Wednesday, March 12

Tag: GDP

IMF raises India’s GDP growth forecast by 30 bps to 6.8% for FY25 | Economy & Policy News
16Apr By adminNo Comments
Business

IMF raises India’s GDP growth forecast by 30 bps to 6.8% for FY25 | Economy & Policy News

4 min read Last Updated : Apr 16 2024 | 11:34 PM IST The International Monetary Fund (IMF) on Tuesday raised India’s GDP growth projection for 2024-25 by 30 basis points to 6.8 per cent in its update to the World Economic Outlook (WEO), citing buoyant domestic demand. However, the fund’s estimate is below the 7 per cent growth projection by the government. “Growth in India is projected to remain strong at 6.8 per cent in 2024 (FY25) and 6.5 per cent in 2025 (FY26), with the robustness reflecting continuing strength in domestic demand and a rising working-age population,” the IMF said in its report. For India, according to the report, data and forecasts are presented on a financial year basis. For FY24, the IMF raised India’s GDP growth projection to 7.8 per cent, comp...
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Department of Culture and Tourism – Abu Dhabi to deliver Tourism Strategy 2030, to attract over 39 million visitors and contribute Dhs90 billion to UAE GDP
3Apr By adminNo Comments
Travel

Department of Culture and Tourism – Abu Dhabi to deliver Tourism Strategy 2030, to attract over 39 million visitors and contribute Dhs90 billion to UAE GDP

The first pillar, Offering and City Activation, looks to further enhance the overall guest experience by unveiling additional cultural sites, theme parks, retails offerings and new hotel chains. Overall boosting the emirate’s events calendar of year-round concerts, festivals, and family events. The dining landscape will diversify significantly, offering expanded options including the introduction of culinary schools and training programmes. DCT Abu Dhabi will also more than double its Promotion and Marketing efforts, expanding its international reach from 11 to 26 markets and enhancing synergy within Abu Dhabi’s tourism ecosystem. It will also establish strategic global partnerships with media outlets and well-known brands for high-profile collaborations, creating compelling, market-spec...
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BOE Money Printing to Cost UK as Much as HS2, Ex-Official Says
20Dec By adminNo Comments
Money

BOE Money Printing to Cost UK as Much as HS2, Ex-Official Says

The Bank of England’s quantitative easing program is on track to cost the UK taxpayer as much as the entire HS2 high-speed rail link that the government has scaled back on value-for-money grounds, according to a former BOE rate setter.Michael Saunders, who was on the Monetary Policy Committee between 2016 and 2022, said the £126 billion ($161 billion) “lifetime cost” to the taxpayer of central bank money printing, calculated using the government’s own official forecasts, is “similar to the full HS2 scheme adjusted to 2023 prices.” In October, Prime Minister Rishi Sunak scrapped the rail link’s northern leg as costs spiralled.
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Onions, Garlic & Now Arhar Dal: Food Inflation Keeps Derailing Benefits from Fast-Paced Economic Growth
13Dec By adminNo Comments
Business

Onions, Garlic & Now Arhar Dal: Food Inflation Keeps Derailing Benefits from Fast-Paced Economic Growth

Data shows that factory activity picked up in November but since inflation continues unabated, the benefits of an expanding GDP do not reach everyone as purchasing power is getting eroded. (Shutterstock)The latest data shows that in November, consumer prices rose 5.55 per cent (CPI inflation was 4.87 per cent in October), driven by a surge in vegetables, fruits, pulses and sugar pricesIn November, onions made consumers cry as retail prices hit Rs 100 for a kilo in many markets. This month, it is the turn of garlic, which is retailing at anywhere between Rs 300-400 a kg. Tuar (or arhar) daal, a staple in many states across the country, has become dearer month on month, with prices up by about Rs 40 per kg in the last one year. Chana (gram) daal is also on fire, with prices higher by at lea...
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All Sectors Contribute Significantly To High GDP Growth: FM Nirmala Sitharaman
8Dec By adminNo Comments
Business

