India's Q4 GDP Growth Rises To 6.1% After Falling For Two Quarters
NEW DELHI, May 31: The Indian economy grew 7.2 per cent in the last financial year with the gross domestic product (GDP) expanding 6.1 per cent in the fourth quarter, the government said today.
The GDP growth in the January-March quarter marked a rise after slumping for the previous two quarters. The third (October-December) quarter saw a growth of 4.5%. The fourth quarter estimate beats the 4% growth clocked in the year-ago period.
The overall estimate for FY 2022-23 is lower than the previous year's 9.1 per cent growth, but marginally beats the central bank's estimates.
The Reserve Bank of India had estimated a GDP growth of 7 per cent in FY 2022-23, though its Governor Shaktikanta Das had said it won't be surprising if the real GDP growth beats the estimate.
Trade, hotels and transport sectors reported the highest growth at 14 per cent.
Prime Minister Narendra Modi hailed the GDP growth figures and said it underscores the resilience of the Indian economy amid global challenges.
"The 2022-23 GDP growth figures underscore the resilience of the Indian economy amidst global challenges. This robust performance along with overall optimism and compelling macro-economic indicators, exemplify the promising trajectory of our economy and the tenacity of our people," tweeted the Prime Minister.
In a recent research report, US-based ratings firm Moody's said India will remain the fastest growing G20 economy over the next few years.
While urbanisation will bolster demand for housing and new cars, government infrastructure spending will fuel the demand for steel and cement, and the country's net-zero commitment will bring in investment in renewable energy, it had said.
Indian-Origin Ajay Banga Confirmed As Next World Bank President
WASHINGTON, May 4: The World Bank confirmed Wednesday that Ajay Banga will be its next president, handing him the reins at a pivotal time as it looks to reshape its role to better address climate change.
"The Board looks forward to working with Mr. Banga on the World Bank Group Evolution process," the development lender wrote in a statement published shortly after executives voted to approve his leadership for a five-year term.
The bank also said it looked forward to working with Banga on "all the World Bank Group's ambitions and efforts aimed at tackling the toughest development challenges facing developing countries."
Banga, the US candidate who was the sole nominee for the top job, will begin his new role on June 2, taking over from David Malpass who is stepping down early amid criticism over his stance on climate change.
Under an unwritten arrangement, a US citizen has historically held the presidency of the Washington-based development lender, while the International Monetary Fund has been run by a European.
Despite growing public unease over America's continued grip on the bank's presidency from developing and emerging economies, the trend continues with Banga, 63, who was born into a Sikh family in India and is a naturalized US citizen.
Banga previously ran the payments company Mastercard for more than a decade between 2010 and 2021. He has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc.
He told reporters that during his candidacy, he wanted to see greater private sector funding to help tackle financing for global problems.
"There is not enough money without the private sector," he said, adding that an organization like the World Bank should set up a system that could share risk or mobilize private funds to achieve its goals.
"These are all tools in the toolkit and I'm going to try and figure it out," he said.
US Treasury Secretary Janet Yellen said last month that she was confident Banga has "the right experience and track record of bringing together governments, the private sector, and non-profits to deliver on our ambitious goals."
Banga will enter his new role at a difficult time for the world economy, with slowing global growth and high interest rates in many major economies.
Low-income countries are expected to suffer a double shock from higher borrowing costs and a decline in demand for their exports due to the tough economic conditions, IMF chief Kristalina Georgieva said last month, adding that this could fuel poverty and hunger.
Banga will take control of the bank shortly after member countries endorsed measures to allow it a $50 billion lending boost over the next decade -- a key objective of outgoing president Malpass.
The move is part of an ongoing evolution of the development lender amid pushes for it to meet global challenges like climate change.
The bank estimates that developing countries will need $2.4 trillion every year for the next seven years just to address the costs of climate change, conflict and the pandemic.
While plans to reform the bank have been broadly welcomed, there has been concern by some countries that new objectives could relegate the pressing economic development needs of members in developing economies.
"We want to make sure that the development agenda is not diluted in the climate agenda," Abdoul Salam Bello, a member of the bank's executive board representing 23 African countries, told AFP last month.
"Climate is important, but we don't want to have a trade-off where we have an agenda that will be climate versus development," he said.
GST collections hit new all-time high of Rs 1.87 lakh crore in April
NEW DELHI, May 1: The government collected a whopping Rs 1.87 lakh crore as Goods and Services Tax (GST) in April, data released on May 1 by the Union Finance Ministry showed.
At Rs 1.87 lakh crore, the GST collected in April is an all-time high by a substantial margin. The previous record high was Rs 1.68 lakh crore, collected in April 2022.
The GST collected last month is up 11.6 percent from April 2022. Compared to March 2023, the latest GST collections figure is up 16.8 percent.
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