in an interview. "In terms of the debt ratio, India right now at the end of 2022, we're projecting it at about 84 per cent of GDP. That is higher than in many emerging economies, he said. Of course, India has a lot of special features being the most populous country in the world by now and being a very large, emerging economy, he said. The other ..

India facing 'cacophony of factors' that may shake sovereign credit metrics

India is facing various factors that may shake its sovereign credit metrics but strong economic growth rate and external balance sheet are expected to neutralize the risks inherent in the global environment, S&P Global Ratings said on Wednesday. In a credit FAQ titled 'Can India Sovereign Ratings Withstand The Global Sputter', S&P said despite India's strong external balance sheet, it has not been able to escape the difficult landscape the rest of its emerging market peers have faced over the course of the year and 'more severe conditions', could apply downward pressure on India's sovereign credit ratings. S&P has the lowest investment grade rating of 'BBB-' on India with a stable outlook. "India is facing a mixture of factors that may shake its sovereign credit metrics. Amid external turbulence, its foreign exchange reserves are falling, and its current account deficit is rising. Meanwhile, the economy is battling faster inflation and tightening financial conditions both .

Economy doing well despite external headwinds, Oppn criticism wrong: BJP

Party spokesperson accuses Rahul Gandhi of 'crony socialist attitude', says Kejriwal govt corrupt

IMF praises RBI for tightening the monetary policy to curb inflation

The International Monetary Fund (IMF) on Tuesday praised the Reserve bank of India (RBI) for tightening the monetary policy to curb inflation in the country. The RBI has appropriately been tightening to fight inflation as the inflation is above target, and since May, if my memory serves me well, it sort of delivers 190 basis points rate hikes and we think further tightening is needed to bring inflation to its target, Garcia Pascual, Deputy Division Chief of the Monetary and Capital Markets Department of the IMF, told reporters at a news conference here. Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department of the IMF, said that monetary policy has tightened in India, similar to other emerging markets as well, where inflation has been above target. And certainly, inflation has been above the RBI's target recently, so we do expect a tightening of monetary policy going forward as well, he said in response to a question. In terms of financial .

Next budget will have to be carefully structured to maintain growth: FM

The next annual budget of India will have to be very carefully structured to sustain the country's growth momentum, Union Finance Minister Nirmala Sitharaman said on Tuesday, noting that it will also address inflation concerns. Visiting Washington DC to attend the annual meeting of the International Monetary Fund and the World Bank, the finance minister was responding to a question on the next year's budget at a fire-side chat with eminent economist Eshwar Prasad at the prestigious Brookings Institute. Specifics (of the next budget) may be difficult at this stage because it's a bit too early. But broadly, the growth priorities will be kept absolutely on the top. Even as I speak about the concerns that inflation brings before me. So, inflation concerns will have to be addressed. But then how would you manage growth would be the natural question, Sitharaman said. India's next annual budget is scheduled to be presented by Sitharaman before the Parliament next February and preparations

Energy rate, availability among short-term challenges for India: Sitharaman

Energy prices and availability are among the biggest problems facing the Indian economy in the near future, Finance Minister Nirmala Sitharaman said

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

IMF cuts India's FY23 GDP forecast to 6.8%, flags global inflation crisis

Slashes it by 60 bps; says worst yet to come for world

Current account imbalance hits India harder than EM peers, shows data

India's current account deficit is projected at 3.5 per cent for 2022, says IMF World Economic Outlook report

Results preview: Order-book booster to stay for capital goods firms

Key monitorables include tender pipeline and emerging supply-chain scenario, say analysts and players

A troubled world: IMF paints a bleak picture

The growth projection for India has been lowered to 6.8 per cent for this fiscal year

As MPC raises growth projections, what makes the panel so optimistic?

The MPC believes that there is growth momentum due to better farm production, government policies to boost capex, improvement in business and consumer sentiment

Involving private players in grain procurement needs clear modalities

The idea in itself is not new and previously several attempts have been made to involve private players in official procurement, most recently in oilseeds

Indian economy's slow-but-steady activity awaits festive season boost

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

India lost out more than its peers in forecast revisions for 2022

The IMF had revised India's forecast from 1.6 percentage points from 9 per cent in January 2022 to 7.4 per cent in July 2022

Bengal Durga Puja economy this year crosses Rs 45,000-cr mark: Stakeholders

Even though the World Bank has downgraded India's growth forecast to 6.5 per cent for the current fiscal, business activities surrounding West Bengal's Durga Puja this year witnessed a "sharp upswing" with estimated value of the festive transactions "crossing Rs 45,000-crore mark" after the last two years of the COVID-19 pandemic. All stakeholders, ranging from retailers to hoteliers and restaurateurs, reported sales "more than expectations", while puja organisers were ecstatic with the festive spirit among people. "The trend is much better than expected. In our opinion, the puja economy in Bengal crossed the Rs 45,000-crore mark if we compare this year's festival with that of 2019 when there was no COVID. "Large-scale pujas were organised in districts this time. On average, the advertisement expenditure has increased by 45-50 per cent," Forum For Durgotsab, an umbrella organisation of community pujas, president Kajal Sarkar told PTI. Retailers and hoteliers experienced "30-40 per

Recovery tracker: More air passengers, retail and recreation visits rise

Railway freight indicators growing slower than before