SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 30 Jan, 2024  

India.Growth.9.Thmb.jpg Economic growth

GDP.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
Bikky Khosla | 30 Jan, 2024

A review of the Indian economy by the Finance Ministry has estimated India’s growth at 7 percent or above for FY24. Growing at this rate while the world economy is struggling to grow at around 2 percent will be impressive, it adds. There is little doubt that our economy has for quite some time now been performing well, but if the global economic challenges, particularly geopolitical conflicts continue in 2024, new challenges will arise for India as well.

The report presents some interesting facts about India’s social transformation, adding that with Central government's expenditure on social services increasing at a Compound Annual Growth Rate (CAGR) of 5.9 percent between FY 2014 and 2023, the lives of the common person now look remarkably better. Several key improvements have been recorded in areas like poverty reduction, primary healthcare, education, financial security, skill development, etc.

The report, while pointing out some priority areas for future reforms, states about reduction in compliance burden for MSMEs. Ahead of the Budget, experts also anticipate a lot of such measures, including simplified regulatory procedures, but there should also be some urgent steps to address the lingering problem of lack of credit availability and higher interest rates. This sector, with its immense employment generation and social transformation prowess, must be a priority.

Meanwhile, according to a latest survey, business activity in India surged a four-month high in January. HSBC's flash India Composite PMI found both manufacturing and services registering robust growth in the month. The survey participants stated about higher sales and faster rate of expansion in new orders due to favourable economic conditions and demand strength.

I invite your opinions.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter