It's official: India is the world's fastest growing big economy at 7.4

Discussion in 'Economy & Infrastructure' started by Lions Of Punjab, Feb 10, 2015.

  1. Lions Of Punjab

    Lions Of Punjab Regular Member

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    New Delhi: Indian economy will grow by 7.4 per cent this fiscal, outpacing China to become the world’s fastest growing economy, after a revision in the method of calculations.

    Aided by a 7.5 per cent expansion during October-December, Asia’s third-largest economy will this fiscal see the fastest pace of growth since 2010-11 when it achieved 8.7 per cent, even as some doubts lingered on the revised methodology.

    The growth in gross domestic product (GDP) in 2010-11 was calculated based on factor cost which has now been changed to constant prices to take into account gross value addition in goods and services as well as indirect taxes. Besides, the base year has been shifted to 2011-12 from 2004-05 earlier. Last month, the Statistics Ministry had pegged the previous year’s growth at 6.9 per cent as against 4.7 per cent estimated previously, a revision which led to some economists including RBI Governor Raghuram Rajan seeking more clarity.

    “We do need to spend more time to understanding the GDP numbers,” he had said on February 3 after releasing the bi-monthly monetary policy of the central bank that retained the forecast of 5.5 per cent GDP (calculation based on old method) growth in 2014-15.

    “We will be watching the February 9 release with great care and dwell deeply into what we see there. At this point this is premature to take a strong view based on these GDP numbers,” he had said.

    Industry chamber Assocham said the revision was confusing as “investment is yet to revive, consumer demand is not returning with a significant pace despite a sharp reduction in crude oil prices.”

    The advance estimates released by the government further said the per capita net national income in 2014-15 is estimated to be Rs 88,538 showing, up 10.1 per cent as compared to Rs 80,388 in 2013-14. The sectors contributing to the advance estimates, include higher manufacturing growth at 6.8 per cent and most of the services, including financial, real estate, hotels and transport growing over seven per cent in the fiscal.

    However, agriculture is pegged at 1.1 per cent, much lower than 3.7 per cent achieved in the last fiscal.

    It's official: India is the world's fastest growing big economy at 7.4%
     
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  3. hit&run

    hit&run Elite Member Elite Member

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    Re: It's official: India is the world's fastest growing big economy at

    GDP at 7.4 %!!!

    Good time to invest in India and buy land ?
     
  4. rock127

    rock127 Maulana Rockullah Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    Is this because of BJP or absence of Congress? :hmm:
     
  5. anupamsurey

    anupamsurey Regular Member

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    Re: It's official: India is the world's fastest growing big economy at

    common guys this is just an assumption, we don't know what may happen in Mid way, lot of the articles are pointing at falling crude prices as beneficial for India but we may not predict the oil prices say some 6 years from now.

    but credit must be give to Modi, Jaitley and Gadkari (mainly these guys and others who hold different ministries). they have started streamlining India for a fast ride.
     
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  6. Srinivas_K

    Srinivas_K Senior Member Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    India can double share of value added goods to 25% of GDP: PwC


    Read more at:
    India can double share of value added goods to 25% of GDP: PwC - The Economic Times

    I am waiting for global times china hypocrisy article criticizing Indian GDP calculations :yey:
     
    Last edited: Feb 10, 2015
  7. t_co

    t_co Senior Member Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    The funny thing is that this GDP calculation gives the last UPA government a higher annual rate of growth than any BJP administration, prior or current.
     
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  8. karn

    karn Regular Member

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    Re: It's official: India is the world's fastest growing big economy at

    If the actual value of the GDP grew it would matter . When you start counting something from 0% sale of LED tvs to whatever level the jump in percentage is naturally high. In the meantime they devalued older industries and that is why the size of GDP remained the same,
     
    Last edited: Feb 11, 2015
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  9. PredictablyMalicious

    PredictablyMalicious Punjabi Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    That's all fine and dandy but the real question is can India sustain and exceed this growth rate in the long term, say 10 years? Only sustained growth will translate into meaningful progress. India has a notoriously hard time keeping up because of its lack of infrastructure and other bottlenecks.
     
  10. hit&run

    hit&run Elite Member Elite Member

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    Re: It's official: India is the world's fastest growing big economy at

    Infrastructure and bottlenecks have been looked after as we speak.

    Given the free food munchers are going to dictate the politics of this nation I am afraid the economy will sustain itself. We have just got another rich state going to become sick lead by frugal experts. When Modi government laid outs vision for Indian economy the focus was revenue generation and then on fair well schemes. Not sure if that will be the case now.
     
  11. sgarg

    sgarg Senior Member Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    The political dispensation is the key. If politics is conducive, fast growth will be sustained. India is on its way to become a middle income country by per capita.
     
  12. no smoking

    no smoking Senior Member Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    No, the key is not the politician, not Mr Modi, but the will of Indian public will. In other words, how far would Indian public go to reach its economic target.
    Unlike most of Indians think, economic development involves not only happiness but also tears and suffering. When reform starts to impact certain part of people, that is the time to test the public's support for the reform.
     
