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<ul class="summary-list"><li>Russia's Sberbank says it is processing transactions with India smoothly, despite Western sanctions.</li><li>Sanctions prevent Sberbank from using US dollars, euros, and the SWIFT network.</li></ul>Sberbank — Russia's largest lender — has no problems processing payments with India, a top executive told <a target="_blank" class="" href="https://www.reuters.com/business/finance/russias-sberbank-says-india-business-booming-despite-western-sanctions-2024-09-03/">Reuters on Tuesday.</a>"Sberbank is a full participant in all Indian payment and interbank systems," Anatoly Popov, Sberbank's deputy CEO, told Reuters. "There are no restrictions on its operations."State-controlled Sberbank has been sanctioned by the <a target="_blank" class="" href="https://home.treasury.gov/news/press-releases/jy0608">US</a> and the <a target="_blank" class="" href="https://www.reuters.com/business/finance/new-eu-sanctions-russia-target-sberbank-commission-head-tells-paper-2022-04-16/">European Commission.</a> It cannot process transactions in the US dollar, the euro, and via the SWIFT bank messaging network.But Sberbank — which processes up to 70% of Russian exports to India — has pivoted to transactions in rubles and rupees for its trade with India. Popov told Reuters that nine out of 10 transactions involving these currencies take just a few hours to complete.This is in contrast with transactions that involve <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">Chinese banks</a>, who are so spooked by US secondary sanctions that many of the larger banks have stopped processing payments with Russia.Popov told the news agency that business between India and Russia boomed in 2022 following sweeping sanctions over Moscow's full-scale invasion of Ukraine. The South Asian country became an "alternative" market for Russia.Reuters reported that Sberbank boosted its presence in India, expanding its staff count by 150% this year.While India has become a <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-divert-oil-exports-europe-india-china-circumvent-sanctions-2023-12">top buyer of Russian oil,</a> there are fewer Indian products Russia needs.Last year, Russia acknowledged there were <a target="_blank" rel="" class="" href="https://markets.businessinsider.com/news/currencies/russia-india-ruble-rupee-sanctions-trade-imbalance-yuan-weapons-deficit-2023-5">problems with billions of Indian rupees</a> it had made from exports to India, which it needed to con. The amount has fallen since as Russian firms have managed to use the money to pay Indian exporters, <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/currencies/india-russia-central-banks-renew-talks-mechanism-expand-local-currency-trade-2024-08-14/">Reuters</a> reported last month.

Russia's largest bank says it has no problems transacting with India

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

<ul class="summary-list"><li>Russia drafted plans to covertly purchase critical goods from India, the Financial Times said. </li><li>According to leaked documents, Moscow considered investing in Indian factories to support critical production.</li></ul>Russia covertly turned to India to secure critical electronic supplies and sensitive goods, according to leaked documents cited by the <a target="_blank" href="https://www.ft.com/content/101afcd6-8e6f-4b5f-89b0-98f48cd5d119">Financial Times</a>.In October 2022, Russia's industry and trade ministry made plans to spend around $1 billion worth of Indian rupees on trade channels that would operate outside Western scrutiny, the outlet said.According to the FT, the project was disclosed in letters sent to a shadowy trade group with ties to Moscow's secret services.The organization — the Consortium for Foreign Economic Activity and International Interstate Cooperation in Industry — was asked to develop a plan on how to source critical electronic components in India.Central to these efforts was Russia's massive trove of Indian rupees. As Western sanctions bore down on Moscow for its war in Ukraine, Russia was left unable to repatriate rupee profits from its ballooning oil trade with India.By the summer of last year, the Kremlin was amassing as much as <a target="_blank" href="https://www.businessinsider.com/dedollarization-russia-dollar-yuan-billions-india-struggle-use-ruble-2023-6">$1 billion worth of rupees per month</a> without a way to convert or spend the currency.The Consortium's plan offered some way out, FT said.Under its scheme, rupees would be spent to secure dual-use components through a "closed payment system" between Russian and Indian firms, the outlet cited.This would provide a steady inflow of electronic equipment originally bought in Western markets, the leaked letters said.Further funds could be directed toward investments in Indian electronic factories, that would provide Russia with needed information infrastructure, FT said.Though it's unclear how much of this plan went into effect, customs data tracked by FT align with the operation's goals.For instance, the leaked correspondence outlined that rupees would be used on electronics and machinery purchases from India — since mid-2022, trade has soared steeply in these categories.Separately, an Indian businessman with knowledge of the matter told the FT that Russia has since looked into creating facilities in India.For the Kremlin, continued access to electronic components is imperative as Russia's fighting in Ukraine drags on through its third year. Since 2022, <a target="_blank" href="https://www.businessinsider.com/russia-economy-growth-recession-labor-worker-shortage-inflation-sanctions-west-2024-9">sanctions have grown much tighter</a>, gradually cutting off Russia's access to <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">key financial lifelines</a>.

