India to soon become a $3.1 Trillion economy
By MYBRANDBOOK
India’s economy is expected to grow by 9.2% in the current fiscal year helped by a sturdy farm sector and strengthening recovery in manufacturing, construction and services sector. However, the third COVID wave may hinder the expansion ahead.
The nominal GDP, including inflation, is estimated at 17.6%. The size of the economy based on current prices in dollar terms is estimated to be $3.1 trillion. This growth rate would help it maintain the fastest growing major economy tag in the world.
According to the World Bank, India's GDP in current dollar terms had risen to $2.9 trillion in 2019 before falling to $2.7 trillion in 2020 due to Covid's impact.
But the third wave of the pandemic led by the Omicron variant has cast a shadow on growth and strength of the recovery. The National Statistics Office's (NSO) GDP estimates are marginally lower than the Reserve Bank of India (RBI) which had projected the economy to grow by 9.5%.
Madan Sabnavis, Chief Economist at Bank of Baroda, said, “Based on this number, the RBI will probably retain its earlier stance and not revise any of the rates. In fact, the accommodative stance will continue and the hike in reverse repo rate will be put off. The possibility of lockdowns will ensure that an easy liquidity policy is pursued unless the inflation number to be released turns out to be very high, which does not look likely,”
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Paytm brings UPI Lite Wallet for low-value transactions
Paytm’s parent company One97 Communications (OCL) is emphasizing upon UP...
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
NETWEB TECHNOLOGIES INDIA LTD.
FRESHWORKS TECHNOLOGIES PVT. LTD.
DIGISOL SYSTEMS LTD.
RELIANCE JIO INFOCOMM LTD.
Technology Icons Of India 2023: Josh Foulger
Josh is the Country Head of India and MD of Bharat FIH Ltd (A Foxconn ...
Technology Icons Of India 2023: Girish Mathrubootham
Girsh Mathrubootham envisioned and co-founded Freshworks. Freshworks, ...
Technology Icons Of India 2023: Mukesh D. Ambani
An Indian billionaire businessman Mukesh Dhirubhai Ambani is currently...
STPI encouraging software exports from India
Software Technology Parks of India (STPI) is an S&T organization under...
HPCL is transforming the energy landscape, across the nation and beyond
HPCL is world-class energy company known for caring and delighting the...
INDIANOIL helps reach precious petroleum fuels to every nook and corner of the country
IndianOil, a diversified, integrated energy major with presence in alm...
INFLOW TECHNOLOGIES PVT. LTD.
Inflow Technologies is a niche player in the IT Infrastructure Distrib...
R P TECH INDIA
R P Tech is recognized for its diverse products portfolio, value-add...
BEETEL TELETECH LTD.
: Beetel is one of the oldest and most reputed brands in the Industry,...