Indias economy is recovering; to grow at 7.3% in 2018-19: Fitch
The Dollar Business Bureau International credit rating agency Fitch on Thursday projected India’s economic growth rate at 7.3% in the next financial year of 2018-19 and at 7.5% in the 2019-20 fiscal, as the Indian economy is showing signs of recovery because the disruptions caused due to demonetisation and goods and services tax (GST) have gradually diminished. However, India’s economic growth rate is estimated at 6.5% in the current fiscal, a little lower than the official estimates of 6.6% by the Central Statistics Office (CSO),” according the Fitch’s Global Economic Outlook report. Indian economy grew at the rate of 7.1% in 2016-17. “The pick-up in growth is likely as the influence of one-off policy-related factor which was dragging growth has now waned,” the US-based ...
Food processing sector gets $6.5 bn FDI during FY11 to FY17
The Dollar Business Bureau India’s foreign direct investment (FDI) in the food processing sector was $6.49 billion during the period 2010-11 to 2016-17. “According to Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce & Industry, there has been FDI equity inflow of $6.49 million in the food processing sector during 2010-11 to 2016-17,” Minister of State for Food Processing Sadhvi Niranjan Jyoti informed the Parliament on Tuesday. In food processing industries, 100% FDI was allowed via automatic route subject to applicable regulations, laws, sectoral rules and security conditions. According to the recent Annual Survey of Industries (ASI) conducted by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation in 2014-15, the overall capital invested by registered food processing entities was at ...
Indias economy grows 6.3% in Q2 this fiscal
The Dollar Business Bureau India’s economy grew in line with the expectations in the second quarter of the current fiscal, supported by growth in manufacturing, electricity, gas, trade, transport & communication. India’s gross domestic product rose 6.3% during the period July-September, according to the estimates released by Central Statistics Office (CSO) on Thursday. The growth in the second quarter was predicted by the economists to be little better compared to 5.7% in the previous quarter, will factor in the disruptions caused by the rollout of GST from July 1. “GDP at constant (2011-12) prices in Q2 of 2017-18 is estimated at Rs.31.66 lakh crore, as against Rs.29.79 lakh crore in Q2 of 2016-17, showing a growth rate of 6.3%,” said a statement issued by the Ministry of Statistics & ...
Indias economy to grow at 7.2% in FY18: World Bank
The Dollar Business Bureau India’s economy is likely to grow at 7.2% in the current financial year, showing signs of revival from an expected slowdown to 6.8% in the last fiscal, said World Bank in a report on Monday. “The revision of forecast reflects a combination of the impact of demonetisation and an investment recovery that has proven more protracted than expected,” it said in its May 2017 India Development Update report. The multilateral investment agency estimated India’s gross domestic product (GDP) growth at 7.7% in 2019-20 and 7.5% during 2018-19. “Growth is likely to slowdown in the financial year 2016-17 as the momentum of October-December quarter shifts to the last quarter of January-March,” the report said. The World Bank report comes prior to the release ...
Revision of Base Year of IIP from 2004-05 to 2011-12
The Dollar Business Bureau The Office of the Economic Advisor and the Ministry of Commerce and Industry in India released the first compilation of Index of Industrial Production (IIP) taking the base year as 1937. They had covered 15 industries then. Subsequently, the base years underwent a revision twice, 1946 and 1951 With the commencement of the Central Statistical Organization in 1951, the task of compiling and publishing the IIP was entrusted in this office. Since then the IIP has been released monthly by the CSO. The initial general scope of the IIP included details of the Manufacturing, Mining, Electricity, Construction and Gas sectors. But due to challenges in obtaining data, the present IIP has details of the Manufacturing, Mining and Electricity sectors ...
Industrial output declines 1.2% in February
The Dollar Business Bureau Industrial production dropped to a four-month low, declining 1.2% in the month of February, majorly due to the contraction in the manufacturing sector and lower offtake of consumer as well as capital goods. The Index of Industrial Production (IIP) had recorded 1.99% growth in the month of February last year. For the period April-February 2016-17, IIP growth was almost flat at 0.4% compared to 2.6% in the same period a year ago. For the month of January, the Central Statistics Office (CSO) has revised the industrial output growth to 3.27% from 2.74% in the provisional data issued last month. The previous low was witnessed in the month of October last year when the IIP declined ...
Q3 GDP numbers surprise at 7%
By Abin Daya It has been over 19 months since the tumult over India’s GDP began. Many economists have questioned the government’s method of calculation since it was implemented in 2015. The latest announcement by the Indian government has placed the GDP at 7% which is a sudden increase from 4.7% as per growth estimates released in May 2013-14. The data released by the Central Statistics Office predict the GDP of Q3 FY17 at 7%. Let us look at the drivers behind it by breaking them up into components and comparing them with the previous figures. India’s GDP for Q3 of FY17 grew by 7% y-o-y, lower than the 7.4% (revised) growth of Q2 FY17 and higher than 6.9% of Q3 FY16 This has ...
Q3 GDP numbers surprise at 7%
By Abin Daya It has been over 19 months since the tumult over India’s GDP began. Many economists have questioned the government’s method of calculation since it was implemented in 2015. The latest announcement by the Indian government has placed the GDP at 7% which is a sudden increase from 4.7% as per growth estimates released in May 2013-14. The data released by the Central Statistics Office predict the GDP of Q3 FY17 at 7%. Let us look at the drivers behind it by breaking them up into components and comparing them with the previous figures. India’s GDP for Q3 of FY17 grew by 7% y-o-y, lower than the 7.4% (revised) growth of Q2 FY17 and higher than 6.9% of Q3 FY16 This has ...
