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.
The Asian Development Bank (ADB) on Wednesday slashed India's GDP growth forecast for FY23 to 7 per cent from the earlier estimate of 7.2 per cent mainly on account of higher inflation and a tight monetary policy. India's economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in its second supplement to Asian Development Outlook Report 2022 (ADO 2022). "However, GDP growth is revised down from ADO 2022's forecasts to 7 per cent for FY2022 (ending March 2023) and 7.2 per cent for FY2023 (ending March 2024) as price pressures are expected to adversely impact domestic consumption, and sluggish global demand and elevated oil prices will likely be a drag on net exports," ADB said.
The lender has also urged Asian governments and the private sector to work together to ensure that growth is more inclusive.
Adani Ports, NTPC, Infosys, Hindustan Unilever, HCL Technologies and Sun Pharma were among the other big gainers. However, Larsen & Toubro, Bajaj Finance, State Bank of India, Axis Bank and HDFC Bank were amonh the major 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.
'Many countries believe that if they join BRICS, they will be seen as emerging countries and their stature will be enhanced.' 'G-20 still has common action plans while BRICS does not do that much.'
Union Road Transport and Highways Minister Nitin Gadkari on Wednesday pitched for formulating a policy for using the Reserve Bank of India's rising foreign exchange reserves for funding road projects, saying the country needs low cost finance for such infrastructure projects. Addressing a virtual event organised by industry body CII, Gadkari further said that the National Highways Authority of India (NHAI) should also have a financial arm like the power ministry's Power Finance Corporation (PFC). "We have a surplus of dollar reserves in the country. I have decided to talk with the RBI Governor, about how we can formulate a policy by which we can use this foreign exchange reserves for development of infrastructure in the country," he said.
With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year ending in March 2023 to 6.7 per cent from its earlier projection of 5.8 per cent. For the next fiscal year too, the forecast has been revised upwards to 5.8 per cent from 5 per cent earlier.
The Manila-based development finance institution has decided not to guarantee loans directed to Andhra Pradesh, where the microfinance activity has fallen sharply due to strict rules introduced by the state government in October last year.
Equity benchmark Sensex tumbled 674 points on Friday, weighed by losses in banking stocks as an unabated spike in new coronavirus cases fuelled uncertainty over the economic impact of the pandemic. After hitting a low of 27,500.79 during the day, the 30-share BSE barometer ended 674.36 points or 2.39 per cent lower at 27,590.95. The NSE Nifty shed 170 points, or 2.06 per cent, to finish at 8,083.80.
Easy global liquidity and investors' eagerness to tap one of the world's few fast-growing regions should create a sweet spot for the region to fill the $600 billion in infrastructure needs the Asian Development Bank identifies over the next decade.
The project will be in three stages and sources indicate that the funding will be for the first stage of 107 kilometre from Sarai Kale Khan to SNB Urban Complex.
When Kamath took over the organisation, ICICI had 33 subsidiaries. He gradually brought them down to 24 and then to a dozen, preparing the organisation for an initial public offer in December 2005.
India has managed to move a smaller share of its working-age population away from farm-related work than many of its neighbours. Bangladesh, Bhutan, Sri Lanka and Nepal managed to shift a bigger share of jobs to non-agricultural work than India, shows data from the year 2000 to 2023 the compiled from the World Bank's April South Asia Development Update report. Only Pakistan and the Maldives show a lower shift among South Asian peers.
UltraTech Cement was the top loser in the Sensex pack, shedding around 3 per cent, followed by M&M, HDFC Bank, IndusInd Bank, Axis Bank and Reliance Industries. NSE Nifty fell 50.80 points or 0.38 per cent to 13,478.30.
Pakistan was put in the inglorious list in 2018 for its failure to check risk of money laundering, leading to corruption and terror financing.
After swinging nearly 330 points, BSE Sensex finished 172.69 points or 0.43 per cent higher at 40,412.57. Similarly, the 50-scrip NSE Nifty appreciated 53.35 points or 0.45 per cent to close at 11,910.15.
The Asian Development Bank (ADB), on Wednesday said it has approved $17.51 billion in financing operations last year to assist its developing member countries achieve their Millennium Development Goals.
Takao replaced Haruhiko Kuroda, who had, in March, quit ADB to take charge as Japan's central bank governor.
The Manila-based multilateral lender had extended $2.4-billion loan to India across sectors like transport, energy, commerce, industry, trade and finance in 2012. India is the biggest borrower of ADB.
Truck movements across the India-Bangladesh border are on the rise, with increasing rentals signalling a trade recovery between the two South Asian nations. Yet, geopolitical tension looms large, with Bangladesh now under an interim government for nearly two months.
Asian Development Bank has asked Dhaka to send a formal request by Sunday.
S&P Global Ratings on Monday cut India's economic growth forecast for current fiscal year to 7 per cent, but said the domestic demand-led economy will be less impacted by the global slowdown. S&P had in September projected the Indian economy to grow 7.3 per cent in 2022-23 and 6.5 per cent in next fiscal year (2023-24). "The global slowdown will have less impact on domestic demand-led economies such as India... India's output will expand 7 per cent in fiscal year 2022-2023 and 6 per cent in next fiscal year," S&P Global Ratings Asia-Pacific chief economist Louis Kuijs said.
European Investment Bank has expressed interest in financing solar park projects in India, the Asian Development Bank senior investment specialist Don Purka said on Thursday.
The report, however, warned of challenges arising from large capital inflows.
The report, titled Women and Labour Markets in Asia: Rebalancing for Gender Equality, noted that although Asia's economic growth of 6.2 per cent in 2000-2007 exceeded the
Offering "huge scope" for foreign investments, Finance Minister Pranab Mukherjee on Friday said India needs about $1 trillion in next five years for infrastructure development, half of which has to come from the private sector.
India's economy continues to be robust, but downside risks such as rising crude oil prices, adverse weather conditions, and the global banking crisis outweigh the upside potential in gross domestic product (GDP) growth in the current financial year (FY24), the finance ministry said on Tuesday in its Monthly Economic Review for March. "We reiterate that downside risks to our official forecast of 6.5 per cent for real GDP growth in FY24 dominate upside risks," the review said. "Opec's surprise production cut has seen oil prices rise in April, off their lows of low-seventies per barrel in March.
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
India's forex reserves declined $5.24 billion to $617.23 billion for the week ending February 9, according to weekly data released by the Reserve Bank of India (RBI) on Friday. The forex kitty stood at $622.5 billion for the week ended February 2. However, in the current fiscal, the forex reserves have increased $50.28 billion, the RBI data showed.
As the export-driven growth model is fraught with extreme risks caused due to a multiplicity of factors, a revisit to Swadeshi economics is inevitable, says M R Venkatesh.
The Asian Development Bank has given a loan of $313.6 million to the Indian Railways for strengthening its golden quadrilateral project, an official release said on Wednesday.
Funds will invest in new technology companies involved with climate change mitigation.
With almost $ 1.815 billion out of the fund's bucket for the bridge, the fate of Bangladesh's most important bridge has now become uncertain.
While the world's largest and the most populous continent has more than doubled its share in the global gross domestic product from 15 per cent in 1950 to 35 per cent currently, billions of its people do not get even basic amenities of life, the Philippines-based institutions president Haruhiko Kuroda said.
Noted economist Arvind Panagariya says India is an emerging power. With liberalisation, Indian entrepreneurs have emerged and they are top class.
The estimate was presented in the Damage and Needs Assessment (DNA), a survey conducted nationwide by ADB and the World Bank to assess the extent of the flood damage.
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