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India may not become a $5 trillion economy until FY29, according to the International Monetary Fund (IMF). According to data from the IMF’s World Economic Outlook database, updated last month, India’s nominal GDP is expected to reach US$4.92 trillion in FY28, leaving GDP to reach US$5 trillion in the following year, it will break the …
According to preliminary data released by the Commerce Department on January 1. However, imports did not fall by the same magnitude, totaling $58.26 billion compared to $60.74 billion in March. Thus, the goods trade deficit widened from US$18.51 billion to US$20.07 billion during the period. On an annual basis, export and import growth remained strong. …
Tata Steel Ltd has projected a CAPEX of Rs 12 billion for 2022-2023, which could rise after the company conducts a mid-year review of its growth plans, management told reporters and journalists during a conference call. Of the planned investments, approximately Rs 8,500-9,000 crore would go to projects in India, while the rest would go …
The monthly Goods and Services Tax (GST) collection reached an all-time high of Rs. The gross GST tax exceeded Rs 1.5 crore for the first time in April 2022 and Rs 1 crore for the 10th consecutive year. The gross revenue of GST collected in April 2022 is Rs 167,540 crore, of which Rs 33,159 …
The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 54.7 in April from 54.0 in March. A reading above 50 indicates an expansion of activity, while a pressure below 50 is a sign of contraction. According to IHS Markit, the author of the PMI, Indian manufacturing activity saw a strong rise in new …
Heatwaves sweep across India and March 2022 is the hottest March since 1901. High temperatures continued into April, adding to concerns from utilities trying to respond to the rising demand for electricity. India saw a peak demand of 200 gigawatts (GW) in March and April, up 8% from a year earlier. On April 12, peak …
India’s eight key sectors rose 4.3% in March from 6% in February, the Commerce Ministry said on April 29. According to the latest data, only three of the top eight sectors saw faster output growth rates in March, compared to six in February. These three sectors were fertilizers, cement and electricity. While fertilizer output increased …
It will take almost 15 years for the Indian economy to recover from the losses suffered during the coronavirus pandemic, according to the Reserve Bank of India (RBI) FY22 monetary and financial report. “Assuming a real growth rate of -6.6% for 2020-21, 8.9% for 2021-22 and an assumed growth rate of 7.2% for 2022-23 and …