New Delhi [India], July 14 (ANI): The reduction in excise duty on petrol and diesel by the Central government coupled with the delayed arrival of the monsoon has led to robust demand for fuels in the month of June.
New Delhi [India], March 17 (ANI): Global rating agency Moody's on Thursday lowered India's economic growth estimate for the calendar year 2022 to 9.1 per cent for its earlier projection of 9.5 per cent citing the adverse impact of the ongoing Russia-Ukraine conflict on the global economy.
New Delhi Feb 24 PTI Moodys Investors Service on Thursday raised Indias growth forecast to 95 per cent for the calendar year 2022 and to 84 per cent for the coming fiscal beginning April 1 even as it flagged high oil prices and supply distortions as a drag on growth Stating that the economic recovery from the first and second Covid wave in 2020 and 2021 respectively has been stronger than expected Moodys said Goods and Services Tax GST collection retail activity and Purchasing Managers Index PMI suggest solid momentum We have raised our 2022 calendar year growth forecast for India to 95 per cent from 7 per cent and maintained our forecast for 55 per cent growth in 2023 This translates into 84 per cent and 65 per cent in fiscal years 2022-23 and 2023-24 respectively Moodys said in an update to its Global macroeconomic outlook 2022-23 The speed of the recovery from the first lockdown-led contraction in the June quarter of 2020 and subsequently in the June quarter of 2021 during the Delta wave was stronger than expected In November last year Moodys had forecast Indias economy to expand 79 per cent in the 2022-23 fiscal beginning April 1 As per official estimates Indian economy is estimated to grow at 92 per cent in the current fiscal ending March 31 Moodys said the economy is estimated to have surpassed the pre-Covid level of GDP by more than 5 per cent in the last quarter of 2021 Sales tax collection retail activity and PMIs suggest solid momentum However high oil prices and supply distortions remain a drag on growth it said Moodys said as is the case in many other countries the recovery is lagging in contact-intensive services sectors but it should pick up as the Omicron wave subsidesWith most remaining restrictions now being lifted with the improvement in the Covid situation including the reopening of schools and colleges for in-person instruction across various states the country is on its way to normalcy Our 95 per cent growth forecast for 2022 assumes relatively restrained sequential growth rates thus there is upside potential to the growth rate We estimate the carry-over from a strong finish to 2021 will add 6-7 per cent to this years annual growth it said In 2021 calendar year Moodys estimates Indias economic expansion at 81 per cent against a 71 per cent contraction in 2020- the year marred by Covid-induced lockdown Moodys said the 2022 union budget prioritises growth with a 36 per cent increase in allocation to capital expenditure to 29 per cent of GDP for the fiscal year 2022-23 which the government hopes will crowd in private investment With the RBI leaving interest rates unchanged at its February meeting monetary policy remains supportive We expect the RBI to begin tightening liquidity measures and raise the repo rate in the second half of this year provided that growth momentum continues to improve Moodys said With regard to global economy Moodys said the global economy is transitioning toward more stable growth bolstered by improvement in the Covid-19 health situation The current economic cycle is remarkable in the swiftness with which activity has been restored in most major economies But declining fiscal support tighter monetary policy and waning pent-up demand will weigh on growth momentum in most countries the report states Stating that transition to a post-pandemic world will take shape this year Moodys expects the G-20 economies collectively to expand 43 per cent in 2022 down from 59 per cent in 2021 yet still above long-term trend growth The first half of 2022 will be challenging Elevated commodity prices demand-supply imbalances inflation pressures volatile financial markets and geopolitical tensions will make for a challenging backdrop it said Risks to growth outlook include a potential worsening of the pandemic repeated supply shocks overly tight monetary policy The escalation of the Russia-Ukraine situation poses risks to energy market stability and raises the prospect of potentially more severe sanctions on Russia it said Although we expect the rapid rise in inflation in recent months to subside the steep and broad-based increase in prices is eroding household purchasing power and could weaken the recovery said Madhavi Bokil Senior Vice PresidentCSR at Moodys Investor Services and one of the authors of the report PTI JD MKJ
