|
02-Jun-2023 09:03 Hrs IST |
India's economy likely to grow in range of 6.5-6.7% in FY24 with strong domestic drivers: CII President
|
<p style="text-align: justify;">Expressing optimism over the India's economic growth, newly elected President of Confederation of Indian Industry (CII) R Dinesh has said that with support of strong domestic drivers and robust capex momentum of the government, the country's economy is likely to grow in the range of 6.5-6.7 per cent in the current financial year 2023-24 (FY24). Besides, India's Gross Domestic Product (GDP) grew by 6.1 per cent in the March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent. The growth has propelled the country's economy to $3.3 trillion, setting the stage for achieving the $5 trillion target in the next few years. </p><p style="text-align: justify;">He said India's GDP growth is expected to leapfrog to 7.8 per cent in the next decade (FY22-31) from 6.6 per cent previously recorded. He also said ‘the government's structural reform agenda has enabled the country to become the highest growing economy in the current scenario, and we believe this can be sustained going forward'. He further said ‘This year is very important in view of India assuming the G20 Presidency. The entire world is looking at India. In the last year, there has been a significant focus on India and the opportunities that arise from this are important for us'.</p><p style="text-align: justify;">CII President also expects the consumer price index (CPI) based retail inflation to fall within RBI's target range in 2023-24. He stressed that given the fast moderation in inflation, the RBI should continue with a pause in the short-term lending rate (repo rate) and also change its stance to neutral. The retail inflation declined to an 18-month low of 4.7 per cent in April and the data for May is scheduled to be released later this month. CII also suggested a host of reforms which the government should undertake to boost India's growth potential.</p>
|
|
01-Jun-2023 09:17 Hrs IST |
India's economic growth may exceed initial estimate of 6.5% in FY24: Nageswaran
|
<p style="text-align: justify;">Motivated by higher than expected GDP number in the fourth quarter of 2022-23, Chief Economic Adviser (CEA) V Anantha Nageswaran has said India's economic growth may exceed the initial estimate of 6.5 per cent in the current fiscal (FY24) and the country can look for another year of solid economic performance. </p><p style="text-align: justify;">The real GDP growth for 2022-23 is higher compared to the growth projections by various international agencies, reflecting the strong resilience of the Indian economy. India's economy grew by 6.1 per cent in the January-March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent on account of better performance by agriculture, manufacturing, mining and construction sectors.</p><p style="text-align: justify;">He said India was the fastest-growing major economy over the last fiscal and in the quarter ending March 2023 as well. He added growth in the year was driven by robust private consumption and a sustained increase in capital formation. In the latest monthly economic report released in the third week of May, he said ‘We did say that, while in the economic survey, we mentioned that 6.5 per cent was our target or an estimate of the real GDP growth for this financial year but we also mentioned that the risks to the downside were higher.'</p><div style="text-align: justify;"><br></div>
|
|
31-May-2023 09:17 Hrs IST |
Investment in Indian markets through participatory notes rises to Rs 95,911 crore in April-end
|
|
|
30-May-2023 09:02 Hrs IST |
FDI into India decline by 22% to $46 billion in 2022-23
|
|
|
29-May-2023 09:03 Hrs IST |
Icra eyeing India's GDP growth at 4.9% in January-March period of 2022-23 driven by services sector
|
|
|
26-May-2023 09:12 Hrs IST |
CBDT notifies 21 countries from where investment in unlisted Indian startups to be exempt from angel tax
|
|
|
25-May-2023 09:11 Hrs IST |
India's growth likely to be more than 7% in 2022-23: Shaktikanta Das
|
|
|
24-May-2023 09:03 Hrs IST |
India's GDP crosses $3.5 trillion in 2022, to be fastest-growing G-20 economy over next few years: Moody's
|
|
|
23-May-2023 09:17 Hrs IST |
India's growth in April-June quarter likely to be driven by private consumption, rural demand: RBI article
|
|
|
22-May-2023 09:15 Hrs IST |
India, South Korean reviews progress in bilateral strategic partnership, agrees deepen cooperation in trade, defence
|
|
