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☆ India's real GDP growth could be between 6.5% and 7% for financial year 2025: Advisor
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's real GDP growth could be between 6.5% and 7% for financial year 2025: AdvisorV. Anantha Nageswaran, chief economic advisor to the Indian government, discusses the country's economic outlook.

Persons: Anantha Nageswaran

☆ India's finance minister touts unlikely export growth in a world of uncertainty
▼ + stars: | 2024-02-02 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +4 min

Finance Minister Nirmala Sitharaman addresses the media after the interim budget on February 1, 2024 in New Delhi, India. So a lot of new people are accessing India," Sitharaman said, while touting that India was able to showcase its digital public infrastructure at the G20 summit it hosted in New Delhi last year. Sitharaman, when asked about what economic issues will define the vote, said "if economic issues are to dominate the election, it would be the recipients of the beneficiaries themselves coming out to say, 'I'm empowered now'." "If anything, for us it will be performance on the economic issues, good performance, inclusive growth that we've offered." The interim budget is typically a stop-gap financial plan during an election year, aimed at meeting immediate financial needs before a new government is formed.

Persons: Nirmala Sitharaman, Sitharaman, CNBC's, CNBC's Sri Jegarajah, Narendra Modi's, Pranjul Bhandari, Bhandari, Anantha Nageswaran Organizations: Hindustan Times, Getty, India's, CNBC's Sri, Mar, CNBC, India's Finance Locations: New Delhi, India, Europe, America, Brazil, Africa, Indonesia

☆ India set to be world's third largest economy by 2027, finance ministry says
▼ + stars: | 2024-01-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

India could become the world's third-largest economy by 2027 with a gross domestic product of $5 trillion, the finance ministry has said. The projections come ahead of an interim budget due to be released later this week. In a report released Monday, the finance ministry said the economy is poised to grow at or above 7% in the fiscal year 2024. If it meets this year's target, it will be the third straight year of 7% GDP growth for India. India's chief economic advisor, V Anantha Nageswaran, said the government's goal is to become a developed country by 2047.

Persons: Nirmala Sitharaman, V, Nageswaran Organizations: Indian Finance, Bombay Stock Exchange Locations: Mumbai, India

☆ Indian economy to exceed growth estimates after strong Q2 beat : economists
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

The country's economy expanded 7.6% in the July-September quarter, trouncing estimates of a 6.8% rise, data released on Thursday showed. He had an earlier forecast growth at 6.7%. The government stuck to its 6.5% growth forecast for the year, but chief economic advisor V. Anantha Nageswaran said he was "more comfortable with an upside to this projection than before". Reuters GraphicsCitigroup revised its growth forecast for the financial year upwards by 50 basis points to 6.7% citing a pick-up in investment activity. "This reaffirms our view of sustained investment recovery," the Wall Street bank's chief India economist Samiran Chakraborty said in a note.

Persons: Ranita Roy, Saumya Kanti Ghosh, V, Anantha Nageswaran, Gross, Samiran Chakraborty, Chakraborty, Radhika Rao, Gaura Sen Gupta, Ira Dugal, Nivedita Organizations: REUTERS, Rights, State Bank of India, Reuters Graphics Citigroup, Street bank's, DBS, IDFC, Bank Economics Research, Thomson Locations: Kolkata, India

☆ India’s economy grows at fastest pace in a year
▼ + stars: | 2023-08-31 | by ( ) edition.cnn.com time to read: +2 min

India’s economy grew at its quickest pace in a year in the April-June quarter, buoyed by strong services activity and robust demand, but a drier than normal monsoon season could restrain future growth. India’s Chief Economic Adviser V. Anantha Nageswaran maintained his 6.5% growth forecast for the full year. Thamashi De Silva at Capital Economics said India’s GDP data was strong despite policy tightening by the Reserve Bank of India. Food prices climbIndia’s retail inflation in July rose to its highest in 15 months as vegetable and cereals prices skyrocketed. “High food inflation for a prolonged period could weigh on consumption growth,” said Rajani Sinha, Chief Economist, CareEdge Ratings.

