The Reserve Bank's growth projection for next financial year is lower than 8-8.5 per cent projected by the finance ministry in the recent Economic Survey which was tabled in Parliament on January 31. Unveiling the bi-monthly policy, RBI governor Shaktikanta Das said, "Recovery in domestic economic activity is yet to be broad-based, as private consumption and contact-intensive services remain below pre-pandemic levels."
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.
Going forward, the February factory output may be impacted as several industries such as automobiles, technology, pharma and fashion have some exposure to imports of raw and intermediate materials from China.
The CSO said that the first revised estimates for 2016-17 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on May 31, 2017.
In a paper, EAC-PM accused Subramanian of "cherry-picking high-frequency indicators" to express his skepticism about the growth rates after 2011-12.
India's GDP is estimated to contract by a record 7.7 per cent during 2020-21 as the COVID-19 pandemic severely hit the key manufacturing and services segments, as per government projections released on Thursday. Amid overall decline in economic activities, some respite was provided by the agriculture sector and utility services like power and gas supply, which have been projected to post positive growth during the current fiscal ending March 2021.
The announcement means no fans will be allowed from Saturday at the horse racing in Goodwood as well as the Crucible Theatre for the World Snooker Championships.
Much of the Q3 data will simply not be available for the CSO to factor in its calculation.
Niti Aayog vice-chairman Rajiv Kumar debunked claims of jobless growth, saying how can a country grow at an average of 7 per cent without employment.
India's monthly per capita income, the measure of standard of living, is likely to be at Rs 7,378.17.
It's meant to be a corporate rah-rah to encourage office bonding and bonhomie. But is it really, asks Kishore Singh.
Rajan, who has also served as chief economist at the International Monetary Fund (IMF), said he had no idea what statistics are pointing at currently and "a revamp" was needed "to really figure out what India's true growth rate is".
'When you do some job for a few hours, you are hardly earning enough to survive.'
'The minute I tell couples to use condoms or suggest permanent birth control, they ignore it or just change the topic.'
A total of 415 million people moved out of poverty in India within just 15 years from 2005/2006 to 2019/2021, the United Nations said on Tuesday, highlighting the remarkable achievement by the world's most populous nation.
A day after masked goons entered Jawaharlal Nehru University and ran riot, injuring over 36 people with sticks, lathis and hammers, noted economist and professor C P Chandrasekhar resigned from a Narendra Modi government-appointed committee on statistics. The committee was set to hold its first meeting to review India's economic data. In his resignation letter, Professor Chandrasekhar wrote, "I regret to inform you that because of the situation in JNU where I stay, I will be unable to attend tomorrow's meeting." He was also quoted as saying, "The JNU's incident on Sunday has further undermined the faith in the system. It shows that we are now living in a different world and it's hard to work with a government in which you have lost faith."
Only 48.3 per cent of the rural households used LPG, while the figures were much higher in urban areas at 86.6 per cent, according to a NSO report.
India's economy grew by 1.6 per cent in the fourth quarter of 2020-21, restricting the full-year contraction to 7.3 per cent, official data showed on Monday. The fourth quarter growth was better than the 0.5 per cent expansion in the previous October-December quarter of 2020-21. The gross domestic product (GDP) had expanded by 3 per cent in the corresponding January-March period of 2019-20, according to data released by the National Statistical Office (NSO).
Opener Shubham Rohilla struck his fourth first-class hundred to take Services to 279 for 4 against defending champions Saurashtra
After contracting for two quarters in a row, the Indian economy entered the positive territory with a growth of 0.4 per cent in the October-December quarter, mainly due to good performance by farm, services and construction sectors, official data showed on Friday. Trade and hotel industry registered a contraction of 7.7 per cent during the third quarter this fiscal, as the sectors continued to suffer on account of coronavirus pandemic. According to the data released by the National Statistical Office (NSO), the farm sector recorded a growth of 3.9 per cent, and the manufacturing sector output grew by 1.6 per cent in the quarter under review.
Risk aversion is currently a dominant depressant to economic recovery, points out Shankar Acharya, former chief economic advisor to the Government of India.
One in five students drop out from school.
N R Bhanumurthy, professor of economics at the National Institute of Public Finance and Policy, and the author of the series, presented in a report to the National Statistical Commission, explains to Abhishek Waghmare various aspects of the methodology.
If the government cuts wasteful expenditure as it is trying now, the deficit would at most fall to 8 per cent, not less than that.
Crisil Research expects retail inflation to rise 60 basis points to 4 per cent this fiscal from 3.4 per cent in 2018-19.
Prices have continued to move up in Delhi's markets, wholesale and retail, on supply worries and spoilage due to record cold weather.
Downing Street also said that the Winter Plan will set out how people will be able to see their loved ones at Christmas, adding that ministers will be warning that this will not be a normal festive period.
'India is respected by both Israel and Palestine.' 'India can push the international community for the peace process.'
'Already, the temperature has touched 39 degrees in some parts of Gujarat and now we are in the last week of February.' 'We need to activate the heat action plan from March 1.'
'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.'
The Indian economy appears to have slowed down in 2018-19 due to lower private consumption, tepid growth in fixed investment and muted exports, a finance ministry report has said.
The most serious recommendations to change the financial year came in the years preceded by deficient rainfall. The Jha committee was formed after droughts in 1979-80 and 1982-83, reports Rishika Pardikar/IndiaSpend.
The observation was made by a bench headed by Justice UU Lalit which was hearing a plea seeking adequate infrastructure across the country for providing effective legal aid to women abused in matrimonial homes and creating shelter homes for them.
Indian economy's growth is expected to be "below trend" even as neighbouring China and most of the developed nations are expected to see better prospects, according to Paris-based think tank OECD.
If people can lobby me for making changes in policies that goes against the country's interest, I won't keep myself in this position, says the vice chairman of NITI Aayog.
Measures that quickly boost demand and increase employment are needed to push up growth. Moreover, without announcing new planss, the government should strengthen schemes such as PM KISAN, MNREGA and programmes to build rural roads.
India grew at 7.6% in 2015-16 and at 7.2% in 2014-15.
'When people look at Kohli, they see a boy from Delhi who is taking on the Aussies in their own backyard and aspire to be like him.' 'Players like Jadeja and Ashwin lack this quotient.'
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.
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.
