Based on strong economic fundamentals, various reforms, and business activities, India remains the fastest-growing economy in the world even in the second quarter of the current financial year. This will not only increase the confidence of global investors in India but will also help in attracting investments.
Gross value added (GVA) grew by 5.6 percent to Rs 35.05 lakh crore in the July-September quarter this year, according to data released by the National Statistical Office (NSO) on Wednesday. The agriculture sector's growth rate (GVA) stood at 4.6 percent in the second quarter, compared to 3.2 percent in the year-ago period. The growth rate of the services sector ie hotel, trade, transport, communication, and services was 14.7 percent. The sector had grown at a rate of 9.6 percent in the same quarter of 2021-22. At the same time, the growth rate of financial, real estate, and professional services increased to 7.2 percent during this period. It was 6.1 percent in the second quarter of the last financial year.
Country moving towards achieving 6.8 to 7.0 percent economic growth rate: CEA
Chief Economic Advisor V Ananth Nageswaran said on Wednesday that the country's economy is on track to achieve 6.8 to 7 percent economic growth in the current financial year. He said the pace of economic reform is continuing. GDP has reached near the level of 2019-20.
He said the figures of festive sales, PMI, credit growth of banks, and vehicle sales show that despite the adverse conditions at the global level, the pace of the economy is maintained.
IMF has projected India's growth rate to be 6.8%.
India's economic growth slowed down to 6.3 percent in the July-September quarter, compared to 8.4 percent in the same period of 2021-22. However, there was an increase of 9.7 percent in the first half.
India will be successful in tackling inflation: Finance Minister
Finance Minister Nirmala Sitharaman on Wednesday expressed confidence that India will be able to tackle inflation better. India has already created a very good framework in terms of supply-side pressures on food prices. Retail inflation has remained above the Reserve Bank's 6% since January. The Finance Minister admitted in a program that inflation is going to persist due to the import of commodities like crude oil.
"We will probably be able to handle inflation better," he said. The RBI signals point to a downside and will be in its range by the beginning or middle of next year. Inflation is going to be influenced by external factors, but within India, we are better placed in terms of agricultural supplies and energy.
Target to double the contribution of MSMEs to the economy
Union minister Bhanu Pratap Singh Verma on Wednesday said the government has set a target of doubling the contribution of the country's micro, small and medium enterprises (MSME) sector to the economy by harnessing its full potential. The contribution of the MSME sector to GDP is currently one-third. The Minister of State for MSME said the Ministry is working in this direction by removing the bottlenecks of the sector.
Basic Industries: Decline in crude oil and electricity production
The growth rate in the country's eight core industries slowed down to a 20-month low in October. During this period, the growth rates in coal, steel, and electricity production declined to 3.6 percent, 4.0 percent, and 0.4 percent respectively. However, there was an increase of 5.4 percent in fertilizer production.
Retail inflation of industrial workers declined to 6.08 percent in October
Retail inflation for industrial workers eased to 6.08 percent in October due to cheaper food items. It was 6.49 percent in September a month ago. The Ministry of Labor said on Wednesday, it was 4.52 percent in October 2021, a year ago. According to the statement, food inflation came down to 6.52 percent last month, as against 7.76 percent in the previous month. Whereas a year ago in October 2021 it was 2.20 percent. The All-India Consumer Price Index (CPI-IW) for Industrial Employees increased by 1.2 points to stand at 132.5 in October this year.
Salman Khan: Fear of KKBKKJ being a flop was troubling Salman Khan, said- If the picture doesn't work then...
The trailer of Salman Khan's most awaited film 'Kisi Ka Bhai, Kisi Ki Jaan' has been released. This trailer has received a very good response from the audience. After Shah Rukh Khan's film Pathan, now
BCCI 10-Point Directive: The Board's 'serious' step; with Emphasis on ending star culture, will have to face consequences for breaking the rules
After the crushing defeat in Australia, the Board of Control for Cricket in India (BCCI) has now taken strict decisions. Now on foreign tours of more than 45 days, players will be allowed to keep
Extraction 2: Hindi teaser release of Extraction 2, Chris Hemsworth has seen fighting alone with hordes of enemies
Extraction 2 Hindi Teaser Release: Fans are eagerly waiting for the popular Hollywood film Extraction 2. After watching the first part which was shot in India, there is a lot of curiosity in the
National Unity Day: PM Modi participates in the National Unity Day Parade, women bikers of CRPF showed excellent feat
Today the birth anniversary of former Deputy Prime Minister Sardar Vallabhbhai Patel is being celebrated in the country. Prime Minister Narendra Modi has paid tribute to Iron Man on his 148th birth
Manohar Lal will be the Chief Minister of Haryana, and will take oath as CM again at 4 pm
In a major political development in Haryana, Chief Minister Manohar Lal has resigned. Manohar Lal will take oath again at 4 pm. The timing of the swearing-in ceremony has changed. Now there will be no
PM Modi Egypt Visit: PM Modi meets prominent yoga instructors of Egypt and invites them to visit India
Prime Minister Narendra Modi on Saturday met prominent yoga instructors Reem Jabak and Nada Adel in Cairo and encouraged them to visit India. He also commended them for their commitment to yoga, as
World Cup 2023: Ashwin is essential for Team India in the ICC World Cup 2023! The unmatched statistics of the off-spinner are giving screaming testimony.
Ravichandran Ashwin has returned to the ODI team after almost one and a half years. Ashwin has been included in the Indian team for the three-match ODI series against Australia. Captain Rohit Sharma
Sharad Pawar: Opposition unity uneasy with Ajit and Sharad Pawar's meeting, is Congress making Plan B?
Recently Ajit Pawar and Sharad Pawar met in Pune. After this meeting, a round of discussions started in the politics of the state. The opposition alliance is also keeping an eye on this. This is the
UNO: India will give $ 2 billion 'soft loan' to Central Africa, know what else the Indian ambassador said?
India has decided to provide a $2 billion 'soft loan' for projects in Central Africa. India's Permanent Representative to the United Nations, Ambassador Ruchira Kamboj, on Thursday underlined New
MI vs RCB: Mumbai's star fielder dropped Dinesh Karthik's catch, then Anushka Sharma jumped from the seat
In the 54th match of IPL 2023, Mumbai Indians defeated Royal Challengers Bangalore by six wickets in a thrilling match. With this win, the Mumbai team has moved to the third position in the points
