Sitharaman said the economy’s momentum had stayed strong despite global volatility and scepticism.
India's Q4 GDP data, due on May 30, could offer critical clues on whether the economy is gaining momentum or plateauing. From sectoral trends to corporate investment signals, there's a lot riding on this print
India is seen growing 8.2 percent in 2023-24 thanks to the manufacturing and mining sector. However, farm sector GVA is seen slowing down to 1.4 percent in FY24 against 4.7 percent in 2022-23.
For 2023-24 as a whole, economists think the statistics ministry may show GDP growth at 7.7-7.8%, higher than the second advance estimate.
"We expect a broad based recovery where all the components of GDP including exports, capex, government spending, consumption will all begin to turn gradually going forward in the next four-six months," says Chetan Ahya, MD of Morgan Stanley.
The reasons for HSBC's Purchasing Managers' Index (PMI) lurch down are not clear but probably reflect renewed pessimism over prospects for structural reform.
Global markets ended higher on Thrusday. The Nifty ended May series above 6,100. All eyes today are on fourth quarter GDP data.
Month-end dollar demand by oil importers along with likely slower growth, which may be seen in Friday's Q4 GDP report could add more pressure on the rupee, says Pramit Brahmbhatt, Alpari.
The government will announce the FY13 GDP numbers on May 30, where it expects the readings to be around 5.2 percent.
After a dismal Q4 GDP growth of 5.3%, concerns about the Indian economy have grown. Chetan Ahya of Morgan Stanley says that they have kept GDP growth rates quite weak for FY13. They are estimating a growth of 5.8% only.
India's economic growth rate slipped to 5.3% in the fourth quarter of 2011-12, lowest in nearly 9 years due to poor performance of the manufacturing and farm sectors.
India's fiscal deficit during the 2011-12 fiscal year that ended in March was Rs 5,20,000 crore, or equivalent to 5.9% of India's gross domestic product according to a Reuters calculation, government data showed on Thursday.
The BSE Sensex extended losses, the 1-year swap rate fell, and bond prices held on to gains on Thursday after January-March growth fell to a much lower-than-expected 5.3%, raising expectations for interest rate cuts.
The Indian economy grew by 5.3% in the fourth quarter of 2011-12 fiscal year, the slowest since March 2003 according to Thomson Reuters data, and well below analysts' forecast of 6.1% growth.
India's economy growth slowed to 5.3% in the fiscal fourth-quarter to March, well below market expectations of 6.1%.
The market is keenly awaiting the Q4 GDP data & the govt's next move on fuel prices for further cues, says Dhawal Dalal, DSP BlackRock.