Russia built a secret trade channel with India, leaked documents show

<keyword id="21333142" type="General" weightage="100" keywordseo="Indias-population" source="keywords">India's population</keyword> is projected to peak in the early 2060s at about <keyword id="22386427" type="General" weightage="20" keywordseo="1-7-billion" source="keywords">1.7 billion</keyword> and then decline by 12%, but the country will remain the world's most populous throughout the century, the <keyword id="19896118" type="General" weightage="20" keywordseo="United-Nations" source="keywords" meta.keywordsubtype="org" meta.entityname="United Nations" meta.hostid="153" meta.entityid="United Nations">United Nations</keyword> has said. The World Population Prospects 2024 report, released on Thursday, said that the world's population is expected to continue growing over the coming 50-60 years, reaching a peak of around 10.3 billion people in the mid-2080s, significantly up from 8.2 billion in 2024. After peaking, the global population is projected to start declining gradually, falling to 10.2 billion people by the end of the century. India, which surpassed <keyword id="19894886" type="General" weightage="20" keywordseo="China" source="keywords">China</keyword> as the world's most populous nation last year, will continue to hold that position through 2100. "The population of India, which is expected to remain the world's largest throughout the century, will likely decline by 12% after reaching its peak in the early 2060s at about 1.7 billion," the <keyword id="19898339" type="General" weightage="20" keywordseo="UN" source="keywords">UN</keyword> report published by the United Nations Department of Economic and Social Affairs (DESA), <keyword id="271075" type="General" weightage="20" keywordseo="population-division" source="Orion">Population Division</keyword> said. According to the report, India's population in 2024 is projected at 1.45 billion and this will peak to 1.69 billion in 2054. After this, India's population is projected to decline to 1.5 billion by the end of the century in 2100, but the country will still remain the most populous nation on Earth. Responding to a question by PTI on population projections for India, Senior Population Affairs Officer, Population Division, <keyword id="6355835" type="General" weightage="20" keywordseo="un" source="Orion">UN</keyword> DESA Clare Menozzi said at a press conference that "India is currently the largest country in the world in terms of population, and it is projected to stay so throughout the century. The population is currently estimated at 1.45 billion, and it's supposed to increase further to 1.69 billion. "It's supposed to peak around the 2060s in size and then it starts to slightly decline. So by the end of the century, India is projected to be around 1.5 billion, but will still the largest country in the world by a large margin." The report said that China's population, currently 1.41 billion in 2024, will fall to 1.21 billion in 2054 and further decline to 633 million by 2100. "It is anticipated that China, the country currently with the world's second-largest population, will likely experience the largest absolute population loss between 2024 and 2054 (204 million)," followed by <keyword id="6355311" type="General" weightage="20" keywordseo="Japan" source="Orion">Japan</keyword> (21 million) and <keyword id="6358826" type="General" weightage="20" keywordseo="Russia" source="Orion">Russia</keyword> (10 million). "Longer-range population projections are more uncertain" for China, it said. "However, due to its large size and sustained low level of fertility, China is also likely to record the largest population decline of any country through the end of the century (786 million people). By 2100, China is projected to have lost more than a half of its current population and