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maharashtra: Eight Indian states will cross the $1-trillion mark by FY47

The states are likely to miss their goals to become a $1 trillion economy. Maharashtra has set a goal to achieve $1 trillion economy by FY28, followed by Uttar Pradesh, Tamil Nadu in 2030 and Karnataka by 2032.

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India's FY'24 growth estimates: Ind-Ra ups India's FY'24 growth estimates to 6.7 pc on economic resilience, prospect of private capex

India Ratings and Research has upgraded GDP growth estimate for current fiscal to 6.7 per cent, from 6.2 per cent attributing resilient economy, sustained government capex and prospect of a new private corporate capex cycle. It flagged weak global growth and trade as risks which weighed down the growth estimates, besides volatile geopolitical situation.

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fiscal deficit: Fiscal deficit at 6% to exceed government target in FY24: Ind-Ra

The government recently brought in one supplementary demand for grant of Rs 58,380 crore to cover higher spending on fertiliser subsidy and Mahatma Gandhi National Rural Employment Guarantee Programme.

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Ind-Ra raises India's growth forecast to 6.2% for FY24; projects inflation to be higher at 5.5%

India's economy is expected to grow at a slightly faster rate of 6.2% in the current fiscal year, up from the previous estimate of 5.9%, according to India Ratings and Research. The rating agency also predicted higher inflation of 5.5% and identified El Nino and uneven monsoons as risks for both inflation and growth.

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India rice export: Non-basmati rice exporters to suffer, while basmati rice exporters could flourish due to export ban: Ind-Ra report

The export ban on non-basmati rice is expected to aid basmati producers through higher realisation and lower working capital requirements, says Ind-Ra.

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Rating firms flag concerns over surge in unsecured loans

As per the data for large NBFCs ( assets under management or UM of Rs 10.3 lakh crore as of March 2023), the AUM grew 19% yoy in FY23, compared to 3.3% and 9.6% in FY21 and FY22, respectively. "The revival in pent-up demand, which was dormant during the pandemic, led to the robust growth in the portfolio of NBFCs, despite the headwind of higher interest rates" India Ratings said in a report.

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'Soaring unsecured book needs more buffers at NBFCs'

The sharp surge in unsecured lending has more observers highlighting risks and advising caution. After credit bureau TransUnion Cibil flagged concerns over the sharp rise in unsecured retail advances by banks and NBFCs, now rating firm India Ratings (Ind-Ra) has called for higher capital buffers and close monitoring of unsecured advances by non-bank lenders.

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Below-expectation inflation may boost growth by hiking real wages: Ind-Ra

The economists said a percentage point increase in real wages leads to a rise in GDP by 0.64 percentage point. So, if inflation were to fall from 5.3% (current projection for Ind-Ra) to 4.5% in FY24, it could lead to real wage rising to 4.4% from 3.6% and GDP growth settling at 6.4% compared to projected 5.9%.

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Steel demand to surge 7-9% in FY24 on govt infra boost, export recovery: Report

India Ratings’ forecast marks a bullish outlook for the sector, buoyed by an expected demand boost from election-driven government projects, and the end-user industries including construction, automobile manufacturing, and engineering.

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India expected to grow at CAGR of 4.6% during FY20-FY26: India Ratings

Amid the ongoing global turmoil, India appears to be a shining spot and would be G20’s fastest growing economy by FY26, Ind-Ra said

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