India grew at 7.6% in 2015-16 and at 7.2% in 2014-15.
The size of the GDP in the second quarter of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore a year ago
Here are the key decisions announced by the Reserve Bank of India on Thursday.
Import growth moderated to a four-month low, owing to sharp decline in that of gold.
India's GDP estimates for 2020-21 show that the economy is expected to perform much better than earlier projections by different agencies, indicating a sustained V-shape post-lockdown recovery, experts said. The first Advance Estimates (AE) by the National Statistics Office (NSO) has projected a contraction of 7.7 per cent in the real GDP during 2020-21. This was better than the projections by certain international agencies like the IMF and World Bank.
In recent past, midcap stocks have performed well, say experts.
Growth in the third quarter (October-December) is expected to be the weakest in years, with spending hit due to unavailability of enough replacement currency.
The wholesale price-based inflation accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods. Low base effect also contributed to the spike in WPI inflation in May 2021. In May 2020, WPI inflation was at (-) 3.37 per cent. This is the fifth straight month of uptick seen in the wholesale price index (WPI)-based inflation. In April, 2021, WPI inflation hit double digit at 10.49 per cent. "The annual rate of inflation, based on monthly WPI, was 12.94 per cent for the month of May, 2021 (over May, 2020) as compared to (-) 3.37 per cent in May 2020.
India's industrial production contracted by 3.6 per cent in February, official data showed on Monday. According to the Index of Industrial Production (IIP) data released by the National Statistical Office (NSO), manufacturing sector output declined by 3.7 per cent in February 2021. Retail inflation rose to 5.52 per cent in March, mainly on account of higher food prices, government data showed on Monday. The consumer price index (CPI) based retail inflation stood at 5.03 per cent in February.
Nearly 3.64 lakh educated and "semi-educated" youngsters had registered with employment exchanges across Gujarat till December 2021, according to state government data.
New Delhi says existing food stocks will be sufficient to contain any food price shock.
Savings in deposits by the households rose, however, to Rs 1 trillion (17 per cent) in the year to Rs 6.91 trillion in FY14 as against Rs 5.91 trillion in 2012-13.
'They forget that denial of basic rights has helped create a big political void which is adding to a deepening alienation.' 'This creates a fertile ground for extremist elements and targeted killings which we are witness to once again.'
Foreign portfolio investors (FPIs) remained net buyers to the tune of Rs 12,266 crore in the Indian market in the first five trading sessions of February, as positive sentiment post-Union Budget 2021 sparked a rally in investment.
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During April-February, the index of industrial production, a measure of factory activity, declined 0.1 per cent compared with a 0.9 per cent growth in the corresponding period of 2012-13.
The GDP always has a base year, which defines the composition of the economy in that year. As the composition changes, the base year needs to be revised regularly. Abhishek Waghmare explains how that is done.
The government on Monday appointed three eminent economists Ashima Goyal, Jayanth R Varma and Shankanka Bhide as members of the rate-setting Monetary Policy Committee of the RBI
However, the government has enacted an important change to the fixed-term employment framework that may help companies in handing out contractual jobs to its existing permanent workforce.
The previous high in quarterly GDP growth was recorded in the January-March quarter of 2015-16 at 9.3 per cent.
If you looked back at 2018 and had to give it a name, the Year of Limitations might be the most accurate.
Improved performance of manufacturing, services and trade sectors helped boost GDP
Under the Commission proposal, Greece would get the whole 7 billion in one go
Risk aversion is currently a dominant depressant to economic recovery, points out Shankar Acharya, former chief economic advisor to the Government of India.
The previous high GDP growth of 8.1 per cent was recorded in April-June quarter of 2016-17.
'Everyone confuses GDP to be a measure of output, when it is actually a measure of income.'
Expect a more modest out-turn of around 5 per cent (if not less) because of the longer-term scarring effects of the Covid shock, the sharply slowing growth in the pre-Covid years and some scepticism about the growth-efficacy of some of recent official policy initiatives, explains Shankar Acharya, former chief economic advisor to the government.
Against a turbulent and uncertain background, Budget 2017-18 hewed a steady, forward-looking course, says Shankar Acharya, former chief economic adviser to the government.
Agriculture, which accounts for 14% of GDP grew at 3.2% in the quarter
Headed by Urjit Patel, MPC for the fourth straight time kept the repo rate unchanged, at which it lends to the banks, at 6.25 per cent. The reverse repo, at which RBI borrows, will be 6 per cent.
Beside manufacturing, deceleration was also witnessed in sectors like agriculture, construction and electricity, gas and water supply.
Manufacturing sector grows at 3.5%; agriculture sector at 3.8%
The substantially increased economic dualism may exert lasting negative influences which could include a reduced potential for economic growth; the persistence of a very weak employment and poverty situation; rising social and political discord; and heightened vulnerability to geopolitical challenges, cautions Shankar Acharya, former chief economic adviser to the Government of India.
RE of GDP for 2015-16 show that the economy grew 7.9% in 2015-16, rather than the earlier estimate of 7.6 per cent.
The report was made public on the eve of the 16th anniversary of the RTI Act after a study of 20 Information Commissions including the Central Information Commission which have put out data on the cases disposed of and penalties levied by them, a statement from the Satark Nagrik Sangathan said.
If imputed inflation for April and May is used, then you have inflation of over 6 per cent for two consecutive quarters, which is a worrying signal for the RBI.
'We are looking at the Budget with the hope that it will address all issues even at the cost of exceeding the fiscal deficit target.'
Minister of state for personnel Jitendra Singh said it is a major step to place the right talent for the right role.
There is lack of scientific basis in computing the poverty line, says govt.
There appears to be a growing perception among the political class that faster growth will not create jobs fast enough and, therefore, welfare spending needs to be drastically increased, says T T Ram Mohan.
FY17 GDP growth faces cash crunch heat
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