Two months back the bank had made a projected the GDP growth at 5.6 per cent for the same fiscal.
Radio Free Europe reported that the Asian Infrastructure Investment Bank, a Chinese-led development bank, suspended all business with Russia and Belarus on March 3.
The venture is seen as a rival to the World Bank.
Deloitte India on Friday said it estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. In its India's economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services. With the expectation that the number of middle-to-high-income segments will be one in two households by 2030/31, up from one in four currently, we believe this trend will likely become further amplified, driving overall private consumer expenditure growth, it said.
'Right now, silver -- and especially platinum -- are very cheap compared to gold. If I were buying today, I would choose platinum.'
Union Finance Minister Pranab Mukherjee has brought about a coup in North Block by bringing an Indian Foreign Service officer Venu Rajamoni as Joint Secretary to head multilateral institutions division.
The Asian Development Bank has downgraded India's economic growth forecast for the current financial year to 10 per cent on Tuesday, from 11 per cent projected in April, on account of the adverse impact of the coronavirus pandemic. India's GDP growth recovered to 1.6 per cent in the last quarter of fiscal year ended March 2021, narrowing contraction in the whole fiscal year from 8 per cent estimated in April to a revised 7.3 per cent, the multilateral funding agency said in the Asian Development Outlook (ADO) Supplement. "Then a second wave of the pandemic induced many state governments to impose strict containment measures.
Engineering and construction major Larsen & Toubro (L&T) reported a 25 per cent rise in net profit attributable to the owners of the company for the January-March quarter of 2024-25, owing to higher revenues and an exceptional gain. For the quarter under review, L&T posted a consolidated net profit of Rs 5,497.3 crore, while revenue rose 10.9 per cent year-on-year (Y-o-Y) to Rs 74,392.28 crore.
Ajay Banga will be a 'transformative leader', who will bring expertise, experience, and innovation to the position of World Bank President, United States President Joe Biden has said after the top Indian-American business executive was confirmed as the new head of the international lender.
Extending its support to Saarc Bank, Sri Lanka on Thursday said the proposed financial institution will help in alleviating poverty in the South Asian region.
However, India's economy will rebound to 8.5 per cent in 2009-10, Manila-based Asian Development Bank said in its Asian Development Outlook 2008. Narhari Rao, Principal Economist with India Resident Mission of ADB, said recent duty cuts by the government to arrest inflation, which is racing towards 7 per cent, are likely to show results in 2-3 weeks.
Asian Development Bank has predicted that South Asian economy, 80 per cent of which is accounted for by India, will grow at a slower pace of 7.7 per cent in 2007.
The Asian Development Bank has approved a US$ 1.5 billion (around Rs 11,185 crore) loan to India for COVID-19 vaccine procurement.
India hopes to increase its share in the quotas of multilateral development banks like the International Monetary Fund and Asian Development Bank after major stakeholders in them bring forward the issue of quota review and expanding in accordance with current realities that will give proper representation to the emerging economies.
The Indian economy is likely to slow down a little to 7.6 per cent in the fiscal year 2006 and 7.8 per cent in 2007 as consumption and investment may get affected due to higher inflation, Asian Development Bank said on Thursday.
India is expected to be the top recipient of remittances in 2023 as inflows increase 12.4 per cent to $125 billion, said a World Bank report on Tuesday. Mexico will come next by receiving $67 billion and China will follow it at $50 billion. The key drivers for remittance growth in 2023 are a tight labour market in the United States, high employment growth in Europe reflecting extensive leveraging of worker retention programs, and a dampening of inflation in high-income countries. India's growth in remittances is expected to halve to 12.4 per cent in 2023 from a historic peak of 24.4 per cent in 2022.
The 'mediation' by the United States from behind the scene on the diplomatic track appears to be once again working, which calls on both Delhi and Islamabad to show restraint and pull back from a military confrontation, notes Ambassador M K Bhadrakumar.
The cultural richness that began from a narrow bank of the Yamuna has continued for over 7 centuries. And you literally go underground for as little at Rs 50 to see it!
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
Gold price outlook 2025: Gold prices that have climbed over 30 per cent so far in 2024 to Rs 7,300 per gram in the Indian markets (up 28 per cent in dollar terms till November-end), are set for their best calendar year performance in 10 years, suggests a recent report by World Gold Council (WGC). However, this stellar run, analysts believe, may not carry through till the end of 2025 in the backdrop of economic and geopolitical headwinds.
