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New Delhi [<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>], March 1 (ANI): In a research report titled "When 8 per cent becomes the new normal: Decoding the new normals of a GDP on swing," the State Bank of India's Economic Research Department unveils key insights into India's economic landscape, shedding light on the recent GDP surge and providing projections for the future. The report highlights the unprecedented growth witnessed in India's economy during the third quarter of FY24, defying all estimates and expectations. India's GDP expanded by a remarkable 8.4 per cent during this period, following consecutive quarters of over 8 per cent growth. This surge has been attributed to effective policy frameworks and perspectives, which have surpassed irrational market expectations. The buoyancy in indirect tax collection, marked by a 32 per cent year-on-year growth amounting to Rs 3.9 lakh crore, further underlines the robustness of the economy. As a result, projections for FY24 indicate a GDP growth of 7.6 per cent and Gross Value Added (GVA) growth of 6.9 per cent. The report suggests that the GDP growth for the fourth quarter could be around 5.9 per cent, indicating a potential attainment of 8 per cent growth for the fiscal year. Significant revisions in both annual and quarterly numbers have led to upward adjustments in the GDP figures for FY22 and FY24. This revision has propelled the Year-to-Date (YTD) GDP growth rate above the 8 per cent mark. However, downward revisions in FY23 GDP numbers have implications for the fiscal deficit, necessitating an upward revision to 5.9 per cent of GDP for FY24. Delving into sectoral performances, the report highlights stellar performances in <keyword id="20788019" type="General" weightage="20" keywordseo="manufacturing-and-services" source="keywords">Manufacturing and Services</keyword>, buoyed by significant growth in industry, manufacturing, and construction sectors. However, the agriculture sector witnessed a decline of -0.8 per cent in Q3, attributed to uncontrollable factors. Moreover, the report underscores remarkable milestones achieved in terms of per capita GDP, with current prices crossing the Rs 2 lakh mark in FY24. Decadal Compound Annual Growth Rate (CAGR) stands at 8.9 per cent, with notable increases observed even in constant prices. Notably, post-pandemic recovery has seen a substantial jump in per capita GDP. The report also analyzes investment and savings trends over the past decade, revealing an increase in Gross Capital Formation (GCF) and gross savings. <keyword id="19964112" type="General" weightage="20" keywordseo="noteworthy" source="keywords">Noteworthy</keyword> is the improvement in the <keyword id="20788020" type="General" weightage="20" keywordseo="incremental-capital-output" source="keywords">Incremental Capital Output</keyword> ratio (ICOR), indicating increasing efficiency of capital utilization and laying the groundwork for sustained economic growth. In conclusion, the findings of the SBI report suggest a promising outlook for India's economy, with the potential for sustained growth at 8 per cent in FY25. (ANI)

