Online video platform YouTube's ecosystem has contributed over Rs 10,000 crore to India's GDP and supported more than 7.5 lakh full-time equivalent jobs in the country, according to a report. In India, over 4,500 channels had over 10 lakh subscribers and the number of YouTube channels in India making Rs 1 lakh or more in their annual revenue increased by over 60 per cent year-over-year in 2021, the YouTube Impact Report based on analysis by Oxford Economics said. "YouTube's creative ecosystem contributed over Rs 10,000 crore and supported more than 7,50,000 full-time equivalent jobs in the Indian economy in 2021. "That economic impact shows up in four ways, through direct, indirect, induced, and catalytic impacts," the report said.
All eyes will be on whether Sitharaman will deliver a populist budget leaving more money in hands of the common man or push the reform agenda by staying on the fiscal glide path to lower the fiscal deficit to 4.5 per cent of GDP by 2025-26.
The new IIP series based on the new base year, is expected to lead to better capturing of ground data
Despite the wobble in the markets over the past few weeks, Indian equities remain expensive as measured by several yardsticks. India's market capitalisation-to-GDP ratio, for instance, has touched a multi-year high. The ratio is currently at 116 per cent, based on the FY22E gross domestic product (GDP) number, above its long-term average of 79 per cent.
In a paper, EAC-PM accused Subramanian of "cherry-picking high-frequency indicators" to express his skepticism about the growth rates after 2011-12.
Indian GDP will grow at 8.5 per cent in 2021-22, and the rate will accelerate further to 9.8 per cent in 2022-23, a foreign brokerage said on Tuesday. The GDP had contracted by 7.3 per cent in the pandemic-hit FY21, and is widely expected to grow at a faster pace due to the base effect in 2021-22. The Reserve Bank of India (RBI) expects a 9.5 per cent growth in 2021-22, and the same to slow down to 7.8 per cent as things normalise.
A British brokerage on Tuesday cut India's FY22 GDP growth estimate by a sharp 0.80 per cent to 9.2 per cent, saying the economic impact of the second wave of infections has been deeper than initially expected. Barclays chief India economist Rahul Bajoria also mentioned the slow pace of vaccinations in the country and the rolling lockdowns across many states for the estimate. It can be noted that last month has seen a slew of similar forecasts from analysts, even as the RBI maintained its estimate of a 10.5 per cent growth in real GDP.
New investors should gradually build a 5 to 10 per cent allocation to gold.
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 Adani family, led by Chairman Gautam Adani, is the most valued first-generation family business at Rs 15.44 trillion.
India's manufacturing sector growth moderated in August as output and sales rose at slowest rates since January, while competitive pressures and inflation concerns hampered business confidence, a monthly survey said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) stood at 57.5 in August, below July's reading of 58.1 but above its long-run average of 54.0, signalling a substantial improvement in operating conditions.
Indian food services sector is expected to grow at a CAGR (compounded annual growth rate) of 8.1 per cent between 2024 and 2028 on the back of rapid urbanisation, robust GDP growth, a rising younger population, and greater exposure among consumers, said a new report. The India Food Services Report-2024, brought out by the National Restaurants Association of India (NRAI), states that the sector contributes 1.9 per cent to India's GDP and is projected to grow to Rs 7.76 trillion by 2028 from Rs 5.69 trillion currently.
Listed companies' net profit as a percentage of gross domestic product (GDP) has hit a decadal high and is expected to edge even higher over the next two financial years. According to an analysis by ICICI Securities, India's Inc net profit stood at Rs 8.4 trillion, or 4 per cent of GDP of Rs 210 trillion for the trailing 12-month period ending September. This is the highest since financial year 2011-12 (FY12), when it was at 4.6 per cent.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the parallel economy and is bridging the gap between villages and cities on the financial services front. The prime minister also said that in the last 10 years, the fintech space has attracted investments of more than $31 billion and fintech startups have grown by 500 per cent.
Growth rate in per capita income is projected to fall to the lowest in 21 years this financial year - except for the financial years 2019-20 (FY20) and 2020-21 (FY21) - according to the first advance estimates. During the last 21 years, the two periods - FY20 and FY21 - saw growth rates in per capita income lower than 7.9 per cent, seen during FY24. This was despite the real gross domestic product (GDP) being projected to grow by 7.3 per cent in the current financial year by the first advance estimates.
India's economic growth surged to 20.1 per cent in the April-June quarter of this fiscal, helped by a low base of the year-ago period, despite a devastating second wave of COVID-19. The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO) on Tuesday. The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year.
The government will provide Rs 11.11 lakh crore for capital expenditure for 2024-25 and introduce viability gap funding to spur private investment in infrastructure, Finance Minister Nirmala Sitharaman said on Tuesday. Presenting the Union Budget for FY2024-25, she said that the government will endeavour to maintain strong fiscal support for infrastructure over the next five years, in conjunction with imperatives of other priorities and fiscal consolidation.
Instead of failing young Indians, the government should now focus laser-like on education, skilling, healthcare, and the environment, says Mihir S Sharma.
India's services sector activity growth touched a five-month high in August on stronger rise in new work orders, while payroll numbers rose solidly as companies remained upbeat regarding the economic outlook, a monthly survey said on Wednesday. The seasonally adjusted HSBC India Services Business Activity Index rose from 60.3 in July to 60.9 in August, registering the fastest expansion since March and was largely supported by productivity gains and positive demand trends.
Putin said that the Indian leader had "aptly" noted that it is "not an anti-western one but a non-western one".