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  13. amoy

    amoy Senior Member Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    Regardless of "new" or "old" calculation methods (base year), or the windfall of oil price plunge, credit shall go to the good old Congress/UPA which most of u sound sick of. Modi only took office last May. It's been too short a period for his admin. to have hands-on experience of GDP, and to have their new mandates to take effect and to trickle down.
     
    Last edited: Feb 11, 2015
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  14. anupamsurey

    anupamsurey Regular Member

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    Re: It's official: India is the world's fastest growing big economy at

    In fact it is the Modi- Jaitley duo who deserve the credit, unlike the UPA the present government have a very good knowledge and experience in governance and polity. the UPA was working in the way they did for past 60 yr. slavery replaced the merit. Pranab Mukherji (now the president) was the best finance minister (during UPA 1) who was replaced by good for nothing P Chidambram (in UPA 2), this was the trigger which started the decline of Indian Economy. Inception of Modi, and Jaitely has brought confidence among investors and you will see the positive results in future.

     
  15. ezsasa

    ezsasa Senior Member Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    I would say congress/upa are still idiots for not initiating GDP recalculation in their term. There are two parts in this new calculation one being change of base year and other being adopting DVA method. Congis could have easily adopted the first one regarding change of base year, which they did not.

    As far as modi is concerned my opinion is have has already proved his worth, only question is whether the momentum will be carried forward for 4 more years.

    Some of the examples of this govt's revenue generating steps:

    100 million bank accounts opened for poor which brought in little more than 1 bln.

    Stream lining of public distribution scheme which is expected to save 9 bln annually by refunds going directly to user's bank accounts.

    Coal block auctions set to fetch around 6 bln.

    Dedicated freight train corridor which is to be complete in 2018/19. From Delhi to Mumbai

    Mobile spectrum auction set to fetch 4 bln .

    Shift towards solar energy has bigger implications than people think.

    Kicked out soviet style planning commission.

    Coal imports reduced by 21% this jan because issues have been resolved for coal mines.

    Resolved nuclear issue with the Americans.

    Foreign investors have pumped more tha 20 bln since modi came to power.

    Stock market grew by another 20 bln

    Mutual funds increased by 7 bln

    Almost .75 bln black money recovered.

    And the list goes on, I am stopping with the above list. could have been done by congress but they did not manage to.
     
  16. nimo_cn

    nimo_cn Senior Member Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    if the statistics are authentic, then it's a pity that the last administration was brought down.

    it seems that the India congress party is not that so incompetent as many Indian posters have implied.

    Sent from my HUAWEI P7-L07 using Tapatalk 2
     
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  17. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    Re: It's official: India is the world's fastest growing big economy at

    Do read @ezsasa's post. There is a lot that has been done in just 8 months.
     
    Last edited by a moderator: May 10, 2015
  18. Singh

    Singh Phat Cat Administrator

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    Re: It's official: India is the world's fastest growing big economy at

    Yeah given false growth so that they could be mocked further.

    100 crore is chillar and most of these bank accounts
    Have had zero transactions.

    He is also offering 5000 od, 30000 insurance and 100000 accident cover.

    A potential money blackhole.

    Direct benefits transfer scheme was already a UPA pipedream.

    Adhar linked subsidies to the bank.

    UPA opened 290milion banks accounts for the same too

    Re-auctioning which was expected after coal gate scam came to light.

    Being mooted since the last decade.

    Which spectrum ?

    Makes sense if we become rich hippies

    .

    Nope rechristened as Niti ayog - a hybrid of nac and planning commission

    Which issues ?

    Americans disagree. Read any non Indian newspaper or informed commentator

    Please provide reference. Are you talking about FIIs or FDIs ?

    1 trillion $ market cap sensex grew by 2%

    Bs

    Possible.



    Sent from my iPhone using Tapatalk
     
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  19. ezsasa

    ezsasa Senior Member Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    I would have posted links if I had access to post, all the information is available in economic times or any if the business news papers.

    If you are not beneficiary of any of the central govt schemes, you can blame your state govt. Most of the points I mentioned are the points where I have seen positive impacts in my circle of friends , family or colleagues in andhra and Telangana.

    Then again I would not take offence to your statements, I know it takes some time to come out of your Delhi elections mode. My only request would be that you try to realise the context of a conversation before you butt in.
     
  20. Singh

    Singh Phat Cat Administrator

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    Re: It's official: India is the world's fastest growing big economy at

    You are boasting about Modi, I punctured your claims and personal attacks have started. Lulz.

    Prove me wrong - use facts and figures.



    Sent from my iPhone using Tapatalk
     
  21. ezsasa

    ezsasa Senior Member Senior Member

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    Re: It's official: India is the world's fastest growing big economy at

    End of conversation ....
     

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