The rating agency also expects merchandise exports to grow by 8-10 per cent in the next fiscal year.
The broader NSE Nifty fell 78.75 points, or 0.70 per cent, to close at 11,234.55.
The rising COVID-19 infections across the country are a matter of concern, but it may not impact the ongoing economic revival as one does not foresee lockdowns, Reserve Bank Governor Shaktikanta Das said on Thursday. The economic revival will continue "unabated", Das said, asserting that there is no need for a downward revision of RBI's 10.5 per cent GDP growth forecast for FY22. Speaking at Times Network's India Economic Conclave, Das said, "We have 'insurance' to protect economic revival like a fast-paced vaccination drive, greater ability among people to follow COVID protocols", and one does not see lockdowns as well.
Economist Abheek Barua's insight into the global and domestic economy at the turn of the financial year.
'All but one of the previous oil shocks brought either a change of government or a political crisis.' 'Is the government braced for stormy weather?' asks T N Ninan.
The London School of Economics professor Danny Quah forecasts that by 2050 the world's economic centre of gravity, a theoretical measure of the focal point of global economic activity based on GDP, will have shifted eastwards, as quoted in the Wealth Report 2012 by Knight Frank & Citi Private Bank.
The consumer price index was estimated as being up 3.5 per cent in March from a year ago, the biggest increase in 15 years. On June 6, 2007, the European Central Bank raised its key interest rate from 3.75 pe cent to 4.00 per cent, the highest level in almost four years. In terms of economic freedom, old Europe still lags behind. The Heritage Foundation has the three largest economies, Germany, France, and Italy, ranked 19th, 45th, and 60th respectively in the world.
India this year will emerge as the world's seventh largest economy, up from the 12 th position in 2008.
The brokerage also pegged 2013-14 growth at 6.9 per cent and at 7.5 per cent for FY'15. It also has one of the highest gross domestic product forecasts for the current fiscal at 5.7 per cent.
For India Inc, latest GDP figures signal a turnaround.
India is currently under the 21-day lockdown since March 25, with only essential services exempted to contain the fast-spreading virus.
Should you expect 15 per cent return over a period of 20 years? Dwaipayan Bose has the answer
A reading above 50 indicates expansion, while a score below this mark means contraction
The average rate of COVID-19 vaccination in the country has been 10.8 million per week. At that rate, it will take India till December 2024 to complete two billion doses.
The reformist wing of the current Chinese leadership should look to Zhu Rongji for a solution.
On the Sensex chart, Sun Pharma was the top loser, followed by Maruti, L&T, Hero Motocorp, Infosys, ONGC and RIL.
Modi govt faces extra spending burden due to policies like 7th Pay Commission and OROP
Finance secretary Ajay Bhushan Pandey on Sunday hinted that the government was working on another stimulus package but he refrained from giving a timeframe.
Equity strategists are basing their expectation on strong corporate earnings recovery, supportive global economic growth, and gradual improvement in business sentiment.
As many as seven of eight core industries saw a contraction in output in September.
Bangladesh might overtake India this year by per capita income in nominal dollars, but it is not yet close to becoming South Asia's economic powerhouse anytime soon, T N Ninan points out.
Indian economy is likely to expand in the range of 5.4 to 5.9 per cent this fiscal, as per government estimates.
The new data comes a day after China and the US signed a long-awaited phase one deal, marking a ceasefire in the 18-month-long trade war which saw the world's two largest economies slap 25 per cent tariffs on about half a trillion-dollar worth of each other's exports. The world's second-largest economy grew by 6.1 per cent last year, its worst performance since 1990, but it remained above the psychologically important mark of six per cent, according to the National Bureau of Statistics (NBS).
A total 95 deaths deaths were reported since Friday morning, of which 37 in Maharashtra, 24 in Gujarat, nine in West Bengal, seven in Madhya Pradesh, four each from Rajasthan and Uttar Pradesh, three from Andhra Pradesh and Tamil Nadu and two from Delhi and one each from Punjab and Haryana.
While there is little doubt that the emerging economies present the best chances for economic growth, not all countries will prosper at the same rate, says the Wealth Report 2012 by Knight Frank & Citi Private Bank.
Maintaining its growth forecast for the Indian economy at 7.6 per cent for 2011-12, financial services major Citigroup on Monday said higher farm output is expected to offset sluggishness in the industrial sector.
India Inc has an impressive report card to show for the first quarter of this financial year.
The NSE Nifty, after shuttling between 10,698.35 and 10,587.50, finished the session 91.50 points, or 0.86 per cent higher at 10,684.65.
Gold, which was hovering around $1,321 an ounce in January 2019, has already breached $1,600 per ounce in the past few sessions to a seven-year high.
India would be a major beneficiary of softer oil prices among the G20 economies as the country is a major crude importer.
World Bank on Wednesday warned that a prolonged war in Iraq may adversely affect India's GDP growth prospects in this fiscal.
India is likely to clock a GDP growth of 5.5 per cent during the current financial year provided there is normal monsoon and stable government at the centre, says a D&B report.
The government on Monday forecast annual economic growth to accelerate to 7.4 per cent in the fiscal year ending in March 2015
Gandhi also attacked Prime Minister Narendra Modi over the economic situation in the country, saying the PM should get his head "out of the sand" to deal with the problem facing the country.
'China has reclaimed, after two years, its mantle as the world's fastest-growing large economy.' 'This, when its working age population is shrinking, while ours is growing.' 'And talking of jobs, China expects to create 11 million urban jobs this year; for India, don't ask,' says T N Ninan.
For 2017-18 and 2018-19, investors are better off focusing on the quality of measures announced in the Budget and outside it rather than on the Budget numbers themselves, says T T Ram Mohan.
The Asian Development Bank on Thursday revised upwards its growth projection of Indian economy to 6.7 per cent in 2003, but cautioned that GDP was expected to grow by 6.3-6.4 per cent next year.
The Prime Minister's Economic Advisory Council said on Monday that India's GDP growth will slow down to 8.2 per cent in the current fiscal. Its earlier growth projection was at 9 per cent.
