Gross Domestic Product: News

States' fiscal deficit for FY24 expected near 3.1% of GDP

Citi Research has forecast that the fiscal deficits of states for the financial year 2023-24 (FY24) will align with the original budgeted estimate of 3.1% of the Gross Domestic Product (GDP).

Moody's Analytics forecasts 6.1% GDP growth for India in 2024

Moody's Analytics has predicted a 6.1% growth rate for India's economy in 2024, indicating a slowdown from the previous year's expansion of 7.7%.

India's growth unlikely to match China's historic levels: Morgan Stanley

Morgan Stanley's Chief Asia Economist, Chetan Ahya, suggests that India may not match China's historic growth rates of 8-10%.

Arvind Subramanian questions latest GDP numbers, calls it 'mystifying'

Former Chief Economic Adviser to the Government of India, Arvind Subramanian, has called into question India's latest gross domestic product (GDP) figures, describing them as "mystifying" and not adding up.

India to become upper-middle-income nation by 2031: What it means 

India's economy is on track to grow by 6.8% in FY25 and achieve upper-middle-income status by 2031, as per rating agency CRISIL.

AAP announces Rs. 1,000 monthly assistance to all Delhi women 

The Delhi government on Monday announced the "Mukhyamantri Samman Yojna"—a scheme providing monthly assistance of Rs. 1,000 to all women over 18 years in the national capital.

Moody's raises India's GDP growth forecast for 2024 to 6.8%

Moody's Investors Service has raised India's GDP growth forecast for 2024 to 6.8%, up from 6.1% predicted in November 2023, due to increased government capital spending and a thriving manufacturing sector.

India's GDP grows by 8.4% in October-December quarter

The Union Ministry of Statistics and Programme Implementation has revealed the gross domestic product (GDP) figures for the October-December quarter.

More than 100 MPs may resign before UK parliamentary polls

The Conservative Party, under the leadership of United Kingdom (UK) Prime Minister Rishi Sunak, is allegedly on the brink of facing a mass exodus.

India's economy to grow above 6% this decade: Goldman Sachs

Goldman Sachs's India economist, Santanu Sengupta, predicts that India's economic growth could surpass 6% for the remainder of the decade.

US GDP exceeds expectations with 3.3% growth in Q4

The US economy showed its strength in the last quarter of 2023 with a GDP growth of 3.3%, convincingly beating the 2% prediction.

China's debt-to-GDP ratio reaches record high of 286%

China's debt-to-GDP ratio, a crucial measure of the country's debt compared to its economic output, has hit a record high of 286.1% in the last quarter of 2023, as reported by Bloomberg.

China's GDP grows 5.2% in 2023, exceeding government target

China's economy saw a growth of 5.2% in 2023, surpassing the government's target of around 5% yearly growth.

Germany's economy shrank 0.3% last year

Germany, the economic powerhouse of the eurozone, experienced its first economic contraction since the onset of the COVID-19 pandemic, according to official data released by Germany's Federal Statistical Office (Destatis) on Monday.

Government estimates India's GDP growth at 7.3% for FY24

India is predicted to see a 7.3% growth in its gross domestic product (GDP) for the fiscal year 2023-24, as reported by the Ministry of Statistics and Programme Implementation today.

India, world's fastest-growing economy, to grow at 6.2%: UN

India's economy is on track for a 6.2% growth in 2024, as per the United Nations World Economic Situation and Prospects (WESP) 2024 report.

India might remain fastest-growing major economy next year: Assocham

India is on track to retain its title as the world's fastest-growing major economy in 2024.

Indian economy is likely to grow by 6.7% in FY24

India's economy is predicted to grow by 6.7% in FY24, according to a median forecast of 11 economists, as reported by the Economic Times.

UK economy shrinks in Q3, raising recession fears

The United Kingdom's economy has shrunk by 0.1% in the third quarter, as per updated official data, raising concerns about a possible recession.

Decoding India's economic growth: Key contributing sectors and future outlook

India's economic performance has been impressive lately, marked by a solid 7.8% growth in the first quarter and sustained momentum with a strong 7.6% growth in the second quarter of the current fiscal year.

UK's economy shrinks by 0.3% in October

The United Kingdom's economy took an unexpected hit in October, with the gross domestic product (GDP) dropping by 0.3%, as reported by the UK's Office for National Statistics (ONS).

Axis Bank estimates India's potential growth to be around 7%

Axis Bank's Chief Economist, Neelkanth Mishra, predicts a robust 7% or higher GDP growth for India in FY24, despite potential global challenges that could slow down growth in FY25.

India's GDP crosses $4 trillion mark: Reports

India has made its way into the top four nations globally in terms of gross domestic product (GDP) after crossing the $4 trillion mark on Sunday, according to reports.

