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RBI Governor Forecasts India's Consistent Path to 8% GDP Growth
He was said to be speaking at the 188th AGM of Bombay Chamber of Commerce & Industry, where he noted that in the past three years, India had clocked an average growth of 8.3% and is currently projected at 7.2%. He added that the country has a very robust growth momentum and is likely to grow at 8% steadily in future.
India's Manufacturing Sector Set to Surge: Projected $1.66 Trillion Market by FY34, GDP Share to Reach 21%
These projections estimate that the share of manufacturing in GDP increased from 14% in FY 24 to around 21% in FY34. According to DSP Mutual Fund, this increase can be attributed to lowered logistics costs and infrastructure development. On the optimistic side, investments in infrastructure are likely to rise from 33 percent of GDP in FY24 to 36 percent by FY29, which may trigger the broader economic benefits.
India's Current Account Deficit Shrinks to 0.7% of GDP Amid Strengthening Economy
The falling CAD mirrors an improving set of fundamentals for India, with the country closing out the financial year to March 31 by adding $63.7 billion to its foreign exchange reserves.
CII Forecasts India's GDP Growth to Reach 8% in 2024-25
Puri stated that the agricultural sector, which was worst hit because of erratic weather conditions last year, will be making a smart comeback helped by normal monsoon forecast, which will boost rural consumption and thereby economic growth.
India to Lead Global Growth with 6.7% GDP Increase Over Next Three Years: World Bank
In its 'Global Economic Prospects' report, the World Bank kept the growth forecast for India at 6.6% for FY25 and said the nation will remain the fastest among world majors but the pace of expansion might ease a bit. "After the high growth rate of FY 2023/24, the trend growth for the three years from FY 2024/25 is projected to be 6.7 percent on an average," said a report released by the bank.
India has a substantially lower debt-to-GDP ratio than the US, Japan, France, and the UK, Sitharaman
This is very low compared to countries such as Japan, Italy, the USA, France, and the UK. These countries have much higher levels of debt. Besides, Sitharaman pointed out that the growing concern about the rising sovereign default risks in the world, where almost 60 countries were at high debt levels by 2022, from 22 in 2011.
Strong Potential for 8% GDP Growth in FY24, Says CEA
During the third quarter ending December 2023, India's gross domestic product (GDP) expanded by 8.4 percent. Preceding this, the GDP growth rates were 7.6 percent in the second quarter and 7.8 percent in the first quarter of the fiscal year.
India's Per Capita GDP Surges Ahead, Defying Pre-2014 Decline Against Peers
Intriguingly, India's GDP growth has impacted not only per capita income, an indicator of one's living standard, but has also gone ahead to add an increase to India's per capita GDP. For instance, the per capita GDP for India in 2004 was US$ 635, being 35 percent of the average US$ 1,790 per capita GDP of 150 emerging market and developing economies, including its peers, China, Russia, and Brazil.
RBI Forecasts India's GDP Growth Exceeding 7 Percent
The bulletin underscores the favorable conditions paving the way for a sustained upward trajectory in India's real GDP growth. This optimistic outlook is underpinned by robust investment demand and a buoyant atmosphere among businesses and consumers alike.
India's Potential: Sustainable 7% Growth Within Reach, Asserts RBI MPC Representative Shashanka Bhide
For the fiscal year 2023-24, the economy is poised to grow at nearly 8 percent, driven by robust performances in the manufacturing and infrastructure sectors.
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