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01-Dec-2023 09:14 Hrs IST |
India's economic growth momentum to continue in Q3 of FY24: Nageswaran
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<p style="text-align: justify;">Chief Economic Advisor V Anantha Nageswaran has said India's economic growth momentum will continue in the October-December quarter of current financial year (Q3FY24) and the economy is poised to comfortably clock a 6.5 per cent growth rate for the full fiscal (FY24) underpinned by investment and consumer momentum. He said India is underestimating its GDP growth while forecasting a 6.5 per cent expansion for the full fiscal as is evident from the tax buoyancy that the country is witnessing on the back of high tax revenue collection due to strong corporate and bank balance sheet.</p><p style="text-align: justify;">He stated ‘When you have a tax buoyancy which is as high as 1.9 or close to 2, which is historically unprecedented, then it is quite possible that we are not measuring the economy's underlying momentum… We will keep the GDP growth estimate for the full fiscal at 6.5 per cent but we are more comfortable (with the projection) than before. We need to work out the impact of second quarter numbers on full fiscal. The momentum of economic growth will continue in the third quarter as well.'</p><p style="text-align: justify;">Talking about the second quarter (July-September) GDP growth numbers which came in as a surprise at 7.6 per cent, he said the Indian economy is maintaining a steady momentum since recovery from Covid and remained the fastest growing major economy in the July-September quarter as well.</p><div style="text-align: justify;"><br></div>
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30-Nov-2023 09:09 Hrs IST |
India's second quarter GDP numbers likely to be good: Ajay Seth
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<p style="text-align: justify;">Economic Affairs Secretary Ajay Seth has said Indian economy is showing momentum and the growth rate in the second quarter (July-September) is likely to be good. The GDP numbers for the second quarter are scheduled to be released later in the day. The economy grew at 7.8 per cent in the first quarter (April-June) of the current financial year.</p><p style="text-align: justify;">He stated ‘India economy showed good momentum in the second quarter. The second quarter numbers should be good.' Further, he said that the fiscal deficit target of 5.9 per cent for the current financial year is feasible despite additional outgo towards food subsidy.</p><p style="text-align: justify;">He said ‘We are confident of meeting fiscal deficit target this year despite the government raising food subsidy for the next five years.' The Budget 2023-24 proposes to bring down the fiscal deficit to 5.9 per cent of the GDP from 6.4 per cent in the previous financial year. The government proposes to further bring down the fiscal deficit to less than 4.5 per cent of the GDP by 2025-26.</p><div style="text-align: justify;"><br></div>
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29-Nov-2023 09:17 Hrs IST |
India's GDP growth rate will rise to 7% by 2026 compared to 4% for China: S&P Global Ratings
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28-Nov-2023 09:21 Hrs IST |
S&P raises India's growth forecast for current financial year to 6.4% from 6 per cent
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24-Nov-2023 09:01 Hrs IST |
Measures like trade pacts, lower cost of capital to help boost India's exports to $2 trillion by 2030: PHDCCI
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23-Nov-2023 09:08 Hrs IST |
Rupee witnessed ‘low volatility', orderly movements as compared to its peers: Shaktikanta Das
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22-Nov-2023 09:02 Hrs IST |
FY24 to conclude as projected with strong growth performance, macroeconomic stability: Finance Ministry
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21-Nov-2023 09:27 Hrs IST |
RBI's decision to tighten norms for unsecured personal loans credit positive: Moody's
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20-Nov-2023 09:17 Hrs IST |
Startups to play important role in helping India become 3rd largest economy in world: CEA
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17-Nov-2023 09:02 Hrs IST |
India's economic growth prospects should remain strong with GDP expanding 6-7.1% during 2024-2026: S&P
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