India's GDP to grow 6.5% in FY24, FY25: Morgan Stanley

Morgan Stanley Research on Monday forecasted a 6.5% economic growth for India in FY24 and FY25, attributing this growth to solid domestic fundamentals.

World Bank keeps India's GDP growth unchanged at 6.3%

The World Bank has opted to retain the economic growth forecast for India at 6.3% in the fiscal year (FY) 2023-24, despite the nation grappling with significant external challenges, Economic Times reported.

Xi Jinping's mysterious absence at BRICS Business Forum raises questions

Chinese President Xi Jinping's "unexplained" absence from a scheduled key speech at the BRICS Business Forum in Johannesburg, South Africa, has sparked rumors about his health and political standing.

India's current account deficit shrinks sharply to 0.2% of GDP

India's current account deficit (CAD) fell to $1.3 billion or 0.2% of the Gross Domestic Product (GDP) in the fourth quarter of the fiscal year 2022-23, per the Reserve Bank of India (RBI).

Sri Lankan president to visit India, may seek financial support 

Sri Lankan President Ranil Wickremesinghe is set to visit India on July 21 for the first time since the country's political chaos and economic crisis last year.

New Zealand slips into recession, currency drops

As per the government data published on Thursday, New Zealand reported a 0.1% drop in gross domestic product (GDP) in the first quarter, as its central bank decided to embark on one of the most aggressive rate hike cycles in the world.

Eurozone enters recession after GDP contracts for second consecutive quarter

After defying predictions of recession multiple times, the eurozone economy finally slipped into a technical recession in the first quarter of 2023.

Germany enters recession after a second consecutive GDP contraction

Germany, the biggest economy in Europe, shrunk in the first quarter of 2023 compared to the previous three months. The gross domestic product (GDP) fell 0.3%, thereby marking the country's entry into recession.

India to become world's fastest-growing economy in 2024: UN

India's economic growth is expected to be the fastest in the world in 2024 amid economic challenges faced by other South Asian nations, a new report by United Nations (UN) said.

Moody's is bullish on India's growth despite the declining GDP

Despite a slowdown in GDP growth in the third quarter of FY23, Moody's Investor Service has upped India's economic growth estimate for 2023.

India's Q3 GDP growth declines to 4.4% amid high inflation

India's GDP (gross domestic product) growth for the third quarter of the current fiscal slowed down. Per data released by the National Statistical Organization (NSO), the GDP growth for Q3 FY23 came in at 4.4%, compared to 6.3% in Q2.

Union Budget 2023-24: Here are the key highlights

Union Finance Minister Nirmala Sitharaman presented the Union Budget for the fiscal year 2023-24 on Wednesday.

Will Union Budget 2023 boost Indian economy, what to expect

Finance Minister Nirmala Sitharaman will present the Union Budget 2023 today at 11 am.

China's economy grows 3% in 2022, second-lowest in nearly 50yrs

China's economy in 2022 grew at the second slowest rate in nearly 50 years, raising concerns about the impact of the downturn on the global market, AFP reported.

World's biggest ship skips India amid lack of port infrastructure

The world's biggest ship, Ever Alot, couldn't dock in India as most coastal harbors aren't deep enough to handle vessels that huge.

India's economy 'resilient,' to grow 6.9% in FY23: World Bank

Upgrading India's gross domestic product (GDP) forecast from 6.5% to 6.9% for the current fiscal year, the World Bank on Tuesday termed India's economy as "more resilient" than 10 years ago.

Goldman Sachs lowers India's GDP forecast for 2023 to 5.9%

India will be third-largest economy by 2027, Morgan Stanley predicts

The future of the Indian economy seems promising as the global financial services giant Morgan Stanley predicted that the country will become the world's third-largest economy by 2027.

Amid global economic slowdown, India is in bright spot: IMF

The International Monetary Fund (IMF) claimed on Tuesday that India's economic growth was improving despite the global economic slowdown.

'2023 will feel like recession,' warns IMF amid economic downturn

The International Monetary Fund (IMF) warned on Tuesday that global growth may see a further drop in 2023 as economies worldwide struggle to deal with the Russia-Ukraine crisis fallout, AFP reported.

Monetary policy: RBI hikes repo rate by 50bps to 5.9%

The Reserve Bank of India (RBI) hiked the repo rate by 50 basis points (bps) to 5.9% on Friday, Governor Shaktikanta Das announced.

PM Modi to unveil much-awaited National Logistics Policy today

Prime Minister Narendra Modi is slated to launch the new National Logistics Policy (NLP) on Saturday.

India is world's fifth-largest economy, but has to outperform UK

In a significant achievement, India has surpassed the United Kingdom (UK) to claim the position of the 5th largest economy in the world, International Monetary Fund (IMF) said.

India nosedives to finish last in Environment Performance Index

India has fallen behind the rest of the world in terms of environmental performance.

