GDP data | Business Upturn

India’s GDP growth prediction reduced by 20 basis points to 5.9% by IMF’s latest forecast

News Desk — Tue, 11 Apr 2023 18:21:24 +0000

The International Monetary Fund (IMF) lowered its growth prediction for India’s fiscal year 24 economy by twenty basis points, bringing it down to 5.9 percent, in the Global Economic Outlook survey that it published on Tuesday. This most recent prognosis is lower than the projection made by the Central Bank of India, which was 6.4%. In spite of this, the analysis predicts that India will continue to have the highest economic growth of any country in the globe.

In addition, the IMF forecasts that India’s retail inflation would reach 4.9% in the fiscal year of 2024 and 4.4% in the fiscal year of 2025.

IMF Growth Forecast: 2023

USA🇺🇸: 1.6%
Germany🇩🇪: -0.1%
France🇫🇷: 0.7%
Italy🇮🇹: 0.7%
Spain🇪🇸: 1.5%
Japan🇯🇵: 1.3%
UK🇬🇧: -0.3%
Canada🇨🇦: 1.5%
China🇨🇳: 5.2%
India🇮🇳: 5.9%
Russia🇷🇺: 0.7%
Brazil🇧🇷: 0.9%
Mexico🇲🇽: 1.8%
KSA🇸🇦: 3.1%
Nigeria🇳🇬: 3.2%
RSA🇿🇦: 0.1%https://t.co/lvRdo3zKMV pic.twitter.com/mZOsBfCYS5

— IMF (@IMFNews) April 11, 2023

The International Monetary Fund (IMF) revised its projections for India’s economic growth for the 2024-25 fiscal year, bringing those projections down to 6.3% from 6.8%, which they had forecasted back in January of this year.

Despite the fact that the growth projections have been significantly revised downward, India is still expected to have the highest economic growth of any country in the world.

The International Monetary Fund (IMF) had previously anticipated in its annual report that the global economy would expand by 2.8% this year and 3% in 2024, which was a decrease of 10 basis points for each of its January predictions.

World Bank holds India as one of the fastest growing economies, predicting its GDP growth to climb 6.3% in FY24

News Desk — Tue, 04 Apr 2023 10:44:16 +0000

In its assessment of global economic prospects, which was issued on Tuesday, the World Bank predicted that India will see a current account deficit of 5.2% and a rise of 6.3% in GDP. According to the findings of the research, “due to contraction in expenditure on the basis of slower income, it is expected that India’s GDP growth would decelerate to 6.3 percent in FY24.” Even if there are some signs that growth is slowing down, the economy of India is nevertheless resilient, as stated in the flagship report that is published every two years by the World Bank.

On the other hand, in spite of significant challenges posed by the international environment, the study found that India is one of the world’s only economies that is growing at the quickest rate in the entire globe. The study conducted by the World Bank indicates that India’s overall growth is still robust and is anticipated to be 6.9% for the whole year, with a real GDP expanding 7.7% year over year during the first three quarters of the fiscal year 2022–2023.

In the financial year 2024, it is anticipated that the current account deficit would amount to 5.2% of GDP. According to the study, the annual rate of retail inflation in India would decrease to 5.2 percent in FY24 from its current level of 6.6 percent. “The primary factor that contributed to growth was robust domestic demand, which was bolstered by robust consumer spending among higher-income groups as well as better governmental investment.” According to the findings of the study, despite this fact, the rise of low-income groups’ consumer expenditure trailed behind that of their income.

According to the annual book published by the World Bank, it is projected that slower consumer growth and challenging external conditions would place limits on the economic expansion of the Indian nation. According to the research, the withdrawal of financial aid measures connected to the pandemic is anticipated to result in an increase in borrowing rates as well as a slower rise in revenue.

India’s GDP growth slows to 4.4% in the third quarter as compared to the 6.3% in the previous one

News Desk — Tue, 28 Feb 2023 13:45:40 +0000

According to Zee Business research, the economy is likely to have expanded 4.6 per cent in the period – the third quarter of the current financial year.

GDP at Base (2011-12) Prices in Q3 2022-23 is estimated at Rs 40.19 lakh crore, against Rs 38.51 lakh crore in Q3 2021-22, proving a growth of 4.4%. GDP at Current Prices in the third quarter 2022-23 is estimated at Rs 69.38 lakh crore, as against Rs 62.39 lakh crore in Q3 2021-22, giving a growth of 11.2%.

Real GDP or gross domestic product (GDP) at base (2011-12) prices in the year 2022-23 is estimated to reach a level of Rs 159.71 lakh crore, as against the First revised estimate of GDP for the year 2021-22 of Rs 149.26 lakh crore.

RBI had estimated the real GDP growth for 2022-23 at 6.8 per cent, with Q3 and Q4 ‘s growth at 4.4 per cent and 4.2 per cent, respectively. It had trimmed the growth projection for 2022-23 for the third time in December 2022.

Although GDP growth usually moderates in the third quarter, the bigger-than-projected drop has been triggered by high inflation, which forced the RBI to maintain a tighter monetary policy and hike key rates multiple times since May 2022.

Another possible factor that could be lowering India’s quarterly GDP growth is the fading of the pandemic-induced base effect, which had contributed to higher growth in FY22.