India's industrial production growth rose to a five-month high of 5.7 per cent in July, mainly due to good showing by the manufacturing, mining and power sectors, according to the official data released on Tuesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 2.2 per cent in July 2022. The previous high was recorded at six per cent growth in February 2023. Thereafter, the growth rate declined to 1.9 per cent in March 2023 before rising to 4.6 per cent in April and further to 5.3 per cent in May.
India's industrial production rose to 5.2 per cent in May from 4.5 per cent in April 2023, mainly due to good performance by the manufacturing and mining sectors, according to the official data released on Wednesday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 19.7 per cent in May 2022, mainly due to a lower base effect. "The growth rates over corresponding period of previous year are to be interpreted, considering the unusual circumstances on account of COVID 19 pandemic since March 2020," an official statement explained.
Union Home Minister Amit Shah has refuted claims made by Tamil Nadu Chief Minister M K Stalin regarding fund allocation and delimitation, accusing him of spreading misinformation and engaging in diversionary tactics. Shah asserted that the Modi government has provided significant financial support to Tamil Nadu and denied claims of any reduction in Parliamentary representation for the state following delimitation. He also criticized the DMK government's handling of law and order, citing issues such as drug trafficking and corruption. Shah expressed confidence in the BJP's prospects in the upcoming Assembly elections, predicting a larger victory than in Maharashtra and Haryana.
The country's GDP is likely to grow at 1.3 per cent in the fourth quarter of 2020-21 and may see a contraction of around 7.3 per cent for the full financial year, according to an SBI research report 'Ecowrap'. The e-National Statistical Office (NSO) will release the GDP estimates for the March 2021 quarter and provisional annual estimates for the year 2020-21 on May 31. "Based on our 'nowcasting model', the forecasted GDP growth for Q4 would be around 1.3 per cent (with downward bias) as against NSO (National Statistical Office) projection of a negative (-)1 per cent," the research report said.
India's industrial production rose by 7.1 per cent in November 2022 after contracting in October, according to official data released on Thursday. The Index of Industrial Production (IIP) grew by 1 per cent in November 2021.
India's industrial production growth rose marginally to 5.6 per cent in February from 5.5 per cent in January 2023, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Wednesday. There was an improvement on an annual as well as sequential basis. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 1.2 per cent in February 2022.
The quality of employment has deteriorated in 12 of the 21 major states and Union Territories, as the proportion of workers in regular or salaried jobs declined between July 2022 and June 2023 compared to the previous year, according to a Business Standard analysis of the latest Periodic Labour Force Survey (PLFS) released by the National Statistical Office. Assam experienced the most significant decline in the share of workers in salaried work, dropping by 8.7 percentage points to 10.8 per cent in the July 2002-June 2023 period from 19.5 per cent in the July 2021-June 2022 period. This was followed by Delhi (6.2 percentage points), Uttarakhand (5.2 percentage points), and Chhattisgarh (1.6 percentage points).
Moody's Ratings on Thursday raised India's GDP growth forecast for FY24 to around 8 per cent from 6.6 per cent on the back of strong domestic consumption and capital expenditure. The estimate comes a day after RBI Governor Shaktikanta Das said the economic growth in the current financial year could be close to 8 per cent in view of the third quarter GDP data released by the government. The latest estimate of Moody's is about 140 basis points higher than the earlier projection of 6.6 per cent made in November 2023.
India's industrial production growth declined to a three-month low of 3.7 per cent in June mainly due to poor showing by the manufacturing sector, according to the official data released on Friday. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 12.6 per cent in June 2022 on account of a lower base effect. The previous low of IIP was at 1.9 per cent in March 2023.
India's industrial production growth perked up slightly to 5.2 per cent in January from 4.7 per cent in December 2022, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Friday. There was an improvement on an annual as well as sequential basis. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at two per cent in January 2022.
Snapping its declining trend, retail inflation rose to a three-month high of 5.55 per cent in November on firming food prices, including vegetables and cereals, though it remains within the RBI's comfort zone of less than 6 per cent. Inflation based on the Consumer Price Index (CPI) was 4.87 per cent in October and 5.88 per cent in November 2022, the government data released on Tuesday showed. The previous high was 6.83 per cent in August and inflation had been on a decline since then.
India's industrial production growth slipped to five-month low of 1.1 per cent in March from 5.8 per cent in February 2023, mainly due to poor performance of power and manufacturing sectors, according to official data released on Friday. The previous lowest level of growth was recorded in October 2022 at a contraction of 4.1 per cent. The factory output growth measured in terms of the Index of Industrial Production (IIP) stood at 2.2 per cent in March 2022.
India will drive growth in the Asia-Pacific (Apac) region as the growth engine is likely to shift from China to South and Southeast Asia in the coming years, S&P Global Ratings said in a report on Tuesday. The rating agency's report projected China's growth to slow down to 4.6 per cent by 2026 from an estimated 5.4 per cent in 2023. India is likely to clock 7 per cent economic growth from 6.4 per cent estimated for 2023.
The Interim Budget for 2024-25 (FY25) to be presented on February 1 is likely to assume 10-10.5 per cent nominal gross domestic product (GDP) growth against 8.9 per cent estimated for FY24 by the National Statistical Office (NSO). "We were waiting for the First Advance Estimates GDP numbers for FY24. "We will finalise the nominal GDP growth assumption for FY25 Interim Budget in a couple of days.
Retail inflation breached the RBI's comfort zone and rose to a three-month high of 6.52 per cent in January, mainly on account of a spike in food prices, as per government data released on Monday. The inflation rate based on the Consumer Price Index (CPI) stood at 5.72 per cent December and 6.01 per cent in January 2022.
While conditions have improved over the last decade in western UP, there are still unfulfilled needs.
Dominic Xavier wonders what will happen to the poorest who have been ravaged by the strict lockdown imposed by the Narendra Modi govt in the wake of the Coronavirus pandemic and the unemployment rates spiralling out of control every passing month.
India's decadal census is likely to be further delayed after the budget allocated only Rs 574.80 crore for the exercise, a significant reduction from previous years. The census, originally scheduled for 2021, has been postponed due to the COVID-19 pandemic, and the government has not yet announced a new schedule. The budget allocation suggests that the exercise may not be carried out even after the delay. The upcoming census will be the first digital census, allowing citizens to self-enumerate using a dedicated portal. The exercise will be made compulsory for citizens who wish to self-enumerate, and Aadhaar or mobile numbers will be required. The census will include questions on household demographics, amenities, and economic status.
In a double delight, retail inflation eased to a one-year low of 5.72 per cent - staying below the upper tolerance limit for two months in a row, while factory output rose sharply to 7.2 per cent on the back of healthy growth in manufacturing. The retail inflation numbers based on Consumer Price Index (CPI) will provide some room for the Reserve Bank to further moderate the quantum of hike in key interest rate or even press a pause button. The RBI has been on a rate hiking spree since May 2022 in its bid to tame inflation, having raised the repo rate by a cumulative 225 basis points (bps).
Retail inflation rose to three-month high of 4.81 per cent in June, mainly on account of hardening prices of food, according to the government data. Inflation based on the Consumer Price Index (CPI) stood at 4.31 per per (revised upward from 4.25 per cent) in May and 7 per cent in June 2022. The inflation, however, remains within the RBI's comfort level of below 6 per cent.
Retail inflation declined to 6.83 per cent in August after touching a 15-month high of 7.44 per cent in July, mainly due to softening prices of vegetables, but still remains above the Reserve Bank's comfort zone. The overall inflation in the food basket stood at 9.94 per cent in August as against 11.51 per cent in July, according to data released by the National Statistical Office (NSO) on Tuesday. Retail inflation based on the Consumer Price Index (CPI) was at 7 per cent in August 2022.
Indian Americans contribute approximately 5% to 6% -- roughly $300 billion -- in federal tax revenues annually.
As more companies ask their employees to return to office after the pandemic, the share of women employed in regular salaried jobs in urban India decreased from 54 per cent in the first quarter to 52.8 per cent in the second quarter of the current financial year, according to the quarterly Periodic Labour Force Survey (PLFS) data. The slump in the share is the lowest in wage employment in any quarter in the last six years when the National Statistical Office started releasing the quarterly PLFS surveys in Q3 of FY19. The share of women in wage work was highest in Q1 of FY21 at 61.2 per cent.
India's economic growth accelerated to 8.4 per cent in the third quarter of 2023-24, mainly due to good performance by the manufacturing, mining & quarrying and construction sectors. The Indian economy recorded a growth of 8.4 per cent in the third quarter of this fiscal (October-December 2023), according to data released by the National Statistical Office (NSO) on Thursday.
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.
India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large economy, mainly due to better performance by manufacturing, mining and services sectors, the government data showed on Thursday. The gross domestic product (GDP) expanded by 6.2 per cent in the July-September quarter of 2022-23. India remained the fastest-growing major economy, as China posted a 4.9 per cent growth in July-September 2023.
India's urban unemployment rate declined in Q4FY23 to 6.8 per cent - the lowest in over four years -- after it stagnated at 7.2 per cent in the previous October-December quarter, reflecting improvement in the labour market, according to the Periodic Labour Force Survey (PLFS) released by the National Statistical Office (NSO) on Monday. The unemployment rate in current weekly status (CWS) terms for all ages in the March quarter was the lowest recorded in more than four years, from the time the NSO released India's first quarterly urban jobless rate for the December quarter in 2018. The jobless rate in urban areas had been on a continuous decline since the peak of 20.8 per cent in the April-June quarter of FY21.
While the country's unemployment rate is falling, the quality of employment seems to have taken a hit. The pace of formalisation slowed in the five months of the current financial year (April-August) with more than half a million fewer formal jobs created in the period compared to the same period last year, according to data from the Employees' Provident Fund Organisation (EPFO). The payroll data showed that cumulatively 4.92 million new subscribers joined the social security organisation between April-August this year, compared to 5.51 million subscribers in the same period in the previous year, reflecting a 10.7 per cent decline in the number of new payrolls created.
The Indian Navy has appointed the first woman commanding officer in a naval ship in sync with its philosophy of 'all roles-all ranks' for female personnel, Navy Chief Admiral R Hari Kumar said on Friday.
India's unemployment rate fell to a six-year low of 3.2 per cent in the July-June 2022-23 period, down from 4.1 per cent in the same period the previous year, according to the latest annual Periodic Labour Force Survey (PLFS) report. The report, released by the National Statistical Office (NSO) on Monday, showed a decline in unemployment rates in both rural and urban areas during the 2022-23 period to 2.4 per cent and 5.4 per cent, respectively, from 3.2 per cent and 6.3 per cent in the 2021-22 period. The unemployment rate for rural women (1.8 per cent) was lower than that for rural men (2.7 per cent) in 2022-23; in urban areas, the rate was higher for females (7.5 per cent) compared to males (4.7 per cent).
Retail inflation declined to a one-year low of 5.72 per cent in December 2022, mainly due to softening prices of food items, according to official data released on Thursday. The Consumer Price Index (CPI) based retail inflation was at 5.88 per cent in November 2022 and 5.66 per cent in December 2021.
The Indian economy is estimated to grow at 7 per cent in the 2022-23 fiscal, down from 8.7 per cent a year ago, mainly due poor performance of mining and manufacturing sectors. As per the first advance estimates of national income released by the National Statistical Office (NSO) on Friday, the manufacturing sector output is estimated to decelerate to 1.6 per cent in the current fiscal from 9.9 per cent in 2021-22. Similarly, mining sector growth is estimated at 2.4 per cent in the current fiscal as against 11.5 per cent in 2021-22.
The Supreme Court of India has directed all high courts, state governments, and union territories to ensure the availability of separate toilet facilities for men, women, persons with disabilities (PwDs), and transgender persons in all court premises and tribunals across the country. The court stressed the importance of public health and the right to privacy, stating that adequate public toilets protect women and transgender persons. The court also expressed concern about the condition of public toilets near toll plazas on national highways and emphasized the need for proper sanitation facilities in court premises for judges, advocates, litigants, and staff members. This decision highlights the importance of access to basic amenities in ensuring a fair and dignified justice system.
Retail inflation jumped to a 15-month high of 7.44 per cent in July as prices of vegetables and other food items spiked, according to official data released on Monday. The Consumer Price Index (CPI) based inflation was at 4.87 in June and 6.71 per cent in July 2022. Previously, high inflation was recorded at 7.79 per cent in April 2022.
At a time when the government is nudging the private sector to ramp up its capital expenditure (capex), the Ministry of Statistics and Programme Implementation (MoSPI) is poised to kick-start the first-of-its-kind annual survey on the status of private sector capex from next month. "The inaugural edition of the annual exercise will start in October and will be completed by December. "The results will be made public by February next year," said Geeta Singh Rathore, director general, National Sample Survey Office (NSSO), at a data users' conference on Thursday.
In the jobs created in 2022, the share of those in the age group 18-25 increased to at least a five-year high of 56 per cent. A Business Standard analysis of the monthly Employees' Provident Fund Organisation (EPFO) payroll data shows in 2018 the share of youths among the new EPFO subscribers was 50.9 per cent. The National Statistical Office is releasing the monthly EPFO payroll data since April 2018 as part of the government's effort to track formal-sector employment by using payrolls as an instrument.
Industrial production re-entered the negative territory by contracting 1.6 per cent in January, mainly on account of the decline in output of capital goods, manufacturing and mining sectors. The output of the manufacturing sector -- which constitutes 77.6 per cent of the Index of Industrial Production (IIP) -- shrank by 2 per cent in January, as against a growth of 1.8 per cent during the same month last fiscal, as per data released by the government on Friday. The worst performance was witnessed by the capital goods sector, which recorded a contraction of 9.6 per cent during the month under review, compared to a 4.4 per cent decline a year ago.
The government may be staring at a modest slippage in fiscal deficit for 2022-23 (FY23), with the Ministry of Finance seeking parliamentary approval for additional spending through a second and final tranche of supplementary demands for grants. On Monday, as the Budget session of Parliament resumed, Finance Minister Nirmala Sitharaman sought Parliament approval for additional gross spending of Rs 2.7 trillion in FY23 (which ends on March 31). While net cash outgo is pegged at Rs 1.48 trillion, the rest will be matched by savings or enhanced receipts, the finance ministry said.
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