DBS revises India GDP forecast for Fiscal Year 2020 down to 6.8 percent
Business | June 20, 2019 11:37 IST“We revise down our real GDP forecast for FY20 to 6.8 per cent YoY versus 7 per cent earlier,” the bank said.
“We revise down our real GDP forecast for FY20 to 6.8 per cent YoY versus 7 per cent earlier,” the bank said.
In a paper, EAC-PM said India's GDP estimation methodology stands at par with its global standing as a major and responsible economy. Primary contributors of the paper are economists Bibek Debroy, Rathin Roy, Surjit Bhalla, Charan Singh, Arvind Virmani.
Fitch was optimistic on India's growth, saying that the monetary and regulatory easing from the Reserve Bank of India, along with a recovery in portfolio inflows, should support a recovery in credit to the private sector and reverse the drag from the negative credit impulse.
"India changed its data sources and methodology for estimating real GDP for the period since 2011-12. This paper shows that this change has led to a significant overestimation of growth," he said.
Steller performance of Prime Minister Narendra Modi's BJP with another large parliamentary majority will see continuity of macroeconomic policy in the next five years but the key economic challenge now is to continue reforms, brokerages and economists said on Thursday.
Besides the trade war with the US, China is also haunted by the spectre of a continued economic slowdown. Last year, the economy, which is largely dependent on exports, slowed down to 6.6 per cent, the lowest in about three decades.
Earlier, the CSO in its advance estimate had pegged the GDP growth rate for 2018-19 at 7.2 per cent.
At a session on the emerging market outlook at the World Economic Forum Annual Meeting 2019, Nath also strongly defended his government's farm loan waiver decision and said the agricultural sector in India and particularly in his state has been in distress.
"India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said.
In its 2018 review said, the ministry said: "There is a constant growth in direct tax-GDP ratio over last three years and the ratio of 5.98 per cent in Fiscal Year 2017-18 is the best DT-GDP ratio in last 10 years".
India reached 32.8 million children and 8.4 million pregnant women over the last three years under Mission Indradhaush, PM said.
Jaitley said the opposition went overboard on the issue of CBI versus CBI and it did have a lack of understanding of the issue.
According to government data released on Friday, the Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 per cent in July-September quarter of the last fiscal.
Jaitley said the CSO, in 2015, changed the way of calculating Gross Domestic Product (GDP). GDP growth rate estimates were revised from the year 2012-13 onwards with 2011-12 being the base year.
In the third quarter, China's GDP rose 6.5 per cent from a year ago, compared to a 6.7 per cent increase in the second quarter, the NBS said in a statement.
According to the survey, high growth is expected in cement and ceramics, capital goods, automotive and medical devices and technologies in Q2 2018-19.
The government's finances have shown improvement in July with fiscal deficit at 86.5 per cent of the Budget Estimate (BE), mainly on account of higher revenue collection, as per official data.
According to a report by the firm, the 8.2 per cent GDP growth for the April-June quarter of this year, though "encouraging", was largely owing to base effects.
"Going forward, the base effect will not be so favourable. And when we reach Q3 and Q4, the rate of growth may decline and the annual growth rate may be more or less like last year's," he said on Twitter.
"India's GDP for the first quarter this year growing at 8.2 per cent in an otherwise environment of global turmoil represents the potential of New India," Jaitley said in a tweet.
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