Persons: Anantha Nageswaran, ” Nageswaran, Thamashi De Silva, ”, Madan Sabnavis, “, Suvodeep Rakshit, Nageswaran, Rajani Sinha Organizations: Gross, Capital Economics, Reserve Bank of India, Bank of Baroda Locations: India

☆ Most G20 nations see banking system sound as bloc talks financial stability - official
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, June 14 (Reuters) - Most G20 member nations are of the view that banking systems and regulations in their countries are steady, India's chief economic advisor said on Wednesday. "Most country members who spoke expressed the view or the hope that their individual country regulations and banking systems were sound, and they don't anticipate any trouble," V. Anantha Nageswaran said after the bloc discussed financial stability risks. Reporting by Shivangi Acharya and Nikunj Ohri; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Anantha Nageswaran, Shivangi Acharya, Nikunj, Nivedita Organizations: Thomson Locations: DELHI

☆ India's economy could grow by 6.5% to 7% for the medium term, chief economic advisor says
▼ + stars: | 2023-06-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's economy could grow by 6.5% to 7% for the medium term, chief economic advisor saysV. Anantha Nageswaran, chief economic advisor to the Indian government, says the reasons are "twofold."

Persons: Anantha Nageswaran

The government expects growth could remain around 6.5% in the current fiscal year, despite risks emerging from a global slowdown. Asia's third-largest economy expanded faster than the forecast of 5.0% by economists in a Reuters poll in the last quarter of the 2022/23 fiscal year through March, up from a revised 4.5% in the previous quarter. She added growth numbers, however, reflected optimism for the Indian economy despite global headwinds. Reuters GraphicsFederal government spending, constituting about 10% of GDP, rose 2.3% year-on-year in the latest quarter, compared with a revised 0.6% contraction in the previous quarter. Currently, 45% of India's workforce is employed in the farm sector, which contributes just 15% to the economy.

Persons: Anantha Nageswaran, Sakshi Gupta, Narendra Modi, Economists, Sarita Chaganti Singh, Shivangi Acharya, Nishit Navin, Emelia Sithole, David Holmes Organizations: Reserve Bank of India, Reuters, Reuters Graphics Federal, Monitoring, Thomson Locations: DELHI, India, HDFC, Mumbai, New Delhi, Bengaluru

Summary Oct-Dec GDP at 4.4% vs 4.6% Reuters forecastOct-Dec manufacturing sector down 1.1%Govt maintains 7% growth for 2022/23Economists see slowing consumer demand, possible rate hikeFeb 27 (Reuters) - India's economic growth slowed further in the December quarter as pent up demand eased and weakness in the manufacturing sector continued. Asia's third largest economy recorded year-on-year growth of 4.4% in October-December, down from 6.3% in July-September, data released by the government on Tuesday showed. The sharp fall in the year-on-year growth rate is also partly due to a fading of pandemic-induced base effects and revision to last year's growth, economists said. "We are likely to hit the 7% GDP growth target for the year," said India's chief economic advisor V. Anantha Nageswaran at a press briefing. Government spending declined 0.8% year-on-year in the December quarter compared to revised 4.1% contraction in the previous quarter.

BENGALURU, India, Feb 21 (Reuters) - G20 finance ministers and central bank governors will discuss debt troubles in developing economies, crypto currencies and global inflationary pressures at a meeting later this week, Indian officials said on Tuesday. The Feb. 22-25 meeting in the Nandi Hills summer retreat near Bengaluru is the first major event of India's G20 presidency. The meeting straddles the Feb. 24 anniversary of Russia's invasion of Ukraine and the war is likely to be high on the agenda. Reuters reported last week that India is drafting a proposal for G20 countries to help debtor nations by asking lenders, including China, the world's largest sovereign creditor, to take a large haircut on loans. "So the discussions would be aimed both at handling them before they arise and after they arise as well."

☆ There are 'very clear' signs that India's labor market is on the mend, says chief economic advisor
▼ + stars: | 2023-02-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere are 'very clear' signs that India's labor market is on the mend, says chief economic advisorV. Anantha Nageswaran, chief economic advisor to the Indian government, discusses the country's budget for 2023 and the crisis the Adani Group is facing.

