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May 2, 2024 5:48 PM

India to grow at 6.6 per cent over next two years, driven by public sector demand: OECD

India's GDP is expected to grow by 7.8 per cent in the concluded financial year 2023-24, with a projection of 6.6 per cent growth over the next two fiscal years, according to latest Economic Outlook report from OECD. The report cautions that global near-term developments could pose challenges to achieving higher growth. According to the report, India's domestic demand will be driven by gross capital formation, particularly in the public sector, while private consumption growth is expected to re...

April 23, 2024 10:31 PM

UK to spend 2.5% of GDP on defence by 2030, says Sunak

Prime Minister Rishi Sunak said on Tuesday he would lift defence spending to 2.5% of GDP a year by 2030, saying the British arms industry must be on a "war footing" when the world is at its most dangerous since the Cold War.   Standing alongside NATO leader Jens Stoltenberg, Sunak said Britain would spend an additional 75 billion pounds ($93 billion)over six years to increase the production of munitions and drones, making Britain the second-largest defence spender in NATO.   He said one of...

April 16, 2024 9:01 PM

IMF boosts India’s 2024 growth forecast

The International Monetary Fund (IMF) in its latest outlook raised India's growth projections for 2024 from 6.5 per cent to 6.8 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies.   For the year 2025, the IMF maintained India's growth rate at 6.5 per cent. It attributed robustness and strength in domestic demand and a rising working-age population behind its growth projections.   Countries with a current demographic dividend could...

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