The current downward revision to 6.6 per cent for FY25 reflects the RBI's acknowledgement of potentially missing earlier projections by a significant margin.
India remains the fastest-growing major economy, as China's GDP growth in the April-June quarter was 4.7 per cent. The economy grew by 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, according to official data.
For FY24, the current account deficit narrowed to USD 23.2 billion or 0.7 per cent of GDP against USD 67 billion or 2 per cent of GDP in FY23, the RBI said in a release on the Developments in India's Balance of Payments.
Indian GDP growth: The NSO, in its second advance estimate of national accounts, pegged the country's growth at 7.6 per cent for 2023-24. It had projected a growth of 7.3 per cent for the current fiscal in its first advance estimates released earlier in January 2024.
The NSO's initial estimates for this fiscal year also disclose that the country's Gross Value Added (GVA) is projected to grow at 6.9% in 2023–24, a decrease from the 7% recorded in 2022–23.
Mutual fund industry veteran Nilesh Shah said that Indians have spent USD 375 billion on gold imports on a net basis in the last 21 years and added that we keep reading about Customs' gold seizures on a regular basis, which makes it evident that smuggling is rampant.
India remains the fastest-growing major economy as China's GDP growth in the April-June quarter was 6.3 per cent.
The government's external debt, which was 374,484 crore in 2013–14, will increase by 100% to 7,48,895 crore in 2022–23.
India achieved growth of 7.2 per cent in 2022–2023. The GDP growth forecast for the current fiscal year by the RBI is 6.5 per cent.
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).
The Gross Domestic Product (GDP) had grown by 5.2 per cent in the corresponding quarter of FY2019-20. In the quarter just preceding Q1 FY21, the economic growth was at 3.1 per cent. The country had observed mobility restrictions as mandated under the lockdown measures for the better part of the first quarter of FY21.
India's economic growth slowed to 4.7 percent in October-December 2019, according to official data released on Friday.
According to the report, what stands out in this land reform is Shunde District in the city of Foshan, south China's Guangdong Province, which recorded a gross domestic production (GDP) of over 150 billion yuan (around $21 billion) in the first half of 2019, up 7.1 per cent year-on-year.
Gross revenue collections from the Goods and Services Tax (GST) in July stood at Rs 1.02 lakh crore.
Gandhi on Twitter said the government that trumpeted of bringing "achche din" (good days) has now "punctured" the economy.
The previous low was recorded at 4.9 per cent in April-June 2012-13. The economic growth was 8 per cent in the same quarter of 2018-19.
Addressing a press conference at the party headquarters, Congress leader Anand Sharma said: "India is in a deep financial crisis. The economy is in shambles. All indicators of development are low. And India's GDP is continuously falling."
Analysts had expected an higher dataprint for the September quarter GDP, with some of them pegging it at 6.4 per cent, after the disappointing performance in the preceding quarter.
Mumbai: The Reserve Bank called for higher capital outlays, consistent fiscal consolidation and limiting the debt-GDP ratio to improve the finances of the states, whose combined gross fiscal deficit has improved by 20 bps to
New Delhi: If the government's advanced Gross Domestic Product (GDP) comes true, Indian economy is evenly poised to be grown at the fastest pace in the world at 7.4% in 2015 matching that of China.
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