Indian economy news: "India is moving up the power scale and according to my earlier forecast by 2028-2030, we will become the third largest economy in the world," said Arvind Virmani, Former Chief Economic Advisor.
Indian economy growth: Allaying concerns of high imports denting the fiscal architecture, he said the government was on course to meet fiscal deficit target of 6.4 per cent of GDP in current fiscal ending March 31, 2023.
GDP Growth: Many analysts had projected the Indian economy will expand at a double-digit growth rate due to the base effect.
Indian economy news: Meanwhile, Congress party leader Rahul Gandhi on Friday made a sharp attack on Finance Minister Nirmala Sitharaman for her handling of the Indian economy.
Nirmala Sitharaman in Rajya Sabha: The finance minister said that the government has adopted a targeted approach based on ground-level inputs to tackle retail inflation which is ruling at around 7 per cent.
The Labour Bureau, an attached office of the Ministry of Labour & Employment, has been compiling CPI-IW every month on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country.
Recently PM Modi cautioned people against what he called a "revari (sweet) culture" under which votes were sought by promising freebies and said this could be "very dangerous" for development of the country. Is it high time to stop this culture once and for all? Watch this episode of Muqabla.
While many issues plague the sector, here are the three main challenges that some entrepreneurs face in the startup Indian economy:
Home Minister Amit Shah talked about rural development while addressing the 41st convocation ceremony of the Institute of Rural Management (IRMA) in Gujarat.
India ranked 7th after the US, China, Hong Kong, Singapore, Canada and Brazil for FDI inflows in 2021.
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.
Underscoring the role of the telecom sector in the progress of the country, he also said that by the end of this decade, the country will be able to launch 6G services of its own.
Rajnath Singh was addressing a workshop on financial market organised by Lucknow branch of CIRC of ICAI in Lucknow on Saturday.
The report assessed YouTube's economic, societal, and cultural impact in India. It shows that YouTube’s growing creator ecosystem supported 6,83,900 full-time equivalent jobs in the country in 2020.
The gross domestic product (GDP) had expanded by 0.7 per cent in the corresponding period of 2020-21, according to the data released by the National Statistical Office (NSO).
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 provisional estimates released in May 2021, the GDP had contracted by 7.3 per cent during 2020-21 on account of the outbreak of COVID-19 and subsequent nationwide lockdown to contain the pandemic.
In its latest update of World Economic Outlook on Tuesday, the International Monetory Fund, which had in October last year projected a 9.5 per cent GDP growth for India, put the forecast for the next fiscal FY23 (April 2022 to March 2023) at 7.1 per cent.
Known for his frank views, Rajan also said the government needs to do more to prevent a K-shaped recovery of the economy hit by the coronavirus pandemic.
RBI Governor Shaktikanta Das said managing a durable, strong and inclusive recovery is the central bank's mission.
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