Discrepancies in computation of advance estimates of the country's Gross Domestic Product for 2023-24 stood at Rs 2.59 lakh crore as against (-) Rs 3.80 lakh crore in 2022-23 and (-) Rs 4.47 lakh crore in 2021-22, according to National Statistical Office (NSO). On Friday, the NSO released its first advance estimates of national accounts which showed that the Gross Domestic Product (GDP) or Indian economy will grow at 7.3 per cent in 2023-24, slightly higher than 7.2 per cent in 2022-23.
The unemployment rate for women was last this low around Diwali in 2022. The unemployment rate has dropped for women from 14.9 per cent in December 2023 to 11 per cent in January 2024, according to data from the Centre for Monitoring Indian Economy (CMIE). It was higher in January 2023 at 13.5 per cent.
The finance ministry expects a broad-based moderation in inflationary pressures on the back of an anticipated reduction in food prices as a result of the uptick in summer sowing. The retail inflation rate remained stubbornly clung to the 5 per cent mark in seven of the past eight months. "Core inflation is trending downwards, indicating a broad-based moderation in price pressures... Driven by strong domestic growth and benign global commodity prices, core inflation is declining continuously.
'The PM who is first among equals, who has to listen to others, take their point of view into account and who would have to be a good manager'
World Bank on Monday said it expects Indian economy to grow by 8 per cent this fiscal but asked the government to open up more sectors for foreign direct investment, encourage private sector participation and improve infrastructure.
'The 2024 election results will lead to much intense targeting of Modi, more intense debates, many more breakdowns in Parliament and many more movements on the streets.' 'The results have hit Modi's standing, and the politics of the Opposition parties will be sharply focused to ensure that Modi doesn't get back his charisma of being 'invincible' with help of State power.' Sheela Bhatt looks at the political situation through the prism of 2024 Lok Sabha election results.
'2017-2018 will be one of the best years for the country.' 'The wheel has finally started moving in the right direction. It should pick up momentum in the next 8 to 9 months to have a positive impact on the economy'
India's macroeconomic situation is certainly better than what it was a year ago, eminent economist Pinaki Chakraborty said on Monday, while expressing hope that the country will be back on the path of economic growth if there is no major third wave of the COVID-19 pandemic. In an interview with PTI, Chakraborty, who is the director of the National Institute of Public Finance and Policy (NIPFP), said that inflation may remain at an elevated level as there was a significant fiscal and monetary expansion in the last 18 months. "The current macroeconomic situation is certainly much better than what it was one year back. We are seeing recovery in most sectors," he said. Chakraborty noted that COVID-19 vaccination has been going on at a very fast rate in India.
'We expect the bull-market phase to still persist, but now led by large-caps which offer better valuation and benefit from FII inflows.'
'We expect continued pressure on midcaps, but any sharp correction looks unlikely from here on.'
The Indian Railways carried more goods in December 2023 than the same time last year, making more money than any month bar one since the pandemic. The railways made Rs 15,098 crore by carrying freight in December 2023. The number was higher only in March 2023 when it earned Rs 15,769 crore, according to data from the Centre for Monitoring Indian Economy (CMIE).
Since 2000-01, the Indian economy has shown the tendency of being unable to absorb all domestic savings as investments.
It is thanks to the policy of liberalisation conceived by Manmohan Singh and enforced by P V Narasimha that the Indian economy has now become the world's 5th largest economy by nominal GDP, asserts Dr Sudhir Bisht.
In 2022-2023, 15.5 per cent of women were unemployed compared to 11.2 per cent in 2017-2018. For every one woman employed, 10 men got a job.
Investors must be cautious and follow a prudent diversification strategy to mitigate against any risks in case of any unforeseen events.
The government will come out with a White Paper on the mismanagement of economy prior to 2014 with an aim to draw lessons.
'We like certain stocks from banking, insurance, retail, hospitals and capital goods.' 'Though some of these stocks may seem expensive, they will compound well over the long term, thus justifying their current multiples.'
Painting a rosy picture, the Asian Development Bank on Tuesday forecast that the Indian economy would grow by 6 % in 2003 and 6.3% in 2004, and said fiscal deficit of the Centre and states would start falling after the elections next year.
