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.
Disruptions in the Red Sea prompt a 150% increase in global container freight rates over 45 days, impacting India s foreign trade logistics and key sectors like crude oil, auto, chemicals, textiles,.
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.
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.
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.