Page 6 - Indian Economy

Apr-Jan fiscal deficit comes at $144.19 bn; touches 68% of full-year target

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

As states table their Budgets, here's how the capex numbers stack up

Capex is not the favourite word in the lexicon of ministers despite the generous flow of resources for building assets

Core inflation must ease towards 4%, says RBI MPC's Shashanka Bhide

"High core inflation also points to the cost-price nexus in the economy more sharply," Bhide said, adding that stabilizing core prices was necessary for manufacturing firms to expand their capacities

GDP growth rate seen below 5% in December quarter on a normalising base

FY23 quarterly, annual estimates may be revised on Tuesday

India's economic growth appears to be very fragile: RBI MPC member Varma

India's economic growth appears to be 'very fragile' and it may fall short of what the country needs to meet the aspirations of its growing workforce, RBI Monetary Policy Committee (MPC) member Jayanth R Varma said on Sunday. In India, Varma said he expects inflation to remain high in 2022-23 but come down significantly in 2023-24. "However, growth appears to be very fragile, and monetary tightening is compressing demand," he told PTI. Explaining further, he said rising EMI payments increases the pressure on household budgets and dampens spending, and exports are struggling in the face of global factors. While noting that high interest rates make private capital investment more difficult, Varma said the government is in fiscal consolidation mode, thus reducing the support to the economy from this source. "Because of all these factors, I fear that growth may fall short of what we need to meet the aspirations of our growing workforce given our demographic context and income level,"

Former CEAs would do well to be less political

The utterances of former advisors who have turned political don't fully pass the smell test. It would help if they are a bit more respectful of their profession, which demands neutrality

Indian govt had no outstanding loans from central bank in Feb 17 week

The Indian government had no outstanding loans with the central bank under ways and means

India to become 3rd largest economy by turn of decade, says Dhankar

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 occasion of the 61st convocation of Indian Agricultural Research Institute (IARI), Dhankar 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. Dhankar 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. Dhankar also said the country can feed the world. By the end of the decade, India will be the third

Draw inspiration from vibrancy of Indian economy: PM Modi at G20 meeting

Prime Minister Narendra Modi on Friday expressed hope that G20 will draw inspiration from the vibrancy of the Indian economy and work towards bringing back stability, confidence and growth on the global landscape. In his video message to the G20 meeting of the finance ministers and central bank governors, the prime minister underlined the need for strengthening multilateral development banks for meeting global challenges like climate change and high debt levels. Observing that the global economy is still suffering from the after-effects of the pandemic and wide-ranging geopolitical tensions, Modi said these developments have threatened the financial viability of many countries. "It is now up to you (G20 member countries) - the custodians of the leading economies and monetary systems of the world to bring back stability, confidence and growth to the global economy. It is not an easy task," Modi said at the ministerial meeting, the first major G20 event being hosted under India's ...

India's economic growth likely to slow further to 4.6% in Oct-Dec: Poll

The economy had expanded 13.5% in April-June -- boosted largely because of pandemic-related statistical distortions -- before moderating to 6.3% in July-September

Managing a crisis: Russia-Ukraine war outbreak a setback for Indian economy

But its impact has been kept under check

How Russia-Ukraine conflict has impacted global and Indian economy

External conditions deteriorated due to the war on many fronts

Economy to grow at 7% despite global headwinds: Finance ministry data

The rise in economic uncertainties is reflected in the unevenness of performance of the global economy in 2022, it noted

RBI MPC minutes show deepening concerns over inflation pressures

Disinflation can't rely only on food, must be firm in inflation fight, says RBI Das

MeitY invites proposals to estimate the size of India's digital economy

Govt plans to showcase success of India's digital economy at the G20 summit to be held in New Delhi in Sept

Yogi govt tables budget worth Rs 6.9 trn targeting $1 trn-economy by 2027

The Budget includes new schemes of Rs 32,000 crore while about Rs 7,500 crore have been allocated to the social security sector

GDP growth rate likely at 4.6% in December quarter: SBI economists

Economists at the State Bank of India (SBI) have projected a GDP growth of 4.6 per cent for the December quarter, citing that as many as 30 high frequency indicators are not as robust as they were in the previous quarters. However, the projection is higher than the Reserve Bank of India's forecast of 4.4 per cent for the third quarter of this fiscal. The lower forecast also stems from poor corporate results, ex-BFSI, which have shown that operating profits grew at a much slower 9 per cent in the third quarter, which is just half of 18 per cent recorded in the year-ago period. Also, despite a 15 per cent in net sales, the bottom line was down by around 16 per cent, Soumya Kanti Ghosh, the group chief economic adviser at SBI, said in a report on Tuesday. Ghosh said he expects an upward revision in growth to 7 per cent for the full fiscal, up from 6.8 per cent projected earlier. This is because the government is anticipated to revise the GDP numbers for FY20, FY21 and FY22 on Februar

ADB President meets PM, proposes $25 bn for India's development priorities

Asian Development Bank President Masatsugu Asakawa on Tuesday called on Prime Minister Narendra Modi and conveyed ADB's intention to provide USD 20-25 billion resources over five years to advance India's aspirations for fast, inclusive, and green growth. In a release, the Manila-based multilateral lending agency said its President in his meeting with the Prime Minister discussed a range of issues, including ADB support to India's infrastructure and social development and climate actions. ADB is now finalising the new five-year country partnership strategy (CPS) for India following a comprehensive stakeholder consultation process. ADB will provide multifaceted support for India's key priorities, including the important infrastructure push under the PM's Gati Shakti (National Master Plan for multimodal connectivity) initiative, building future cities, mobilizing domestic resources, and strengthening basic services in disadvantaged districts," Asakawa said. He also congratulated Modi

With some help from the predecessor

In assessing Narendra Modi's success with many schemes, Manmohan Singh's fundamental work should not be ignored

Goods and services exports may reach $1 trillion each by 2030: Piyush Goyal

India's goods and services exports are growing at a healthy rate and are expected to be around USD 1 trillion each by 2030, Commerce and Industry Minister Piyush Goyal said on Tuesday. The country's merchandise and services exports touched an all-time high of USD 422 billion and USD 254 billion, respectively, in 2021-22. "My own estimates seem to suggest that we will converge (goods and services exports) by 2030...seven years from now at about USD 1 trillion of goods and USD 1 trillion of services (exports). "That is the trajectory I can see which will mean merchandise doing 8- 9.5 per cent and services doing anywhere between 16-17 per cent, Goyal said here at an event. The services sector, driven by the IT industry, has created a potential not only in terms of jobs, giving value to talent, but also providing India with an opportunity to showcase to the world its strengths, he added. He also said that every country wants to invest in India because of its startup ecosystem. "The w