The two countries agreed to intensify coordination to deal with terrorism as Swaraj met top Israeli leadership and discussed a wide-range of bilateral and regional issues.
'The UPA's claim of growth at 9.5 percent was absolute nonsense and a fraudulent claim because the country did not grow; it was only statistical growth.' 'I do believe that when there is a determined leader who wants to bring a desired change, the system will begin acting. Today, people think there is policy paralysis, but there is functional paralysis also.' 'When things start moving, people will invest. Many companies are holding cash, many people are not investing. Nobody is making any move. Everybody is waiting for the elections to get over.' Economist and Swadeshi Jagran Manch convenor Swaminathan Gurumurthy in conversation with Shobha Warrier/Rediff.com
'More than investors, fund houses, and advisors have raised caution and limited flows on small-and mid-caps.'
India's foreign exchange reserves increased to $604 billion as on December 1, surpassing the $600 billion mark after a gap of about four months. The forex reserves were last above the $600 billion mark on August 11 this year. "India's foreign exchange reserves stood at $604 billion as on December 1, 2023.
Taking a strong view of Google pulling out some apps from its Play Store, the government on Saturday said delisting of Indian apps cannot be permitted and that the tech company and the startups concerned have been called for a meeting next week. In an interview to PTI, IT and Telecom Minister Ashwini Vaishnaw said the startup ecosystem is key to the Indian economy and their fate cannot be left to any big tech to decide. The minister's comments assume significance as Google on Friday began removing some apps, including popular matrimony apps, from its Play Store in India over a dispute on service fee payments, even as apps and well-known startup founders cried foul.
The Reserve Bank of India on Friday raised the GDP growth projection for the current fiscal to 7 per cent from 6.5 per cent earlier on buoyant domestic demand and higher capacity utilisation in the manufacturing sector. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das, however, flagged protracted geopolitical turmoil and global economic fragmentation as risks to the growth outlook. The RBI kept interest rates unchanged at 6.5 per cent in Friday's monetary policy statement.
Inflation is likely to drop to 5.4 per cent in FY 2014.
The growth will be driven by favourable external demand and domestic structural reforms push.
India is set for decent growth in 2015.
Buoyed by 8.8 per cent growth of the Indian economy in the first quarter this fiscal, industry on Tuesday said the GDP may expand by around 9 per cent during 2010-11, but cautioned against certain weak areas like financial services.
'From our survey we found that there was a problem in the agricultural sector and drones could solve the problem.'
NPA issues in the banking sector, standoffs in Parliament denting the reform momentum and limited space on the fiscal side are among the major concerns for investors.
Low oil prices also means effectively transfer of wealth from the producing nations to the consuming nations
My sense is that we are in a situation similar to 2011-13, notes Debashis Basu.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
Belying predictions, the Indian economy grew by a significant 7.9 per cent in the second quarter of this fiscal, up from 6.1 per cent in the previous quarter, essentially due to a good showing by the industry and the services sector.
Indian economy is expected to grow by 8.1 per cent in the current fiscal on the back of a turn-around in agriculture production and an anticipated good showing by the industry and service sectors, a leading economic think-tank said.
The International Monetary Fund on Thursday retained its projection for Indian economic growth at 5.4 per cent in 2009, implying a slower growth in the second half of this calendar year.
India's economic growth prospects should remain strong over the medium term, with GDP expanding 6-7.1 per cent annually in fiscal years 2024-2026, S&P Global Ratings said on Thursday. In a report titled 'Global Banks Country-By-Country Outlook 2024', S&P said the banking sector's weak loans will decline to 3-3.5 per cent of gross advances by March 31, 2025, on the back of structural improvement, including healthy corporate balance sheets, tighter underwriting standards and improved risk-management practices. Interest rates in India are unlikely to rise materially, and this should limit the risk for the banking industry, it added.
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.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
In nearly 100 seats, the BJP stands almost no chance of winning. In 200 seats, it is a direct fight between the BJP and the Congress where the BJP has an upper hand. In 243 seats, the BJP is pitted against regional parties and it is not going to be easy. That is why 400 seats may end up as a pipe dream, states Ramesh Menon, author of Modi Demystified: The Making of a Prime Minister.
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