Fitch Raises India's GDP Forecast To 6.3% For Current Fiscal Year

Fitch Ratings on Thursday raised its forecast for India's economic growth to 6.3 per cent for current fiscal year 2023-24 from 6 per cent it had predicted previously.

This is primarily because of a stronger outturn in the first quarter and near-term momentum.

The growth forecast compares with 7.2 per cent GDP expansion in FY23. In the previous fiscal year (FY22), the economy had grown 9.1 per cent.

"India's economy has been showing broad-based strength - with GDP up by 6.1 per cent year-on-year in 1Q23 (January-March) and autosales, PMI surveys and credit growth remaining robust in recent months - and we have raised our forecast for the fiscal year ending in March 2024 (FY23-24) by 0.3 percentage points to 6.3 per cent," the rating agency said.

Fitch had in March lowered its forecast for 2023-24 to 6 per cent from 6.2 per cent citing headwinds from elevated inflation and interest rates along with subdued global demand.

For 2024-25 and 2025-26 fiscal years, it estimated a growth of 6.5 per cent each.

Inflation has moderated since and the domestic economy has picked up.

Stating that the GDP growth in January-March was higher than expected, Fitch said there has been a recovery in manufacturing, after two consecutive quarterly contractions, a boost from construction and an increase in farm output.

In expenditure terms, GDP growth was driven by domestic demand and a boost from net trade.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Fitch Raises India's GDP Forecast To 6.3% For Current Fiscal Year

Fitch Ratings on Thursday raised its forecast for India's economic growth to 6.3 per cent for current fiscal year 2023-24 from 6 per cent it had predicted previously.

This is primarily because of a stronger outturn in the first quarter and near-term momentum.

The growth forecast compares with 7.2 per cent GDP expansion in FY23. In the previous fiscal year (FY22), the economy had grown 9.1 per cent.

"India's economy has been showing broad-based strength - with GDP up by 6.1 per cent year-on-year in 1Q23 (January-March) and autosales, PMI surveys and credit growth remaining robust in recent months - and we have raised our forecast for the fiscal year ending in March 2024 (FY23-24) by 0.3 percentage points to 6.3 per cent," the rating agency said.

Fitch had in March lowered its forecast for 2023-24 to 6 per cent from 6.2 per cent citing headwinds from elevated inflation and interest rates along with subdued global demand.

For 2024-25 and 2025-26 fiscal years, it estimated a growth of 6.5 per cent each.

Inflation has moderated since and the domestic economy has picked up.

Stating that the GDP growth in January-March was higher than expected, Fitch said there has been a recovery in manufacturing, after two consecutive quarterly contractions, a boost from construction and an increase in farm output.

In expenditure terms, GDP growth was driven by domestic demand and a boost from net trade.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Sensex Rises 22 Points Higher At 63545 In Early Trade; Nifty Up 14 Points

Indian markets today opened in the green after rallying to an all-time high on Wednesday. BSE Sensex climbed 22 points up to 63,545, while NSE Nifty was trading at 18,871.

From the Sensex pack, Tata Steel, ICICI Bank and HDFC twins were among the top gainers.

The return of FIIs to Indian markets since April has boosted sentiments even as domestic investors continue to repose confidence in Indian equities, Ranganathan said. In Asian markets, Tokyo ended in the green, while Seoul, Shanghai and Hong Kong settled lower.

Equity markets in Europe were trading mostly in the green. The US markets ended lower on Tuesday.

Global oil benchmark Brent crude climbed 0.03 per cent to USD 75.98 a barrel.

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Sensex Rises 22 Points Higher At 63545 In Early Trade; Nifty Up 14 Points

Indian markets today opened in the green after rallying to an all-time high on Wednesday. BSE Sensex climbed 22 points up to 63,545, while NSE Nifty was trading at 18,871.

From the Sensex pack, Tata Steel, ICICI Bank and HDFC twins were among the top gainers.

The return of FIIs to Indian markets since April has boosted sentiments even as domestic investors continue to repose confidence in Indian equities, Ranganathan said. In Asian markets, Tokyo ended in the green, while Seoul, Shanghai and Hong Kong settled lower.

Equity markets in Europe were trading mostly in the green. The US markets ended lower on Tuesday.

Global oil benchmark Brent crude climbed 0.03 per cent to USD 75.98 a barrel.

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Sensex Hits Record High Of 63588 In Early Trade

Benchmark indices climbed in early trade on Wednesday, with the BSE Sensex hitting its lifetime high of 63,588.31, amid buying in index majors HDFC twins and Reliance Industries.

