Tag: indian economy

World Bank projects Indian Economy to grow by 7.5% in 2024 NEW DELHI: The World Bank has revised its projection for the Indian economy's growth in 2024 to 7.5 per cent, up from the earlier estimate of 6.3 per cent. The overall economic growth in South Asia including countries like Pakistan, Sri Lanka and India, is expected to achieve a growth rate of 6 per cent in 2024. This growth is driven by India’s robust performance and recoveries seen in Pakistan and Sri Lanka. The World Bank’s report stated, ”In India, which accounts for the bulk of the region's economy, output growth is expected to reach 7.5 per cent in financial Year 2023-24 before returning to 6.6 per cent over the medium term, with activity in services and industry expected to remain robust.” The report highlighted that the Bangladesh’s economy is expected to grow by 5.7 per cent in the fiscal year 2024-25. However, high inflation and trade restrictions might limit economic activity in the country. Pakistan’s economy is poised to rebound with a growth rate of 2.3 per cent in financial year 2024-25, following a contraction in the previous year. This growth is attributed to the improvement in business confidence. Similarly, Sri Lanka is expected to see a modest recovery with an output growth of 2.5 per cent in 2025. While the short-term growth prospects for South Asia seem promising, there are concerns regarding fiscal stability and the increasing impact of climate change on the region. Martin Raiser, World Bank Vice President for South Asia, mentioned, “South Asia's growth prospects remain bright in the short run, but fragile fiscal positions and increasing climate shocks are dark clouds on the horizon. To make growth more resilient, countries need to adopt policies to boost private investment and strengthen employment growth.” "South Asia is failing right now to fully capitalise on its demographic dividend. This is a missed opportunity," said Franziska Ohnsorge, World Bank Chief Economist for South Asia.

World Bank projects Indian economy to grow by 7.5% in 2024

NEW DELHI: The World Bank has revised its projection for the Indian economy’s growth in…

Indian economy has witnessed profound positive transformation over the past decade: Sitharaman in budget speech NEW DELHI: Nirmala Sitharaman, the Minister of Finance for the Government of India, presented the Interim Budget for 2024-2025 in the Lok Sabha. Sitharaman initiated her budget speech by affirming that the Indian economy has undergone a profound positive transformation over the past decade, instilling hope and optimism for the future. Addressing India's infrastructure development, Sitharaman emphasised the substantial tripling of the capital expenditure outlay in the last four years, resulting in a significant multiplier effect on economic growth and employment creation. She announced an 11.1 per cent increase in the outlay for the next year, amounting to 11,11,111 crore, representing 3.4 per cent of the GDP. The Finance Minister highlighted projects under the PM Gati Shakti initiative, focusing on multi-modal connectivity. She further announced the expansion of key rail infrastructure projects, including Metro Rail and NaMo Bharat, to additional cities, along with the conversion of approximately 40,000 rail bogies into Vande Bharat standard coaches. In a strategic move towards sustainable transportation, the finance minister unveiled an ambitious plan to boost Electric Vehicles (EV) with initiatives concentrating on manufacturing and charging infrastructure, aiming to fortify and broaden the landscape for electric vehicles. Sitharaman underscored the government's efforts to revitalize the aviation sector over the past decade, noting that the number of airports had doubled to 149 during this period. Enunciating the government's approach towards all-round, all-pervasive, and all-inclusive development, Sitharaman announced a series of measures to promote green growth and renewable energy. She mentioned rooftop solarisation, enabling one crore households to receive up to 300 units of free electricity every month. With the commitment to achieve 'net zero' by 2070, the finance minister proposed the following measures: - Viability gap funding for harnessing offshore wind energy potential for an initial capacity of one Giga-Watt. - Establishment of coal gasification and liquefaction capacity of 100 MT by 2030, aiming to reduce imports of natural gas, methanol, and ammonia. - Mandating phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes. - Providing financial assistance for the procurement of biomass aggregation machinery to support collection. This was Sitharaman's sixth budget in a row – five annual budgets and one interim budget. She surpassed the record of her predecessors such as Arun Jaitley, Manmohan Singh, P Chidambaram, and Yashwant Sinha, all of whom presented five budgets in the Parliament.

FM Sitharaman presents Interim Budget 2024

NEW DELHI: Nirmala Sitharaman, the Minister of Finance for the Government of India, presented the…

Omicron variant may cast shadow on contact-based services: RBI

Omicron variant may cast shadow on contact-based services: RBI

NEW DELHI: Shaktikanta Das, Governor, Reserve Bank of India (RBI), said that the Indian economy…

India has potential of becoming $1 trillion digital economy in next 5 years

NEW DELHI: India’s goal of becoming a $1 trillion digital economy in the next five…