India GDP forecast: UN revises India’s 2024 growth forecast to 6.9%

A strong domestic economy will push India’s growth to 6.9% in 2024 from 6.2% projected earlier, the United Nations said in its latest World Economic Situation and Prospects report’s mid-year update. “India’s economy is forecast to expand by 6.9 per cent in 2024 and 6.6 per cent in 2025,29 mainly driven by strong public investment … Read more

GDP expands 7.8% on services boost

A Mint poll of 22 economists had estimated the growth in gross domestic product (GDP) at around 7.8%. In the fourth quarter of 2022-23, GDP growth stood at 6.1% against a 4.4% growth rate witnessed in the preceding three months, according to data from the National Statistics Office (NSO). Real GDP at constant (2011-12) prices … Read more

India annual GDP growth to slow in September quarter as COVID effect fades

Annual growth in the Indian economy likely slowed in the July-September quarter as COVID distortions faded, economists said ahead of GDP data due on Wednesday that will provide clues about its resilience in the face of global economic turmoil. Asia’s third-largest economy is expected to post annual growth of 6.2% in the three months to … Read more

Exports jump 58.23% to record $34 bilion in March; 7.4% dip in 2020-21

The country’s exports jumped by 58.23 per cent to $34 billion, the highest ever reached in a month, in March as key sectors such as engineering, gems and jewellery and pharmaceuticals recorded healthy growth rate during the month, according to the commerce ministry‘s provisional data. Exports during April-March 2020-21, however, dipped by 7.4 per cent … Read more

Covid2019 impact on economy is impossible to predict

Pick up any Q4 (March ending) FY 20 results and you will surely see the following statement – “The duration and severity of COVID-19 and the disruption caused to business environment cannot be reasonably estimated.” Likewise, checkout interviews from any respected businessman or filings made by Companies on the stock changes. The theme is common … Read more

Smartphone sales in India hits zero in April

The extended lockdown in India has resulted in zero shipments for the smartphone players in India in the month of April as factories are shut and it will take two-four weeks time for the manufacturing units to resume normal operations once lockdown is relaxed. The month of March saw a steep annual decline in smartphone … Read more

India set to cap stimulus package at $60 billion to protect credit rating: Report

NEW DELHI: The government is likely to cap its overall spending on coronavirus-related relief at around Rs 4.5 lakh crore ($60 billion), due to concerns that excess spending could trigger a sovereign rating downgrade, two senior government officials said. “We have to be cautious as downgrades have started happening for some countries and rating agencies … Read more

No plan to ease fiscal deficit targets

Despite the strain on government finances due to the COVID-19 pandemic, there is no credible proposal to amend the legislation meant to control the fiscal deficit, Chairman of the 15th Finance Commission N.K. Singh said. Speaking to presspersons after a two-day meeting of the Commission’s Economic Advisory Council, Mr. Singh said the government was currently … Read more

Migrant Labour will be a key to Covid2019 hit economic revival

MUMBAI/NEW DELHI: The government has permitted manufacturing and other industrial establishments to operate from April 20, but the big question is how will they bridge the gap in labour supply? A large section of migrant workers engaged in contract labour, e-commerce and logistics operations and other project-related activities — estimated at around 5 crore — … Read more