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.
Leading economists have pencilled in a high 13-15.7 per cent uptick in the economy in the first quarter of 2022-23 with an upward bias. Soumya Kanti Ghosh, the group chief economic adviser at State Bank of India, on Tuesday said he expects the GDP to clip past 15.7 per cent in the first quarter with more chances of the final numbers printing in higher, while Aditi Nayar, the chief economist at the rating agency Icra, said the economy will grow much lower at 13 per cent in the June quarter. The national statistical office will announce the first quarter GDP numbers later next week.
The panel said that vacant posts in the CBI are not being filled up at the required pace and recommended that "every effort should be made to fill up vacancies at the earliest".
RBI projects GDP growth in FY16 at 7.8 per cent, 30 bps higher than FY15. However, this comes with a downward bias.
The country's gross domestic product (GDP) is likely to grow at 5.8 per cent in the third quarter of fiscal 2022, according to an SBI's research report- Ecowrap. The country's economy expanded by 8.4 per cent in the second quarter of 2021-22, to cross pre-pandemic levels. However, the GDP growth in July-September period was slower than the 20.1 per cent expansion in the previous quarter.
Govt has drawn list of PSUs for strategic sale: Jaitley
For the entire 2015-16 fiscal, the factory output grew at 2.4 per cent, down from 2.8 per cent in the previous fiscal.
'Everybody thought I was crazy to quit my job and jump into entrepreneurship.'
The RBI, which mainly factors in CPI for arriving at its bi-monthly monetary policy, has been mandated by the government to ensure that inflation remains at 4 per cent, with deviation of 2 per cent on either side.
This time there has been a rather peculiar criticism of the latest GDP numbers.
Retail inflation hit an eight-month high of 6.07 per cent in February, remaining above the RBI's comfort level for the second month in a row, while wholesale price-based inflation soared to 13.11 per cent on account of hardening of crude oil and non-food item prices, government data showed on Monday. The previous high for retail inflation was 6.26 per cent in June 2021. The consumer price index (CPI) based retail inflation, which is taken into account by the Reserve Bank of India (RBI) while deciding its monetary policy, rose mainly because of costlier food items, as per the data released by the National Statistical Office (NSO).
The First Advance Estimates of National Income, 2016-17 did not reflect the impact of demonetisation, effected on November 9 and are based on sectoral data for only seven months to October.
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
Much of the Q3 data will simply not be available for the CSO to factor in its calculation.
The Reserve Bank on Wednesday retained the GDP growth forecast at 9.5 per cent for the current fiscal but cautioned that the economic recovery is not yet strong enough to be self-sustaining and durable.
The retail inflation, which is factored in by the RBI to arrive at its monetary policy, has been on decline since last month. The previous low was 5.54 per cent in November 2019. The government has asked the RBI to restrict the inflation around 4 per cent, with a margin of 2 per cent on the either side.
Growth in India is expected to remain strong and stable in 2015
Shivakumar has got the all-important Major and Medium Irrigation and Bengaluru City Development, including the Bruhat Bengaluru Mahanagara Palike (BBMP), Bangalore Development Authority, Bangalore Water Supply and Sewerage Board, Bangalore Metropolitan Region Development Authority and the Bangalore Metro Rail Corporation Limited.
It's high time we now turn the popular question on its head -- when there is no growth in jobs for several years, how can the real GDP grow at 7 per cent per annum, says Mahesh Vyas.
The economy has shown sharp resilience in the past and has also bounced back in good time. We could hence expect a similar trajectory next year, observes Madan Sabnavis, chief economist, CARE Ratings.
The panel finds 'discrepancy' in the Annual Survey of Industries data.
Industrial production growth slowed down to five-month low of 0.4 per cent in August mainly due contraction in manufacturing output and lower offtake of consumer goods.
Cumulative sales of India's top passenger vehicle makers -- Maruti Suzuki, Mahindra and Mahindra, Tata Motors, Honda Cars, and Toyota Kirloskar -- increased to 206,418 units in February over 200,322 units in the same month last year, an increase of 3 per cent.
The biggest loss of jobs among salaried employees was of 'white-collar professional employees and other employees'. Among these are engineers including software engineers, physicians, teachers, accountants, analysts and so on, who are professionally qualified and are employed in some private or government organisation All the gains made in their employment over the past four years were washed away during the lockdown, reveals Mahesh Vyas.
Subdued prices of food items like vegetables pulled down retail inflation for the third month in a row to 5.3 per cent in August, within the RBI's comfort zone. While the Consumer Price Index (CPI)-based retail inflation declined to 5.3 per cent in August from 6.69 per cent in the same month a year ago, food inflation dipped at a much faster pace to 3.11 per cent from 9.05 per cent in August 2020. The food inflation was also lower than 3.96 per cent in preceding month of July.
The GDP slumped to a three-year low lagging China for the second straight quarter -- as manufacturing slowed ahead of the GST launch amid demonetisation effect.
The global rating agency expects the economy to pick up in the next two financial years.
Credit rating agency Crisil observed in its report that some 'high frequency indicators go out of whack' as credit growth and service tax collections are not in tune with the CSO's growth projections.
The greatest disconnect lies in the estimates of industrial growth.
'Whatever happens in any part of the world affects us.'
'When the average growth in the last three years was just 2.5%, how does that make us the fastest growing country?' 'They only tell you what has happened in the last 2 years; they are not taking into account what happened in FY21 on account of their mistakes.'
For example, railways, roads and highways, and shipping could form a section within the Budget as an omnibus transport sector
The new numbers clearly had very different implications.
A freely convertible country must have sound macroeconomic policies.
The CSO estimate is, however, a bit lower than 7.4 per cent growth projected by the Reserve Bank for the current fiscal.
Tamil Nadu now has India's lowest fertility rate - lower than Australia, Finland and Belgium - second best infant mortality and maternal mortality rate; records among the lowest crime rates against women and children; and has more factories and provides more industrial employment than any other Indian state.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
During the month, inflation in vegetables shot up to 35.99 per cent, as against 26.10 per cent in October. Likewise, the prices of cereals and eggs grew at a faster pace of 3.71 per cent.
Agriculture implements that are currently taxed up to 18 per cent may come under the 12 per cent or the 5 per cent bracket.
On the revenue front, the finance ministry was expecting higher proceeds from non-tax revenue.
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