to have returned to a population size comparable to that recorded in the late 1950s (50% probability)." Responding to a question on the significantly low population projection for China, Director of the Population Division at UN DESA John Wilmoth said that "it really relates to the level of fertility that's observed currently in China. The current number is right around one birth per woman on average over a lifetime." "Given that you need 2.1 births to maintain the current population without migration, if fertility levels remain at such a low level, even if they come up slightly, any fertility level if it's below two, or especially below 1.8 or below 1.5, you're really getting into low levels of fertility and it produces a long run decline that's quite significant. And that's true for China. It's true for some other countries in this analysis," Wilmoth said. Currently, nearly one-fifth of all countries and areas, including China, Italy, the Republic of Korea and Spain, are experiencing what is sometimes referred to as "ultra-low" fertility, with fewer than 1.4 live births per woman over a lifetime. The report added that the global fertility rate currently stands at 2.25 live births per woman, down from 3.31 births in 1990. "More than half of all countries and areas globally have fertility below the replacement level of 2.1 live births per woman. This is the level required for a population to maintain a constant size in the long run (without migration), with each generation being followed by another of roughly equal size," it said. Pakistan is projected to overtake the US as the third-largest country in the world, with a population of 389 million in 2054. Currently, the US is the third largest country in the world with a population of 345 million and in 2054, it will be the fourth largest with 384 million people. Pakistan will remain the third largest country in the world, with a population of 511 million people in 2100. The report said that the estimated likelihood that the world's population will peak within the current century is very high, with a probability of 80%, a major change in UN projections from a decade ago, when this probability was around 30%. The size of the world's population in 2100 is now expected to be 6%smaller - or about 700 million people fewer - than anticipated a decade ago. In about 126 countries and areas, the population is likely to continue growing through 2054, potentially reaching a peak later in the century or beyond 2100. This group includes several of the world's most populous countries: India, Indonesia, Nigeria, Pakistan and the United States of America. In 2023, the global number of deaths among children under age 5 fell below 5 million for the first time in recent history. However, 95% of such deaths took place in the 126 countries with populations that are still growing, including the Democratic Republic of the Congo, India, Nigeria and Pakistan. The report added that globally, life expectancy at birth reached 73.3 years in 2024, an increase of 8.4 years since 1995. Further reductions in mortality are projected to result in an average longevity of around 77.4 years globally in 2054. Since 2022, life expectancy has returned to levels observed before the emergence of the coronavirus disease in nearly all countries and areas. At the height of the COVID-19 pandemic during 2020 and 2021, global life expectancy at birth fell to 70.9 years, down from 72.6 in 2019. The report said that by 2080, persons aged 65 or older will outnumber children under 18. "By the late 2070s, the number of persons at ages 65 years and higher globally is projected to reach 2.2 billion, surpassing the number of children (under age 18). By the mid-2030s, it is projected that there will be 265 million persons aged 80 years or older, more than the number of infants (1 year of age or less)," it said.

