India's economy is expected to grow 7.0% in the current financial year, according to the first advance estimates by the National Statistical Office (NSO) released on Friday. New Delhi had pegged India's growth at 8.7% in the last fiscal year that ended March 31, 2022. The RBI had projected the real GDP growth for 2022-23 at 6.8 per cent, with the third quarter at 4.4 per cent and the fourth at 4.2 per cent.
“Inflation in September, 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum & natural gas, chemicals & chemical products, basic metals, electricity, textiles etc. as compared to the corresponding month of the previous year,†stated a press release.
Online and offline sales during the Hindu festival period starting in the last week of September and lasting until early November are estimated to cross $27 billion, almost double the amount in the same pre-COVID period in 2019, and nearly 25% higher than last year, according to industry estimates. Retail sales always peak during October-November, when the nation of 1.4 billion celebrates the major festivals of Dussehra and Diwali. It's also an auspicious time of year to get married, according to Hindu belief.
The Centre expects the IDBI divestment to spill over into the next fiscal year, as the process includes a 'fit and proper' check and security clearance for bidders.
The country overall received 7% more rains than the long-term average during the 2022 June-September monsoon season. But several regions received less than normal rainfall. Some other regions received normal to surplus rainfall overall, but faced a deficiency during the crucial sowing season.
Soubhik Exports from Kolkata had moved the high court on September 6, demanding extension of the last date for export of wheat as it could not be done in the stipulated time.
On a sequential basis, fund inflows declined 43.5% from $6.80 billion in the June quarter and a massive 77.5% from $17.05 billion in the September 2021 quarter, according to the data collated by Refinitiv, an arm of the London Stock Exchange Group and a leading provider of financial markets data.
India's case is "quite impressive" given the "sheer size" of the country, said Paolo Mauro, deputy director of the fiscal affairs department, responding to a question on its successful implementation by the government.