SBI report deciphers India's GDP surge and economic projections

<ul><li>Rise in investments in residential real estate coincides with a rise in the aggregate <keyword id="16695918" type="General" weightage="20" keywordseo="disposable-income-of-households" source="Orion">disposable income of households</keyword>, says a report by ICICI Securities.</li><li>For every square foot that’s built, the realty sector helps generate income anywhere between ₹2,000-6,000, depending on the type of building.</li><li>The average income of a construction worker in rural India as per the Labour Bureau statistics is around ₹500-600 per day while for those in the urban areas it is usually higher.</li></ul>There is a direct correlation between growing household incomes and a vibrant <keyword id="6543013" type="General" weightage="20" keywordseo="real-estate-sector" source="Orion">real estate sector</keyword>. The signs of recovery in the real estate industry are expected to support aggregate <keyword id="386349" type="General" weightage="20" keywordseo="household-income" source="Orion">household income</keyword> considering it is the second-largest employer in India after <keyword id="6355165" type="General" weightage="20" keywordseo="agriculture" source="Orion">agriculture</keyword>, says a report by ICICI Securities. The sector generates a variety of jobs including for construction workers and other informal jobs for masons, plumbers, concrete workers, electricians, carpenters, painters, drivers, helpers, loaders, etc. For every square foot that’s built, it helps generate income anywhere between ₹2,000-6,000, depending on the type of building — ranging from basic to high-rise luxury skyscrapers. “Incremental value additions done to the builder-finished construction by end-users can go up to several thousand rupees per square foot depending upon the taste and capability of the end-user,” ICICI Securities says. <div type="image" title="Real estate report 2" msid="98390920" hostid="261" sizebytes="52976"></div> How much does construction pay? The <keyword id="6462448" type="General" weightage="20" keywordseo="construction-sector" source="Orion">construction sector</keyword> is also a better paymaster than agriculture, the report adds. The average income of a construction worker in rural India as per the Labour Bureau statistics is around ₹500-600 per day. In urban areas, it gets higher. “Anecdotal evidence for larger cities indicates the wages are at least 30-40% higher for construction workers with higher skills and experience,” the report says. Another group of professions to benefit from real estate development are mortgage lenders, material suppliers, contractors, architects, designers, engineers, lawyers, real estate brokers, etc. In addition, allied sectors involved in labour-intensive manufacturing activity in the unorganised segment — such as furniture, ceramics, glassware, lightings and other decorative products – also benefit from an upcycle in real estate. Large-scale organised manufacturing like cement, steel, ceramics, plywood, paints, adhesives, etc are also beneficiaries. “Household real estate investment cycle is rising after a decade of stagnation during which its share in gross fixed capital formation (GFCF) dipped from 37% in FY12 to 25% in 2021. The cyclical recovery in residential real estate will boost income growth of related stakeholders mentioned above. Workers involved in the leisure segment, which again is dominated by the unorganised segment, are also likely to see buoyant income growth,” said the report. However, the report mentions that agriculture wages remain a key risk to aggregate income growth, given its large weight within the aggregate workforce. And the prospects of it will depend on how monsoon and agriculture output pans out in FY24. <div type="image" title="real 3" msid="98390948" hostid="261" sizebytes="48628"></div> Wage bills to rise all across ICICI Securities also says that the aggregate wage bill of the private corporate sector has been expanding more than the nominal GDP growth over the past decade. “The trend is likely to continue in FY24 going by recent salary surveys and hiring trends in the formal segment although IT services, with its large weight, is expected to lag,” the report said. According to a survey by Aon, salaries in India are expected to go up by 10.3% in 2023, in spite of concerns around economic volatility. This could be in response to a high attrition rate of 21.4% in 2022. In 2022, the actual salary increase was slightly higher at 10.6%. The projected salary increase for India is the highest among major world economies like China, US and UK, Aon said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-stocks-rally-after-it-sells-stake-to-gqg-partners/articleshow/98384846.cms">Adani group stocks rally post GQG deal: group marketcap surges by ₹73,000 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tractors-commercial-vehicles-drive-auto-sales-in-february-but-el-nio-threat-looms-large/articleshow/98386451.cms">Tractors &amp; commercial vehicles drive auto sales in February but El Niño threat looms large</a>

Recovery in real estate sector likely to boost household income, says ICICI Securities