Asian Development Bank has said that India's fiscal deficit targets are unlikely to be met this year due to large government spending and slow pace of domestic fuel price adjustment.
Asian Paints dropped the most by 1.33 per cent. IndusInd bank fell 1.2 per cent, Axis Bank by 1.19 per cent, SBI by 1.12 per cent, Bajaj Finance by 1.07 per cent, Nestle by 1.04 per cent, and TCS by 0.97 per cent. Hindustan Unilever, Reliance Industries, Power Grid and Kotak Bank also retreated. Maruti Suzuki was the lead gainer, rising by 2.22 per cent.
The money will be used for drainage systems development.
Wholesale price-based inflation rose to an eight-month high of 0.26 per cent in November, driven by a sharp jump in food prices, especially onion and vegetables. The WPI inflation was in the negative or deflationary zone for the past seven months since April and was at (-)0.52 per cent in October. The last positive WPI inflation was recorded in March at 1.41 per cent.
Monetary tightening to contain overheating as well as inadequate infrastructure is likely to slow down India's growth to moderate 8 per cent next fiscal against the expected 9.2 per cent, the Asian Development Bank has forecast.
The present financial crisis in Europe and other countries is affecting Asian economies not just through trade or slower Asian exports, but through financial channels and can be compared to the Lehman shock of 2008.
The Pahalgam massacre highlights the evolution of terrorism into a multi-domain challenge. India's response must similarly evolve -- from tactical retaliation to comprehensive strategic deterrence. To establish a credible and sustained deterrent, India must also carry out continuous kinetic operations, both overt and covert, suggest Sakshit Raina and Rahul Mishra. To establish a credible and sustained deterrent, India must also carry out continuous kinetic operations, both overt and covert, suggest Sakshit Raina & Rahul Mishra.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
Reconstruction efforts after the Russia-Ukraine war will be dominated by the heft of the membership of major nations across international organisations. India is hamstrung because it does not play host to any major global institution nor does it hold positions of significant influence in the ones in which it has membership. As a result, the world's sixth largest economy is obliged to follow the rules set by most of them.
India is set to witness a roller-coaster growth in the next three years ranging between 6-7 per cent mainly due to fluctuations in prospects of industry and services sectors, according to the Asian Development Bank.
With the rupee fast losing value against the US dollar, Finance Minister Pranab Mukherjee on Friday blamed volatility in global commodity prices for currency depreciation and said deteriorating balance of payment (BoP) situation in several Asian countries also put stress on currencies.
Asian Development Bank (ADB) has kept its outlook for India's economic growth unchanged at 7 per cent for the current fiscal year while forecasting a weaker-than-previously expected pace for developing Asia. ADB's 7 per cent growth projection for fiscal 2022-23 (April 2022 to March 2023), unchanged from its September forecast, compares to 8.7 per cent GDP growth in 2021-22. For 2023-24, the GDP growth has been kept unchanged at 7.2 per cent.
The lender has also urged Asian governments and the private sector to work together to ensure that growth is more inclusive.
From the 30-share blue-chip pack, Zomato surged over 7 per cent. Maruti, ITC Hotels, ITC, Mahindra & Mahindra, Asian Paints, Titan and IndusInd Bank were among the biggest gainers. Power Grid, Larsen & Toubro, NTPC, UltraTech Cement, HCL Tech, Tech Mahindra, Infosys and Adani Ports were among the laggards.
The AEM has upgraded the regions 2010 growth forecast for the 14 emerging East Asian economies to an aggregate 8.1 per cent from the 7.7 per cent it had projected in April.
Challenge before Indian policy makers was to make growth inclusive and manage infrastructure investments better.
S&P Global Ratings on Wednesday cut India's growth projection for the current fiscal to 7.3 per cent from 7.8 per cent earlier on rising inflation and the longer-than-expected Russia-Ukraine conflict. In its Global Macro Update to Growth Forecasts, S&P said inflation remaining higher for long is a worry, which requires central banks to raise rates more than what is currently priced in, risking a harder landing, including a larger hit to output and employment. S&P had in December last year pegged India's GDP growth in the 2022-23 fiscal, which began on April 1, 2022, at 7.8 per cent.
