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The latest SBI Research report concurs with the PM's statement, saying India should surpass both Japan and Germany in 2027 at the current rate of growth 

India to be world's 3rd largest economy by 2029: SBI

India to be world's 3rd largest economy by 2027, 2 years earlier than target says SBI report

The latest SBI Research report concurs with the PM's statement, saying India should surpass both Japan and Germany in 2027 at the current rate of growth&nbsp;

India is likely to get the tag of the 3rd largest economy by FY2027-28 based on actual GDP data as on March 2023, SBI Research says in its latest 'Ecowrap' report.
The projections come against the backdrop of Prime Minister Narendra Modi's statement on Wednesday, in which he says India will be among the "top three economies in the world" during the third term of the BJP government.
India is currently ranked fifth largest economy. "The path taken by India since 2014 reveals that India is likely to get the tag of the third largest economy in 2027 (or FY28) based on actual GDP data as on March 2023, a movement of seven places upwards since 2014 when India was ranked tenth and two years earlier than our previous forecast of 2029," the report said.
"At this rate, India is likely to add $0.75 trillion in every 2 years, implying that India is all set to touch $20 trillion by 2047, at least on current numbers. India&rsquo;s global share in GDP will cross 4 per cent by 2027," the report mentioned. &nbsp;
The GDP size of major Indian states in 2027 could be more than the size of some of the Asian and European countries like Vietnam, Norway, and so on.&nbsp;

Coal sector production increased by 12.2% in March, steel and Fertilizers production increased by 8.8% and 9.7% respectively. Sectors that saw a decline in production include Electricity, cement and natural gas, by 1.8%, 0.8% and 2.8% respectively  

India's core sector data slows to 3.6% in March vs 7.2% in Feb 

Core sector data for the month of March came in at 3.6% slowing from 7.2% in February. Meanwhile, for FY23 core sector growth was 7.6% vs 10.4% in the previous year. 

Coal sector production increased by 12.2% in March, steel and Fertilizers production increased by 8.8% and 9.7% respectively.&nbsp; Sectors that saw a decline in production include Electricity, cement and natural gas, by 1.8%, 0.8% and 2.8% respectively&nbsp;&nbsp;

Core sector data for the month of March came in at 3.6% slowing from 7.2% in February.&nbsp;
Meanwhile, for FY23 core sector growth was 7.6% vs 10.4% in the previous year.&nbsp;
The core sector index measures combined and individual performance of production of eight core industries - Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. Together has a 40.27% of the overall Index of Industrial Production.&nbsp; Coal sector production increased by 12.2% in March, steel and Fertilizers production increased by 8.8% and 9.7% respectively. While natural gas production was up 2.8% and petroleum refinery products was up 1.5%.&nbsp; Sectors that saw a decline in production include Electricity, cement and natural gas, by 1.8%, 0.8% and 2.8% respectively.&nbsp;
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China's economic growth boomed post covid, the country recorded 4.5% growth in gross domestic product from January to March compared to the same period in 2022

China’s economy rebounds post easing of covid curbs

China's economic growth boomed post covid, the country recorded 4.5% growth in gross domestic product from January to March compared to the same period in 2022

