GDP
India's GDP growth towers over several economies, says chief economic adviser
"India’s quarterly GDP growth towers over that of many other economies.The government and the RBI are comfortable in holding on to their 2023-24 GDP growth forecast of 6.5 per cent," chief economic adviser V Anantha Nageswaran said, while reacting to the GDP numbers.
India's GDP growth stands at 7.8% for first quarter of 2023-24, lesser than RBI's estimate of 8%
However compared to 6.1 per cent growth recorded in January-March period of 2022-23, the GDP growth for the first quarter of 2023-24 was higher at 7.8 per cent.
Adding 100 mn skilled Indians to the workforce can increase GDP by 20%: Report
Almost 50 per cent of India’s young informal workforce and those outside it are willing to upskill to bridge India’s employability gap, according to the report by investment firm Omidyar Network India with research partner Redseer.
RBI retains repo rate at 6.5%, GDP projected at 6.5%
Announcing the decision of the MPC after its three-day deliberations, RBI Governor Shaktikanta Das said on Thursday that the committee unanimously decided to keep the repo rate at 6.5 per cent. Das said taking into account the economic factors, the MPC has predicted GDP growth at 6.5 per cent in FY24.
Sustained selling by FIIs of Rs 10,437 cr during last eight sessions
In the near term the spike in the US 10-year bond yield above 4 per cent has triggered selling by FIIs who might be moving some money to the US bonds. The domestic market construct continues to be resilient. Thursday's US CPI inflation print will be keenly watched by markets, he said.
Buoyancy in markets fulled by sustained FPI investments
Results have been a mixed bag. The buoyancy in the markets is spearheaded by FPIs who have been pouring money into the markets on a sustained basis. Barring a brief period when they were selling in India to buy stocks in China, the situation has now reversed completely.
Personal consumption, residential investments would grow slowly in FY24
Household NFS had fallen to a three-decade low of 6 per cent of the GDP in FY23E, almost half of the peak in FY21 and down from 7.5-8.0 per cent of the GDP in the pre-Covid period. Due to weak income growth and an assumed rise in NFS, personal consumption and/or residential investments growth would grow slowly in FY24, which could disrupt the retail lending boom this year.
India's growth trend expected to soften from Sept quarter
Capex growth has largely held up on higher government (Centre and state) capex and strong demand for residential real estate. However, the pick-up in private corporate capex remains gradual on weak goods export demand and global growth uncertainty. Finally, while India's goods exports have contracted for the past five months, services exports have remained largely stable, it said.
Excesses in UPA era led to current govt inheriting weak economy with several institutions in distress
India has now moved up to the 5th rank in GDP globally compared to 10th in 2014; the per capita income rank, while still lagging at 127th, has improved from 147th in 2014, the report said. Landmark reforms such as GST mark this phase, and inflation control has also been remarkable. This has been led by lower MSP hikes, a lucky break on the crude/commodity price and prudent measures during the Covid-19 pandemic.
‘Magnificent 7’ stocks make up close to $ 11 trillion in market capitalisation, half of US GDP
These top seven stocks, Amazon, Apple, Alphabet, Meta Platforms, Microsoft, Nvidia and Tesla, are called as the ‘Magnificent Seven’. The Top 7 stocks drove 73 per cent of S&P 500 gains in 1H, each up 90 per cent on average in 1H. These have a market capitalisation of roughly equivalent to half of US GDP.
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