THIS IS INDIA'S decade. Bullish about T the country's growth potential, a flurry of recent reports have said so; some have even called it India's century. While the India growth story may be strong in the long term, the near-term picture is not so sunny. There are rising concerns about how well India can ride the brewing global storm as well as emerging domestic challenges like a weak monsoon that could further fuel inflationary pressures and hit consumption demand. The upcoming general elections in 2024 could also impact the capital expenditure (capex) plans of the government that are currently on in full swing.
Let's talk numbers. The economy expanded at a four-quarter high of 7.8 per cent in the April-June 2023 quarter, boosted by the services sector and strong domestic demand. Gross value added (GVA) in the services sector expanded by 10 per cent in Q1FY24, aided by double-digit growth of 12.2 per cent in financial, real estate and professional services, and 9.2 per cent expansion in trade, hotels, transport and communications. Industry GVA remained flat at 4.7 per cent while farm sector growth moderated to 3.5 per cent in Q1FY24.
Chief Economic Adviser V. Anantha Nageswaran is confident that the economy will grow 6.5 per cent in FY24 and expects that the 7.2 per cent GDP growth estimate for FY23 will be revised upwards. Going forward, real GDP growth is estimated at 6.5 per cent for the next 7-10 years, he says. "The scope for upside to this number is probably higher than the scope for downside," he says, adding that further reforms such as ensuring energy security, power sector reforms or addressing the skilling and education challenges have the potential to boost growth further. (For his full interview, turn to page 54)
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Esta historia es de la edición October 01, 2023 de Business Today India.
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DE-RISKING THE BOOKS
INDIAN BANKS ARE BEGINNING TO TAKE BABY STEPS TOWARDS ADDRESSING CLIMATE-RELATED FINANCIAL RISKS IN THEIR BOOKS. BUT THEY MUST PUT THEIR FOOT ON THE PEDAL AND ENHANCE PREPAREDNESS
PAYING FOR CHANGE
WITH EXTREME WEATHER INCREASINGLY PUTTING THE COUNTRY AND ITS ECONOMY AT RISK, INDIA SHOULD EXPLORE CLIMATE FINANCE PATHWAYS TO FUND ITS NET-ZERO JOURNEY TOWARDS A GREENER FUTURE
BEYOND THE BLIP
ESG HAS BEEN UNDER SCRUTINY GLOBALLY AMID ALLEGATIONS OF GREENWASHING AND RECORD REDEMPTIONS FROM ESG FUNDS. BUT THAT MAY JUST BE ONE SIDE OF THE STORY, SINCE SUSTAINABLE PRACTICES HAVE BECOME CORE COMPONENTS OF COMPANIES' STRATEGIES
BANDHAN AT A CROSSROADS
THE BELEAGUERED LENDER, LED BY CHANDRA SHEKHAR GHOSH, HAS FACED A HOST OF CHALLENGES IN RECENT TIMES. IT HAS READIED A BLUEPRINT TO DEAL WITH THEM. BUT WILL IT SUCCEED WITHOUT GHOSH AT THE HELM?
RESULT AND REPERCUSSIONS
After the verdict, the Street has turned cautious with analysts expecting the new government to reassess some of its policy priorities
D-STREET ANGELS
FACED WITH A DEARTH OF PURE-PLAY THEMES IN THE SECONDARY MARKETS, SEASONED INVESTORS LIKE VIJAY KEDIA, MUKUL MAHAVIR AGRAWAL, AND THE JHUNJHUNWALAS HAVE TRAINED THEIR SIGHTS ON THE START-UP
A Man of Multitudes
IN A NEW BOOK, CAPTAINS OF INDIA INC. AND OTHERS PAY TRIBUTE TO RAHUL BAJAJ, THE TITAN OF INDIAN INDUSTRY
HOUSE OF THE RISING SUN
WITH THE GOVERNMENT OFFERING SUBSIDIES UNDER THE PM SURYA GHAR MUFT BIJLI YOJANA, MANY HOUSEHOLDS HAVE TAKEN A SHINE TO SOLAR ROOFTOP PANELS. BUT HOW MUCH DO THEY COST?
FROM GREY TO GREEN
WITH THE CLIMATE CRISIS BECOMING MORE ACUTE, GREEN HYDROGEN COULD BE AN IMPORTANT SOLUTION
ECO CHAMBER
DATA CENTRES ARE A VERY VITAL PART OF THE DIGITAL TRANSFORMATION THAT IS UNDERWAY, BUT THERE'S A PROBLEM: THEY CONSUME TOO MUCH ENERGY. AS DEMAND FOR SUCH CENTRES INCREASES IN INDIA, IT HAS NO OPTION BUT TO EMBRACE GREEN SOLUTIONS