The pandemic, global interruption to supply chains, rising costs of major primary commodities, conflicts and humanitarian <keyword id="1541218" type="General" weightage="20" keywordseo="crises" source="Orion">crises</keyword> threaten the functioning of world agrifood systems, <keyword id="7790373" type="General" weightage="80" keywordseo="qu-dongyu" source="Orion">QU Dongyu</keyword>, Director-General of the <keyword id="397960" type="General" weightage="50" keywordseo="food-and-agriculture-organisation" source="Orion">Food and Agriculture Organisation</keyword> of the <keyword id="6355833" type="General" weightage="80" keywordseo="united-nations" source="Orion">United Nations</keyword> (<keyword id="18639" type="General" weightage="80" keywordseo="fao" source="Orion">FAO</keyword>), said. "We are at serious risk of facing a food access crisis now, and probably a food availability crisis for the next season. All this has put at risk our efforts to achieve the SDGs," Qu said at the opening of the 2022 United Nations High-Level Political Forum on Sustainable Development (HLPF) in New York on Tuesday. The HLPF is the main United Nations platform for following up and reviewing the 2030 Agenda for Sustainable Development and the <keyword id="879547" type="General" weightage="50" keywordseo="sustainable-development-goals" source="Orion">Sustainable Development Goals</keyword> on the global level. "We must prevent the acceleration of acute food insecurity trends in the coming months and years," Qu said. The FAO Director-General outlined measures to be taken by the international community to address the situation. These include food production at the country-level must be expanded, cash and critical inputs are needed for cereal and vegetable production and to protect livestock with treatments, vaccinations, feed and water and agrifood supply chains and value chains must be strengthened with the engagement of the public and the private sectors, to support smallholder farmers and households. In addition, livelihoods, agrifood systems and economies need protection against future shocks. Speaking later in the day at the FAO-led side event, "Agrifood Systems Transformation for a Resilient World: Responding to Global Crises," Qu said, "We only have eight years before our agreed timeline to implement the 2030 Agenda and the SDGs. We have no time to lose." Qu summarised the scale of the task ahead, pointing to the impacts of the pandemic, conflicts, and the cumulative loss to the global economy of more than $12 trillion in 2020 and 2021, setting back progress on the SDGs. To overcome these problems, he outlined four main areas that need attention: Investment in the countries most in need; policies that increase productivity and protect natural resources; ensuring more efficient use of available inputs and outputs; and the importance of innovation, science and research. Timely food aid is required but there needs to be more attention on producing nutritious food locally, FAO advocates. Only eight per cent of all food security funding in emergencies goes to assist agricultural production but investing in agriculture and rural livelihoods is seven to 10 times more cost-effective than traditional assistance. "We must put policies in place that both increase productivity and protect natural resources," Qu said. Qu also spoke of the need to ensure better and more efficient use of available outputs and inputs, citing the examples of global water stress, food loss and waste, and using fertilizer more efficiently. Around one billion hectares of land face severe water constraints and almost 800 million hectares of rainfed cropland and pastureland are severely affected by recurring drought. Better use of the best technology and regulation for the efficient use of water in agriculture is needed. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitter-seeks-judicial-review-against-new-content-blocking-directives-from-the-it-ministry/articleshow/92677831.cms">Twitter seeks judicial review against new content blocking directives from the IT Ministry</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/infy-lic-reliance-and-6-more-stocks-that-mutual-funds-are-going-long-on/articleshow/92693363.cms">Infosys is the most favourite mutual fund stock – find out the eight others</a>

The world is on the verge of a food crisis - access and availability both

<ul class="summary-list"><li><keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">Oil</keyword> prices jumped on Tuesday as a fire on a Mexican offshore oil rig killed five and cut the country's output by nearly a quarter.</li><li><keyword id="11933000" type="UNKNOWN" weightage="60" keywordseo="mexico" source="Orion">Mexico</keyword>'s state-owned oil company projected that the 125 impacted wells could be up and running within days.</li><li>Another factor boosting oil prices on Tuesday was sunnier feelings about projected oil demand, especially from China, as the <keyword id="11895017" type="UNKNOWN" weightage="60" keywordseo="delta-variant" source="Orion">Delta variant</keyword> ravages the globe.</li></ul>Oil prices jumped on Tuesday as a fire on a Mexican offshore oil rig killed five and cut the country's daily output by nearly a quarter.<keyword id="11940430" type="UNKNOWN" weightage="60" keywordseo="pemex" source="Orion">Pemex</keyword>, Mexico's state-owned oil company, said on Monday that about 420,000 barrels per day of oil output - about 0.5% of average global output - had been knocked offline, but projected that the 125 impacted wells could be up and running within days.West Texas Intermediate oil futures shot up as much as 3.3% on Tuesday to $67.80 per barrel. The two-day rally was even sharper. From Friday's closing price, WTI was up as much as 8.8%.Another factor boosting oil prices on Tuesday was sunnier feelings about projected oil demand, especially from China, even as spread of the Delta variant continues apace."It seems that the concerns about demand that had still predominated last week have lost much of their scare factor, at least for now," analysts at Germany's Commerzbank told the <a href="https://www.ft.com/content/e1eb56cd-43ff-45ee-900c-9bc6f421c8be">Financial Times</a>. "One key part in this is the clear success that the Chinese authorities are having in combating the spread of the Delta variant."Iron ore and agricultural commodities also enjoyed a boost on Tuesday, buoyed by more sanguine sentiment about Chinese iron demand and <a href="https://www.wsj.com/articles/u-s-crops-wither-under-scorching-heat-11629797401">extreme heat</a> killing American corn, soy, and wheat.

