India’s economy to grow 6.6% in 2020-24: OECD

[Raman74]

Recently, addressing a press conference, our Finance Minister Nirmala Sitharaman asserted that India still the fastest economy in the world despite weak global cues. She also added that the global growth may probably be very weak but the Indian economy is still doing better than the other countries including the United States and China

Like others I also remain an optimist

Let the self-righteous fiberals (who are also naysayers and at times doomsayers) keep ranting...

India’s economy to grow 6.6% in 2020-24: OECD

India’s GDP could grow 6.6% in 2020-24, lower than its 2013-17 average of 7.4%, OECD said on Saturday.

The organisation has predicted a regional GDP growth of 5.7% over 2020-24, down from 6.7% in 2013-17.
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NEW DELHI: India’s gross domestic product (GDP) could grow 6.6% in 2020-24, lower than its 2013-17 average of 7.4%, the Organisation for Economic Co-operation and Development (OECD) said on Saturday.

“India is also anticipated to grow relatively more modestly in 2020-24 than in 2013-17 while the banking sector regains its footing,” it said in its Economic Outlook for Southeast Asia, China and India 2020 presented at the Association of Southeast Asian Nations (ASEAN) summit in Bangkok.

While reliance on consumption will continue, the large informal labour share indicates that there is room to strengthen the consumption base.

“Sustaining efforts to prop up the health of the banking sector is a vital challenge, while bridging the disparity in urban and rural infrastructure is important for spreading investment and economic opportunities while addressing urbanisation,” it said.

The organisation has predicted a regional GDP growth of 5.7% over 2020-24, down from ..


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[prasad1]

Please also read

Slowing Indian economy spells tough times ahead for the rupee: Reuters poll

A slowing domestic economy will prevent India's rupee from recouping this year's losses against the dollar in 2020, with optimism around an easing in the U.S.-China trade dispute not enough to give it a further boost, a Reuters poll showed. After falling nearly 9% in 2018, the Indian currency...

www.tamilbrahmins.com

 

[Raman74]

The health of the Indian economy is measured on several key parameters like Gross Domestic Product (GDP) growth, inflation rate, tax-to-GDP ratio, repo rate, Export and more

All these and several other parameters show how the economy is performing.


India’s economy: Why the time for growth is now.

The driving forces of the country’s growth—including urbanization, a rising middle class, and increasing consumer spending—are ripe for companies to seize upon.

India stands to become one of the largest growth engines in the world, according to research in a new McKinsey Global Institute (MGI) report, India’s ascent: Five opportunities for growth and transformation. In this episode of the McKinsey Podcast, McKinsey senior partners Noshir Kaka and Alok Kshirsagar and MGI partner Anu Madgavkar talk with McKinsey’s Cecilia Ma Zecha about the way forward in a growth- and productivity-powered India.

Podcast transcript

Cecilia Ma Zecha: Hello and welcome to this edition of the McKinsey Podcast. I’m Cecilia Ma Zecha, an editor with McKinsey Publishing in Singapore. Twenty-five years ago, India embarked on a journey of economic liberalization, opening its doors to globalization and market forces. The IMF [International Monetary Fund] expects GDP to grow more than 7 percent this year, making India the world’s fastest-growing large economy. Powered by a rising middle class that’s expected to more than triple to 89 million households by 2025, India has an attractive long-term future and compares favorably with other emerging markets.

Read more at: https://www.mckinsey.com/featured-insights/india/indias-economy-why-the-time-for-growth-is-now

 

[Raman74]

A country's economic conditions are reported to be influenced by numerous macroeconomic and microeconomics factors, including monetary and fiscal policy, the state of the global economy, unemployment levels, productivity, exchange rate, inflation and many others.

Inflation, for example, gives a picture of how articles are priced at any given time.

Repo rate, controlled by the Reserve Bank of India, impacts borrowers, particularly home buyers, almost every time there is a change.

Our Forum fiberals, may think they are thorough on the topic and are welcome to air their negative views. LOL
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A dip in GDP is part of growth process: Finance Minister Nirmala Sitharaman

"Govt is conscious that it has to respond and will try to frontload infra spending as much as possible," finance minister said.

Finance Minister Nirmala Sitharaman today shrugged off questions on the GDP growth declining to 5 per cent in the first quarter, saying the ups and down are part of the growth process and the government is responding to the current economic challenges to revive demand and consumption in the country.