RBI maintains lending rates; 7.8% GDP growth projected in 2022-23

The Reserve Bank of India (RBI) kept the repo rate unchanged at 4% for the 10th time in a row in its monetary policy review meeting on Thursday.

No plans to print currency notes: Sitharaman on economic crisis

The government has no plan to print currency notes to tide over the current economic crisis triggered by the outbreak of the COVID-19 pandemic, Finance Minister Nirmala Sitharaman informed Parliament on Monday.

Amid COVID-19 outbreak, India's GDP contracts 7.3% in FY2020-21

As the second wave of COVID-19 has disrupted regular life, India's Gross Domestic Product (GDP) contracted 7.3% in the financial year 2020-21, data shared by the government showed on Monday.

India exits recession, GDP grows 0.4% for Q3 2020-21

India's economy grew by 0.4% in the third quarter of the financial year 2020-21, government data released on Friday showed.

Sensex ends 1,939 points lower; NIFTY below 14,600

Domestic equity markets witnessed a strong downward trend on Friday, mirroring losses in other global markets.

India's 2020-21 GDP to shrink 7.7%, biggest contraction since 1952

India's economy is estimated to contract 7.7% in the fiscal year 2020-21, according to the first advance estimates released by the National Statistical Office (NSO), the Ministry of Statistics & Programme Implementation (MoSPI).

World may lose $11.5 trillion due to COVID-19, says study

Due to the impact of the COVID-19 pandemic, the global economy may lose $11.5 trillion, including $5 trillion to $5.6 trillion in Gross Domestic Product (GDP), a study has suggested.

Climate change may cost Indian GDP $200bn by 2030: Report

The worsening effects of climate change may pose a massive risk of $200 billion to India's GDP (gross domestic product) by 2030, revealed a report by McKinsey Global Institute (MGI).

In a first, India enters technical recession, says RBI

India likely entered into a technical recession for the first time in its history at the end of the first half of 2020-21, according to the Reserve Bank of India (RBI).

India's GDP contracts by 23.9%; first contraction in 40+ years

India's Gross Domestic Product (GDP) slipped by a sharp 23.9% in the first quarter (April-June) of the fiscal year 2020-21, according to data released by the National Statistical Office (NSO). This marks the first contraction in more than 40 years.

India's GDP growth rises to 4.7% in October-December quarter

India recorded a Gross Domestic Product (GDP) growth rate of 4.7% in the third quarter of the fiscal year 2019-2020, according to government data released on Friday.

India's GDP growth falls to 4.5%, lowest in 6.5 years

The Centre released India's gross domestic product for the second quarter of the fiscal year 2019-20.

India's manufacturing growth down to 15-month low in August: Report

Amid economic slowdown, India also witnessed a dip in manufacturing activity, which reached a 15-month low in August, as demand and output grew at the slowest rate in a year, a private survey reported today.

RBI leaves repo rate unchanged at 6.5% second-time in row

The Reserve Bank of India today left the repo rate unchanged while maintaining the stance of "calibrated tightening" of policy. The key rate remains unchanged at 6.5%.

RBI likely to keep interest rate unchanged on December 5

The Reserve Bank is likely to maintain status quo on interest rate in the upcoming monetary policy review on December 5 despite moderation in economic growth and easing inflation, suggested experts.

Chidambaram pokes fun at BJP for celebrating GDP data

Congress leader P Chidambaram poked fun at the BJP today over the GDP growth data, saying it did not warrant any jubilation by the ruling party.

Business Roundup: Here are today's top 5 business news

Missed today's business news? No problems, we have covered it all.

India back as world's fastest growing economy in December quarter

The Indian economy grew at 7.2% in the October-December period, restoring its status as the world's fastest-growing major economy. The growth reflects overall recovery due to good show by agriculture, manufacturing, construction sectors.

India's December quarter GDP growth likely to be 7%: Report

According to a recent report by Morgan Stanley, India's economic recovery is expected to have gathered momentum and GDP growth for the December quarter is likely to have accelerated to 7 percent.

CSO modifies base year for IIP, adds relevant items

The new base year for all-India Index of Industrial Production (IIP) has been revised from 2004-05 to 2011-12.

Understanding the Union Budget

The Union Budget is the annual financial statement mandated under Article 112 of India's Constitution. From this year, the Budget will be presented on Feb 1.

India's economy to grow 8%, agriculture 4%

Union Minister of State for Finance and Corporate Affairs Arjun Ram Meghwal said India's economy would grow 8% this fiscal while agricultural growth is expected to grow over 4%.

Conflicts straying Pakistan from critical socio-economic issues

India and Pakistan are facing some serious tensions primarily due to the recent conflicts along the border.

Erratic rains but food grain output up

Shortage of water in reservoirs and rainfall playing spoil-sport didn't adversely impact food-grain production.