WITH INDIA’S GDP in the July-September 2023 quarter beating all estimates to record growth of 7.6 per cent, is India’s economic engine now firing on all cylinders?
Other data points are positive as well. Goods and Services Tax (GST) collections in November 2023 were 15 per cent up year-on-year at Rs 1.68 lakh crore despite fewer working days in the month due to Diwali. The S&P Global India manufacturing purchasing managers’ index (PMI), a bellwether for economic activity, rose from 55.5 for October to 56 for November.
Following the surge in the BSE Sensex, the market cap of stocks listed on the BSE rose above $4 trillion for the first time. Only four countries (the United States, China, Japan and Hong Kong) have higher market caps. The BJP’s victory in three assembly elections – Rajasthan, Madhya Pradesh and Chhattisgarh – has added momentum to Indian stocks ahead of the 2024 Lok Sabha poll.
With GDP growth for the first half of 2023-24 averaging 7.7 per cent, global and Indian financial institutions have upgraded their forecasts for India’s full-year GDP growth. State Bank of India now projects India will grow at seven per cent this fiscal. Morgan Stanley projects 6.9 per cent growth in 2023-24. Barclays, Citigroup and Bank of Baroda forecast full-year growth at 6.7 per cent.
The Reserve Bank of India (RBI) has cautiously stuck to its prediction of 6.5 per cent growth in 2023-24. But for that to happen, growth in the second half of this fiscal – October 2023 to March 2024 – would need to fall to 5.3 per cent. That is unlikely to happen, even assuming the most pessimistic scenario of a spike in crude oil prices to $100 a barrel and further trade disruption due to the Russia-Ukraine war which, as sub-zero winter temperatures set in, is likely to remain stalemated.
Diese Geschichte stammt aus der January 13, 2024-Ausgabe von BW Businessworld.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der January 13, 2024-Ausgabe von BW Businessworld.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
SHAPING INDIA'S ENTREPRENEURIAL LANDSCAPE: KEY INITIATIVES AND CHALLENGES AHEAD
THE Hon'ble Finance Minister made history in July 2024 by presenting her seventh budget, surpassing the record previously held by Morarji Desai. Beyond this historic milestone, the budget stood out for its trans-formative measures aimed at fostering India's entrepreneurial ecosystem.
BUDGETING IN UNCERTAIN TIMES
AFTER last year's parliamentary elections, the Budget for FY2026 was presented in July 2024, which provided a glimpse of the government's priorities. In a few weeks, the government of India (GoI) will table the Union Budget for FY2026, which is expected to expand on these plans, and provide the new medium-term fiscal path as well.
A VISION FOR 'VIKSIT BHARAT'
INDIA stands at the threshold of a transformative journey toward 'Viksit Bharat' by 2047.
Constitutional Musings
A LEGAL DOCUMENT, even if it sets down the constitution of a country, is at the end of the day, just that – a document.
Turning Stress into Strength: A Path to Purposeful Living
Khera on transforming stress into strength, fostering resilience, purpose for meaningful living, and other insights from his new book Live While You're Alive
BUDGETING FOR BETTER FUTURE
AFFORDABILITY challenges persist for homebuyers; tweaking tax relief on home loans and capital gains in the Union Budget could significantly improve housing accessibility.
"NORTH AMERICA IS OUR LARGEST MARKET
Sona Comstar fully supports the government's vision for localisation and self-reliance in manufacturing under the PLI scheme, asserts SUNJAY KAPUR, Chairman, Sona Comstar & Deputy Chairman, CII Northern Region, during a chat with ASHISH SINHA. Excerpts from the interview
MAHAKUMBH 2025
NOTWITHSTANDING the never ending debate about the beginning of the festival - year and founder - and the dates when it is to be held, there's general agreement that it was started by the 8th Century vedic scholar, philosopher, saint and teacher of Advaita Vedanta Adi Shankara Acharya and that the 12 yearly celebration dates are synchronised with every completed revolution of the planet Jupiter (Brahaspati); also that the venue is mostly in the river bank towns of Prayagraj (Allahabad) at the confluence of Ganga, Yamuna and the mythical invisible Saraswati, Haridwar (Ganga), Nasik (Godavari) and Ujjain (Shipra).
CATALYSING INDIA'S DIGITAL-FIRST ECONOMY: THE SMART WEARABLES PERSPECTIVE
INDIA'S electronics industry is set to play a key role in the nation's economic growth with domestic production expected to reach $300 billion by 2026.
"THE DELHI MODEL OFFERS THE SUREST ROAD MAP TO BUILDING A DEVELOPED INDIA"
JASMINE SHAH, then vice-chairman of the Delhi government think-tank, the Dialogue and Development Commission, conceived the idea of writing a book about the Delhi Model of governance while Aam Admi Party (AAP) convenor and Delhi's former chief minister Arvind Kejriwal and his former deputy chief minister Manish Sisodia were both at Tihar Jail for the alleged liquor scam in the state. By the time The Delhi Model – A Bold Road Map to Building a Developed India was released, campaigning for the Delhi legislative assembly elections were in full swing. The AAP leader though, stole some time out to discuss the book with BW Businessworld 's Madhumita Chakraborty. Excerpts:
