The economic growth is likely to accelerate to 7.5% in 2019-20, from 7.2% projected for the current fiscal, Chief Economic Adviser K V Subramanian has said. While the nominal rate is targeted at 11.5%, inflation rate is expected at about 4%," he told PTI. The RBI, in its latest monetary policy review released last week, too projected an economic growth rate of 7.4% for the next fiscal. He said that the average GDP growth rate in the last four years stood at 7.3%, the highest across all government since liberalisation
According to a study by Oxford Economics, all the top 10 fastest-growing cities by GDP between 2019 and 2035 will be in India. Surat, a major diamond trading and IT processing hub, tops the list with an average annual GDP growth rate of 9.2% from 2019 to 2035. Next on the list is Agra followed by Bengaluru and Hyderabad. Other cities in the top 10 ranks include Nagpur, Tirupur, Rajkot, Tiruchirappalli, Chennai and Vijayawada. The study titled, Global Cities Report 2018, evaluated 780 cities and estimated that the world’s major urban economies will grow by 2.8% a year.
China’s services sector, which accounts for more than half of China’s gross domestic product, maintained a solid pace of expansion in January even though growth moderated slightly, a private survey showed on Sunday. The Caixin/Markit services purchasing managers’ index (PMI) fell slightly to 53.6 in January from 53.9 in December but remained well above the 50.0-mark. Export of services continued to support the sector thanks to efforts among Chinese services firms to attract foreign clients.
The government on Thursday revised the economic growth rate upwards to 7.2% for 2017-18 from the 6.7% estimated earlier. During 2017-18, the growth rates of primary sector (comprising agriculture, forestry, fishing and mining and quarrying), secondary sector (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary sector (services) have been estimated as 5%, 6% and 8.1%, against a growth rate of 6.8%, 7.5% and 8.4%, respectively, in the previous year.
President Ram Nath Kovind on January 31 said India's contribution to the global economy has increased from 2.6% in 2014 to 3.3% in 2017 on the back of high growth rate during the last four and a half years. Addressing the joint sitting of the Parliament, he said the country's GDP has been growing at an average rate of 7.3%, making India the sixth largest economy in the world.
According to a report by Crisil, Bihar registered the highest state GDP growth in 2017-18 at 11.3%. Andhra Pradesh came in second with a state GDP growth of 11.2%. The national GDP growth stood at of 6.7% for FY18. “In fiscal 2018, Bihar, Andhra Pradesh, and Gujarat were top-rankers in terms of state GDP growth among the 17 non-special States considered in our analysis,” the report said. “Jharkhand, Kerala, and Punjab were at the bottom.” The analysis found that between the financial years 2012-13 and 2016-17, Gujarat, Madhya Pradesh and Karnataka were the fastest growing states, on average.
Oil prices firmed on Monday after data showed China's economic slowdown was not as big as some analysts had expected, with supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) also offering support. International Brent crude oil futures were at $62.83 per barrel up 13 cents, or 0.2%, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $53.92 a barrel. Both oil price benchmarks were trading lower earlier in the session on fears that China's economic slowdown. China's economy grew by 6.6 percent in 2018, its slowest expansion in 28 years.
Shares of metal companies were trading under pressure with most of the frontline stocks like Tata Steel, Jindal Steel and Power (JSPL), Steel Authority of India (SAIL), Coal India and Hindustan Zinc touched their respective 52-week lows. The Nifty Metal Index, the largest loser among sectoral indices, was down 2.55% on Tuesday after the Chinese economy reported its slowest growth rate in the last 28 years. After witnessing a robust double-digit growth for three decades, the Chinese economy has been on a downturn over the years as the country deals with bad debts and a decline in exports, IANS reported.
China's GDP grew at 6.6% in 2018, its slowest rate since 1990, official figures showed on Monday. The moderate growth rate invoked fears of a slowdown in the world’s second largest economy. While the Chinese economy grew at 6.8% in 2017, its growth rate was just 3.9% in 1990. In the quarter ended December 2018, the economy grew 6.4% from a year earlier, down from 6.5% in the previous quarter, China's National Bureau of Statistics (NBS) said. The slow growth rate has also been partly driven by the effects of trade war with the US.