New Delhi: India registered its worst gross domestic product (GDP) growth in a decade with the economy registering a paltry growth rate of five per cent during the 2012-13 financial year due to poor performance of
farm, manufacturing and mining sectors. The growth rate during the last quarter of January-March period is just 4.8 per cent compared to 5.1 per cent in the same period in 2011-12.
While the farming sector grew at 1.4 per per cent during the year, the manufacturing sector growth was just 2.6 per cent. The economic growth had expanded by 5.1 per cent in January-March quarter of the 2011-12 fiscal. Economy had grown at 4 per cent in 2002-03.
India's economic growth was at 6.2 per cent for the 2011-12 fiscal. It had grown by 5.4 per cent, 5.2 per cent and 4.7 per cent in the first, second and third quarters, respectively, of 2012-13, according to data released by the Central Statistical Organisation (CSO) on Friday....
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11:08 AM, May 31, 2013
Chennai: The country's economy will continue to grow at 5-6 per cent "regardless" of what government does or doesn't do, but with effective governance it can rise to over 8 per cent, Finance Minister P Chidambaram said on Monday. The country should focus on ensuring the conditions for economic growth remain "intact", he added. "We will grow at a rate of 5 or 6 per cent regardless of what government...
12:52 AM, May 28, 2013
New Delhi: Detailing economic growth during the UPA regime, Prime Minister Manmohan Singh said on Wednesday the slowdown in 2012 was "temporary" and a longer term view would show that India has notched up an average "8 per cent growth" in the past nine years. The prime minister, presenting the ruling United Progressive Alliance-II's report card, said the economic situation was "turning around" and economic growth rate in 2013-14 could...
02:44 AM, May 23, 2013
Kolkata: The West Bengal government achieved 7.6 per cent growth in GDP compared to the national average of 4.96 per cent during the last financial year. In industry, the growth rate was 6.24 per cent against the national average of 3.12 per cent, Finance Minister Amit Mitra claimed while releasing three books on the completion of two years rule of Mamata Banerjee-led government on Thursday. In agriculture, the state recorded...
01:29 AM, May 17, 2013
New Delhi: IMF has projected 5.8 per cent economic growth for India in this fiscal 2013-14 and said pace of investment in infrastructure should increase to get back to 8 per cent expansion level. "We are forecasting India to grow at about 5.8 per cent this fiscal (2013-14) and 6.3 per cent in 2014-15. This compares to an average growth rate of 8.7 per cent for the five years prior...
08:55 PM, May 01, 2013
New Delhi: World Bank on Tuesday scaled down India's growth forecast to 6.1 per cent for the current fiscal from 7 per cent projected six months ago. The decline in the growth forecast is largely due to the decline in agriculture sector which is expected to grow at 2 per cent during 2013-14 against the previous estimate of 2.7 per cent despite normal monsoon projection. However, the multi-lateral funding agency...
01:39 PM, Apr 30, 2013
New Delhi: Country's largest steel maker SAIL has said it expects the domestic demand for the metal to grow by 7-8 per cent in 2013, although prices may hover at the current level. "If you see the demand for the first four months of the current calendar year, year-on-year basis globally, even in China, even in India, it is better than the corresponding period of 2012, Steel Authority of India...
02:05 PM, Apr 28, 2013
New Delhi: Improvement in performance of agriculture and manufacturing sectors is expected to push the economic growth rate to 6.4 per cent in 2013-14 from 5 per cent in the previous fiscal, PM's economic advisory panel said on Tuesday . "Economy will grow at higher rate from now. We projected growth rate of 6.4 per cent in the current fiscal", Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan said...
11:41 AM, Apr 23, 2013
New Delhi: Prime Minister Manmohan Singh on Sunday stressed the need to build a climate favouring enterprise and investment while observing that the current economic downturn was only temporary. "I believe that we are facing only a temporary downturn that we should correct as quickly as possible...more needs to be done, especially for building a climate that is perceived to be friendly to enterprise," Singh said inaugurating the 8th Civil...
05:15 AM, Apr 22, 2013
Berlin: Pitching for investments from Germany and other countries, Prime Minister Manmohan Singh on Thursday said government's resolve to boost economic growth remains "unwavering" and underlined that intense debates back home on the policy issues have not stopped it from taking hard decisions. Manmohan pointed out that trials of the global economy have led to repercussions in India as well and India's economic growth has slowed down. "In response, our...
10:59 PM, Apr 11, 2013
Mumbai: Reserve Bank Governor D Subbarao has said that price stability was necessary for ensuring sustainable growth in the long term as it helps investors and consumers to take informed decisions. "There might be some trade-off in the short term but in the medium to long term, you need price stability for investors and consumers to make informed choices, a necessary condition to stimulate growth", he said in an interview...
05:00 AM, Apr 05, 2013
BJP leader Yashwant Sinha on Wednesday charged that the Indian economy is in a bad shape and asked Congress President Sonia Gandhi to direct her "team of economic managers" to resign and go for elections to choose a new government. ...
08:36 PM, Apr 03, 2013
ndia's manufacturing sector witnessed the slowest rate of expansion in 16 months in March as power outages hampered production activity and decline in new business orders, an HSBC survey said on Monday. The HSBC India Manufacturing Purchasing Managers' Index (PMI) - a measure of factory production - stood at 52 in March down from 54.2 in February. ...
11:20 AM, Apr 01, 2013
Madhya Pradesh has dislodged Bihar from its number one position in terms of highest GDP growth. The provisional data released by the Central Statistical Organisation for the year gone by shows Bihar's growth in per capita income has also been a disappointment when compared to MP. ...
09:41 PM, Mar 30, 2013
Terming the current account deficit at 6.7 per cent of GDP in the December quarter as "far too high", Planning Commission Deputy Chairman Montek Singh Ahluwalia on Thursday said the country needs a strategy to deal with the problem. ...
03:46 AM, Mar 29, 2013
The Reserve Bank of India (RBI) on Tuesday cut its benchmark policy rate by 25 basis points for the second time since the start of the year in a bid to help revive flagging growth in Asia's third-largest economy, but warned that its scope for further policy easing is limited. ...
11:23 AM, Mar 19, 2013
The combined output of BRICS countries will surpass the aggregate GDP of the US, Canada and other European nations by 2020, a UN report said on Friday. ...
04:05 AM, Mar 16, 2013
The Reserve Bank of India (RBI) rejects the notion that high inflation is the "new normal," RBI Governor Duvvuri Subbarao said, noting that many of the supply-driven causes of inflation can be corrected by appropriate policies. ...
11:00 AM, Mar 09, 2013
India has all the requirements to return to a GDP growth rate of 8 per cent in the coming years, Deputy Chairman of the Planning Commission Montek Singh Ahluwalia said, while highlighting that current account deficit is a big problem right now. ...
11:38 AM, Mar 07, 2013
India's record-high current account deficit is a chief worry as it is increasing the dependence on foreign investments, the government's top economic adviser said on Tuesday, making the country vulnerable to a sudden stop and reversal in fund inflows. ...
03:59 PM, Mar 05, 2013
