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[ad_1] New Delhi:  The country's per capita income is likely to grow by close to 70 per cent to $4,000 by fiscal 2030 from $2,450 in fiscal 2023, helping it become a middle-income economy with $6-trillion GDP, more than half of which will be coming in from household consumption, says a research report. Per capita income/GDP has risen from USD 460 in fiscal 2001 to USD 1,413 in fiscal 2011 and further to USD 2,150 in fiscal 2021. The biggest growth driver will be external trade which may nearly double to $2.1 trillion by 2030 from $1.2 trillion in fiscal 2023 when the GDP printed in at $3.5 trillion, Standard Chartered Bank said in a weekend report which assumes a 10 per cent nominal GDP growth annually from now on. According to the report, the second-biggest growth driver will be household consumption which is seen jumping to $3.4 trillion by fiscal 2030—which as big as the current size of the GDP—from $2.1 trillion in fiscal 2023. Household consumption is as much as 5...

[ad_1] NEW DELHI: Prime Minister Narendra Modi has said that India's economic growth is a “natural by-product” of his nine-year-old government's political stability, as he expressed optimism that it will be a developed nation by 2047 with "corruption, casteism and communalism" having no place in our national life. In an exclusive interview with PTI late last week, the prime minister also stressed on the need for timely and clear communication of policy stance by central banks, and policy actions by each country in their fight against inflation so that it can prevent negative repercussions on others countries. While most advanced economies are facing an economic slowdown, chronic shortages, high inflation, and ageing populations, the Indian economy is acknowledged to be the fastest-growing large economy with the largest youth population. "For a long time in world history, India was one of the top economies of the world. Later, due to the impact of colonisat...

[ad_1] 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. [ad_2] Source link https://worldnews2023.com/business/indias-gdp-growth-stands-at-7-8-for-first-quarter-of-2023-24-lesser-than-rbis-estimate-of-8/?feed_id=304581&_unique_id=665992e3898be

[ad_1] Curated By : Saurabh Verma Last Updated: September 15, 2023, 23:18 IST The ministry further said critics want to latch on to anything that does not paint the Indian economy in a good light. (File: Finance Ministry) India’s gross domestic product (GDP) grew at four-quarter high of 7.8 per cent y-o-y during the April-June 2023 quarter (Q1 FY24) as compared with the 6.1 per cent growth registered in the preceding quarter ended March 2023 Amid criticism by certain sections on India’s GDP data, the Ministry of Finance on Friday said it is wrong to look at the underlying economic activity based on GDP indicators alone. India’s gross domestic product (GDP) grew at four-quarter high of 7.8 per cent y-o-y during the April-June 2023 quarter (Q1 FY24) as compared with the 6.1 per cent growth registered in the preceding quarter ended March 2023, according to the latest official data released last month. The Finance Ministry said Indian GDP data are not seasonally adjusted, ...

[ad_1] The Reserve Bank of India (RBI) has maintained its GDP growth projection for the fiscal year 2023-24 at 6.5%, with Governor Shaktikanta Das noting that the Indian economy and financial sector remain resilient amidst global challenges. The RBI's Monetary Policy Committee (MPC) anticipates that growth will fluctuate throughout the year, with an expected surge to 8% in the first quarter before tapering off to 5.7% by the final quarter. These projections suggest a robust start to the fiscal year followed by a gradual slowdown. In a vote of confidence for the nation's economy, Mr Das said, "Indian economy and financial sector stand strong and resilient amidst unprecedented global headwinds." This optimism is reflected in the central bank's decision to keep the repo rate unchanged at 6.5%, reinforcing the stability of the nation's monetary policy. The MPC is focusing its efforts on the withdrawal of accommodation of policy stance, indicating a possible ...