India's largest ever secondary share sale attracted participation from anchor investors including Maybank Securities and Abu Dhabi Investment Authority, as well as India's HDFC Life Insurance and state-backed Life Insurance Corporation (LIFI.NS). By Tuesday the overall share sale was fully subscribed as foreign institutional investors and corporate funds flooded in, although participation by retail investors and Adani Enterprises (ADEL.NS) employees remained low. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Reuters GraphicsHindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir CohenSummarySummary Companies Adani scripts comeback by completing share saleKey $2.5 billion share sale fully subscribed-dataShort-seller's report led to fall in Adani sharesMUMBAI, Jan 31 (Reuters) - Gautam Adani's crucial $2.5 billion share sale was fully subscribed on Tuesday as investors pumped funds into his flagship firm, despite a $65 billion rout in the Indian billionaire's stocks sparked by a short-seller's report. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Hindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

☆ Exclusive: India economic survey likely to peg 2023-24 growth at slowest in three years - source
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +3 min

MUMBAI, Jan 30 (Reuters) - India's annual pre-budget economic survey is likely to peg GDP growth at 6-6.8% for 2023-24, according to a source. Nominal growth is likely to be forecast at 11% for 2023-24, the source added. An economic survey by Chief Economic Adviser V. Anantha Nageswaran will be tabled in the parliament on Tuesday by Finance Minister Nirmala Sitharaman, a day before she presents the budget for the next fiscal year. The Economic Survey is the government's review of how the economy fared in the past year. The government's economic research department will also likely point to improvement in the financial health of the Indian banking sector as a factor aiding economic growth.

☆ Indian shares set to rise after Powell hints at slower hikes
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 1 (Reuters) - Indian shares are set to open higher on Thursday, tracking the sharp uptick in global equities after Federal Reserve Chair Jerome Powell hinted at slowing the pace of interest rate hikes "as soon as December." India's NSE stock futures listed on the Singapore exchange were up 0.40% at 18,991.50 as of 07:30 a.m IST. Data on Wednesday showed the Indian economy logged 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter. Foreign institutional investors bought net of 90.10 billion Indian rupees ($1.11 billion) equities on Wednesday, while domestic investors sold 40.56 billion rupees worth of shares, as per provisional NSE data. Stocks To Watch:** Apollo Hospitals (APLH.NS): Company approved issue of non-convertible debentures worth 1.05 billion rupees.

NEW DELHI, Nov 30 (Reuters) - India posted annual economic growth of 6.3% in its July-September quarter, less than half the 13.5% growth in the previous three months as distortions caused by COVID-19 lockdowns faded in Asia's third-largest economy. Economists warned, however, that growth momentum may ease in the December quarter due to higher interest rates and slowing exports. "Even as domestic growth drivers on services side continue to remain robust, weakening global demand amid tightening financial conditions remains the key risk for growth outlook for India," said Garima Kapoor, economist at Elara Capital. Slowing global growth has also started to hurt exports, which fell 17% over a year ago in October. "Services on the supply side and investments in the demand side would continue to be the main drivers of growth," said Sujan Hazra, chief economist at Anand Rathi.

[1/2] Indian Finance Minister Nirmala Sitharaman speaks during a side event on the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia, 14 July 2022. The proceeds from green bonds will not be used to fund hydropower plants larger than 25 MW, nuclear projects and any biomass-based power generation with biomass originating from protected areas, the government said in the green bond framework released on Wednesday. A green finance working committee headed by the Chief Economic Adviser V Anantha Nageswaran will select public sector projects for green financing from those submitted by government departments. The committee will annually identify fresh projects to be funded through green bonds. The Indian government had sought assistance for its green bond framework from the World Bank and CICERO Shades of Green, a Danish firm that helps with environment assessments on green bond frameworks.

☆ India should allow gradual rupee weakening, use fx reserves 'judiciously' - govt adviser
▼ + stars: | 2022-11-07 | by ( Shivangi Acharya | ) www.reuters.com time to read: +2 min

NEW DELHI, Nov 7 (Reuters) - India's central bank should allow rupee to depreciate gradually and use foreign exchange reserves judiciously, the government's chief economic adviser V. Anantha Nageswaran on Monday. Nageswaran comment on the rupee and foreign exchange reserves is the first official government comment since concerns about dwindling currency reserves emerged earlier this year. India's foreign currency reserves have fallen from a peak of $642 billion to $531 billion partly due to dollar sales to support the rupee. “We should in the short-run allow the rupee to depreciate gradually and we should use forex exchange reserves judiciously,” Nageswaran said at an online event. “We should augment foreign exchange reserves and that will help with any contingencies,” he added.

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