Indian economy seeing green shoots! Grows 13.5% in June quarter - fastest in a year
Business | August 31, 2022 18:27 ISTGDP Growth: Many analysts had projected the Indian economy will expand at a double-digit growth rate due to the base effect.
GDP Growth: Many analysts had projected the Indian economy will expand at a double-digit growth rate due to the base effect.
Business news: ICRA expects the sectoral growth in Q1 FY2023 to be driven by the services sector (+17-19 per cent; +5.5 per cent in Q4 FY2022), followed by the industry (+9-11 per cent; +1.3 per cent).
In April, the World Bank had trimmed the forecast from 8.7 per cent to 8 per cent and now it is projected at 7.5 per cent. The GDP growth compares to an 8.7 per cent expansion in the previous 2021-22 fiscal.
Reflecting buoyancy in economy and the impact of anti-tax evasion measures, direct tax collection rose by a record 49 per cent to Rs 14.10 lakh crore, while indirect taxes posted a growth of 20 per cent to Rs 12.90 lakh crore.
In its Global Macro Outlook 2022-23 (March 2022 Update) titled: Economic Growth will suffer as fallout from Russia's invasion of Ukraine builds, the rating agency said that India's growth is likely to be 5.4 per cent in 2023.
Observing that the IMF in its January 2022 update has lowered its global growth estimate for 2022, the report said India is the only large and major country listed by the IMF whose growth projection has been revised upwards in 2022-23.
As per the first advanced estimates of the national income released by the National Statistical Office (NSO) on Friday, a growth is witnessed across sectors.
PM Modi interacted with the leading CEOs of companies across banking, infrastructure, automobiles, telecom to receive inputs and suggestions from the private sector for budget.
The report noted that income and wealth inequalities have been on the rise nearly everywhere since the 1980s.
The GDP growth in April-June quarter this fiscal stood at 20.1 per cent. The Indian economy had contracted by 24.4 per cent in April-June last year.
In the first quarter of FY 22, the economy grew 20.1 per cent. For the fiscal 2022, RBI has estimated real GDP growth to be at 9.5 per cent -- 7.9 per cent in Q2, 6.8 per cent in Q3 and 6.1 per cent in Q4.
India’s growth projection released by the latest World Economic Outlook remains unchanged from its previous WEO (World Economic Outlook) update of July this summer but is a three-percentage point in 2021 and 1.6 percentage point drop from its April projections.
In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections.
Taking on the Modi government, Congress leader Rahul Gandhi on Wednesday once again hit out at the Centre over inflation saying increase in GDP means hike in gas, diesel, petrol prices. addressing a presser, Rahul Gandhi said, "In the last 7 years, we have seen a new economic paradigm. Demonetisation on one side, and monetisation on the other side."
The data released by th Ministry of Statistics on Tuesday showed that the country's GDP has recovered swiftly to clock a growth of 20.1 pc in the Apr-June quarter of FY22 as against a contraction of 24.4 pc seen in the same period of previous year.
The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO).
Reserve Bank of India (RBI) has decided to retain projection for real GDP growth at 9.5% for 2021-22. "The projection for real GDP growth is retained at 9.5% for 2021-22... Consumer Price Index (CPI) inflation is projected at 5.7 % during 2021-22 - this consists of 5.9% in Q2, 5.3% in Q3 and 5.8% in Q4 of 2021-22 with risks broadly balanced. CPI inflation for the first quarter of 2022-23 is projected at 5.1%," said RBI Governor Shaktikanta Das on August 06.
Reserve Bank of India (RBI) Governor Shaktikanta Das said that the second wave of pandemic has taken grievous toll on India.
The Reserve Bank on Friday lowered the country's growth projection for the current financial year to 9.5 percent from 10.5 percent.
The former finance minister attacked the Central government over the GDP numbers.
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