New Delhi Feb 24 PTI Moodys Investors Service on Thursday raised Indias growth forecast to 95 per cent for the calendar year 2022 and to 84 per cent for the coming fiscal beginning April 1 even as it flagged high oil prices and supply distortions as a drag on growth We have raised our 2022 calendar year growth forecasts for India to 95 per cent from 7 per cent and maintained our forecast for 55 per cent growth in 2023 This translates into 84 per cent and 65 per cent in fiscal years 2022-23 and 2023-24 respectively Moodys said in a statement In November last year Moodys had forecast Indias economy to expand 79 per cent in the 2022-23 fiscal beginning Aptil 1 As per official estimates Indian economy is estimated to grow at 92 per cent in the current fiscal ending March 31 The speed of the recovery from the first lockdown-led contraction in the June quarter of 2020 and subsequently in the June quarter of 2021 during the Delta wave was stronger than expected the economy is estimated to have surpassed the pre-COVID level of GDP by more than 5 per cent in the last quarter of 2021 Sales tax collection retail activity and PMIs suggest solid momentum However high oil prices and supply distortions remain a drag on growth it said Moodys said as is the case in many other countries the recovery is lagging in contact-intensive services sectors but it should pick up as the Omicron wave subsides With most remaining restrictions now being lifted with the improvement in the COVID situation including the reopening of schools and colleges for in-person instruction across various states the country is on its way to normalcy Our 95 per cent growth forecast for 2022 assumes relatively restrained sequential growth rates thus there is upside potential to the growth rate We estimate the carry-over from a strong finish to 2021 will add 6-7 per cent to this years annual growth it said The 2022 union budget prioritises growth with a 36 per cent increase in allocation to capital expenditure to 29 per cent of GDP for the fiscal year 2022-23 which the government hopes will crowd in private investment With the RBI leaving interest rates unchanged at its February meeting monetary policy remains supportive We expect the RBI to begin tightening liquidity measures and to raise the repo rate in the second half of this year provided that growth momentum continues to improve Moodys said PTI JD MKJ
New Delhi [India], February 2 (ANI): India's exports to China rose by 21 per cent to USD 22.9 billion in the 2021 calendar year while imports surged by 49 per cent to USD 87.5 billion during the same year, according to data released by the Directorate General of Commercial Intelligence and Statistics.
New Delhi Dec 19 PTI A bill on electoral reforms which seeks to link electoral rolls with the Aadhaar ecosystem to weed out duplicacy is listed for introduction in Lok Sabha on MondayThe Election Laws Amendment Bill 2021 seeks to allow electoral registration officers to seek Aadhaar number of people who want to register as voters for the purpose of establishing the identityIt also seeks to allow the electoral registration officers to ask for Aadhaar number from persons already included in the electoral roll for the purposes of authentication of entries in electoral roll and to identify registration of name of the same person in the electoral roll of more than one constituency or more than once in the same constituencyAt the same time the amendment bill makes it clear that no application for inclusion of name in the electoral roll shall be denied and no entries in the electoral roll shall be deleted for inability of an individual to furnish or intimate Aadhaar number due to such sufficient cause as may be prescribedSuch people will be allowedto furnishother alternative documents as may be prescribedAccording to the bill circulated to Lok Sabha members ahead of its introduction various sections of the Representation of the People Act 1950 and 1951 will be amendedTheStatement of Objects and Reasons of the bill states that Section 23 of the RP Act 1950 will be amended to allow linking of electoral roll data with the Aadhaar ecosystem to curb the menace of multiple enrolment of the same person in different placesAmendment to section 14 of the RP Act 1950 will allow to have four qualifying dates for eligible people to register as votersAs of now January 1 of every year is the sole qualifying datePeople who turn 18 on or before January 1 can register as voters Those turning 18 after that have to wait for one whole year to register as votersNowthe 1stday of January 1st day of April 1st day of July and 1st day of October in a calendar year will be thequalifying dates in relation to the preparation or revision of electoral rollsAmendment to section 20 of the RP Act 1950 and section 60 of the RP Act 1951 will allow the elections become gender neutral for service votersThe amendment will also help replace the word wife with the word spouse making the statutes gender neutralAn Armymans wife is entitled to be enrolled as a service voter but a woman Army officers husband is not according to provisions in the electoral law With wife being replaced by the term spouse this will changePTI NAB SRY
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