The UN report ‘The World Economic Situation and Prospects as of mid-2023’ published last May was even more optimistic about India’s growth prospect. India's GDP is expected to grow by 6.7% in the calendar year 2024, supported by resilient domestic demand, according to the report which suggested that higher interest rates and weaker external demand will continue to weigh on investment and exports this year for the country.
There are several factors which are contributing to India’s higher growth dynamic, but probably the most important of them has been its stable and growing financial sector. India’s growth resilience has been supported by its well-performing financial sector. The banking sector has done remarkably well last year against the financial turmoil experienced by the advanced economies. Heightened uncertainty persists in the global economy due to fragility in certain banking systems, geopolitical tensions, and moderating but elevated inflation world over.
Only a few months ago the world’s biggest economy, the US saw some of its big banks failed. On March 10, 2023, Silicon Valley Bank (SVB) failed after a bank run, marking the third-largest bank failure in the United States’ history and the largest since the 2007–2008 financial crisis. It was one of the three bank failures, along with Silvergate Bank and Signature Bank, in March 2023 in the US.
In March 2023, Switzerland’s Credit Suisse bank collapsed following several years of scandals. It was purchased by the Swiss rival MBS without shareholders’ approval. Switzerland will now have only one major banking institution and the country’s reputation for banking stability is shaken.
NPA ratio down to a decadal low
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Deposit shortage: challenges facing India's banking ecosystem
In any macroeconomic framework, the household sector plays a critical role as a driver consumption, savings, and overall economic activity.
India's future dreams in Semiconductors & AI
A midst the gloom of the RG Kar affair or the Tirupati laddu scam or even the continued terrorist attacks in Jammu & Kashmir, even after the completion of the first general election in the state, we find hope and encouragement when the founder of Nvidia, Jensen Huang, in his recent visit to India says \"India will be a gigantic opportunity for us\".
The Ramayana: Justice and Modern Man
Consisting of Twenty-Four Thousand worthy Sanskrit verses, the Ramayana is one such epic, which provides a pathway to one committed to justice to establish himself as an ideal human being by following the exemplary life of its hero.
Vallabhbhai Patel: A Sardar of Farmers, A Matchless Social Reformer and the Maker of United India
Sardar Vallabhbhai Patel was instrumental in unifying the princely states to form the Union of India.
Understanding Prosperity: NOBEL Prize awarded for groundbreaking research on institutions and economic development
The Royal Swedish Academy of Sciences has awarded the Memory of Alfred Nobel to three US-based economistsDaron Acemoglu, Simon Johnson, and James A. Robinson\"for their studies on how institutions are formed and affect prosperity.\"
Sinking Resources: Groundwater crisis and sustainable solutions in Kolkata
Kolkata's underground water crisis is becoming a serious issue, driven by rapid urbanization and the construction of high-rise buildings.
Tourism Industry positively impacted by the festive season
Diwali transforms streets into a spectacle of festive lights, Diwali transforms streets into olis, and families gearing up for grand celebrations.
RBI's Shift to a Neutral Stance: Signaling a New Phase in Monetary Policy
For over a year, the Reserve Bank of India (RBI) has taken a firm stance against inflation, raising interest rates by 250 basis points between May 2022 and February 2023 in response to post-pandemic price pressures.
UK Budget
There _ he latest UK budget represents a departure from previous fiscal documents.
Han Kang's Historic Nobel Prize Win
The 2024 Nobel Prize in Literature has been awarded to T South Korean writer Han Kang, 53, known for her works including The Vegetarian, The White Book, Human Acts, and Greek Lessons.