China&rsquo;s economic growth accelerated in the latest quarter as consumers flocked back to shops and restaurants following the abrupt end of anti-virus controls.
The 4.5% growth in gross domestic product from January to March compared to the same period in 2022 was the fastest in the past year, and outpaced the 2.9% growth in the previous quarter, according to government data released Tuesday.
But authorities cautioned that China will likely face import and export pressures in the coming months amid an uncertain international economic environment, and also warned of inadequate domestic market demand in the world&rsquo;s No. 2 economy.
Fu Linghui, the director general of China&rsquo;s National Bureau of Statistics, said Tuesday that authorities will implement various policies to 'stabilize growth' and stimulate domestic demand, as well as help support the development of emerging industries.
 The higher-than-expected rise in GDP for the quarter comes amid a rebound in consumption, as people flocked to shopping malls and restaurants after 'zero-COVID' restrictions were removed at the end of 2022. Analysts initially pegged economic growth to be about 4%.
&nbsp;Earlier this year, China&rsquo;s government set this year&rsquo;s economic growth target at 'around 5%,' a conservative target that will only be met if GDP grows faster in the months ahead.
 In March, total retail sales of consumer goods went up by 10.6% year on year, and grew 7.1 percentage points compared to the first two months of the year.
'The combination of a steady uptick in consumer confidence as well as the still-incomplete release of pent-up demand suggest to us that the consumer-led recovery still has room to run,' said Louise Loo, an economist at Oxford Economics in a note.
'The fading of consumption momentum, the winding down of fiscal stimulus, and a weaker incoming external demand would put downward pressure on domestic growth in H2,' she said.
On Monday, China&rsquo;s central bank kept rates on its one-year policy loans unchanged. Last week, it had vowed to step up support for the economy and maintain ample liquidity to support growth.

63% of Indians which is nearly two-thirds are cutting back on non-essential purchases to provision more money to spend on daily essentials: PwC

India reducing non-essential spending: PwC survey

63% of Indians which is nearly two-thirds are cutting back on non-essential purchases to provision more money to spend on daily essentials: PwC

As per the 2023 PwC Global Consumer Insights Pulse Survey, 63% of Indians are cutting back non-essential spending. The consumers are reducing non-essential spending to ensure they have enough money for essential needs. &nbsp; The PwC survey, received responses from 9,180 consumers across 25 territories. 500 Indians took part in the survey that was conducted across 12 metros, tier-1 and tier-2 cities of the country. Out of these Indians, 57% were male and 43% female. The survey was conducted from 24 October to 16 November 2022. &nbsp; The 2023 PwC Global Consumer Insights Pulse Survey stated, "Consumers globally are weighed down by concerns around cost of living and personal finances. Around 74% of Indian respondents say they are concerned about their personal finance situation, as opposed to 50% globally. 63% of Indian consumers are cutting back non-essential spending altogether". &nbsp; Inflation has affected the demand, as prices of essentials surged in the last year. Indians now say that they would want to spend less on luxury items, travel, and fashion.&nbsp; &nbsp; "The survey also found most Indian consumers are expecting to reduce their expenditure across all surveyed categories over the next six months, a significant decline in planned spend across all categories since the previous pulse survey in June 2022. Industries, including luxury and premium products, travel, and fashion, expect to see the greatest portion of consumer spend reductions over the next six months, whereas the groceries segment is expected to decline the least," PwC said &nbsp; Half of the Indian consumers said, that inflation remains as the major concern among other issues. Meanwhile, 35% has said that supply chain issues also dominate with larger queues and busier store locations keep the consumers from spending. 28% feel that product availability is a major cause for the reduction.&nbsp;

World Bank: India Remains Lower Middle Income Economy | DataBaaz

India is among 47 lower middle income nations in the world. Along with Bangladesh and Bhutan, India's status remains unchanged since 2009 when it transitioned to Lower Middle Income Economy from low income one. India is the only lower middle income country even among BRICS nations.The world bank used Gross National Income per capita to classify economies. Countries with a GNI per capita of less than $1000 are low income economies
Lower middle income countries like India fall between approx $1000 to $4000. To be a high income economy, the GNI per capita must be above $12,000
A change in economic growth, inflation, exchange rates, and population of a country can affect the GNI of a country.
Within South Asia, Sri Lanka and the Maldives have progressed. Both are the only upper middle income nations in South Asia

