India’s economy, South Asia’s largest, is expected to grow by 8.3% in the fiscal year 2021-22, aided by an increase in public investment and incentives to boost manufacturing, according to a latest report from the World Bank and backed shifting to a services sector-led growth model for the region to strengthen the recovery.
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The International Monetary Fund (IMF) expects global economic growth in 2021 to fall slightly below its July forecast of 6%, IMF chief Kristalina Georgieva said on Tuesday, citing risks associated with debt, inflation and divergent economic trends in the wake of the Covid-19 pandemic.
China’s hidden local government debt has swelled to more than half the size of the economy, according to economists at Goldman Sachs Group Inc, who said the government will need to be flexible in dealing with this as revenue is already under pressure due to a slowdown in land sales.
India’s gross domestic product (GDP) for the first quarter ended June 30, 2021 soared to record high of 20.1 per cent, data released by the government showed on Tuesday. The jump in GDP numbers is mainly due to a weak base last year and also a rebound in consumer spending during the quarter.
Data released by the National Statistical Office (NSO) on Tuesday showed GDP growth rose 20.1% in the three months to June, the first quarter of the 2021-22 fiscal year, compared with a record contraction of 24.4% in the year-ago period. It was also higher than 1.6% growth recorded in January-March 2021.
The country’s gross domestic product (GDP) is expected to grow at around 18.5 per cent with an upward bias in the first quarter of the current financial year, according to SBI research report Ecowrap. This estimate is lower than the Reserve Bank of India’s (RBI) GDP growth projection of 21.4 per cent for the April-June … Continue reading GDP likely to grow at 18.5% in Q1 this fiscal: SBI report
Fiscal deficit for 2020-21 was at 9.3 per cent of the gross domestic product (GDP), lower than 9.5 per cent estimated by the finance ministry in the revised Budget estimates, according to the CGA data.
The Indian economy grew 1.6% in the January-March quarter of 2020-21, signalling a sharp recovery that started after two consecutive quarters of contraction due to the impact of the strict lockdown. For the full year, however, it contracted 7.3%, lower than the estimated 8% earlier.
Preliminary estimates show a substantial waning of the household financial savings rate to 10.4% of GDP in the second quarter of 2020-21 from a high 21% in the preceding quarter, as households switched from an “essentials only” spending to discretionary with the gradual reopening and unlocking of the economy, a Reserve Bank of India (RBI) … Continue reading Home savings halved to 10.4% of GDP in Q2
The combined fiscal deficit of the states will hit a peak of Rs 8.7 lakh crore or 4.7% of their GDP this fiscal on the back of steep fall in tax collections due to disruptions inflicted by the pandemic, according to a report. Revenue of the states have so badly fallen that as much as … Continue reading States fiscal deficit seen at historic high of 4.7%
The Indian economy is not recovering as fast as the government claims and the country’s economy may contract 25 per cent in the current financial year, noted economist Arun Kumar said on Sunday. Kumar further said that due to a big decline in the GDP during the current financial year, the budget estimates have gone … Continue reading ‘Indian economy may contract 25 per cent in current fiscal’
A delay in Covid-19 vaccine distribution could impact GDP growth prospects in the next fiscal year and the Reserve Bank may cut policy rates by 50 basis points by June as inflation cools down, a foreign brokerage said on Wednesday.
The country’s real GDP is likely to expand by 11 per cent in the next financial year due to a faster economic recovery and on a low base, says a report.
India’s fiscal deficit is expected to be around 7.5 per cent of the GDP for the current fiscal owing to moderation in revenue collection due to the COVID-19 crisis, experts said. This would be a 100 per cent jump from the Budget estimate of 3.5 per cent of GDP pegged for the current fiscal.
India’s fiscal deficit for year ending in March is likely to be over 7% of gross domestic product, three sources told Reuters, as revenue collections suffered from a lockdown and restrictions to rein in the spread of Covid-19. India’s government had projected a fiscal deficit of 3.5% of GDP for the current year last February.
State government debt as a ratio of their gross domestic product (GDP) is set to rise to a decadal high of 36% on the back of a sharp drop in GST collections and sticky expenditure on account of the pandemic.
Forecasters are revising upwards their projection for the current fiscal’s GDP growth after better-than-expected numbers for the second quarter. Most economists expect India’s GDP to shrink between 6% and 8% in FY21. Until last month, international agencies like the IMF were expecting the economy to shrink by 10%. The RBI is widely expected to continue … Continue reading Forecasters raise GDP projections after Q2 rebound
Reserve Bank of India governor Shaktikanta Das said on Monday that the Indian economy has exhibited stronger than expected pick-up and the growth outlook has improved but cautioned over the need to be watchful over downside risks of a fresh surge in infections, the sustainability of demand after festivals and a possible reassessment by markets … Continue reading Ahead of GDP data, RBI guv says outlook better
India’s gross domestic product (GDP) for the second quarter ended September 30 contracted by 7.5 per cent, government data showed on Friday. However, this pace of contraction is considerably slower than the slump of 23.9 per cent in the previous quarter.
India’s economy is expected to post a smart recovery in the July-September quarter and the contraction witnessed in the June quarter will narrow significantly due to the impact of the festival demand and lifting of the strict lockdown in June.
The gross domestic product (GDP) is likely to contract by 8.6 per cent for the July-September period, which means India will enter into a recession for the first time in history in the first half of this fiscal with two successive quarters of negative growth due to the Covid-19 pandemic, as per an RBI official.
Finance minister Nirmala Sitharaman on Tuesday said that India’s GDP might be in negative zone or near zero in the current fiscal due the coronavirus pandemic. Speaking at the India Energy Forum of CERAWeek, she said that with unlock, the Indian economy has started showing signs of revival and by next year it will be … Continue reading GDP growth may be in negative zone this fiscal: FM
Congress leader Rahul Gandhi on Wednesday took a dig at the government over IMF growth projections showing Bangladesh closing in on India in terms of per capita GDP this year and described it as a “solid achievement” of six years of BJP’s “hate-filled cultural nationalism”. Indian economy, severely hit by Covid-19, is projected to contract … Continue reading Rahul criticises govt as IMF slashes GDP forecast
RBI decided to keep the key lending rate unchanged in its October policy review meeting. The six-member monetary policy committee, headed by RBI governor Shaktikanta Das, kept repo rate untouched at 4%; and reverse repo rate at 3.35% while maintaining accommodative stance. Das also stated that real GDP expected to contract by 9.5 per cent … Continue reading Repo rate unchanged; GDP to contract by 9.5%: RBI
World Bank estimates India’s GDP to plunge 9.6% in 2020-21. Growth is forecast to return to 5.4% in FY22, assuming Covid-related restrictions are completely lifted by 2022, but mostly reflecting base effects, the report on South Asia unveiled by the bank on Thursday said.
The Indian economy will contract by 9 per cent in 2020-21 as the coronavirus infections are yet to peak and the government is not providing adequate direct fiscal support, ratings agency Crisil said on Thursday.
A tweet put out by the IMF’s chief economist Gita Gopinath confirmed that the Indian economy saw the steepest contraction in the June quarter among G20 countries. China’s economy is shown to have expanded by a robust 12.3% over the March quarter on a non-annualised basis, the UK is the most affected after India, with … Continue reading IMF confirms India’s GDP worst-hit among G20