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.
Ahluwalia's assessment of economic growth is marginally higher than 6.3 per cent projected by the Commission earlier.
Announcing the bi-monthly monetary policy, Reserve Bank of India Governor Shaktikanta Das said the RBI's internal survey says manufacturing, services and infrastructure sector firms are optimistic of the business outlook.
For villages in Sambalpur, revisiting old ponds has meant a return to prosperity.
Since items in the 12% category account for only about 5% of total GST, the additional boost to consumption may not be significant, points out M Govinda Rao.
The Congress party has criticized Prime Minister Narendra Modi's handling of GST reforms, calling them inadequate and demanding an apology for the tax imposed on essential items. They argue that the reforms are merely a 'band-aid' solution and that the government should address the states' demand for extended compensation.
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In its Fifth Bi-monthly Monetary Policy Statement, 2017-18, RBI said the second quarter growth was lower than the one that was projected in the October review, and the recent increase in oil prices may have a negative impact on margins of firms and Gross Value Added (GVA) growth.
The Centre for Monitoring Indian Economy on Thursday revised growth forecast for the country's economic growth upwards to 6.2 per cent in 2004-05 as against earlier estimate of six per cent.
Enthused by the high 8.4 per cent growth in the second quarter, the Reserve Bank of India on Wednesday revised upwards the economic growth for 2003-04 at 7 per cent.
The economic growth target has been scaled down from 8.1 to 7-8 per cent annually during 2002-07 in the mid-term appraisal of the Tenth Five-Year Plan.
Financial services giant HDFC Bank, carrying a brand value of $44.9 billion, has surged past IT consulting behemoth Tata Consultancy Services (TCS) to reclaim its crown as the country's most valued brand, according to the 2025 Kantar BrandZ Most Valuable Indian Brands report.
India's service sector activity accelerated slightly in April largely driven by a quicker increase in new order inflows, which also underpinned a faster expansion in employment, a monthly survey said on Tuesday. The seasonally adjusted HSBC India Services PMI Business Activity Index reached 58.7 in April, up from 58.5 in March, indicating a sharp and stronger expansion in service sector output.
Economic think-tank NCAER on Wednesday pegged the gross domestic product growth at 6.5 per cent in this fiscal, which would accelerate to 7.4 per cent in 2005-06 if government carried out far-reaching reforms.
Sustaining the current 19.5 per cent growth rate in income and corporate tax collections may be difficult in next fiscal year given headwinds from a slowing world and high base effect, a government source said. Net direct taxes, which are made up of personal income tax and the tax levied on corporate earnings, have seen a record growth in current fiscal year, topping up the numbers projected in the Budget. The expected lower nominal GDP growth in 2023-24 on the back of threats of global recession could impact income tax collection, the government source told reporters ahead of the presentation of Union Budget 2023-24 on February 1.
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 grow to 6.5 per cent in the current fiscal compared to 1.3 per cent in 2022-23. Similarly, mining sector growth is estimated at 8.1 per cent in the current fiscal against 4.1 per cent in 2022-23.
Confederation of Indian Industry on Thursday cautioned that agricultural growth could be negative two per cent, which in turn will pull down gross domestic product growth in 2004-05 if the monsoon continues to play truant for the next two weeks.
Credit rating agency ICRA on Tuesday lowered economic growth projection for the Indian economy to 6.3 per cent this fiscal from its earlier forecast of 6.5-6.7 per cent due to an expected fall in farm output. \n
'Not paying workers enough will end up being self-destructive or harmful for the corporate sector itself.'
Economic think-tank NCAER has revised its projections for economic growth to 7.9 per cent for 2006-07, compared to 7.7 per cent made in April due to likely higher growth in industry and services sectors.
Three months down the line, the National Council of Applied Economic Research has revised its forecast for the gross domestic product growth rate this fiscal by 0.3 per cent to 5.83 per cent due to better prospects in industrial outlook.
Whether nominal or real, India's investment rate needs to increase by 3 to 4 percentage points of GDP to support 8 per cent real growth, recommends Nikhil Gupta.
The World Bank on Thursday forecast a 6.7 per cent growth rate for India by next fiscal as exports and private investment are projected to strengthen and provide a boost to growth.
The growth in gross domestic product will surpass 7 per cent in the current financial year, finance minister P Chidambaram said Friday.
India's GDP growth has slowed down to 6.9 per cent in second quarter of 2011-12 from 8.4 per cent in corresponding period of previous year.
Reserve Bank of India on Friday said the inflation for the 2004-05 will be lower than estimated 6.5 per cent and the economic growth will be higher than projected 6-6.5 per cent.
The next generation GST reforms would 'absolutely' set an economy open and transparent with further reduction in compliance burden and benefiting small businesses, Union Finance Minister Nirmala Sitharaman said on Tuesday.
Lower agricultural performance in the current financial year is likely to pull the economic growth down to 6.9 per cent from 8.5 per cent in the last financial year.
The country's economy grew by a robust 9.2 per cent in July-September 2006-07 compared to 8.4 per cent in the second quarter of last year on the back of high growth in manufacturing and services sectors.
Mixed views were expressed by top economists on the Reserve Bank of India's (RBI) Monetary Policy Committee's (MPC) decision to hold the repo rate at 5.5% and maintain a neutral stance. While some say the decision was as expected and one more rate reduction is expected this fiscal, there is also a view that rate cut by MPC was warranted given the evolving global situation.
The economic think-tank National Council of Applied Economic Research on Thursday revised downward marginally India's economic growth to 6.62 per cent due to deceleration in farm output in 2004 even as fiscal deficit was slated to shrink to 4.52 per
The government is aiming for an 8-10 per cent annual economic growth.
India economy clocked a five-year high growth rate of 7.6 per cent in 2015-16.
The Reserve Bank on Tuesday lowered the growth projection for the current fiscal to 5.5 per cent from its earlier estimate of 5.7 per cent and asked the government to undertake policy measures to improve investment climate.
In a bid to promote the use of domestic currency for cross-border settlements, the Reserve Bank on Wednesday announced a slew of measures, including allowing banks to lend in Indian Rupees to non-residents from Bhutan, Nepal and Sri Lanka for bilateral trade.
India's services sector activity eased slightly in March, weighed down by a marginal slowdown in sales amid softer demand conditions and easing inflationary pressures, a monthly survey said on Friday. The seasonally adjusted HSBC India Services PMI Business Activity Index fell from February's reading of 59.0 to 58.5 in March, but remained above its long-run average of 54.2.
The Asian Development Bank on Monday projected that Indian economy was poised to grow by 6 per cent this year, marginally better than South Asia's growth of 5.7 per cent.