India's population to peak in early 2060s to 1.7 billion before declining: UN

<ul class="summary-list"><li>Russia's Navy Day saw participation from India and China, bolstering Putin's anti-Western ties.</li><li>There was a notable absence of Russia's Black Sea Fleet at the parade, after losses to Ukraine.</li></ul>Russia's Navy Day saw warships from India and China join the celebrations as President Vladimir Putin sought to project the strength of his anti-Western alliance.China sent the Jiaozuo, a Type 052D destroyer, and India sent the Tabar, a stealth frigate, to the naval parade in St Petersburg on Sunday, <a target="_blank" class="" href="https://t.me/MID_Russia/43624">according to Russia's foreign ministry</a>.Algeria also sent La Soummam, a training ship, the ministry said.<div type="image" title="Chinese navy destroyer Jiaozuo in St Petersburg, Russia to participate in the Navy parade in July 2024." height="667" width="1000" msid="112115940" hostid="261" sizebytes="68584"></div>According to <a target="_blank" class="" href="https://understandingwar.org/backgrounder/russian-offensive-campaign-assessment-july-28-2024">the Washington DC-based Institute for the Study of War</a>, the gathering was meant "to showcase Russia's relations with a number of non-Western states as part of efforts to create a supposed Russian-led group of states to rally against the West."In total, representatives of 31 countries — including Cuba, Vietnam, Egypt, and Brazil — attended, <a target="_blank" class="" href="https://aif.ru/politics/russia/ne-odna-na-prostorah-okeana-v-parade-vmf-prinyali-uchastie-druzya-rossii">according to Russian state-owned outlet Argumenty i Fakty</a>.The parade came amid ongoing efforts by the Kremlin to deepen ties with countries like India and China, which have sent warships to the Navy Day celebrations in previous years.<div type="image" title="Four children wave flags saying 'welcome back' in front of India's Tabar stealth frigate in Bombay, on 31 July 2004" height="500" width="1000" msid="112115942" hostid="261" sizebytes="51970"></div>Despite claiming not to support Russia's war in Ukraine, China has emerged as a major supplier of <a target="_blank" class="" href="https://www.forbes.com/sites/brianbushard/2024/04/12/china-sending-russia-missile-and-drone-parts-for-ukraine-war-us-reportedly-warns/">dual-use parts</a> crucial to its war effort — the sort of support that the US government has <a target="_blank" class="" href="https://www.businessinsider.com/us-says-china-giving-russia-support-behind-scenes-ukraine-war-2024-5">repeatedly called it out for</a>.The two countries have also long participated in joint military exercises and <a target="_blank" class="" href="https://media.defense.gov/2024/Jul/22/2003507411/-1/-1/0/DOD-ARCTIC-STRATEGY-2024.PDF">the Pentagon recently said</a> they are showing increasing willingness to collaborate in the Arctic.Even so, China and Russia's ties appear to be <a target="_blank" class="" href="https://www.businessinsider.com/china-and-russia-are-in-a-bad-marriage-that-the-west-shouldnt-try-to-break-up-2024-6">uneasy</a> and <a target="_blank" class="" href="https://www.businessinsider.com/xi-china-putin-russia-frenemies-limits-power-sphere-influence-2024-7">opportunistic</a>, built more on a common desire to tamp down Western influence.Meanwhile, India's Prime Minister Narendra Modi's <a target="_blank" class="" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">recent trip</a> to Russia to meet with Putin also appeared to signal an indifference to US disapproval from India.President Joe Biden has attempted to persuade Modi to take a harder line on Russia, but this has <a target="_blank" href="https://apnews.com/article/russia-ukraine-united-nations-general-assembly-biden-narendra-modi-india-82c9273cf3143cf16e9da23c3dd48170">largely failed</a>.<h3 id="ce577fa9-a485-44dd-a9e2-a3d031d664c7">A conspicuous absence</h3>While Russia's Navy Day celebrations typically involve all its main military port cities, this year's didn't include Sevastopol, the naval base in occupied Crimea that hosts Russia's Black Sea Fleet.Prior to the 2022 invasion of Ukraine, Sevastopol regularly featured in the parade despite <a target="_blank" class="" href="https://www.rbc.ru/rbcfreenews/5f1fce329a79479d6ddfc9ad">the objections</a> of Ukraine's government.But now it is an active hot-war zone under continual pressure from Ukrainian forces, and Russia has largely relocated the remains of the fleet to the safer port of Novorossiysk, on its own shores.Commentators were quick to point out Sevastopol's absence, with European Council on Foreign Relations chief Carl Bildt posting the following graphic to X, making plain the extent of the fleet's losses: Meanwhile, Putin devoted part of his speech on the day to warning the US that Russia would retaliate if it pressed ahead with recently announced plans to locate long-range missile systems in Germany by 2026.Putin said his forces will take "mirror measures" in response.

