India GDP growth in Q1 likely at 5.5 pct on factory, farm output

Source: Financial Express, Aug 25, 2014

New Delhi: Bringing some much needed cheer, the economy is estimated to have grown at about 5.5 per cent or more in the first quarter of the fiscal, marking the fastest growth in nearly two years.

“The calculations are yet to be completed but the uptick in industrial output as well as reasonable growth in the farm sector would have given a boost to growth,” said an official familiar with the development, adding that the low base effect would also give an impetus to GDP growth.

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Economic turnaround in sight as growth expected to hit two year high

Source: The Economic Times, Aug 12, 2014

NEW DELHI: The Indian economy may be turning a corner, say economists, as they predict growth to have hit a two-year high in the fiscal first quarter with more green shoots on the horizon.

The turnaround is being driven largely by the industrial sector, which looks to be gaining strength after turning positive in the first two months of the fiscal year that began in April.

Corporate results have also been healthy, adding further credence to the recovery story and giving more reasons to the Modi government to push economic reforms. Industrial production growth, as measured by the Index of Industrial Production (IIP), rose 4 per cent in April-May.

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GDP expected to go up to 5.5% in current fiscal: RBI

Source: Business Standard, Aug 05, 2014

New Delhi: With improvement in economic activity and revival of sentiments, the RBI today said GDP growth in the current fiscal is expected to go up to 5.5% from 4.7% in last financial year.

“The implementation of government policy actions that have been announced should create a congenial setting for a steady improvement in domestic demand and supply conditions,” RBI said in its bi-monthly policy statement.

Sentiments on domestic economic activity appear to be reviving, RBI said, adding that there are early signs of modest strengthening of corporate sales and business flows.”Prospects of re-invigoration of growth have improved modestly… The central estimate of real GDP growth of 5.5% within a likely range of 5 to 6% for 2014-15 can be sustained,” it said. Driven by improved performance of the manufacturing sector, industrial production growth soared to 19-month high of 4.7% in May.

Also, India’s export growth remained in double digit for the second month in a row at 10.22% in June.The firming up of export growth should support manufacturing and services sector, it said.Further, the revival of investments, unblocking of stalled projects, pick-up in external demand and stabilisation in global crude prices could help achieve the growth estimates, RBI said.
As per the Finance Ministry estimates, GDP growth in the current fiscal is expected be in the range of 5.4-5.9%.

In his maiden Budget, Finance Minister Arun Jaitley had announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes for auto and other sectors to promote industrial output and boost growth.

GDP expected to grow by 5.2-5.7 pc in FY15

Source: The Economic Times, Jul 29, 2014

NEW DELHI: With manufacturing sector showing signs of nascent recovery, economic think tank NCAER expects India’s GDP to expand at 5.2-5.7% this fiscal.

“GDP growth rate for 2014-15 is projected at 5.2-5.7%. The higher growth of 5.7% is conditional on pick up of investment spending,” National Council of Applied Economic Research (NCAER) said in a statement.

India recorded sub-five per cent in 2012-13 and 2013-14 due to general global slowdown and domestic factors, like high interest rate and stubborn inflation. The Economic Survey expects the country’s economy to expand by 5.4-5.9% this fiscal.

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India Likely to Grow at 6 Per Cent in 2014-15: Gita Gopinath

GDPSource: The New Indian Express, Jul 24, 2014

NEW DELHI: The Indian economy is likely to grow at six per cent in 2014-15 and if the new government delivers on its promise of good governance, reversion to a growth rate of around 7-8 per cent can occur in coming years, Harvard University professor Gita Gopinath said.

“Let’s just say that 6 per cent growth rate in FY15 would not be unreasonable… if the Modi government delivers on its promise of good governance, speedy implementation, improved infrastructure and manufacturing revival, 7-8 per cent growth is certainly within reach,” she said in an interview to as per the Economic Survey for 2013-14, India’s GDP growth rate will improve to 5.4-5.9 per cent in the current fiscal after remaining at sub-5 per cent level for past two years.

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Slow economic recovery looms

Slow economic recovery loomsThe Economic Survey tried to paint a realistic picture of the economy, pegging gross domestic product (GDP) growth at 5.4-5.9 per cent for 2014-15, after it had dropped to below five per cent in the previous two years. A day ahead of the Budget, it prescribed the government to go for fiscal consolidation and simplify tax policies to revive the investment climate.

The Survey, presented in Parliament by Finance Minister Arun Jaitley, wanted the government to rein in inflation and ease procedures for higher growth.

Even then, economic growth could tilt towards the lower end — 5.4 per cent — of the projected band this financial year and it might not be before 2016-17 that the economy would revert to seven to eight per cent annual growth, cautioned the Survey.

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India to grow at 5.3 per cent in current fiscal: Ficci

India to grow at 5.3 per cent in current fiscal: FicciSource: The Economic Times, Jul 08, 2014

NEW DELHI: Ahead of the Economic Survey, industry body Ficci today lowered its GDP growth forecast for the current fiscal, pegging India’s economic expansion rate at 5.3 per cent compared to its 5.5 per cent previous estimate.

This is mainly due to bleak prospects for performance of the agriculture sector due to sub-par monsoon forecast.

“FICCI’s latest Economic Outlook Survey puts across the GDP growth estimate for the year 2014-15 at 5.3 per cent, with a minimum and a maximum range of 4.9 per cent and 5.8 per cent,” a statement said.

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