The forex reserves had dipped by $3.007 billion for the week ended August 26 and by $6.687 billion in the previous week.
India is on course to becoming a USD 30 trillion economy in the next 25-30 years, he said, asking the Indian diaspora to grab the opportunity that the growth story of India offers.
Prime Minister on Saturday inaugurated the Centre-State Science Conclave on Saturday via video conferencing.
Job creation and equitable distribution of wealth remain the other focus areas, she said at India Ideas Summit.
Addressing members of the Institute of Chartered Accountants of India (ICAI) here on Monday, he said India will become a USD 30 trillion economy in next 30 years. India is currently a USD 3.3 trillion economy.
India’s economy expanded 13.5 percent in the April-June quarter, the quickest pace in a year. As per the RBI’s estimates, the country’s GDP is expected to witness a growth of 7.2 percent in the current financial year.
Meanwhile, FPIs have turned net buyers in Indian equity markets for two consecutive months through August and helped domestic indices to stay buoyant.
India would surpass Germany in 2027 and most likely Japan by 2029 at the current rate of growth, State Bank of India (SBI) said in a research report.
The collection in August is, however, lower than Rs 1.49 lakh crore collected in July. The mop up was at a record high of Rs 1.67 lakh crore in April.
The council requested the government to announce new Technology Upgradation Fund Scheme (TUFS) and production-linked incentive scheme for the apparel sector.
Moody’s had in May projected India’s GDP to expand by 8.8 per cent this year. The economy grew by 8.3 per cent in 2021 and contracted by 6.7 per cent in 2020, the year when the pandemic struck the country.
“There is indeed inflation in India but it’s more in the world. The inflation rate here is around 7 per cent, which is less than the developed countries. In the USA and China, the inflation rate is more than eight per cent,” Karad told reporters in Nashik.
The data would elaborate on the expansion of different sectors like agriculture and manufacturing in the first quarter of this financial year.
Tightening of monetary policy in advanced economies including rising demand for dollar-denominated commodities, and strength in the US dollar had triggered a consistent outflow of funds from Indian markets.
At 10.43 a.m., the rupee traded at 80.020 covering some of its early morning depreciation. On Friday, it closed at 78.87 per US dollar.
Under this agreement, both countries may significantly cut or eliminate customs duties on the maximum number of goods traded between them. Besides, norms would be relaxed to promote trade in services.
Goyal, addressing the fourth meeting of the governing council of the Bureau of Indian Standards (BIS) on August 24, said superior labs will boost the formulation of better standards as well as ease in certification.
It expects India’s first quarter (April-June) growth to be at 16 per cent. The official GDP is expected to be issued on August 31. It maintains an overall FY23 growth forecast at 7 per cent, which will see India emerge as the fastest-growing economy in Asia this year.
The rise in profitability is expected despite a higher than anticipated rise in procurement prices, and transportation and packaging costs.