India and China joined Russia's Navy Day celebrations as Putin tries to project anti-Western group

<ul class="summary-list"><li>In a move likely to anger the US, Modi is visiting Russia.</li><li>It signals strong ties between the two countries and shows that India is pursuing its own agenda.</li></ul>In a move likely to anger the US, Indian Prime Minister Narendra Modi is visiting Russia on Monday for his first bilateral trip after winning a <a target="_blank" href="https://www.businessinsider.com/india-election-results-complicates-plans-unseat-china-modi-bjp-2024-6">historic third term</a> in office.Modi's two-day visit to Russia — where he is scheduled to meet with President Vladimir Putin — is significant in that it signals strong ties between New Delhi and Moscow. It also shows the world that India is not afraid to pursue its own agenda.Vinay Kwatra, India's foreign secretary, told reporters in New Delhi that issues between Russia and India have "piled up" and "need to be addressed," <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-07-07/putin-hosts-modi-after-hailing-best-in-history-ties-with-india-rival-china">Bloomberg reported</a>.Russia's relationship with India goes back to the Cold War, and <a target="_blank" href="https://www.businesstoday.in/india/story/rise-in-trade-with-russia-not-a-temporary-phenomenon-s-jaishankar-429969-2024-05-17">trade between the two countries</a> has grown since Russia started the war in Ukraine. <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russian-oil-india-purchases-us-crude-wti-sanctions-ukraine-war-2024-3">India is a major buyer of Russian oil</a>. Russia is also India's biggest arms supplier.Kwatra underscored that the two countries' trade relationship has remained "resilient."Still, Modi's trip will "rankle many Western observers," Ved Shinde, a researcher and contributor to Australia's <a target="_blank" href="https://www.lowyinstitute.org/the-interpreter/why-modi-will-go-moscow">Lowy Institute</a>, wrote in a note on Wednesday."Since the Ukraine war began, India's purchase of cheap oil from Russia has been seen as profiting from troubles in the heart of Europe," Shinde added.<h2 id="05696275-c92a-4ee6-84e4-fd193ca99db2">Modi's visit to Russia will make the US look bad</h2>Just like <a target="_blank" href="https://www.businessinsider.com/vietnam-russia-putin-visit-us-wary-manufacturing-supply-chain-diplomacy-2024-6">Putin's visit to supply-chain hot spot Vietnam</a>, India's engagement with Russia isn't a good look for the US, as it comes while Washington is trying to isolate Putin.The US has raised "some concerns" about India's relationship with Russia with New Delhi, Kurt Campbell, the <a target="_blank" href="https://www.state.gov/special-online-briefing-with-deputy-secretary-of-state-kurt-m-campbell/">US deputy secretary of state</a>, said last month.However, Washington acknowledges that India's ties with Russia are different from its ties with the US."We have many areas of alignment, but it is not surprising that there would be areas where we've had perhaps different perspectives, views, historical ties," Campbell said about America's relationship with India.India, for its part, is looking to balance its relationship with the world's key powerbrokers: the US, Russia, and China."There are different degrees in India's multi-alignment. Make no mistake — the United States and its allies are more consequential for India's future than its relationship with Russia," Shinde wrote.India needs to leverage its historical ties with Russia to secure its economy and security, so Modi isn't just in Russia for a goodwill trip.<h2 id="c79db6fd-b57b-4ff5-8f16-bc16c77b8021">Reducing the trade imbalance</h2>A key agenda item for the visit is to reduce a huge bilateral trade imbalance, Kwatra said.India imports about $60 billion of goods a year from Russia, but Russia buys less than 10% of this amount from India, Bloomberg reported.Modi may also touch on China's activities in the Indo-Pacific region, Kwatra added.India is trying to manage its relationship with China, which has been testy since a <a target="_blank" href="https://www.businessinsider.com/india-china-border-clashes-could-cause-more-indian-ocean-activity-2020-7">border dispute in 2020</a>. Modi skipped the Shanghai Cooperation Organisation summit in Kazakhstan last week.There's also the matter of Russia's ties with China.At the summit last week, Putin said <a target="_blank" href="https://apnews.com/video/kazakhstan-china-government-russia-government-russia-5b1c1a8f402c400d8d703543b0562b51">Russia's relationship with China</a> is in the "best period in history."Modi now needs to cozy up to Putin to counter China's advances."The reason for the time-tested stability in India-Russia ties is to maintain a continental balance in the Eurasian heartland. That is, to balance China," Shinde wrote."Or to put it another way, don't go around making new adversaries when there are already two open fronts — China and <a target="_blank" href="https://www.businessinsider.com/us-and-china-pick-sides-in-tense-india-pakistan-rivalry-2022-3">Pakistan</a>," he added.

