Economic news

India economic growth to be sustained by consumer spending rebound, says govt review

2022.09.17 03:33


A sharp rebound in consumer spending and rising employment will sustain economic growth in India in the months ahead, the government said in its monthly economic review for August published on Saturday.

It said an increase in private consumption and higher capacity utilisation rates had helped private-sector capital expenditure reach one of its highest levels in the last decade.

Business investment has been encouraged by government spending which climbed 35% in April-August compared to the same period a year ago, the report said, adding that tax revenue growth for the government had been buoyant.

The report also said high levels of foreign exchange reserves, sustained foreign direct investment and strong export earnings have provided a reasonable buffer against monetary policy normalisation in advanced economies and the widening of the current account deficit arising from geopolitical conflict.

The Reserve Bank of India on Friday forecast the country’s current account deficit would remain within 3% of gross domestic product in the current fiscal year to March 2023 and said it was “eminently financeable”.

India is in a better position to calibrate its liquidity levels without abruptly stalling growth, the report said, adding that inflationary pressures in the country appear to be declining.

But it also said that in winter months, geopolitical tensions could climb amid a heightened international focus on energy security and that could test “India’s astute handling of its energy needs so far.”

“In these uncertain times, it may not be possible to remain satisfied and sit back for long periods. Eternal macroeconomic vigilance is the price for stability and sustained growth,” it added.



Source link

India economic growth to be sustained by consumer spending rebound, says govt review

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 76,147.40 2.03%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,852.74 7.32%
tether
Tether (USDT) $ 1.00 0.08%
solana
Solana (SOL) $ 194.20 4.33%
bnb
BNB (BNB) $ 600.27 2.54%
usd-coin
USDC (USDC) $ 1.00 0.06%
xrp
XRP (XRP) $ 0.55293 3.61%
dogecoin
Dogecoin (DOGE) $ 0.194245 0.81%
staked-ether
Lido Staked Ether (STETH) $ 2,848.49 7.28%
cardano
Cardano (ADA) $ 0.39262 10.58%
tron
TRON (TRX) $ 0.160537 2.10%
the-open-network
Toncoin (TON) $ 4.92 4.20%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,376.56 7.37%
avalanche-2
Avalanche (AVAX) $ 27.61 4.61%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 2.06%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,930.34 1.90%
weth
WETH (WETH) $ 2,847.53 7.22%
chainlink
Chainlink (LINK) $ 12.51 5.36%
bitcoin-cash
Bitcoin Cash (BCH) $ 383.82 3.24%
sui
Sui (SUI) $ 2.32 2.25%
polkadot
Polkadot (DOT) $ 4.15 2.00%
leo-token
LEO Token (LEO) $ 6.24 0.19%
usds
USDS (USDS) $ 1.01 0.05%
uniswap
Uniswap (UNI) $ 9.15 1.24%
litecoin
Litecoin (LTC) $ 72.15 3.91%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,999.89 7.26%
near
NEAR Protocol (NEAR) $ 4.23 2.84%
aptos
Aptos (APT) $ 9.75 4.59%
pepe
Pepe (PEPE) $ 0.00001 11.44%
bittensor
Bittensor (TAO) $ 519.54 0.09%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.43 1.71%
internet-computer
Internet Computer (ICP) $ 7.75 1.19%
dai
Dai (DAI) $ 1.00 0.03%
monero
Monero (XMR) $ 165.93 1.99%
ethereum-classic
Ethereum Classic (ETC) $ 20.07 4.75%
stellar
Stellar (XLM) $ 0.100012 3.96%
kaspa
Kaspa (KAS) $ 0.118819 0.81%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.14%
whitebit
WhiteBIT Coin (WBT) $ 19.40 0.45%
aave
Aave (AAVE) $ 186.14 10.05%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.344664 5.49%
blockstack
Stacks (STX) $ 1.68 0.85%
okb
OKB (OKB) $ 40.36 3.22%
crypto-com-chain
Cronos (CRO) $ 0.088971 5.04%
dogwifcoin
dogwifhat (WIF) $ 2.38 1.99%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.01%
arbitrum
Arbitrum (ARB) $ 0.575256 9.38%
filecoin
Filecoin (FIL) $ 3.77 4.06%
mantle
Mantle (MNT) $ 0.662004 12.27%