The 30-share BSE Sensex climbed 146 points to 63,473.70 in early trade. The NSE Nifty advanced 37 points to 18,853.70.

Later, the BSE benchmark jumped 260.61 points to reach its all-time peak of 63,588.31. The benchmark reached the milestone after a gap of nearly seven months.

On December 1 last year, the Sensex hit its intra-day record peak of 63,583.07.

From the Sensex pack, Power Grid, UltraTech Cement, HDFC Bank, Wipro, HDFC, Hindustan Unilever, Larsen & Toubro, Tech Mahindra, Bajaj Finserv, Titan, Tata Consultancy Services, and Reliance Industries were the major gainers.

Tata Steel, NTPC, Tata Motors, ICICI Bank, and Asian Paints were among the laggards.

In Asian markets, Tokyo quoted in the green, while Seoul, Shanghai, and Hong Kong were trading lower.

The US markets ended lower on Tuesday.

Global oil benchmark Brent crude climbed 0.26 per cent to USD 76.09 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,942.62 crore on Tuesday, according to exchange data.

"It is important to understand that this is a global rally with most markets -- US, Euro Zone, Japan, South Korea, and Taiwan -- hovering around 52-week highs...Globally markets are bullish even when global growth is sluggish.

"The reason for this bullish trend is that the US recession, which markets had discounted last year, didn't happen and there are indications that the US might avoid a recession. So, markets are correcting the wrong discounting of last year," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

The 30-share BSE benchmark settled higher by 159.40 points or 0.25 per cent at 63,327.70 on Tuesday. The Nifty advanced 61.25 points or 0.33 per cent to end at 18,816.70.

"All eyes will be on the US Federal Reserve Chairman's testimony before the US Congress later today," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Sensex Hits Record High Of 63588 In Early Trade

Benchmark indices climbed in early trade on Wednesday, with the BSE Sensex hitting its lifetime high of 63,588.31, amid buying in index majors HDFC twins and Reliance Industries.

The 30-share BSE Sensex climbed 146 points to 63,473.70 in early trade. The NSE Nifty advanced 37 points to 18,853.70.

Later, the BSE benchmark jumped 260.61 points to reach its all-time peak of 63,588.31. The benchmark reached the milestone after a gap of nearly seven months.

On December 1 last year, the Sensex hit its intra-day record peak of 63,583.07.

From the Sensex pack, Power Grid, UltraTech Cement, HDFC Bank, Wipro, HDFC, Hindustan Unilever, Larsen & Toubro, Tech Mahindra, Bajaj Finserv, Titan, Tata Consultancy Services, and Reliance Industries were the major gainers.

Tata Steel, NTPC, Tata Motors, ICICI Bank, and Asian Paints were among the laggards.

In Asian markets, Tokyo quoted in the green, while Seoul, Shanghai, and Hong Kong were trading lower.

The US markets ended lower on Tuesday.

Global oil benchmark Brent crude climbed 0.26 per cent to USD 76.09 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,942.62 crore on Tuesday, according to exchange data.

"It is important to understand that this is a global rally with most markets -- US, Euro Zone, Japan, South Korea, and Taiwan -- hovering around 52-week highs...Globally markets are bullish even when global growth is sluggish.

"The reason for this bullish trend is that the US recession, which markets had discounted last year, didn't happen and there are indications that the US might avoid a recession. So, markets are correcting the wrong discounting of last year," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

The 30-share BSE benchmark settled higher by 159.40 points or 0.25 per cent at 63,327.70 on Tuesday. The Nifty advanced 61.25 points or 0.33 per cent to end at 18,816.70.

"All eyes will be on the US Federal Reserve Chairman's testimony before the US Congress later today," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Government Appoints Swaminathan Janakiraman As RBI Deputy Governor

The government today appointed State Bank of India (SBI) managing director Swaminathan Jankiraman as Reserve Bank Deputy Governor (DG).

According to an official notification, the appointment is for a period of three years from the date of joining the post of Deputy Governor or until further order.

A Cabinet Secretary-headed panel interviewed shortlisted candidates on June 1 for the post of RBI Deputy Governor in place of MK Jain, completing his extended tenure on Tuesday.

One post of Deputy Governor is reserved for a commercial banker.

According to the RBI Act, 1934, the central bank should have four Deputy Governors - two from within the ranks, one commercial banker and an economist to head the monetary policy department.

The other three deputy governors are Michael Debabrata Patra, M Rajeshwar Rao and T Rabi Sankar.

The Deputy Governor appointments are made for an initial period of three years, and the person is eligible for reappointment.

The Deputy Governor gets a fixed salary of Rs 2.25 lakh per month plus allowances.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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