Contact Your Financial Adviser Money Making MC
29Th Aug 2016
India's national income figures for
the first quarter of the current fiscal 2016-17 are due for release on
Wednesday, against the backdrop of expectations aroused by a normal monsoon and
the recent pay hikes for central government employees. The Total Investment
& Insurance Solutions
The government expects Gross
Domestic Product (GDP) growth to pick up to eight per cent in 2016-17, from 7.6
per cent in 2015-16.
"A number of structural reforms
have been undertaken by the government over the last two years. The impact of
all this is beginning to be felt now. We are hoping to better our growth from
last year and get closer to eight per cent," Economic Affairs Secretary
Shaktikanta Das told reporters here on Saturday. The Total Investment
& Insurance Solutions
"Also, this year monsoon has
been good. Agriculture production is expected to be better than previous two
years which will contribute significantly to GDP," he added.
Financial services firm DBS said in
a research note that on gross value added basis, India's growth is expected to
have stabilized at 7.4 per cent in the June quarter, which is slightly higher
than the 7.2 per cent in the same quarter a year ago.
"For the year we look for
growth to average 7.8 per cent this year, from FY15/16's 7.2 percent," it
said.
The Total Investment & Insurance Solutions
Multilateral agencies like the
International Monetary Fund (7.4 per cent) and the Asian Development Bank (7.4
per cent) have estimated that the Indian economy is likely to slow down from
last year's level.
The Total Investment & Insurance Solutions
However, American agencies like
Fitch Ratings and investment banker Goldman Sachs have projected the economy to
marginally accelerate in the current fiscal.
In fact, the Indian government on
Thursday lauded Goldman Sachs for awarding a growth forecast of 7.9 per cent
for the Indian economy in the current fiscal, riding on an improved monsoon,
key reforms and increased FDI inflows.
"Happy that Goldman Sachs
forecast Indian economy to clock 7.9 per cent growth in current fiscal with
better monsoon, key reforms and FDI (foreign direct investment) inflows,"
M. Venkaiah Naidu, Union Minister of Urban Development, Housing and Urban
Poverty Alleviation, said in a tweet. The Total Investment & Insurance
Solutions
"Goldman Sachs lauded several
important policy changes and reforms that were carried out like GST (Goods and
Services Tax) bill passage, bankruptcy code, government approval of inflation
targeting framework and measures to ease doing business," he said.
A pick-up in infrastructure
investment and easing in foreign direct investment (FDI) restrictions in the
defence, aviation, retail and e-commerce sectors was also hailed by Goldman
Sachs, he added.
The Total Investment & Insurance Solutions
Moody's Investors Service in August
had forecast the real GDP growth for India at around 7.5 per cent for FY2017. The Total Investment
& Insurance Solutions
In the fourth quarter of 2015-16
ending March, India's economy accelerated to grow at 7.9 per cent, buoyed by
improved agricultural performance and growth in consumption.
Private consumption growth remained
robust at 7.4 per cent in 2015-16, though it was marginally revised downward
from the 7.6 per cent estimated earlier.
Central Statistics Office (CSO) data
showed India's economy grew at 7.6 per cent in 2015-16, making the country the
fastest growing major economy for the second consecutive year despite two
failed monsoons.The
Total Investment & Insurance Solutions
No comments:
Post a Comment