The International Monetary Fund in its annual World Economic Outlook significantly downgrades India's growth for the fiscal year 2020 to minus 10.3 pe
Gandhi also shared a graph citing its source as the International Monetary Fund's World Economic Outlook report which showed Bangladesh closing in on India and almost catching up with it in terms of per capita GDP this year. "Solid achievement of 6 years of BJP's hate-filled cultural nationalism: Bangladesh set to overtake India," Gandhi said in a sarcastic tweet accompanied by clapping emojis.
The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping six per cent annually in the past five years.
Domestic rating agency India Ratings and Research on Tuesday revised downward the country's FY21 GDP growth forecast to (-) 11.8 per cent, lowest in Indian history. The agency, however, expects the economy to grow at 9.9 per cent in FY22 helped mainly by the weak base of FY21.
Congress leader Anand Sharma on May 15 said the central government is not even giving 2% of the GDP in name of economic package to mitigate effects of COVID-19 pandemic.
The finance minister of West Bengal warned that India was staring at stagflation due to low GDP and high inflation
India's July-September quarter Gross Domestic Product (GDP) data, scheduled for a release on November 29, will be important as headline growth has already slipped to a six-year low, said Singapore's DBS Bank in its daily report on Tuesday.
Fitch estimated India's GDP growth to be 7 per cent and 7.1 per cent in financial years 2019-20 and 2020-21 respectively. Indian economy grew 6.7 per cent in 2017-18 fiscal.
Growth is forecast to rise to 7.3 per cent in fiscal year 2018/19 and 7.5 per cent in 2019/20 on strengthening investment and robust private consumption, the report said.
The agency said that the GDP forecast has been cut down due to higher oil prices and tighter financial conditions.
With this, India has reclaimed the status of fastest-growing major economy in the world, surpassing China which grew by 6.8% in the October-December period.
Indian economy grew at 7.2 per cent in October-December quarter of the current fiscal, official data released by the Central Statistics Office (CSO) showed today.
The report noted that by the latest estimates, the total wealth of Indian billionaires is 15 per cent of the GDP of the country; this has risen from 10 per cent only five years ago.
According to data from the Central Statistics Office (CSO), the GDP for Q2 stood at Rs 31.66 lakh crore, or a growth of 6.3 per cent.
The GDP growth had hit a three-year low of 5.7 per cent in the first quarter of 2017-18. It was 7.5 per cent in the September quarter of 2016-17.
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.
India is expected to clock a GDP growth of 7.1 per cent in 2017-18 as the country gets sufficiently remonetised and the schemes in the Budget play a supportive role, says an HSBC report.
Ensuring better days for India in the future, the World Bank today said that the country’s GDP will remain at 7.6 per cent in 2016 and 7.7 per cent in 2017. The bank attributed the
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