This is the steepest-ever decline of the Indian economy.
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Moody’s increases India’s GDP growth forecast to 7.2% for 2024
New York-based Moody’s Ratings on Thursday, August 29, raised its forecast for India’s GDP growth for 2024 to 7.2% from 6.8% as projected earlier on the back of stronger private consumption driving up aggregate demand in the economy.
“Household consumption is poised to grow as headline inflation eases toward the RBI’s target. Indeed, signs of a revival in rural demand are already emerging on the back of improving prospects for agricultural output amid above-normal rainfall during the monsoon season,” the global rating agency said.
Rural India drives GDP growth as IMF raises forecast to 7% for 2024-25
The International Monetary Fund (IMF) on Tuesday, July 16, raised India’s GDP growth forecast for 2024-25 to 7% from 6.8% projected earlier on the back of “improving private consumption, particularly in rural India”.
“The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,” the IMF said in its World Economic Outlook report.
Goldman Sachs ups India’s GDP growth forecast
Goldman Sachs has revised its forecast for India’s GDP growth by 10 basis points to 6.7 per cent as it expects the government’s heavy investments in big-ticket infrastructure projects to continue with the huge dividend coming in from the RBI.
SAP: Visionary political leadership, talented youth to help India reach $30 trillion GDP by 2047
A stable and visionary political leadership, young talented population, vast AI and startup community and innovations across businesses will help India reach its $30 trillion GDP growth goal by 2047, Paul Marriott, President for Asia Pacific Japan (APJ) of cloud software major SAP said in Mumbai on Monday.
World Bank raises India’s GDP growth forecast to 7.5 pc for 2023-24
The Indian economy is projected to grow at 7.5 per cent in 2024, the World Bank has said, revising its earlier projections for the same period by 1.2 per cent. The World Bank raised India’s economic growth forecast by 1.2 percentage points to 7.5 per cent for 2023-24, on the back of robust activity in services and industry in its latest update for South Asia.
Morgan Stanley raises India’s GDP growth estimate to 6.8% for 2025
Global brokerage Morgan Stanley has raised India’s GDP growth expectation to 6.8 per cent in 2025 from 6.5 per cent on continued traction in industrial and capex activity. “We raise GDP growth to 6.8 per cent YoY in F2025, a rise of 30bps from our earlier estimate of 6.5 per cent, on continued traction in industrial and capex activity. On CY basis, we expect growth at 6.8 per cent YoY for 2024, from 6.4 per cent earlier”, it said.
India’s current account deficit declines to 1.2% of GDP, reflecting stronger economy
India’s Current Account Deficit (CAD) declined to $10.5 billion (1.2 per cent of GDP) in the October-December quarter (Q3) of 2023-24 from $16.8 billion (2.0 per cent of GDP) in the same quarter of 2022-23, according to official figures released by the RBI on Tuesday. Sequentially also the CAD was lower than the corresponding figure of $11.4 billion (1.3 per cent of GDP) in the preceding second quarter (July-September) of 2023-24, the data show.
Reserve Bank of India may continue tight monetary policy after GDP surge
The higher-than-expected momentum in the Indian economy may lead to a tight monetary policy from the Reserve Bank of India (RBI) for a longer period, and any reversal in the current stance is unlikely over the next six months, said Suman Chowdhury, Chief Economist and Head of Research at Acuite Ratings.
India’s Q3 GDP growth surges to 8.4%, annual rate revised upward to 7.6%
India’s economy sprang a surprise with an 8.4 per cent surge in GDP growth during the third quarter (October-December), as a result of which the country’s economic growth rate for the financial year 2023-24 is now estimated at a robust 7.6 per cent, figures released by the National Statistics Office on Thursday showed.
India’s GDP to touch $4 trillion ahead of Lok Sabha polls: Minister Piyush Goyal
India will become a $4 trillion economy before the Lok Sabha elections and in 2 to 2.5 years, it will touch the $5 trillion GDP mark, Commerce and Industry Minister Piyush Goyal said on Wednesday. “India will have the third largest GDP in the world latest by 2027, as per every street estimate,” Goyal said at the launch of the Aatmanirbhar Bharat Utsav in New Delhi.
Ratings agencies cheer India’s GDP surge buoyed by infra push, strong DPI
India has emerged as the world’s fastest growing economy amidst a worldwide economic slowdown and continues to be a bright spot going ahead with the IMF upgrading its growth forecast for the country twice this year. India’s GDP grew at an impressive 7.6% in the July-September quarter of the current financial year despite a slowdown in agriculture as the robust performance of the manufacturing sector and high government expenditure on big ticket infrastructure projects kept up the growth momentum.
India’s GDP grew 7.6% in July-September quarter; FY-24 growth to be 6.5%, says finance ministry
The Indian economy grew 7.6 per cent during the July-September quarter of the current financial year 2023-24, remaining the fastest-growing major economy. India’s GDP growth for the April-June quarter was 7.8 per cent. Real GDP or GDP at Constant (2011-12) Prices in Q2 2023-24 is estimated to attain a level of ₹41.74 lakh crore, as against ₹38.78 lakh crore in Q2 2022-23, showing a growth of 7.6 percent as compared to 6.2 percent in Q2 2022-23, data from Ministry of Statistics and Programme Implementation showed on Thursday.
