India’s forex reserves drop by $2 bln to $646.67 bln
India’s forex reserves dropped by $2.027 billion to $646.673 billion for the week ended May 24, the Reserve Bank said on Friday.In the previous reporting week, the kitty had reached an all-time high of $648.7 billion after a jump of $4.549 billion. For the week ended May 24, foreign currency assets, a major component of the reserves, decreased by $1.51 billion to $567.499 billion, the data released on Friday showed.
India’s fiscal deficit in FY24 recorded 95.3% of the target
India’s fiscal deficit in the financial year ended March 31 was 95.3% of the target, data showed on Friday.
Adani Ports signs a 30-year concession pact to operate a terminal at Dar es Salaam Port in Tanzania
Adani Ports signs a 30-year concession pact to operate a terminal at Dar es Salaam Port in Tanzania, said company in a statement.
Eight key infra sectors growth rises to 6.2 pc in April
Eight key infrastructure sectors’ growth rose to 6.2 per cent in April on healthy expansion in the production of natural gas, refinery products and electricity, according to official data released on Friday. The production of eight sectors grew by 6 per cent in March. The growth of these core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — was 4.6 per cent in April 2023. The official data showed that fertiliser output recorded negative growth in April.
India’s economic growth in Q1 FY24
In the first quarter of FY24, India’s GDP rose by 7.8 per cent. The economy benefited from the front-loading of capital expenditure (capex) by the Centre and a pick-up in demand after two consecutive weak quarters.
Capital formation is expected to remain robust: Madan Sabnavis, chief economist, Bank of Baroda
“Supported by the central government and state governments as they look to complete the investment cycle, capital formation is expected to remain robust. Also, there are signs of green shoots in private capex as well. Overall, investment in Q4 is expected to remain robust and lead overall growth to 7.2 per cent in Q4,” said Madan Sabnavis, chief economist, Bank of Baroda.
What was India’s economic growth in Q2 FY24?
India’s GDP registered a 7.6 per cent growth rate in the July-September quarter of FY24. This marked a rise from the 6.2 per cent growth rate in the same quarter the previous year and also surpassed the projections made by the RBI’s Monetary Policy Committee (MPC).
What was India’s growth rate in Q3 of FY24?
India’s GDP growth rate for the third quarter of FY24 was at 8.4 per cent. This figure significantly exceeded the RBI estimate of 6.5 per cent, as reported by the National Statistical Office (NSO) of MoSPI.
GDP expansion will moderate to a four-quarter low 6.7 per cent in Q4: Chief economist at ICRA Ratings
“Some listed FMCG players pointed to recovery in the rural economy, particularly in the non-food segment, in Q4. This can be partly attributed to the uptick in demand during the marriage season as well as a low base. Additionally, urban consumption is expected to have remained robust, albeit uneven. It is projected that GDP expansion will moderate to a four-quarter low 6.7 per cent in Q4,” Aditi Nayar, chief economist at ICRA Ratings, said.
Growth would moderate to 7.1 per cent in Q4: IDFC Bank chief economist
“In Q4, some signs of recovery are visible in rural demand with fast-moving consumer goods sales growth (volumes) in rural areas exceeding those in urban areas for the first time in two years. Two-wheeler sales growth remains strong for the second consecutive quarter. However, urban consumption, which has been the key support for private consumption, remains mixed in Q4, with slowdown in FMCG sales growth (volume). That said, other indicators have held up, such as passenger-vehicle sales, luxury items and electronic payments indicators. Our estimate is that growth would moderate to 7.1 per cent in Q4,” said Gaura Sen Gupta, chief economist, IDFC Bank.
Q4 GDP data LIVE updates: Reserve Bank of India’s GDP predictions
According to RBI’s projections, the Indian economy will grow at 7 per cent in the current financial year, maintaining its position as the fastest-growing major economy globally. This growth is supported by the sustained strengthening of macroeconomic fundamentals. The RBI has forecast a 6.9 per cent growth in real GDP for Q4FY24 in its monetary policy meeting in April.
Q4 GDP data LIVE updates: Growth in manufacturing could moderate in Q4, says India Ratings analyst
“Though growth in manufacturing is expected to moderate in Q4, it will still be high,” said Paras Jasrai, senior economic analyst, India Ratings. “It is being led primarily by strong growth in companies’ profits due to still prevailing low commodity prices. However, lower growth in manufacturing IIP (index of industrial production) volumes suggests growth in manufacturing GVA (gross value added) is likely to have eased in Q4. Overall, it is expected growth would have eased to 6.2 per cent in Q4,” said Jasrai.
Q4 GDP LIVE updates: India’s GDP growth in Q4 likely slowed to at least a four-quarter low
Five people dead in Uttar Pradesh because of difficult weather conditions
Five people including two minors were killed in separate incidents caused by the adverse weather conditions in Uttar Pradesh in the last 24 hours, police said.
According to police, three people were killed in Shahjahanpur after a temporary shed fell on them due to strong winds, while two people allegedly died due to heat stroke.
Karnataka HC adjourns hearing on plea filed by HD Revanna till June 3
The Karnataka High Court today adjourned the hearing on the plea filed by Prajwal Revanna’s father and lawmaker HD Revanna for quashing of an FIR related to a kidnapping case until June 3. The case is filed in KR Nagara police station against HD Revanna and others for the abduction of a victim of sexual assault by Prajwal Revanna.