While a massive 4.67 crore additional jobs were created in the Indian economy in the financial year ended March 2024, the fast pace of employment generation has continued into 2024-25 in both the formal and informal sectors, official data shows.
The Indian economy and the domestic financial system are underpinned by strong macroeconomic fundamentals, healthy balance sheets of banks and non-banks with returns on assets at decadal highs, according to the RBI financial stability report released on Monday.
Notably, the rupee dropped to 85.0650 against the US dollar in early trade, compared to 84.9525 on Wednesday.
Indian economy is to grow at 6.6% in 2025-26, up from 6.4% in the current fiscal year, India Ratings and Research (Ind-Ra) projected on Wednesday.
Even though the Indian Economy slowed down to 5.4 per cent in the second quarter, it will grow in the range of 6.5 to 7 per cent this fiscal, voiced Chief Economic Advisor (CEA) Anantha Nageswaran on Thursday.
In light of the recent setback in the general election, Prime Minister Narendra Modi’s government faces the urgent task of revitalising the Indian economy and addressing concerns expressed by voters.
Around 150 years ago, British PM Benjamin Disraeli said: “There are three types of lies ~ lies, damn lies, and statistics” ~ a statement as true today as it was the day it was made. A recent example would suffice.
Green shoots of recovery in rural markets, improving employment conditions and sustained momentum in manufacturing and services sectors augur well for consumption demand in the near term, the report said.
Attacking Congress, he said that they worked to give constitutionally backward class reservation to Muslims.
The better outlook is fueled by lower inflation, robust exports, and increased foreign investments, Hamid Rashid, the chief of the UN’s Global Economic Monitoring Branch, said on Thursday.
