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Reading: GDP growth  expected  to  cross  ‘comfortable’  6.5% in FY24:  govt  
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BusinessIndia

GDP growth  expected  to  cross  ‘comfortable’  6.5% in FY24:  govt  

Team Happen Recently
Last updated: 2023/12/30 at 10:04 AM
Team Happen Recently
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 The Reserve Bank of India  recently projected  economic growth  of  7% in the current fiscal year, up from  6.5% previously.  

  The Indian  economy is expected to “comfortably” achieve a growth rate  of  above  6.5% in  the  fiscal year, the Ministry of Finance  said in its  Mid-Year Economic Review 2023  report on  Friday-24. 24 regardless of risks stemming from external factors.  

 The Reserve Bank of India  recently projected  economic growth  of  7% in the current fiscal year, up from  6.5% previously.  

 The  report noted that  better-than-expected growth in  the second quarter  of FY24  improved the growth  outlook  and prompted  many  domestic and international agencies to  revise up their  GDP growth  forecasts  for  FY24. ,  adding that  “momentum was  gained in  the second quarter of FY24”. will  likely  be  maintained.” also  in  the third trimester.  

 In  Q2FY24, India’s  GDP  grew  7.6%, about 60  basis points above  market expectations.  

 On capital spending, the  Ministry of Finance  said  the government  had “not compromised”  on its  long-term goal  of  increasing  capital  spending on manufacturing,  despite slowing  growth  in the first two months of  the second half of the fiscal year. 24.  In  the  first half of the year, annual  capital expenditure  growth was  43%, 7 percentage points  above budget growth and falling  to  about  30%.  

 Data released by the Controller General of Accounts on Friday showed that the  Centre’s  capital expenditure stood at Rs 5.86 trillion  during  April-November,  31 per cent  higher  than the same period last year.  In October and November,  investment  growth averaged (-)6.6%  compared to the  58.9%  increase  recorded in  the first half of the year.  

  The Ministry of Finance said: “…(Central) spending has  been  redirected to  the immediate requirement of  protecting  the vulnerable through  committed food  subsidies,  continued  fertilizer subsidies  and  increase  cooking gas  subsidies.”  

 On growth, the report  emphasized  that  high-frequency  indicators  in  October and November  reflected “strong”  economic activity.  The  S&P  Global  Purchasing  Managers’  Index of manufacturing and services remained in  expansion territory  in October and November. And  October  data from  IIP and  eight major  industries also  showed  sustained  growth. sustainability  in  production activities,  the report said. 

  However, the  core sector’s six-month  low  of 7.8% in November  suggests  some loss  of  momentum, which  could also  be reflected in the coming  months.  

 The ministry  said sentiment  in the services sector  remains optimistic  and  consumer demand  growth  is expected to be  maintained. “Urban  demand conditions  remained stable,  with higher growth in auto sales, fuel consumption and UPI  transactions. Rural  demand is also catching  up,” the report said. ,  as  evidenced by the strong  growth in  sales of two-  and  three-wheeled vehicles.”

 The ministry also noted that  the labor market has  fully recovered  to  pre-pandemic levels. “High-frequency  indices  (such as EPFO, PMI) further reflect  improvement in the overall employment situation across  all  sectors,” the report  said,  adding that the  sector  outlook  Employment Employment looks  bright, with employers intending to maintain or  increase  their workforce. 

  For more  information,  visit at https://happenrecently.com/zepto/?amp=1

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