live

GDP growth rate updates: FinMin Piyush Goyal says numbers show economy is set for higher growth

The key Indian equity indices surged over one percent on Thursday over expectations of a higher gross domestic product (GDP) growth rate

FP Staff May 31, 2018 18:39:38 IST
Auto refresh feeds
GDP growth rate updates: FinMin Piyush Goyal says numbers show economy is set for higher growth

Highlights

LIVE NEWS and UPDATES

May 31, 2018 - 18:58 (IST)

Downward revision by Moody's due to oil prices: DEA secretary

Subhash Chandra Garg said he does not see any revisions in the forecast for FY19's growth print. He said that any reduction in excise duty will have an impact on fiscal deficit. 

May 31, 2018 - 18:47 (IST)

Oil prices not impacting growth: Subhash Chandra Garg

Govt maintains FY19 growth forecast at 7.5 percent, says Economic Affairs Secretary Subhash Chandra Garg. Doesn't see oil prices impacting growth. Fiscal deficit to be within 3.5 percent target, said Garg.

May 31, 2018 - 18:43 (IST)

Piyush Goyal says the economy is on the right track 

May 31, 2018 - 18:14 (IST)

Economist says GDP numbers 'very comforting'

Tushar Arora, senior economist, HDFC Bank, said there are some bad bugs in the form of rising oil prices, higher bond yields and lingering non-performing asset issues, affecting the overall sentiment related to the Indian economy.

"However, today’s GDP number is very comforting and should put a lot of concerns to rest. (It) Seems like we have moved beyond the teething troubles related to GST implementation. The pick-up in investment activity (fixed capital formation) is also a good sign. If the government can provide some impetus to the exports sector, the main drag at the moment, we could soon see the headline number inching close to 8 percent,” Arora told Reuters 

May 31, 2018 - 18:11 (IST)

Economist expect FY19 credit growth to improve marginally to 12-13%

Garmia Kapoor, economist and vice-president, Elara Capital, said a $10/bl increase in crude prices can impact growth by around 20-30 bps. "The impact works through two channels - decline in demand owing to rise in prices and higher cost of borrowing as interest rates increase with upside risks to inflation,” Kapoor told Reuters 

“Apart from high oil prices, another factor that could potentially add downside risk this year is a possible moderation in global trade growth amid continuing tensions. We expect RBI to revise its policy stance in June and follow it up with a hike of 25 bps in Aug policy. Of the factors that RBI mentioned as risks in its April policy, an increase in global crude oil prices has come to fruition," she said. 

May 31, 2018 - 18:05 (IST)

Strong economic expansion lifts India's April domestic passenger demand: IATA

​​Strong economic and network expansion lifted India's domestic passenger traffic in April, a global airline association said on Thursday.

As per the data, India's domestic RPK in the month under review rose by 26.4 per cent in April compared to the corresponding month of the previous year.

-IANS

May 31, 2018 - 18:03 (IST)

April core industrial output rises 4.7%

The output of India's eight major industries accelerated by 4.7 percent in April from a rise of 4.4 percent in March, official data showed on Thursday.

"The combined Index of Eight Core Industries stands at 124.2 in April, 2018, which was 4.7 percent higher as compared to the index of April, 2017," the Ministry of Commerce & Industry said in a statement.

"Its cumulative growth during April to March, 2017-18 was 4.3 percent."

According to the ministry, the 'Index of Eight Core Industries' (ECI), which represent major sectors like coal, steel, cement and electricity showed an uptrend on a year-on-year (YoY) basis. 

The index had registered a rise of 2.6 percent during the corresponding month of 2017.

The ECI index carries 40.27 percent weightage of the Index of Industrial Production (IIP) which is the macro-gauge for India's factory output.

-IANS

May 31, 2018 - 17:59 (IST)

Agri, manufacturing and construction see rapid growth 

Roust growth in agriculture (4.5 percent), manufacturing (9.1 percent) and construction sectors (11.5 percent) contributed to the overall growth, said the statement by Ministry of Statistics and Programme Implementation.

May 31, 2018 - 17:55 (IST)

Eight infra sectors record 4.7% growth in April

Eight infrastructure industries recorded 4.7 percent growth in April helped by healthy performance in segments like coal, natural gas and cement. The growth rate of eight core sectors, which also include fertilisers and steel, was 2.6 percent in April 2017, according to the data released by the commerce and industry ministry on Thursday. 
 
Coal, natural gas, refinery products and cement grew by 16 percent, 7 .4 per cent, 2.7 percent, and 16 .6 per cent in April this year, respectively. As per the data, growth in the fertiliser production was 4.6 percent and in steel sector it was 3.5 percent in April on yearly basis. Electricity generation increased by 2.2 percent in April this year, over the same month of 2017. However, crude oil production declined by 0.8 percent in on yearly basis.
 
- PTI

May 31, 2018 - 17:42 (IST)

Govt reports GDP growth rate of 6.7% for FY18, 7.7% for Jan-March quarter 

The key Indian equity indices surged over one percent on Thursday over expectations of a higher gross domestic product (GDP) growth rate and predictions of a normal southwest monsoon.

According to market analysts, lower crude oil prices and healthy buying in banking, oil and gas and finance stocks pushed the key indices higher.

At 3.30 pm, the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,736.15 points, up 121.80 points or 1.15 percent from the previous close of 10,614.35 points.

GDP growth rate updates FinMin Piyush Goyal says numbers show economy is set for higher growth

Representational image. Reuters

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,083.81 points jumped over one percent by the end of the day's trade. It closed at 35,322.38 points (3.30 p.m.) -- up 416.27 points or 1.19 percent -- from its previous session's close of 34,906.11 points.

The Sensex touched a high of 35,416.03 points and a low of 34,926.08 points. The BSE market breadth, however, was bearish as 1,657 scrips declined against 996 which advanced.

The major gainers on the BSE were Adani Ports, HDFC Bank, IndusInd Bank, Mahindra and Mahindra (M&M) and Hindustan Unilever, while Sun Pharma, Tata Motors, Hero MotoCorp, Bajaj Auto and Dr Reddy's Lab were the major losers.

On the NSE, the top gainers were Adani Ports, IndusInd Bank and HDFC Bank, while Sun Pharma, Tata Motors and Titan lost the most.

Updated Date:

also read

Market Roundup: Sensex crosses 59,100 mark, Nifty ends at 17,629; today's top gainers and losers
Business

Market Roundup: Sensex crosses 59,100 mark, Nifty ends at 17,629; today's top gainers and losers

While the Sensex gained 417.96 points to end at 59,141.16, Nifty went up by 110.05 points to end at 17,629.50.

Market roundup: Sensex ends 127 points down, Nifty closes at 17,355; today's top gainers and losers
Business

Market roundup: Sensex ends 127 points down, Nifty closes at 17,355; today's top gainers and losers

While BSE Sensex declined by 127.31 points to end the day at 58,177.76, Nifty 50 suffered a loss of 13.95 points to end at 17,355.30.

Market roundup: Sensex ends 17 points lower, Nifty at 17,362; check top gainers and losers
India

Market roundup: Sensex ends 17 points lower, Nifty at 17,362; check top gainers and losers

The top BSE gainers were HDFC, Bharti Airtel, IndusInd Bank, ITC and Ultracem Co while the top NSE gainers include Bharati Airtel, HDFC, GRASIM, IndusInd Bank and ITC