PROJECT ANANTHA
Don't bank much on exports under Donald Trump amid trade slowdown: CEA Anantha Nageswaran
India's Chief Economic Advisor, V Anantha Nageswaran, cautioned that the country needs to brace itself for potential increases in US tariffs and a slowdown in global export growth. Nageswaran highlighted that while the exact impact of US tariffs remains uncertain, India's trade surplus with the US could lead to pressure.
Trump tariffs, slower global trade likely to slow India exports, says CEA Nageswaran
India's Chief Economic Advisor, V Anantha Nageswaran, cautioned that the country needs to brace for potential increases in US tariffs and a slowdown in global export growth under the Trump administration. While acknowledging the challenges posed by these factors, Nageswaran highlighted the need for India to focus on domestic growth drivers and adapt to the evolving global trade landscape.
Adani Airport Holdings Ltd to invest Rs 1,300 cr in Thiruvananthapuram airport expansion
Adani Airport Holdings Ltd will invest Rs 1,300 crore to expand Thiruvananthapuram International Airport by 2027. The project, starting this financial year, will significantly enhance the airport's facilities, including a new terminal, hotel, and improved parking. The expansion will increase the terminal's capacity from 3.2 million to nearly 12 million passengers annually.
Indian economy relatively slowed in Q1-FY25, here's what experts have to say
The Indian economy grew by 6.7% in real terms in the April-June quarter of the current financial year 2024-25, Ministry of Statistics and Programme Implementation's official data showed on Friday.
Inflation in India: There's too much food on table to make Indians and RBI worry
India Inflation RBI: India faces a challenge with high food inflation, significantly impacting the Consumer Price Index. The RBI has maintained its stance on inflation, focusing on preventing spillovers from persistent food price hikes. The government and RBI are working to balance price stability, but food inflation remains a significant concern for policymakers and consumers.
Pragmatic policy mantra to shape Viksit Bharat: CEA
The Chief economic advisor discusses the projected 7% growth rate for FY25, highlighting the importance of a balanced approach amidst global challenges. The economy shows positive momentum with growth in various sectors. Strategies for sustainable growth and addressing key issues are emphasized.
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Govt's paved the way, private sector needs to push capex pedal: Economic Survey
The Economic Survey has urged corporate India to invest in the private sector, as the government's capital expenditure has increased the economy's productive potential. The survey found that private sector gross fixed capital formation in machinery and equipment and intellectual property products has grown by 35% in the four years through fiscal 2022-23, while its GFCF in "dwellings, other buildings and structures" increased by 105%.
One World, One Sun, One Grid: All about India's ambitious renewable project OSOWOG
The 2023-24 Economic Survey, presented by Nirmala Sitharaman and authored by V Anantha Nageswaran, highlights the OSOWOG initiative for solar energy. Launched at COP26 with the UK, it aims to interconnect global energy grids, targeting 500 GW by 2030 and 2,600 GW by 2050, emphasizing innovation and clean technology deployment.
Economy better placed to pursue non-inflationary growth: CEA V Anantha Nageswaran
A high-level expert panel on floor wages in India is set to re-examine the wage rates finalised earlier, considering minimum wages notified by all states across three categories. The panel, led by SP Mukherjee, will hold its final meeting on May 27 and submit its report to the new government by June 2024. The three-year term of the expert committee, established in 2021, will end on June 30, 2024.
Indian economy grows 8.4% in Q3FY24; full-year estimate up to 7.6%
The Indian economy experienced a faster-than-anticipated expansion of 8.4% in Q3FY24, pushing FY24 growth to 7.6%, up from 7.3% in January. The growth was primarily driven by investment and manufacturing, but also by a downward revision to the previous year's numbers and a boost in net taxes. The growth reached its highest level in one and a half years, with the FY23 number revised downwards to 7% from 7.2% projected earlier.
Why V Anantha Nageswaran is optimistic about growth prospects of Indian economy
The ?Chief Economic Advisor's optimism about the future growth prospects of the economy stems from handling of the economic and health fallout of the Covid pandemic, resulting in moderate inflation increase and lower interest rates. The cleanup of bank and corporate sector balance sheets resolved previous problems, enabling banks to lend and non-food credit to grow at 13%. There has been significant development in physical, digital, and social infrastructure, including the establishment of medical colleges, management institutions, engineering colleges, and improvements in women's enrollment in education.
Risk of oil price spike impacting FY25 growth is low: CEA V Anantha Nageswaran
Speaking at an SBI-organized economic conclave, Nageswaran expressed optimism, suggesting that a cooling off of economic activity would precede a decline in global interest rates. He emphasized that potential spikes in oil prices in 2024 would likely be countered by a decrease in economic activities.
7.6 per cent Q2 GDP growth bodes well, CEA Nageswaran sees FY24 rise at 6.5 per cent
Addressing the media after the release of GDP data, Nageswaran also highlighted that tax revenue has grown at almost double the pace of nominal GDP expansion in the first half of FY24, which is unusual. This, he said, is prompting him to wonder if the nominal growth rate has been understated. It's certainly not overstated, as is the perception in certain quarters, he asserted.
CEA Nageswaran hints at upward revision of FY24 GDP estimate after big Q2 surprise
After Q2 GDP growth figures exceeded expectations, Chief Economic Advisor V. Anantha Nageswaran suggested that given the present trajectory India might be underestimating rather than overestimating its GDP growth projections. The government has set a GDP growth target of 6.5% for the fiscal year 2024. The economy recorded a growth of 7.6% in the September quarter, surpassing the 6.8% forecast by economists in a Reuters poll. Nevertheless, this growth rate was lower than the 7.8% expansion witnessed in the preceding quarter.