Putin expressed concern over the situation in Gaza, and said Palestinian President Mahmoud Abbas has been invited to BRICS events.
S&P Global Ratings on Friday said it will watch the fiscal numbers for the next 1-2 years, besides pro-growth policies of the new government, before deciding on India's sovereign rating upgrade. S&P, which earlier this week upgraded India's outlook to positive while retaining the sovereign rating at BBB-, expects the new government to continue with pro-growth policies, infrastructure investment and commitment to fiscal consolidation.
Investors need to carefully assess country-specific risks. 'This is especially true of a market that is less transparent than the US.'
Moody's Investors Service on Thursday slashed India's economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high inflation. In its update to Global Macro Outlook 2022-23, Moody's said high-frequency data suggests that the growth momentum from December quarter 2021 carried through into the first four months this year. However, the rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead.
The Indian economy is expected to grow around 10 per cent during the current financial year on the likelihood of fewer COVID-19-linked supply disruptions and buoyancy in the global economy, said Poonam Gupta, director general of economic think-tank NCAER. The real challenge, however, would be to sustain a growth rate of 7-8 per cent in years to come, she said. "We could see annual growth in the ballpark range of about 10 per cent. "The reasons for this perceived optimism are: fewer supply disruptions; increased pent-up demand in the traditional and contact-intensive services; and a buoyant global economy.
IT and interest rate-sensitive bank, realty, and auto stocks ended with sharp gains.
Prime Minister Narendra Modi's goal of making India a high-income economy by 2047 is unlikely to be achieved, but the country should become an upper middle-income nation by then, Financial Times chief economics commentator Martin Wolf said on Friday. Wolf further said that India would also become a superpower by 2047. "India wishes to become a high-income country by 2047.
Hopes of revival and earnings growth in 2020, surprise tax cuts, and robust foreign flows - thanks to easy global monetary policies - are a few reasons why the markets have managed to digest the low GDP footprint. Select bluechips such as Reliance Industries, Bajaj Finance, Asian Paints, and ICICI Bank have gained sharply this year. On the other hand, YES Bank, Zee Entertainment, and Indiabulls Housing have seen a sharp fall.
Stating that growth impulses and the fast-moving indicators are strong, Reserve Bank Governor Shaktikanta Das on Wednesday exuded confidence of the economy clipping at the projected 9.5 per cent this fiscal. Giving all the credit for the faster-than-expected recovery of the economy to the government, Das said the central bank has only been supporting the government in reviving the economy ravaged by the pandemic. Citing a slew of measures the government has taken since the pandemic struck in March 2020, the governor specifically mentioned tax cuts on fuels, tax resolution for the telecom sector, annulling of the retro tax legislation, sale of Air India, plans to sell some of the public sector banks and PLI scheme as the major reforms and growth-drivers bearing fruits now.
'Future market gains will likely depend primarily on earnings growth.'
S&P Global Ratings on Wednesday slashed India's GDP growth forecast for the current financial year to 9.8 per cent saying the second Covid wave may derail the budding recovery in the economy and credit conditions.
India's gross domestic product product (GDP) growth rate between 2011-12 and 2016-17 should be about 4.5 per cent instead of the official estimate of close to 7 per cent, he said in a research paper published at Harvard University. "The Indian policy automobile has been navigated with a faulty, possibly broken, speedometer," he says in the paper.
The Reserve Bank of India on Wednesday decided to keep the policy rate unchanged for the tenth time in a row but changed its stance to 'neutral' that may lead to a cut in the forthcoming policies. RBI maintained status quo despite the US Federal Reserve lowering the benchmark rates by 50 basis points last month.
>Bihar (18 days) has the most number of heatwave days in 2023, followed by Andhra Pradesh (15 days), Odisha (15 days), Jharkhand (13 days), West Bengal (8 days) and Tamil Nadu (6 days).
India's first $1 trillion company by market capitalisation (mcap) is achievable by 2032 and HDFC Bank and Reliance Industries (RIL) are seen as lead contenders, ICICI Securities said in a note on Monday. To achieve this, the shares of both the firms will have to appreciate at least 20 per cent annually for the next decade. ICICI Securities believes this is possible if India's gross domestic product (GDP) growth accelerates to 9 per cent per annum and corporate profitability cycle peaks. "Our calculations suggest that India's first $1 trillion mcap stock could emerge by 2032.
Stating that an economic recession gripped global economy following the lockdowns due to COVID-19 pandemic, Fitch Ratings on Friday said the initial disruptions to regional manufacturing supply chains in China have now broadened to include local discretionary spending and exports.
Global rating agency Moody's on Monday raised India's growth forecast for 2024 calendar year to 6.8 per cent, from 6.1 per cent estimated earlier, on the back of 'stronger-than-expected' economic data of 2023 and fading global economic headwinds. India's real GDP expanded 8.4 per cent year-over-year in the fourth quarter of calendar year 2023, resulting in a 7.7 per cent growth for full-year 2023. Capital spending by the government and strong manufacturing activity have meaningfully contributed to the robust growth outcomes in 2023, Moody's Investors Service said.
'Healthcare is not an industry.' 'The government is only encouraging insurance as they are not able to provide healthcare to people.' 'Opening new medical colleges is not what is needed.' 'You have to invest in public sector hospitals.' 'You cannot hand over healthcare to the private industry.'
Dr Nagesh Kumar, one of the three new MPC members, wanted the MPC to reduce the repo rate by 25 basis points to 6.25%.
