India’s gross domestic product has grown 6.3% in the second quarter of the current year, that is, 0.6 percentage points higher than that of the previous quarter.
If the growth rate is still far below than what was achieved in the past, the North Block is jubilant that the economy is coming out of a decelerating growth path.
Whether this could be treated as a turnaround is a debatable issue, but what must be encouraging is that the manufacturing sector’s growth, after nosediving in the first quarter, has given reason for future hopes. Manufacturing output has grown 7% in the second quarter against 1.2% in the first quarter.
Backed by an improvement in the ranking of ease of doing business earlier there was a general perception that a better investment scenario would now attract more funds to industries. In fact, the investment scenario changed significantly last year. After a sharp fall in 2015, proposed investment as also the number of industrial investment proposals filed increased significantly last year. The total number of industrial investment proposals signed increased from 1,998 in 2015 to 2,283 last year. The proposed investment in them increased by a huge 33% during the same period from ₹3.11 lakh crore to ₹4.14 crore.
These are only proposals and past experience shows that only a handful of them are actually implemented. But the fact remains that industries have shown faith in the economy to propose so many new units.
Even the foreign investors had turned upbeat last year. The total inflow of FDI increased about 18% last year from $39,326 million in 2015 to $46,402 million.
Denne historien er fra December 16-31, 2017-utgaven av BUSINESS ECONOMICS.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 16-31, 2017-utgaven av BUSINESS ECONOMICS.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
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.
