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<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZ38VBOV0&amp;SMLS=1&amp;RW=1388&amp;RH=853#/SearchResult&amp;VBID=2C0BXZ38VBOV0&amp;SMLS=1&amp;RW=1388&amp;RH=853&amp;POPUPPN=6&amp;POPUPIID=2C0408FCAQ8H">Reuters/Reuters Photographer</a>Bablu Das, a 46-year-old Indian artist, walks on stilts for an advertisement campaign of an up-coming tourism fair in the eastern India city of Calcutta.</div></div></div>India's economy grew by 7.9% year-over-year in the first quarter of 2016, according to the Statistics Ministry.That's an increase from the fourth quarter's 7.2% yoy print.And it's above economists' expectations of 7.5% growth, according to the Bloomberg consensus.However, although this GDP figure makes India standout among its <a href="http://www.businessinsider.com/jim-chanos-china-hard-pass-2016-5">worse-off</a> <a href="http://www.businessinsider.com/russia-q4-2015-gdp-2016-4">BRIC</a> <a href="http://www.businessinsider.com/the-turmoil-within-brazils-government-only-gets-deeper-2016-5">peers</a>, there are some doubts about its credibility."There is some evidence that India's economy has picked up speed recently but today's remarkably strong GDP data are hard to believe," wrote Capital Economics' India Economist Shilan Shah in a note to clients."The short point is that - as we have cautioned since the release of the <a href="http://www.wsj.com/articles/india-changes-gdp-calculation-method-1422622762">revised GDP series last year</a> - we should take the official GDP data, and the world-beating rates of growth they are suggesting, with a pinch of salt."Shah notes that while there have been some recently signs of growth - including strong <a href="http://in.reuters.com/article/idINL3N1800QQ?type=marketsNews">auto sales</a> and cargo volumes - overall, India's data does not exactly add up.He points out that Tuesday's data showed that manufacturing grew by 9.3% yoy last quarter, but monthly data on industrial production show output rose by only 0.2% yoy in Q1. Moreover, growth in bank lending is near its slowest rate in a decade.Plus, Bloomberg's Vrishti Beniwal <a href="http://www.bloomberg.com/news/articles/2016-05-31/india-s-economy-grows-faster-than-estimated-before-rate-decision">noted</a> that "capacity utilization is low and private investment is weak."In short, "these figures are hard to align with other evidence on the economy's health," Shah added.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Capital Economics</div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/blind-pizza-taste-test-major-chains-dominos-papa-johns-2016-5">We did a blind taste test of Pizza Hut, Domino's, and Papa John's pizza - here's the verdict</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5tN2JvMDE6eQgYeyETzdfeY7tLS-xlWX" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

India's GDP is literally unbelievable

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

New Delhi, Global rating agency Moody's has raised India's growth forecast to 6.7 per cent from 5.5 per cent for 2023. At the same time though, it has lowered the <keyword id="35050" type="General" weightage="20" keywordseo="GDP" source="Orion">GDP</keyword> forecast for 2024 from 6.5 per cent to 6.1 per cent. "Since the second quarter out performance creates a high base in 2023, we have lowered our 2024 growth forecast from 6.5 percent to 6.1 per cent. Given the robust underlying economic momentum, we also recognise further upside risk to India's economic growth performance," it said on Friday. Moody's 6.7 per cent growth forecast for 2023 is slightly higher than RBI's projection of 6.5 per cent for 2023-24. India has recorded a growth of 7.8 per cent in the first quarter of the current fiscal, which was lower than RBI's projection of 8 per cent for the April-June period of 2023-24.

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India's GDP is literally unbelievable

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SBI report deciphers India's GDP surge and economic projections

ANI

Moody's raises India's GDP forecast to 6.7% for 2023

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