Morgan Stanley: India could be No 3 economy by 2027 with $5 tn nominal GDP
India’s importance as a global growth driver will increase with its share of world growth contribution rising from 10 per cent in 2021 to 15 per cent in 2022, and further to 17 per cent in 2023-28, foreign brokerage Morgan Stanley said in a report on Monday.
Justice Markandey Katju: The truth behind India’s explosive GDP growth
Justice Markandey Katju writes: The claim ‘India poised to surpass Japan as the world’s third largest economy by 2030’ is laughable, and reminds one of the Nazi Propaganda Minister, Dr Goebbels, who kept saying that Germany was winning World War 2 when everyone could see it was losing, or General Westmoreland, the American commander in Vietnam, who said ‘There is light at the end of the tunnel’ when there was none.
Moody’s raises India’s GDP forecast to 6.7% for 2023
Global rating agency Moody’s has raised India’s growth forecast to 6.7% from 5.5% for 2023. At the same time though, it has lowered the GDP forecast for 2024 from 6.5% to 6.1%. “Since the second quarter out performance creates a high base in 2023, we have lowered our 2024 growth forecast from 6.5 percent to 6.1 per cent. Given the robust underlying economic momentum, we also recognise further upside risk to India’s economic growth performance,” it said on Friday.
Adding 100 mn skilled Indians to the workforce can increase GDP by 20%: Omidyar-Redseer Report
Bringing 100 million skilled people to the Indian workforce has the potential to increase the country’s GDP by 20% and propel the economy towards $4 trillion, a report showed on Tuesday. Almost 50% of India’s young informal workforce and those outside it are willing to upskill to bridge India’s employability gap, according to the report by investment firm Omidyar Network India with research partner Redseer.
Justice Markandey Katju: Who is reaping the fruits of India’s GDP growth story?
Justice Markandey Katju says: I am always sceptical about the accuracy of such GDP reports, especially when they come from sources close to the government. Even assuming these reports are correct, and that the Indian GDP is indeed growing, the question is: Who is reaping the fruits of this growth? The Indian masses, or a handful of big businessmen and foreign corporations?
Dip in India’s GDP growth temporary, says Moody’s Analytics report
India’s economic slowdown in the fourth quarter of 2022 is temporary and even salutary, Moody’s Analytics said in a report. According to Moody’s Analytics, the country’s economic slowdown late last year will be temporary and even salutary, helping to wring some of the demand-side pressures out of the economy without stopping it wholesale.
Morgan Stanley revises India’s GDP growth to 7.2% in FY23 from earlier 7.6%
With global economic growth slowing, Morgan Stanley in its research report has revised India’s gross domestic product (GDP) growth estimates to 7.2 per cent in FY23 from 7.6 per cent and 6.4 per cent for FY24 from 6.7 per cent.
India flattened wrong curve, of GDP: Rajiv Bajaj
India made a mess of its economy and failed to contain COVID-19 by trying to impose a hard lockdown, says top industrialist Rajiv Bajaj
India’s GDP number ‘still has some issues’: IMF’s Gopinath
IANS- After 108 economists and former RBI Governor Raghuram Rajan, International Monetary Fund’s (IMF) Chief Economist Gita Gopinath has expressed doubt over India’s growth rate, saying that there are still some issues with the way India calculates it. This comes as a blow for the government as the key argument that senior officials in the […]
India may cut tariffs on 30 items imported from U.S. to prevent higher reciprocal tariffs: Nomura
India is considering reducing tariffs on more than 30 items and increasing its purchases of U.S. defense and energy products to prevent higher reciprocal tariffs from the United States. Prime Minister Narendra Modi’s meeting with President Trump in Washington is expected to discuss tariffs and trade.
RBI projects 6.4% GDP growth for FY25, anticipates economic pickup in H2
On Friday, February 7, the Reserve Bank of India (RBI) projected real GDP growth of 6.4% for FY25, anticipating that economic activity will pick up in the second half of the year, driven by improvements in agriculture and manufacturing.
RBI Governor Sanjay Malhotra, announcing the results of the Monetary Policy Committee (MPC) meeting, also forecasted GDP growth for FY26 at 6.7%. The quarterly breakdown for FY26 is as follows: Q1 at 6.7%, Q2 at 7.0%, Q3 at 6.5%, and Q4 at 6.5%.
India’s economy projected to grow 6.3% to 6.8% in FY2025-26: Economic Survey
India’s economy is projected to grow between 6.3% and 6.8% in the financial year 2025-26, according to the Economic Survey 2024-25 tabled in Parliament on Friday, January 31, just a day before the Union Budget.
The survey highlights the country’s robust economic fundamentals, which are supported by a stable external account, fiscal consolidation, and steady private consumption.