Coronavirus: Trains Converted To Isolation Wards | DataBaaz 

28 coaches of Indian Railways will be ready as ICU or Isolation Wards by 31 March, a unique attempt to fight coronavirus. Here is a look at the first prototype made by Northern Railways.
 India has over 55,000 train coaches in service and right now an idle one at Kamakhya in Assam has been converted into a prototype isolation ward by Northern Railways. It modified idle rail coaches to shore up the country's need for isolation wards to combat Covid-19.
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Millions Of Migrant Workers Take A Long Walk Home | DataBaaz

To combat the Coronavirus crisis, India&rsquo;s Prime Minister Narendra Modi announced a 21-day pan India lockdown. This left many of India&rsquo;s 100 million migrant workers jobless. Hence, in the midst of unavailability of public transport, they began their long walk to their homes. Follow us on: Twitter: https://bit.ly/2KWU0bh Facebook: https://bit.ly/2JmXHDT Instagram: https://bit.ly/2PdMxV0 For daily WhatsApp updates, ping us on: 7777004777 To subscribe to our newsletter, please visit https://bit.ly/2NwsKSW&nbsp;&nbsp;

Coronavirus: Shutdown Affects Mumbai’s Cab Services

The shutdown due to coronavirus outbreak has affected the economy. Of the various sectors, the unorganised and small sectors are the worst hit.

Coronavirus: Indian Railways Limit Train Travel

Indian Railways carries 23 million passengers daily. As the number of Coronavirus patients rise, the national transporter is critical to the country's containment plan of the deadly virus.

How Many Die In Road Accidents Every Year? | DataBaaz

55% of those killed in road accidents in India are young people below the age of 35. This ties in with global data according to which road accidents are the single biggest killers of young people between 15-29 years. India has the highest number of deaths due to road accidents, in the world.
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Women Bear The Brunt Of Global Wealth Inequality: Oxfam Report

India&rsquo;s top 1% own 4 times more wealth than the bottom 70% of the country&rsquo;s population. The vast inequality in the country affects women disproportionately than others. Follow us on: Twitter: https://bit.ly/2KWU0bh Facebook: https://bit.ly/2JmXHDT Instagram: https://bit.ly/2PdMxV0 For daily WhatsApp updates, ping us on: 7777004777 To subscribe to our newsletter, please visit https://bit.ly/2NwsKSW

Fake Money: India Feels The Pinch | DataBaaz

We all know that fake money is bad money. It's just not good for our economy. It drives down the value of real money in a country- counterfeiting money is a crime.

To flush the system of fake money, the Modi government, overnight, demonetised high value currency of Rs 1000 and Rs 500. Later 2000 rupee banknotes were introduced. And now they’ve come to bite the government back.

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Why Are Lesser People Buying Cars In Mumbai?

The first 3 quarters of 2019 experiences a 40% fall in new vehicle registrations in Mumbai. Economic slowdown and a few other factors had led to this change.

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Despite Abundant Rainfall in 2019, India Faces Crop Failure

In comparison to the last 25 years, India received the highest rainfall in 2019. Then why is it experiencing a huge crop failure and a spike in food inflation?

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Why Can’t You Find A Parking Space In Delhi? | DataBaaz

#Delhi #DelhiNews
India’s capital Delhi is expected to be the world’s most populous city with 22.5 million people. With an increasing population, the city’s demand for vehicles is also growing. Currently, Delhi has over 1 crore vehicles. But is the city’s road network designed to accommodate these, and what happens if it is not?


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#Migration #Workforce
Over 45 crore Indians have migrated inside the country. That is a third of India’s population. What’s interesting is that 69% of the migrants in India are women.

Bihar and Uttar Pradesh are the top source states from where people in India migrate to destinations states like Goa, Maharashtra, Delhi and southern states like Tamil Nadu, Kerala.

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#CitizenshipBillIssue #CitizenshipBillProtest
On December 4th, the Union Cabinet cleared the Citizenship Amendment Bill. A move that could make significant changes to India’s already existing citizenship laws. In this video on Databaaz, we explain what the citizenship amendment bill is and why are there controversies regarding it being passed in the parliament.


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