Speaking at a press conference in Chennai, Sitharaman said a dip in the GDP is part of the growth cycle and the government is conscious that it has to respond.

"It's not that government is not responding with measures to boost GDP. A dip in GDP is part of growth. Our full focus is now on how GDP can rise in the next quarter," she said.


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[SRINIVASAN KS]

A country's economic conditions are reported to be influenced by numerous macroeconomic and microeconomics factors, including monetary and fiscal policy, the state of the global economy, unemployment levels, productivity, exchange rate, inflation and many others.

Inflation, for example, gives a picture of how articles are priced at any given time.

Repo rate, controlled by the Reserve Bank of India, impacts borrowers, particularly home buyers, almost every time there is a change.

Our Forum fiberals, may think they are thorough on the topic and are welcome to air their negative views. LOL
----------------------------------------------------------------------------------------------------

A dip in GDP is part of growth process: Finance Minister Nirmala Sitharaman

"Govt is conscious that it has to respond and will try to frontload infra spending as much as possible," finance minister said.

Finance Minister Nirmala Sitharaman today shrugged off questions on the GDP growth declining to 5 per cent in the first quarter, saying the ups and down are part of the growth process and the government is responding to the current economic challenges to revive demand and consumption in the country.

Speaking at a press conference in Chennai, Sitharaman said a dip in the GDP is part of the growth cycle and the government is conscious that it has to respond.

"It's not that government is not responding with measures to boost GDP. A dip in GDP is part of growth. Our full focus is now on how GDP can rise in the next quarter," she said.


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LET US LEARN TO LIVE TOGETHER (VIZ. JOINT FAMILY LIKE OLDEN DAYS). THEN NO WORRIES ABOUT GDP AND OTHER THINGS (LIKE LESS EXPENSE MORE INCOME), AS RICHEST ONLY BECOMING RICHER.

 

[Raman74]

LET US LEARN TO LIVE TOGETHER (VIZ. JOINT FAMILY LIKE OLDEN DAYS). THEN NO WORRIES ABOUT GDP AND OTHER THINGS (LIKE LESS EXPENSE MORE INCOME), AS RICHEST ONLY BECOMING RICHER.

Well said Srinivasan sir

Here I would like to share an article wrote by our Vice-President last year which throws more light on the Joint family system and its unique features touching ‘Vasudhaiva Kutumbakam’ (world is one family) and its influence on Indian Economy.

Why the Indian family is a great institution
By Venkaiah Naidu

Family values: There is an increasing trend towards nuclearisation of the Indian families
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It should also be remembered that the family system creates a strong bond of unity at an early age, paves the way for social cohesion and in a broader sense promotes national unity. The qualities of sharing and caring by senior family members automatically lead them to think of a secure future for their children by making savings. This is in turn helps in strengthening national economy.

……………………………………….


Adopting our age-old philosophy of Vasudhaiva Kutumbakam, which embodies the spirit of humanism, compassion, magnanimity and tolerance, family becomes the basic building block of a harmonious, inclusive society. Family can shape the world view, foster and reinforce the value system of the individuals and therefore, consequently, be the warp and weft of a sustainable, peaceful, inclusive, prosperous world.

The writer is the Vice-President of India

Read more at: https://www.thehindubusinessline.com/opinion/why-the-indian-family-is-a-great-institution-ep/article23884420.ece#

 

[swm3]

There are some who rejoice over India’s economic slowdown as a government failure when in fact, India has been less affected compared to the significant slowdown across the global economies due to trade tensions and other cyclical factors (see IMF table below).

Looks like the anti-BJP media is grasping at the straws to exaggerate economic slowdown as entirely due to government policy. If anything, government has taken proactive measures like cutting taxes, lowering interest rate, boosting infrastructure spending and lending billions to resume real estate construction stalled due to the much needed anti-corruption drive that has stemmed money laundering that had historically propelled housing, particularly the upscale segment.

In an increasingly interdependent world, the economy of most countries tend to rise or fall with the tide of global economy. Assigning credit or responsibility to a government or its leader is politics not objective analysis. All one can expect is that the government decision are not driven by corruption or outdated ideology (e.. Marxism) to retard or freeze economic growth.