India's economic growth slowed to 7 per cent in the three months through June from 7.5 per cent in the previous quarter
Erasing early gains, the rupee on Thursday closed six paise lower at 53.22 due to sustained dollar demand after government estimates pegged ongoing fiscal's GDP growth at a decade low of five per cent.
India's economic growth rate this fiscal is estimated to be sharply lower at 5 per cent, lowest in a decade, on account of poor performance of manufacturing, agriculture and services sector.
Factory output as measured in terms of IIP had grown by 7.3 per cent in December 2017.
The greatest disconnect lies in the estimates of industrial growth.
In terms of industries, 10 out of 23 industry groups in the manufacturing sector showed positive growth during November 2018.
The manufacturing sector, which constitutes 77.63 per cent of the IIP, contracted by 0.4 per cent in March as compared to 5.7 per cent expansion in the year-ago month.
Items such as cereals and products, meat and fish, oils and fats became cheaper
This is mainly due to GST impact on manufacturing and subdued farm output.
Milk and its products too were less expensive with inflation print of 4.21 per cent, cereals and products at 2.10 per cent, meat & fish at 3.31 per cent while for eggs the prices grew at a slower pace of 8.51 per cent.
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Reflecting general rise in living standard, India's per capita income is estimated to grow above Rs 60,000 per annum or over Rs 5,000 per month, said the government data.
The Indian economy will grow by 6.9 per cent in 2011-12 against 8.4 per cent in the last financial year according to government estimates.
Reflecting growing prosperity, India's per capita income grew by 15.6 per cent to Rs 53,331 per annum in 2010-11, crossing the half-a-lakh rupees mark for the first time, according to government data.
Reflecting growing prosperity, India's per capita income grew by 15.6 per cent to Rs 53,331 per annum in 2010-11, crossing the half-a-lakh rupees mark for the first time, according to government data.
The rate of price rise in the vegetable segment almost doubled to 7.47 per cent as against 3.92 per cent in September.
RBI Governor Raghuram Rajan has noted the contradiction.
In terms of industries, 22 out of 23 industry groups in the manufacturing sector showed positive growth during July 2018.
The change in the baseline for IIP and WPI, currently at 2004-05, is expected to bring in more accuracy in mapping the level of economic activity and calculating other numbers like national accounts.
In terms of industries, 17 out of 23 industry groups in the manufacturing sector have shown negative growth.
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The estimates of national income and growth do not pass the 'smell test'.
In terms of industries, 16 out of 23 industry groups in the manufacturing sector have shown positive growth during December 2017 as compared to the same month year ago.
The government response was key in overcoming the recent financial crisis, but the time is now ripe for credible fiscal consolidation.
Driven by high growth of 8.9 per cent of the manufacturing sector, the economic growth in the current fiscal is likely to be 7.2 per cent, the CSO said in its advance estimates for the national income released on Monday.
Projecting acceleration in India's GDP growth to 9% for FY 2011-012, Economic Advisory Council to Prime Minister seeks measure to address serious supply bottlenecks.
Agriculture and allied activities are likely to grow at 5.4 per cent in 2010-11, compared to just 0.4 per cent in 2009-10, according to Advance Estimates released by the Central Statistical Organisation on Monday.
Air India Board is likely to approve the appointments in four key managerial positions, which would put an extra annual burden of over Rs 4 crore (Rs 40 million).
Top Sensex gainers include Hero MotoCorp, Bajaj Auto, Asian Paints, IndusInd Bank, HUL, and Maruti, rallying up to 5.87 per cent. While, ICICI Bank, NTPC and ITC slipped up to 0.13 per cent.
The NSE index Nifty ended above the 10,500-mark.
the GDP estimates incorporate new source data and modified compilation techniques
Finance Minister Pranab Mukherjee on Thursday stuck to his conservative estimate of economic growth at 8.5 per cent this fiscal and said the economy will be on the high expansion path at 9 per cent in 2011-12.
Retail inflation inches up to 3.77%; IIP growth dips to 3-month low
The previous low at 1.8 per cent was recorded in October 2017.
The panel noted that the macro-economic fundamentals of the economy are sound but challenges remain, several of which are structural in nature.
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Advance estimates of national income growth released today by the Central Statistical Organisation (CSO) project it at 7.2 per cent in 2009-10, pegging it a notch below earlier forecasts of the Reserve Bank of India (7.5 per cent) and finance ministry (7.75 per cent). With economic growth back on track the government may initiate a phased withdrawal of the fiscal stimulus package.
Capital goods output rose by a robust 20 per cent in the month under review as against a contraction of 2.4 per cent earlier.
Among the 18 states and Union Territories of which data is available, Bihar recorded the highest State Gross Domestic Product (SGDP) in a year when the global financial meltdown pulled down country's economic growth rate to 6.7 per cent from 9 per cent.
