Even with a modest 6% annual GDP growth, India will be the world’s third largest economy by 2028. All the more reason why the focus must be on boosting per capita GDP to $13,000-14,000 levels for a “developed India” by 2047.
If high growth is generating gainful employment opportunities for the millions entering the labour force, then why must the government provide free food to 800 million people?
According to Nageswaran, a decline in the share of Private Final Consumption Expenditure in the GDP of 2023-24 is not a sign of demand slowdown but reflects growth in the economy being more evenly distributed than before.
The Bank of Japan is on track to end negative interest rates in coming months despite the economy's fall into recession, say sources familiar with its thinking, though weak domestic demand means they may seek more clues on wages growth before acting. Japan shocked analysts on Thursday when data showed gross domestic product unexpectedly contracting for two straight quarters, the technical definition of a recession, and losing its place as the world's third-largest economy to Germany. While the GDP headlines were startling, the focus for BOJ policymakers is on whether the bumper wage hikes set for 2024 will be repeated next year, a condition the central bank believes is necessary for Japan to emerge from decades of tepid household consumption.