Oil spikes as deadly blaze in Mexico slashes output by 420,000 barrels per day

New Delhi, Feb 18 () India is set to harvest a record wheat production of 106.21 million tonne in the 2019-20 crop year on the back of good rains, according to latest government data. Wheat production has been rising year-on-year and the previous record of 103.60 million tonne was achieved during the 2018-19 crop year (July-June). Wheat is the main rabi (winter) crop, harvesting of which will begin from next month. Releasing the second estimate of foodgrain production, Agriculture Ministry said the cumulative rainfall in the country during the monsoon season (June-September 2019) was 10 per cent higher than the Long Period Average (LPA). Accordingly, the production of most of the crops for the 2019-20 crop year has been estimated higher than their normal production, it said, and added these estimates are subject to revision on account of more precise information flowing over the time. As per the second estimate, total foodgrain production is pegged at a record 291.95 million tonne for 2019-20 crop year, higher than 285.21 million tonne last year. Of the total production, foodgrain output is estimated to be 142.36 million tonne from the kharif (summer) season and 149.60 million tonne from the rabi season of this year. Foodgrain basket comprises of wheat, rice, cereals and pulses. LUX RVK

Govt pegs record wheat output at 106.21 mln ton for 2019-20

(Eds: Adding production estimates of other crops) New Delhi, Feb 18 () India is set to harvest a record 106.21 million tonne wheat in 2019-20 crop year on increase in acreage owing to good rains, according to latest government data. Wheat production has been rising year-on-year and the previous record of 103.60 million tonne was achieved during 2018-19 crop year (July-June). Wheat is the main rabi (winter) crop, harvesting of which will begin from next month. Releasing the second estimate of foodgrain production, the Agriculture Ministry said the cumulative rainfall in the country during the monsoon season (June-September 2019) was 10 per cent higher than the Long Period Average (LPA). Accordingly, production of most of the crops for 2019-20 crop year has been estimated higher than their normal production, it said. Wheat production has been estimated at a record level for this year as acreage under wheat crop has increased substantially due to better soil moisture following good monsoon rains. Wheat was planted in 33.61 million hectares area till January-end of this crop year as against 29.93 million hectares in the year-ago period, according to the ministry's sowing data. As per the second estimate, total foodgrain production is pegged at a record 291.95 million tonne for 2019-20 crop year, higher than 285.21 million tonne last year. Of the total production, foodgrain output is estimated to be 142.36 million tonne from the kharif (summer) season and 149.60 million tonne from the rabi season of this year. Foodgrain basket comprises of wheat, rice, cereals and pulses. Rice output is estimated to increase marginally to 117.47 million tonne this year from 116.48 million tonne last year, while production of cereals is expected to increase to 268.93 million tonne from 263.14 million tonne. Production of pulses is pegged slightly higher at 23.02 million tonne for this year as against 22.08 million tonne last year, the data showed. Oilseeds output is estimated to increase to 34.18 million tonne for 2019-20 from 31.52 million tonne last year. Among cash crops, sugarcane output is estimated to decline to 353.84 million tonne from 405.41 million tonne in the said period. Cotton output is estimated to increase to 34.89 million bales (of 170 kg each) for this year from 28.04 million bales in 2018-19, while jute/mesta output is expected to remain at last year's level of 9.8 million bales of 180 kg each. The ministry comes out with four foodgrain production estimates before the final one at different stages of harvesting. LUX RVK

Govt pegs wheat output at record 106.21 mln tn in 2019-20

Mumbai, Dec 23 () A senior petroleum and natural gas ministry official on Monday said compressed biogas (CBG) can meet the entire natural gas demand of the nation because if tapped fully it can generate around 62 million tonne equivalent of CBG annually.
It can be noted that the oil ministry had in October 2018 launched an ambitious plan under the Satat (sustainable alternative towards affordable transportation) initiative, under which state-run oil and gas companies would invite expressions of interest from individual entrepreneurs to set up CBG plants.
The Satat initiative envisages setting up 5,000 CBG plants across the country with an estimated production of 15 million tonne CBG annually by 2023, which would be fully absorbed by the state-run companies.
If achieved the targeted 15 million tonne of CBG production that can take care of a whopping 40 per cent of the current annual consumption of CNG, which was 44 million tonne in FY19, according to the oil ministry. 
The PSUs tasked with the job are Indian Oil, Bharat Petroleum, Hindustan Petroleum, Gail and Indraprastha Gas. 
"If CBG is exploited fully, it can produce around 62 million tonne equivalent of CBG annually which is sufficient to replace the entire gas demand of the nation," Vijay Sharma, a director at the ministry, said while addressing a road-show on Satat by these companies in nearby Navi Mumbai.
While announcing the scheme, Oil Minister Dharmendra Pradhan had said that setting up CBG plants across the country will require an investment of nearly Rs 1.75 lakh crore.
The push towards green energy through CBG is in line with the government target of reducing crude imports by 10 per cent by 2022, by when it had also promised the farmers to double their incomes. 
The government expects this initiative to generate direct employment for 75,000 people and produce 50 million tonnes of bio-manure for crops.
Compressed bio-gas can be produced by processing through anaerobic decomposition of various waste/ biomass sources such as agriculture residue, cattle dung, sugarcane press mud and spent wash of distilleries, sewage water, municipal solid waste, bio-degradable fractions of industrial waste etc, and since it has properties similar to CNG, thus it can be used as green fuel in automotive, industrial and commercial sectors along with CNG.
Sharma said wider introduction of CBG into the transport segment has multiple benefits like waste management, cutting carbon emissions, and additional revenue source to farmers etc.
He also said if tapped fully CBG can make the farmers move from being 'annadata to urjadata' and contribute to the brown revolution in the energy sector. BEN MKJ