Cities becoming health traps; need clean air and open spaces: CEA Nageswaran
India's Chief Economic Advisor, V Anantha Nageswaran, emphasized the importance of cities exploring diverse funding sources, including capital markets, to address urban challenges. Speaking at an event in Delhi, he discussed the need for cities to prioritize clean air and open spaces. Nageswaran also addressed issues such as land-use conversion, advocating for streamlined processes.
Without economic growth, countries can¡¯t own climate agenda: CEA Nageswaran
From no miraculous solution to looking for win-win solutions for investors, CEA Nageswaran lists the key principles for businesses and investors in the context of energy transition.
India needs to grow at 8 pc to bring about transformational changes in lives of people: Summers
Economist Larry Summers has stated that India has the potential to achieve 8% annual growth, which could bring about transformative changes by 2050. India's GDP growth in 2022-23 was 7.2%, compared to 9.1% in the previous year. Summers believes that despite the challenges in the global economy, 8% growth is an achievable goal for India. He also highlighted the importance of multilateral development banks in addressing climate change. The G20 New Delhi Leaders Declaration called for stronger and more effective MDBs with enhanced representation of the global south.
How the 'perennial pessimist' economists cast shadows on any semblance of positive change in India
India¡¯s growth numbers are backed by national data and endorsements by World Bank, IMF, RBI and other rating agencies. So, one should definitely take anything coming out of people who find that one cloud on a sunny day and declare it¡¯s about to flood with a handful of salt.
CEA rejects 'statistical discrepancy' criticism on Q1 growth numbers
"In Q1 of 2023-24, the discrepancy of 2.8 per cent has a plus sign. This indicates that the expenditure side has explained only 97.2 per cent of the income side. It does not mean that the 2.8 per cent that has yet to be explained does not exist," Nageswaran said in an op-ed article.
India's growth is sustainable; economy strong enough to weather high US rates, says CEA V Anantha Nageswaran
India's chief economic adviser, V Anantha Nageswaran, says that India's economy is strong enough to withstand high US interest rates. He believes that the country's medium-term growth rate of around 6.5% is sustainable, and private capital formation is evident. Nageswaran also discusses the risks India faces in securing energy supplies due to climate change and its transition away from fossil fuels. He believes that the country needs to focus on manufacturing as well as services and that India's debt and deficit ratios will improve in the future.
Indian economy off to a good start in September quarter, govt maintaining FY24 GDP target of 6.5%: CEA Nageswaran
India's chief economic advisor, V. Anantha Nageswaran, has expressed optimism about the country's GDP growth, calling the first quarter growth of 7.8% a "good number". He stated that the government is comfortable maintaining a GDP growth target of 6.5% for FY24. Nageswaran also highlighted the government's focus on expenditure management, the high level of credit growth, and the positive outlook for investment and consumer momentum.
Growth prospects remain solid for next year, says CEA
India's chief economic adviser, V Anantha Nageswaran, believes that the country's growth prospects remain strong due to robust investments and consumption. Despite external risks, India's economy grew by 7.8% in the June quarter, making it the fastest-growing major economy in the world. Nageswaran highlighted that private sector investment has already taken off, supported by the government's capital expenditure push.
India¡¯s economic growth rises to a four-quarter high of 7.8% in Q1
¡°Rural demand is on a recovery mode and government¡¯s sustained capital expenditure push is crowding in private investments,¡± said chief economic advisor, V Anantha Nageswaran, on Friday post the data release. While experts point out that growth is likely to slowdown in the coming quarters as the base effect wanes, they indicated that a consumption boost closer to the end of third quarter may provide some succour to full year growth.
India set to grow at 6.5% for rest of decade: CEA V Anantha Nageswaran
V Anantha Nageswaran said capital investment in the country will be higher in this financial year which will help India grow at 0.5 to one percentage point higher than that projected by various ratings agencies.
CEA sees risks to 6.5% growth forecast more evenly balanced
Chief economic adviser V Anantha Nageswaran on Wednesday predicted another year of "solid economic performance" by India in FY24, stressing that risks to the forecast of 6.5% growth are now more evenly balanced "than what we thought four months ago".
India can look for another year of solid economic performance: CEA V Anantha Nageswaran
Briefing media on the quarterly number, the CEA said the risk to the projected 6.5 per cent GDP number is evenly balanced and there is a good chance of this number may be exceeded in the current fiscal. "So, we are very pleased to have been able to present a story of sustained economic momentum combined with macroeconomic, financial and fiscal stability, and we look forward to another year of solid economic performance by India," he said.
Corporate investments picking up, finance sector humming: CEA V Anantha Nageswaran
Chief economic adviser V Anantha Nageswaran flagged issues around energy security, geo-political conflicts and aggressive climate-related initiatives as key risks for an emerging economy like India, which could come in the way of sustaining its elevated growth rates of the past two years over the medium-to-long term.
Energy insecurity biggest threat to sustaining India¡¯s elevated growth rates in longer term, says CEA
Energy security is the "single-biggest worry" for India's sustained economic growth, says chief economic adviser V Anantha Nageswaran. He called on global lenders not to entirely abandon fossil-fuel projects in the name of Green economy, as developing countries must ensure affordable, sufficient energy for economic growth. He said private investment would "unfold gradually" with several sectors, including steel and cement, already picking up. The Indian economy grew 9.1% in FY22, helped by a favourable base, and is expected to have grown 7% or more in the last fiscal year.
Growth projection of 7% for FY23 very realistic: CEA Anantha Nageswaran
"The trends that we have in terms of high frequency data for 2022-23 for fourth quarter do indicate that achieving that growth rate in Q4 is well within the realm of possibility and therefore the 7 per cent real GDP growth estimate for 2022-23 is very realistic," Nageswaran told reporters.
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