All Sectors Contribute Significantly To High GDP Growth: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman. (File photo/News18)Finance Minister Nirmala Sitharaman said India continues to maintain the momentum of the fastest growing major economyFinance Minister Nirmala Sitharaman on Thursday said India continues to maintain the momentum of the fastest-growing major economy, with all sectors contributing significantly in economic activities.Replying to a short-duration discussion on the state of the economy in the Rajya Sabha, the minister also highlighted the various achievements of the Modi government since May 2014.“The second quarter growth was very high, it is the highest in the world. We continuously maintain that momentum of being the fastest-growing economy,” Sitharaman said.She further said that in just the last eight years, India has become the fift...
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Climate change threatens India’s agricultural backbone, impacting food security and economy
3Dec By adminNo Comments
Business

Climate change threatens India’s agricultural backbone, impacting food security and economy

A comprehensive analysis titled 'Impacts of Climate Change on Agriculture in India,' released today by Climate Trends, a Delhi-based climate thinktank, sheds light on the profound vulnerability of India's agrarian sector, which employs 40% of the country's labor force. The report underscores rising temperatures' detrimental effects, projecting a significant reduction in crop yields and a surge in food price inflation, reaching 11.51% in 2023.Climate trends unveils disturbing findings on India's agricultural vulnerability:The report collates scientific evidence and public data, revealing the escalating threat to India's agriculture, primarily linked to changing patterns in the summer monsoon season—an integral component of the nation's agrarian economy.Key findings include a 6% decline in ...
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5 Key Factors Why India’s Q2 GDP Growth Surpasses All Expectations
30Nov By adminNo Comments
Business

5 Key Factors Why India’s Q2 GDP Growth Surpasses All Expectations

India's gross domestic product (GDP) grew 7.6 per cent in July-September 2023 quarter.India's Q2 GDP at 7.6 per cent y-o-y surpasses all estimates, including that of the RBI MPCIn a surprise, India’s gross domestic product (GDP) in the July-September 2023 quarter stood at 7.6 per cent y-o-y, surpassing all estimates, including that of the RBI MPC. It is also way higher than the 6.2 per cent economic growth recorded in the corresponding period last year. Here’s how India’s Q2 GDP crossed all expectations:Manufacturing/ industrial output: The surprise was largely led by the manufacturing sector, with growth surging to a nine-quarter high of 13.9 per cent in Q2 from 4.7 per cent in Q1.Aditi Nayar, chief economist and head (research and outreach) at ICRA, said, “The growth in manufacturing se...
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Ireland’s Tax-Cutting Success Story – WSJ
2Nov By adminNo Comments
Business

Ireland’s Tax-Cutting Success Story – WSJ

By Stephen Moore and Steve ForbesEuropean Union officials and Treasury Secretary Janet Yellen are pushing for a global minimum corporate tax, and no wonder. High-tax countries are getting bled to death, while low-tax ones experience stunning growth.Ireland, whose economy grew by 12.5% last year—faster than any other European nation—is one of the greatest tax-cutting success stories of modern times. The Journal recently reported that Ireland is “swimming in money.” It’s a vivid example of the Laffer Curve, which shows that lower tax rates can result in faster growth and higher revenue. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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FinMin retains 6.5% GDP growth estimate for FY24, says ‘outlook bright’
22Sep By adminNo Comments
Business

FinMin retains 6.5% GDP growth estimate for FY24, says ‘outlook bright’

Holding that economic activities in July-September (Q2) are shaping up well, the finance ministry has kept its estimate for the country’s real gross domestic product (GDP) growth in 2023-24 (FY24) unchanged at 6.5 per cent. However, it has cautioned that the monsoon deficit in August could affect both kharif and rabi crops and said rising crude oil prices needed to be watched. In its Monthly Economic Review, the finance ministry said the risks were offset by bright spots in corporate profitability, private-sector capital formation, bank credit growth, and activities in the construction sector. “India’s economic outlook for FY24 remains bright. Economic activity maintained its momentum. HFIs (high-frequency indicators) suggest that the second q...
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