Follow Us

Breaking News

Finance Ministry estimates economic growth rate to be seven percent in 2022-23

New Delhi, Mar 21, (Fast Mail News):-- Despite global challenges, the country's economic growth rate is estimated to be seven percent in the financial year 2022-23. At the same time, in the coming times, the retail inflation rate will be soft in line with the wholesale inflation rate. This has been estimated by the Finance Ministry in its monthly economic review released late at night.


The country's current account deficit (CAD) is expected to decline in FY2022-23 and 2023-24 on the back of gains from higher service exports, softening oil prices and a recent slowdown in import-intensive consumption demand, according to a Finance Ministry report. Is. This will support the rupee in times of uncertainty. At the same time, the macroeconomic stability will be further strengthened in the financial year 2022-23.


According to the report, the estimate of gross domestic product (GDP) growth in the third quarter of the financial year 2022-23 confirms the Indian economy's ability to grow on the basis of domestic demand. However, global production has slowed down due to increasing global uncertainty. The growth momentum gained in Q3 is expected to be sustained in Q4.


According to the Finance Ministry, inflationary pressure has come down due to fall in international commodity prices and government measures. Wholesale inflation has moderated to a 25-month low. Its positive impact will also be seen on the retail inflation rate. It shows the important data (GST collection, electricity consumption, PMI etc.) for the month of January and February.


It is noteworthy that the retail inflation has come down to 6.44 percent in February, which was 6.52 percent in January. At the same time, the wholesale inflation rate came down to 3.85 percent, which was 4.73 percent in January. The country's economic growth rate stood at 4.4 per cent in the October-December 2022 quarter. Similarly, the GST collection in February 2023 remained above Rs 1.4 lakh crore for the 12th consecutive month.

Related Business News

RBI asks banks to maintain data on exchange of Rs 2000 notes on daily basis

New Delhi, May 22:-- Reserve Bank of India Governor, Shaktikanta Das has said the withdrawal of 2000 rupees bank notes is part of currency management.   He said the RBI has been following a clean note policy for a long time. Mr Das said, from time to time, it withdraws notes of a particular ser....

Coal Ministry Reviews Report of High Level Committee to Enhance Production of Heavy Equipment under Make in India

New Delhi, May 15, (Fast Mail New):-- In order to further reduce India’s reliance on import of high-capacity mining equipment and to boost its domestic production, Ministry of Coal is making continuous efforts to develop indigenous manufacturing capabilities in coal mining sector. These effort....

Piyush Goyal to co-chair the India-EU TTC Ministerial meeting

New Delhi, May 14, (Fast Mail News):-- The first Ministerial meeting of India- European Union Trade and Technology Council (TTC) is taking place in Brussels, Belgium on 16th May 2023. Union Minister for Commerce & Industry, Textiles, Consumer Affairs, Food & Public Distribution, Piyush Goyal....

G7 top financial leaders pledge to bring inflation under control, help countries struggling with onerous debts & strengthen financial systems

Tokyo, May 13:-- The Group of Seven's (G7) top financial leaders have pledged to bring inflation under control, help countries struggling with onerous debts and strengthen financial systems. The G7 Finance Ministers and Central Bank Chiefs ended three days of talks in Niigata, Japan today, with a jo....

India has been easing lot of restrictions to facilitate businesses and ensure overall ease of doing business, says FM Nirmala Sitharaman

New Delhi, May 12:-- Finance Minister Nirmala Sitharaman has said that India has been easing a lot of restrictions to facilitate businesses and ensure overall ease of doing business.   Ms Sitharaman said this while interacting with investors and business leaders at an event in Tokyo, Japan yest....

Editor :
Jagadananda Pradhan
Email :
For Ads :
Ph : (+91)6764295999
Contact Us
© 2023 Fast Mail Media Pvt Ltd. All Rights Reserved.
Powered by : FM Media Pvt Ltd.
Developed by : Futuradept Tech