gdp

December 12, 2024 12:53 PM

India’s $2.2 trillion infrastructure drive to fuel $7 trillion economy by 2030, boosting private investment

An estimated $2.2 trillion investment in infrastructure development is crucial for India to expand its GDP to $7 trillion by 2030, according to a report released on Thursday. To achieve this ambitious economic size, India’s economy must grow at a compounded annual growth rate (CAGR) of 10.1% between 2024 and 2030, as highlighted in the report by Knight Frank India. The report estimates that the investment opportunity for private sector participation in India’s infrastructure development ra...

December 2, 2024 10:37 PM

Govt updates forest cover data and implements forest conservation amendments

The Ministry of Environment, Forest and Climate Change has announced a significant update in its assessment of the country's forest cover. The Forest Survey of India (FSI) will now use the updated base year of 2022-23 for compiling the Gross Domestic Product (GDP) and forest cover data, replacing the previous base year of 2011-12. The assessment of forest cover, which is conducted biennially, shows that India’s total forest cover now stands at 7,13,789 square kilometers, accounting for 21.71%...

December 2, 2024 10:08 PM

Government to update GDP base year to 2022-23

The Government of India has announced its decision to revise the base year for the calculation of Gross Domestic Product (GDP) from 2011-12 to 2022-23, marking a significant update to the country’s national accounting framework. An Advisory Committee on National Accounts Statistics (ACNAS) has been constituted to facilitate the transition. The committee includes representatives from central and state governments, the Reserve Bank of India, academia, and research institutions. Its primary rol...

November 29, 2024 9:09 PM

Manufacturing and services to dominate workforce and GDP by 2047: report

The ASSOCHAM-Egrow report has projected that India’s economic transformation by 2047 will be driven by the manufacturing and services sectors, which are expected to employ 67% of the workforce and contribute 75% of the country’s GDP. This shift underscores India's continued transition toward a service- and manufacturing-led economy, moving away from its traditional reliance on agriculture. According to the report, India’s nominal GDP is forecasted to surge from $3.5 trillion in 2023 to $2...

November 29, 2024 5:37 PM

India records 5.4% GDP growth in Q2, remains the fastest growing major economy

India’s economy recorded a 5.4% GDP growth for the second quarter (July-September) of the current fiscal year, according to data released by the Ministry of Statistics. Despite challenges in sectors like manufacturing, which saw a growth rate of just 2.2%, and mining, which contracted by 0.1%, the overall economic growth remains robust. The Real Gross Value Added (GVA) for the first half of FY 2024-25 stands at a commendable 6.2%, highlighting strong growth momentum. Agriculture and allie...

October 23, 2024 11:41 AM

IMF retains India’s GDP growth at 7%, warns of new global risks

The International Monetary Fund (IMF) on Tuesday maintained its projection for India’s GDP growth at 7% for the current fiscal year ending March 31, 2025. The latest estimates, published in the IMF’s World Economic Outlook (WEO), also forecast India’s growth rate to moderate to 6.5% in the fiscal year 2025-26. "In India, the outlook is for GDP growth to moderate from 8.2 per cent in 2023 to 7 per cent in 2024 and 6.5 per cent in 2025, because pent-up demand accumulated during the pandemic...

October 15, 2024 9:10 PM

Bangladesh GDP growth to decelerate to 4% in FY25: World Bank

Bangladesh's recovery from the COVID-19 pandemic continues to be impacted by high inflation, a balance of payments deficit, financial sector vulnerabilities, and increasingly limited job opportunities for its youth—particularly women and educated young people—the World Bank said on Tuesday. The latest Bangladesh Development Update highlights how global and domestic factors have created a challenging macro-fiscal environment. Bangladesh's real GDP growth slowed to 5.2% in FY24, driven by wea...

October 10, 2024 10:33 AM

Rate cut with 7% growth unprecedented in India or globally: SBI report

Following the Reserve Bank of India's (RBI) forecast of over 7% GDP growth for the entire financial year 2024-25, a recent State Bank of India (SBI) report has highlighted that such a scenario of rate cuts accompanying high growth rates has rarely, if ever, occurred in India or globally. Despite the strong economic growth momentum, the SBI report raises whether the RBI is setting the stage for a potential rate cut. "Perhaps a 7% growth with a rate cut has never happened in India's history or i...

October 4, 2024 12:04 PM

Government confident of meeting fiscal deficit target for FY25, says Finance Minister Sitharaman

Union Finance Minister Nirmala Sitharaman on Friday reaffirmed the government's commitment to reducing the fiscal deficit from 5.6 percent of GDP in FY24 to 4.9 percent in FY25. Speaking at the Kautilya Economic Conclave, Sitharaman said that the government is optimistic about maintaining fiscal discipline due to improved revenue collections. The quality of government expenditure has improved, with a focus on capital outlays. The Finance Minister announced a 17.1 percent increase in capital ex...

September 16, 2024 5:22 PM

Economic Survey 2024: Social Welfare Push for Inclusive Growth

The Economic Survey 2023-24 highlights the government's sincere efforts towards inclusive growth through its focus on social welfare. These efforts aim to improve capabilities and enhance opportunities for the underprivileged sections of society. The survey emphasizes increased expenditure on social services, a sharp decline in multidimensional poverty, and a reduction in income inequality and the rural-urban divide. The expenditure on social services has seen a substantial rise, increasing fr...