'At 62-mt potential output, CBG can replace entire CNG demand'

New Delhi, Jan 27 () The government on Monday projected the country's overall onion production to increase by seven per cent to 24.45 million tonnes in the current 2019-20 crop year, which may bring relief to consumers from high prices seen in the last few months.
Releasing its first forecast, the Agriculture Ministry said onion crops has been grown in 12.93 lakh hectare in the 2019-20 crop year (July-June), slightly higher than 12.20 lakh hectare achieved during the previous year.
Consequently, production of onion -- the key kitchen staple -- is estimated to increase to 24.45 million tonne this year from 22.81 million tonnes in the 2018-19 crop year.
Onion is grown during both kharif (summer) and rabi (winter) season. The ministry had recently said there was around 22 per cent damage in kharif onion crop due to late monsoon rains and later excess rainfall, which led to supply constraint and sharp rise in prices.
The government was forced to import onion in a bid to contain prices, which have cooled down now to Rs 60/kg from the peak of Rs 160/kg in last few months.
Besides onion, production of potato -- another important kitchen staple -- is estimated to rise to 51.94 million tonne this year from 50.19 million tonne last year, while tomato production is also pegged slightly higher at 19.32 million tonne as against 19 million tonne in the said period.
The ministry has projected marginal drop in production of beans, parwal, pumpkin and tapioca this year.
However, overall production of vegetables is estimated to be higher at 188 million tonne in 2019-20 crop year from 183 million tonne in the previous year.
Among major fruits, production of apple is expected to be higher at 2.73 million tonne this year compared with the final output of 2.31 million tonne last year, but there is likely to be a fall in output of mango, banana, grapes, and pomegranate.
Production of mango is estimated to decline slightly to 21.28 million tonne this year from 21.37 million tonnes last year, while that of banana output may slip to 29.64 million tonnes from 30.46 million tonne and grapes output is expected to decline to 2.15 million tonne from 3 million tonne in the said period.
Pomegranate production is also estimated to fall to 2.32 million tonne this year from 2.91 million tonne last year, the ministry's release said.
Total fruits production is pegged lower at 95.74 million tonnes in 2019-20 crop year as against 97.9 million tonnes in the previous year.
Spices production is estimated to drop to 9.37 million tonne from 9.42 million tonne, while that of flowers output to 2.87 million tonne from 2.91 million tonne in the said period.
Honey production is pegged at 1,20,000 tonne same at the last year's level, while production of plantation crops like coconut, cashewnut is projected to increase marginally to 16.4 million tonne from 16.3 million tonne.
However, total production of horticulture crops is estimated at 313.35 million tonne in 2019-20, up from actual output of 310.74 million tonne in 2018-19. LUX BAL

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SBI report deciphers India's GDP surge and economic projections

ANI

Recovery in real estate sector likely to boost household income, says ICICI Securities

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The world is on the verge of a food crisis - access and availability both

IANS

Oil spikes as deadly blaze in Mexico slashes output by 420,000 barrels per day

Ethan Wu

Govt pegs record wheat output at 106.21 mln ton for 2019-20

PTI

Govt pegs wheat output at record 106.21 mln tn in 2019-20

PTI

'At 62-mt potential output, CBG can replace entire CNG demand'

PTI

Govt pegs 7 pc rise in onion output this yr; sees production fall in major fruits

PTI

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