India s chief economic advisor, V Anantha Nageswaran, has urged private capital to accelerate the country s growth and cement its position as a global growth engine. He emphasized the need for a relook at the regulatory framework every few years to make regulation and compliance easier for businesses. Nageswaran highlighted that India s growth engine can become faster and accelerate if private capital formation kicks into higher gear.
Barclays Plc and Citigroup Inc. predict the economy will now expand 6.7% in the fiscal year ending in March, up from previous forecasts of 6.3% and 6.2%, respectively. Several other analysts also bumped up their estimates.
In October, India s services sector growth decelerated to a seven-month low due to intense competition, subdued demand, and rising price pressures. The S&P Global India Services PMI Business Activity Index dropped to 58.4, reflecting a loss of business confidence
According to the company, the growth in revenues comes as it doubled down on new merchant acquisitions. Further, profit pools increased as almost 90% of transactions on the platform were from repeat customers.