PM Narendra Mod replied to the motion of thanks to the President's address in Lok Sabha. He assured that India will become the third largest economy in BJP’s third-term. This is PM Modi's final address in the Lower House before the 2024 Lok Sabha elections.
Budget 2024: The finance minister Nirmala Sitharaman is expected to maintain fiscal prudence while providing incentives for sectors like agriculture and the engines of the economy to stimulate job creation and consumption.
The core sector growth posted a figure of 7.8 per cent in November 2023, which was later revised to 7.9 percent by the commerce ministry on January 31.
A deeply impactful pulse of confidence in the nation is palpable, Birla said in his New Year message.
India was the 10th largest economy with a GDP of USD 1.9 trillion a decade ago, but now it stands as the 5th largest at USD 3.7 trillion.
Industries in automotive, consumers and retail, technology, media, telecommunication, energy, resources, and industrials expect high growth.
A weak global outlook could improve if geopolitical conflicts are resolved, resulting in a containment of their repercussions on commodity and financial markets, said RBI.
The governor said that structural reforms by the government in recent years have boosted the medium- and long-term growth prospects of the economy.
Speaking at the World Economic Forum annual meeting in Davos, the governor expressed confidence in the effectiveness of monetary policy, stating that core inflation has been steadily decreasing.
About 62 per cent of business leaders in the country expressed "extreme or very confident" expectations regarding the growth of their companies over the next year, while 37 per cent of global CEOs shared similar confidence levels.
Puri expressed confidence in meeting India's targets for 2030 on energy transition and highlighted initiatives such as the green hydrogen policy, aviation fuel targets, and biofuel blending potential.
As per the report, multidimensional poverty in India fell from 29.17 per cent in 2013-14 to 11.28 per cent in 2022-23, declining by 17.89 per cent.
The positive inflation rate in December is attributed to higher prices of food articles, machinery and equipment, other manufacturing goods, other transport equipment, and computer, electronics, and optical products, among others.
Food inflation, which constitutes nearly half of the overall consumer price basket, increased to 9.53 per cent in December, up from 8.70 per cent in November.
The proposal to trim the fiscal deficit by 50 basis points is currently being discussed, along with other potential scenarios for the upcoming budget year starting in April, as per government sources.
According to the chief minister, Gujarat, with five per cent the country's population, contributes 8.3 per cent to the national gross domestic product, and in the previous year, the state accounted for 33 per cent of India's total merchandise exports.
The government on Friday estimated that the Indian economy will grow by 7.3 per cent in current fiscal against 7.2 per cent expansion in Financial Year 2022-23, PTI reported.
The Reserve Bank on Thursday said net non-performing assets ratio of banks declined to a multi-year low of 0.8 per cent at the end of September 2023 and the country's domestic financial system remains resilient.
S&P forecasted that India will achieve 7 per cent GDP growth in 2026-27 fiscal and the growth rate will propel the county to become the third-largest economy. India currently is the fifth largest economy in the world behind the US, China, Germany and Japan.
Indian economy: The digital transformation of India that is currently underway is expected to accelerate the growth of e-commerce, changing the retail consumer market landscape over the next decade.
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