Diabytes
Gross domestic product News
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GDP growth accelerated to 7.4 per cent on-year in the fourth quarter of last fiscal from 6.4 per cent in the previous quarter. Overall, GDP grew 6.5 per cent last fiscal (FY25).
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Budget 2025: Finance Minister Sitharaman proposed to reduce the capital expenditure target to Rs 10.18 lakh crore from Rs 11.11 lakh crore for this fiscal year.
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Inflation based on the Consumer Price Index (CPI) is likely to ease to 4.5 per cent on average in 2024-25 from 5.4 per cent in the previous year.
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MoSPI has decided to revise the release time for the Press releases of GDP estimates from 5.30 PM to 4.00 PM.
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In the broader market, the BSE SmallCap rose by 2.16 per cent, while the BSE MidCap climbed by 1.20 per cent.
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The growth rate in October-December helped take the estimate for the current fiscal to 7.6 percent.
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This comprised Rs 18.8 lakh crore of tax revenue (net), Rs 3.38 lakh crore of non-tax revenue, and Rs 34,219 crore of non-debt capital receipts.
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The Indian economy is recognized as a positive standout on the global stage, demonstrating robust performance in the initial half of FY24, marked by a significant 7.8 percent year-on-year growth in GDP during Q1FY24.
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The revenue in September 2023 was 10 percent higher than the GST revenue of Rs 1.47 lakh crore in the same month last year, the finance ministry said in a statement.
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However, compared to the 6.1 percent growth recorded in the January-March period of 2022-23, the GDP growth for the first quarter of 2023-24 was higher at 7.8 percent.
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Fitch further said that GDP growth in January-March was higher than expected, saying there has been a recovery in manufacturing after two consecutive quarterly contractions, a boost from construction, and an increase in farm output.
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Structural reforms will be important to deal with the pandemic's after-effects, said RBI.
RBI's Monetary Policy Committee had revised downwards real GDP growth for 2022-23 to 7.2 per cent in its April resolution.
Supply-side policy interventions could provide some offset.
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Ind-Ra has created two scenarios with respect to the FY23 economic outlook basis certain assumptions.
The government Capex, however, is unlikely to be dented.
Retail prices of petrol and diesel were on hold since early-November 2021.
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The growth in GDP during 2021-22 is estimated at 8.9 per cent as compared to a contraction of 6.6 per cent in 2020-21.
Nominal GDP or GDP at Current Prices in the year 2021-22 is estimated to attain a level of Rs 236.44 lakh crore, as against Rs 198.01 lakh crore in 2020-21.
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The agency said global growth is expected to slow this year as major economies see a withdrawal of monetary and fiscal stimulus.
The agency expects the nominal growth to come at 12-13 per cent.
Crisil said that frontloading infrastructure spending could bring about faster growth.
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As per the provisional estimates released in May 2021, the GDP had contracted by 7.3 per cent in 2020-21.
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For FY22, the Swiss brokerage anticipates growth to be higher than the consensus forecast of 8.4-9.5 per cent.
Credit Suisse does not provide absolute growth numbers in its forecast.
On the domestic front, the macroeconomic backdrop is supportive too.
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The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21.
The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year.
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In the first quarter, the Indian economy contracted 24.4 percent due to COVID-19 forced lockdown, and that heavily affected the manufacturing of essential goods and provision of essential services.
With ease in lockdown from June 8, the scenario remained bleak as several service sector industries were shut down.
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The global forecasting firm added it expects GDP to contract sequentially in the second quarter.
Oxford Economics said India's health system has collapsed in the worst-hit states, with even the national capital Delhi facing an acute shortage of oxygen and COVID-19 hospital beds.
In its last policy review, the RBI had projected a GDP growth rate of 10.5 percent for FY'22.
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