If tax collections in 2022-23 grow by 9.6 per cent, as projected in the Budget, total tax mop-up will be at least Rs 2.1 lakh crore more than the target.
In April, ADB had projected a growth rate of 11% in 2021-22 for India. Meanwhile, RBI also trimmed the country's growth projection by a similar margin to 9.5% in June this year.
The 20.1% growth in Q1 FY22 was largely driven by the base effect. Structural reforms including disinvestment and bank privatisation needed to ensure a sustained growth path.
Except for agriculture and electricity, gas & water supply, no other sector saw output surpassing levels seen in Q1 2019-20. Govt says economy will grow at around 11% in current fiscal.
India's strong external settings will act as a buffer against financial strains despite increased government funding needs in next 24 months, S&P Global Ratings stated.
The credit rating agency said it didn't expect the impact of lockdown this year to be as severe as last year's & predicted real GDP growth to average around 6% over the longer term.
Indian economy is expected to do better than last year, but growth could be 11% or even lower, compared to the pre-2nd wave projections of 13% and above.
Studies have shown that over 200 million Indians are expected to fall into poverty as a result of shutdowns & healthcare costs. The S&P has now downgraded the GDP growth to 9.8%.
The US-based rating agency in March had expected an 11% GDP growth forecast for India for April 2021-March 2022 fiscal on account of a fast economic reopening and fiscal stimulus.
In Episode 1544 of CutTheClutter, Editor-in-Chief Shekhar Gupta looks at some top economists pointing to the pitfalls of ‘currency nationalism’ with data from 1991 to 2004.
Among 19 Indian firms sanctioned by US Treasury Dept was Lokesh Machines Ltd accused of coordinating with 'Russian defence procurement agent to import Italy-origin CNC machines'.
While we talk much about our military, we don’t put our national wallet where our mouth is. Nobody is saying we should double our defence spending, but current declining trend must be reversed.
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