Home
|
Sitemap
|
FAQs
|
Contact Us
Product
Country
Menu
About Agri Exchange
Introduction
Apeda Agri Exchange
The Vision
Benefits / Facilities
To Exporters
To Buyers
Product Profile
Floriculture
Floriculture
Fruits & Vegetables Seeds
Fresh fruits & Vegetables
Fresh Onion
Other Fresh Vegetables
Walnuts
Fresh Mangoes
Fresh Grapes
Other Fresh Fruits
Others (Betel Leaves & Nuts)
Processed Fruits & Vegetables
Cucumber and Gherkins (Prepd. & Presvd.)
Processed Vegetables
Mango Pulp
Processed Fruits,Juices & Nuts
Pulses
Animal Products
Buffalo Meat
Sheep/ Goat Meat
Other Meat
Processed Meat
Animal Casing
Poultry Products
Dairy Products
Natural Honey
Caseins
Albumin (Eggs & Milk)
Other Processed Foods
Groundnuts
Guar Gum
Jaggery & confectionery
Cocoa Products
Cereal Preparation
Milled Products
Alcoholic Beverages
Miscellaneous Preperations
Cereals
Basmati Rice
Non Basmati Rice
Wheat
Maize
Other Cereals
Country Profile
United Arab Emirates
Saudi Arabia
Malaysia
Bangladesh
United States
Vietnam
Kuwait
Iran
United Kingdom
Indonesia
...View more country profiles
FTA's
Analytical Report on FTAs
Tariff Concession under FTAs
Statistics
International Trade
India's Export
India's Import
Production
International Production
India Production
Market Intelligence
e-Bulletin
Global Analytical Report
India's Export Analytical Report
Comparative Report On APEDA Products
Comparative Report On Principal Commodities
Import Tariffs
Import Regulations
SPS Notifications
DGFT : Public Notice, Notifications, Circular and Trade Notice
India Food Safety & Standards
Market Reports
Foreign Trade Policy 2023
Chapter 01 - Legal Framework and Trade Facilitation
Chapter 02 - General Provisions Regarding Imports and Exports
Chapter 03 - Developing Districts as Export Hubs
Chapter 04 - Duty Exemption Remission Schemes
Chapter 05 - Export Promotion Capital Goods (EPCG) Scheme
Chapter 06 - Export Oriented Units (EOUs), Electronics Hardware Technology Parks (EHTPs), Software Technology Parks (STPs) and Bio-Technology Parks (BTPs)
Chapter 07 - Deemed Exports
Chapter 08 - Quality Complaints and Trade Disputes
Chapter 09 - Promoting Cross Border Trade in Digital Economy
Chapter 10 - Scomet: Special Chemicals, Organisms, Materials, Equipment and Technologies
Chapter 11 - Definitions
Newsletters
Latest News
Latest Newsletter
Archives
Directory
Exporters
Service Providers
Logistics
Trade Leads
Submit New lead
Buy Leads
Sell Leads
Indian Mission Login
Market News
IMF raises India’s GDP forecast to 6.1% for FY24.
Jul 26, 2023
Even as global economy is yet to be out of the woods, International Monetary Fund (IMF) on Tuesday upped India’s economic growth forecast by 20 basis points to 6.1 per cent for fiscal year 2023-24. The multilateral body expects growth to be 6.3 per cent in Fiscal Year 2024-25.
In April, IMF projected growth rate at 5.9 per cent for FY24 and 6.3 per cent for FY25. With the current growth rate projection, India will continue to be fastest growing economy in the world.
Though this rate is lower than estimates by government and other agencies, still reflect change in stance based on economic activities picking up. 'Growth in India is projected at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection, reflecting momentum from stronger-than-expected growth in the fourth quarter of 2022 (FY23) as a result of stronger domestic investment,' latest update of IMF’s flagship publication World Economic Outlook (WEO).
The current reading endorses optimism of the government. Earlier, Chief Economic Advisor V Anantha Nageswaran had said India to have another solid performance during the current fiscal with risk evenly balanced. The government expects growth rate to be 6.5 per cent. The economy grew by 7.2 per cent in FY23 led by the upward movement in the January-March quarter.
'This upside to the growth estimate takes the momentum deep into the current year,' said the Annual Economic Review, prepared by the Economic Affairs Department of the Finance Ministry. It pointed out that several forecasting agencies share similar optimism as they revise upwards their growth estimates for FY24.
Fitch Ratings raised its forecast for India’s economic growth to 6.3 per cent for the current fiscal year from its previous estimate of 6 per cent. S&P Global Ratings retained its growth estimate for FY24 at 6 per cent and pegged it at 6.9 per cent for FY25. In its recent report, the RBI projected the FY growth at 6.5 per cent.
Global Outlook
Meanwhile, Pierre-Olivier Gourinchas, Economic Counsellor of IMF, said in a blog, titled 'Global Economy on Track but Not Yet Out of the Woods,' said the global economy continues to gradually recover from the pandemic and Russia’s invasion of Ukraine. In the near term, the signs of progress are undeniable. The Covid-19 health crisis is officially over, and supply-chain disruptions have returned to pre-pandemic levels.
Economic activity in the first quarter of the year proved resilient, despite the challenging environment, amid surprisingly strong labor markets. Energy and food prices have come down sharply from their war-induced peaks, allowing global inflation pressures to ease faster than expected. And financial instability following the March banking turmoil remains contained thanks to forceful action by the US and Swiss authorities.
'Yet many challenges still cloud the horizon, and it is too early to celebrate, he said. Under baseline forecast, growth will slow from last year’s 3.5 per cent to 3 per cent this year and next, a 0.2 percentage points upgrade for 2023 from April projections. Global inflation is projected to decline from 8.7 per cent last year to 6.8 per cent this year, a 0.2 percentage point downward revision, and 5.2 per cent in 2024, he added.
thehindubusinessline.com
Archive