Modi's Russia visit shows India isn't worried about making the US mad

Strong growth and a narrower <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> can lead to a <keyword id="20424939" type="General" weightage="20" keywordseo="sovereign-rating" source="keywords">sovereign rating</keyword> upgrade for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, a German brokerage said on Monday. The government's commitments on fiscal deficit to 5.1 per cent in FY25 and further down to 4.5 per cent in FY26 "look more credible now", analysts at <keyword id="19960549" type="General" weightage="20" keywordseo="Deutsche-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Deutsche Bank" meta.hostid="261" meta.entityid="Deutsche Bank">Deutsche Bank</keyword> said, pointing out that the number came in at 5.6 per cent in FY24 as against the budgeted 5.8 per cent. Courtesy the higher than expected dividend announcement by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) at Rs 2.1 lakh crore, the fiscal deficit for FY25 can come down to 5 per cent as against the budgeted 5.1 per cent. On growth, the note said it expects real GDP expansion to come at 6.9 per cent in FY25 and go down further to 6.5 per cent in FY26. "Strong growth, lower fiscal deficit opens up room for ratings upgrade," the note said. "A faster-than-anticipated pace of fiscal consolidation could pave the way for a sooner-rather-than-later sovereign rating upgrade for India," the analysts said. It can be noted that global rating agency <keyword id="20043943" type="General" weightage="20" keywordseo="SP" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P" meta.hostid="261" meta.entityid="S&amp;P">S&amp;P</keyword> had last week revised up the outlook on its sovereign rating for India to "positive" from "stable" earlier. On Friday, official data suggested that the economy grew at a faster clip of 8.2 per cent in the March quarter, which takes the FY24 real <keyword id="19972825" type="General" weightage="100" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> to 7.6 per cent. The note said the Indian economy has exhibited "remarkable resilience" despite higher rates for longer, the Russia-Ukraine war and Covid prior to that, though a strong pickup in real GDP growth during FY24 can be also attributed materially to a very low <keyword id="21922336" type="General" weightage="20" keywordseo="GDP-deflator" source="keywords">GDP deflator</keyword>. It explained that nominal GDP growth slowed to 9.6 per cent in FY24, from 14.2 per cent in FY23 and 19 per cent in FY22. But in real terms, GDP growth accelerated to 8.2 per cent in FY24 from 7 per cent in FY23, thanks to a collapse in the GDP deflator to 1.4 per cent in FY24 from 7.6 per cent year-on-year in FY23 and 9.4 per cent in FY22. Deutsche Bank also advised caution on reading the headline GDP numbers, pointing out that while the real GDP grew 8.2 per cent, real GVA (gross value added) growth was 1 percentage point lower at 7.2 per cent.

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Russia's largest bank says it has no problems transacting with India

Huileng Tan

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

ANI

Russia built a secret trade channel with India, leaked documents show

Filip De Mott

India's population to peak in early 2060s to 1.7 billion before declining: UN

PTI

India and China joined Russia's Navy Day celebrations as Putin tries to project anti-Western group

Mia Jankowicz

Modi's Russia visit shows India isn't worried about making the US mad

Huileng Tan

Strong growth, lower fiscal deficit may lead to India rating upgrade: Deutsche Bank

PTI

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