India's economic growth forecast for 2025 has been revised downward to 6.3 per cent, and despite a projected moderation, the country remains one of the fastest-growing large economies, supported by resilient consumption and government spending, the United Nations has said.
The United Nations on Wednesday pared down India's growth forecast by 20 basis points to 5.8 per cent for 2023 calendar year, citing higher interest rates and risks of recession in the developed world weighing on investment and exports. "Economic growth in India is projected to moderate in 2023, with higher interest rates weighing on investment and slower global growth weakening exports," it said in its latest World Economic Situation and Prospects report. The report has projected global trade to contract 0.4 per cent and the world economy to grow at 1.9 per cent in 2023.
The former Union minister asserted that an objective analysis of the political situation will lead to the conclusion that the Congress has to be the "pole" around which Opposition unity in the 2024 Lok Sabha election can be built.
Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy "so it's another five years.We are already in (the year) 2023. "So 2027-28, India should be the third-largest economy," Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview in New York.
N Chandrasekaran, chairman of Tata Consultancy Services (TCS) and Tata Sons, believes that the Digital India Act is a necessity. "The Digital India Act is a necessity because so much has changed over the decades since the original Information Technology (IT) Act was put in place. I am glad the government is developing a participative approach to developing the Digital Act," he said, while answering shareholders at TCS' 27th annual general meeting. Minister of State for Electronics and IT Rajeev Chandrasekhar a few months ago had said that the government would shortly roll out the Digital India Act - a renewed policy for the digital ecosystem and cyberspace in the country.
'In India, a deadly wave of infection with the Delta variant stole 240,000 lives between April and June and disrupted economic recovery. Similar episodes could take place in the near term,' said the report.
At the same time, the UN said in a report, the performance of private investment remains a key macroeconomic concern.
As the Ukraine conflict impacts the global GDP, India is projected to grow by 6.4 per cent in 2022, slower than the last year's 8.8 per cent but still the fastest-growing major economy, with higher inflationary pressures and uneven recovery of the labour market curbing private consumption and investment, according to a UN report. The UN Department of Economic and Social Affairs said in its World Economic Situation and Prospects (WESP) report released on Wednesday that the war in Ukraine has upended the fragile economic recovery from the pandemic, triggering a devastating humanitarian crisis in Europe, increasing food and commodity prices and globally exacerbating inflationary pressures. The global economy is now projected to grow by only 3.1 per cent in 2022, down from the 4.0 per cent growth forecast released in January 2022.
The region's GDP will grow by 5 per cent in 2013 and 5.7 per cent in 2014.
Global economic situation continues to be challenging & global growth will likely remain tepid in 2012
While weaknesses in major developed economies continue to drag the global recovery.
The United Nations has warned that the world is on the brink of another recession, projecting that global economic growth will slow down further in 2012 and even emerging powerhouses like India and China, which led the recovery last time, will get bogged down.
The government recently lowered the gross domestic product growth target for the current fiscal to 7 per cent from the earlier estimate of 8.5 per cent.
The United Nations has projected a growth of 7.9 per cent for India in the current fiscal as it hailed the country along with China for leading developing nations to recovery from the worst economic downturn since World War II.
Pankaj Malhotra, Immigration New Zealand's (New Zealand High Commission) former student Visa Officer, in an interview with RMS Atwal.
India's economy is forecast to grow at 4.8 per cent in 2013, down 1.3 per cent from its earlier projection, the UN's World Economic Situation and Prospects 2014 report said.
With nearly 100 countries closing national borders during the past month, the movement of people and tourism flows have come to a screeching halt. The contraction could be even higher if governments fail to provide income support and help boost consumer spending.
Corporate leaders said a stable government at the Centre will help boost infrastructure spend, address agricultural distress, and encouraging employment.
While India's GDP is pegged at 7.7%, China is projected to grow at 7%.
As per the latest government data, India's second quarter economic growth inched up to 4.8 per cent during second quarter (July-September) of 2013-14, well above 4.4 per cent in the first quarter (April-June).
The report cautioned that low capacity utilisation and stressed balance sheets of banks and businesses will prevent a strong investment revival in the short term.
India's economic growth is expected to improve to 6.3 per cent in 2016 with the country leading economic recovery in South Asia, according to a United Nations report.
India will see a gradual growth acceleration with its GDP expected to reach 5.9 per cent this year.
The report said South Asia is expected to be the fastest-growing region.
The government of India had budgeted to bring down fiscal deficit to 4.8 per cent of GDP in the current financial year, from 4.9 per cent in 2012-13.
The UN World Economic Situation and Prospects 2014 report said a mild recovery in investment as well as stronger export growth will help in the gradual GDP pick-up.
'If you say I won't talk to them at all, does terrorism stop?' 'Even if they say they will give up terrorism, "I will fight terrorism along with you," but even then you say I still won't talk to you until you do the following things, then that is a political call.'
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