The growth rate held steady from a 6.9-per cent increase in the first half of this year and is well above the government's target for the year of 6.5 per cent.
Presenting the work report of his five year tenure to the week-long Congress of the ruling Communist Party of China (CPC) here, Xi who is set to head the party and the military for another five years said, "the economy has maintained a medium-high growth rate, making China a leader among the major economies."
Prime Minister Narendra Modi's government has already used up nearly all of its budget for the current fiscal year and tax revenues are expected to fall far short of initial expectations. At the same time economic growth has slowed, sparking calls for more stimulus.
According to the global financial services major, global economic growth is expected to stay positive and accordingly exports are likely to remain supportive going ahead.
According to the Japanese financial services major, consumer firms are expected to report average net sales growth of 8.6 per cent year-on-year with EBITDA growth of 8.4 per cent in the second quarter of this fiscal. Growth in India's consumer sector particularly the household and personal care segment was held back in recent quarters largely due to macro issues.
While China produced forecast-beating growth of 6.9 percent in the first half, many economists and investors had expected its momentum would start to fade in the latter part of the year.
They analysts said the slippage will be on lower revenue collections through Excise duty cuts, lower telecom collections, lower RBI dividend transfer and also higher expenditure, where government has front-loaded spending and a possible stimulus to boost domestic demand.
The International Monetary Fund yesterday also lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts and slower than China's 6.8 per cent.
The latest IMF report lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts and attributed it to demonetisation and introduction of the GST.
Participating in a debate on sustainable development in the second committee of the General Assembly, First Secretary at the Permanent Mission of India to UN, Ashish Sinha said that climate change is a critical component of sustainable development as it impacts public health, food and water security, migration and peace and security.
A look at top cues from domestic and international cues that could have a bearing on D-Street.
According to DBS, incoming high-frequency data are likely to improve. The index of industrial production for August -- due this week -- is poised to extend gains from July's 1.2 per cent, said DBS in its daily economic report today.
The world has started "realising" that India would be among the top three economies by 2030 when the size of the country's economy would touch USD 5 trillion as against the present USD 2 trillion, he said at a passing out parade of the Central Industrial Security Force here.
India's GDP, as per data from IMF, is expected to jump by USD 800 billion over the course of next three years, with a rise from present USD 2454 billion in 2017 to projected rise to USD 3252 billion in 2020
The general consensus about the economy’s outlook was positive at India Economic Summit, with industry players believing that demand would pick up in the next few quarters, beginning the festive season
According to the Japanese financial services major, there could be some downside to the RBI's near-term projections.
Sunil Peter, chief executive officer of the Singapore Indian Chambers of Commerce and Industry (SICCI), said the arbitration courts could help in quick conflict resolution which will strengthen and encourage companies to enter and grow their investments in India.
India's economy failed to meet expectations for the April-June quarter as gross domestic product growth slowed to 5.7 percent — the country's lowest pace since early 2014.
The reported growth rate was more than three times the expected growth rate of 7.8 percent. However, there is a caveat
The Reserve Bank of India (RBI) is widely expected to keep the repo rate or key policy rate unchanged at 6 percent on Wednesday citing higher inflation risks and weak credit demand.
Official data showed year-on-year gross domestic product growth slowed to 1.5 percent in the second quarter from 1.8 percent in the first three months of the year.
According to the global financial services major, although reforms over the past year have caused disruptions that will likely mean lower growth rates in the near term, they should allow India to unleash more of its undoubted potential over the medium term.
The gross domestic product increased at a 3.1 percent annual rate in the April-June period, the Commerce Department said in its third estimate on Thursday. The upward revision from the 3.0 percent pace of growth reported last month reflected an increase in inventory investment.
"Interestingly, the highest growth in India from 1990 to 2014 was really during coalition governments...So, in a way it's consensus based...in Indian situation, a coalition probably produces better economic results than a strong government,” Reddy told a Washington audience yesterday.
"The methodology for calculation of the GDP was changed by the present government in 2015 as a result of which the growth rate recorded earlier increased statistically by over 200 basis points on an annual basis. So, according to the old method of calculation, the growth rate of 5.7 per cent is actually 3.7 per cent or less."