The Indian government has reduced the windfall tax on domestically produced crude oil to zero, effective September 18. Previously set at Rs 1,850 per metric ton, the cut comes amid a drop in global oil prices and could lead to lower petrol and diesel costs.
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.
India's stock market is hitting record highs while China is facing an economic crisis plagued by a property crisis and high unemployment. Market watchers are hopeful of a third term of PM Modi-led BJP for greater predictability of future economic policies.
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.
If the forecast comes true, India's GDP growth will be lower than Saudi Arabia's expected 7.6 per cent expansion.
Under the leadership of Prime Minister Modi and US President Joe Biden, the bilateral relationship has touched new heights. The Indian-Americans celebrated 'Azadi Ka Amrit Mahotsava' at the US Capitol.
The head of the International Monetary Fund (IMF), during a media round table on Thursday on the Russian invasion of Ukraine, told a select group of reporters that the most significant channel of impact on the Indian economy is energy prices.
"We are on course to becoming among the fastest-growing economies of the world, but there is far to go," Dy Governor Michael D Patra said.
India's economy is projected to grow at 7.3 per cent in 2021, even as it is estimated to contract by 9.6 per cent in 2020 as lockdowns and other efforts to control the COVID-19 pandemic slashed domestic consumption, the UN has said.
The economy contracted by a historic 23.9 per cent in the first quarter of 2020-21 on account of the impact of the coronavirus pandemic.
Growth remains stable across most of developing Asia due to robust domestic demand, buoyant oil and gas prices and a consolidation of India's growth rebound, it said.
The ex-FinMin claimed that effects of demonetisation were still evident on India's economy and holding up return on GST filling has further stressed the business owners.
New Delhi: Country's economic growth will improve in the coming quarters, but the pace is likely to be gradual due to persistent challenges such as elevated inflation and policy uncertainty, says a report.According to Deloitte's
London: India and many major emerging economies are expected to see weak growth even as prospects have stabilised in most of the advanced countries, says a report by Paris-based think-tank OECD.Besides India, Brazil and Russia
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