S&P Global raises India’s GDP growth forecast for FY25 to 6.8%
The growth projection for the current fiscal is lower than the Reserve Bank of India (RBI) and government’s projection of 7 per cent.
The growth projection for the current fiscal is lower than the Reserve Bank of India (RBI) and government’s projection of 7 per cent.
Coming as a positive development for the Indian economy, the Fitch rating agency has raised its estimate for India's economic growth for this fiscal year and next.
She highlighted that the Direct Benefit Transfer of Rs 34 lakh crore using PMJDYY has led to Rs 2.7 lakh crore of savings of the government.
The Finance Ministry’s review of the Indian Economy, a document which runs over 70 pages, takes stock of the state of the country’s economy and its journey in the last 10 years.
The decline in the youth unemployment rate has been led by the states with a larger share of the young population, the Finance Ministry said in a review of the Indian economy.
Standard & Poor’s has already observed that the recession caused by the pandemic will have a deeper and longer impact on lenders than apprehended earlier and that gross NPAs may jump to 14 per cent in the current financial year, up from 8.5 per cent.
In its report titled 'Asia-Pacific losses near USD 3 trillion as balance sheet recession looms', S&P projected the region's economy to shrink by 1.3 per cent in 2020, but grow by 6.9 per cent in 2021.
When reality becomes too gruesome to tolerate, apathy of the urban middle class takes a backseat.
S&P had projected India's economy to shrink by 5 per cent in the current fiscal, and the growth to recover to 8.5 per cent next fiscal.
India on March 25 instituted the world's largest lockdown to combat the novel coronavirus, halting almost all economic activities.