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.
Intercontinental Cup Football: India's match with Vanuatu in Intercontinental Cup football, eyes on final ticket
The Indian team will take on Vanuatu in the four-nation Intercontinental Cup football on Monday but will be eyeing a place in the final of the tournament. India beat Mongolia 2-0 in their first match
PM Modi: Assam, Sikkim, and Manipur are in a bad state due to heavy rains and floods; PM Modi assured all possible help
Prime Minister Narendra Modi has spoken to Assam Chief Minister Himanta Biswa Sarma, Sikkim Chief Minister Prem Singh Tamang, and Manipur Governor Ajay Bhalla on the situation arising due to heavy
RCB vs SRH: Sunrisers Hyderabad have the upper hand over RCB statistically, Kohli will be in focus; Hyderabad hopes for a strong top order
The opening match of the 19th season of the Indian Premier League (IPL) will be played between Sunrisers Hyderabad and Royal Challengers Bangalore (RCB) on March 28 at the M. Chinnaswamy Cricket
Sourness in India-Bangladesh relations! Yunus government called back two diplomats
India-Bangladesh relations After the formation of the interim government in Bangladesh, its relations with India are now seen to be souring. Following the order of the new government, two Bangladeshi
'Not old India which lost land to China, it is Modi's New India', said Pema Khandu on clash with Chinese soldiers
Speaking on the skirmish between the soldiers of China and India along the Line of Actual Control in Arunachal Pradesh, Arunachal Pradesh Chief Minister Pema Khandu has said that even after 1962,
Mukhtar Ansari: The important reason for the murder of Awadhesh Rai came to the fore, the challenge was given in Mukhtar Ansari's stronghold
Along with interference in the coal business and government contracts, the beating of Mukhtar Ansari's henchmen in the district jail became an important reason for the murder of history-sheeter
Seema Haider India-Pak Love Story: Threat of 26/11-like attack if Seema Haider does not return to Pakistan, police engaged in investigation
An unidentified person called the Mumbai traffic police control room threatening to carry out 26/11 like attack. According to the police, the Mumbai Police Control Room received a threat call on
US Visa Fee Increase: Now going to America will be more expensive, student and tourist visa fees will increase from this date
US Visa Fee Increase There is bad news for those planning to go to America. The US State Department has decided to increase the visa application fee. This fee has been increased on some non-immigrant
Chandrayaan 3: America agreed, and had asked for the technology of Chandrayaan-3 from ISRO, ISRO chief said – now times have changed
America's team of rocket scientists had requested India to share the technology and equipment of Chandrayaan 3. ISRO chief S Somnath made this disclosure on Sunday. He said that today the world is
Mirzapur 3 Trailer: Instead of Bhaukaal, it's time for 'deceit' for the throne of Mirzapur, trailer release date confirmed
The web series Mirzapur is the offering of Indian cinema, which fans are very eager to see. In the first two seasons, this series has entertained the audience a lot and now its third season is all set
