Hi there,
Both the events we’ve got coming up this month are now full – for the Political & Public Life Awards, we have a significant waiting list. Thank you to everyone that has registered.
We’re delighted that the London Chamber of Commerce and Industry will be hosting their Summer Reception at the Ideas for India conference on Friday 5 July. To book, visit their website here (£66 for LCCI Members, £150 for Non-Members).
India is ‘easily’ the fastest growing economy in the world, IMF executive director Krishnamurthy Subramanian said last week, as the country’s third-quarter GDP growth blew past analysts’ estimates.
At 8.4%, India’s economy expanded at its fastest pace in six quarters, data showed on strong private consumption and upbeat manufacturing and construction activity. Reuters estimates had pegged growth in the Oct-Dec period at 6.6%. Higher capital expenditure drove this growth, something we covered
According to a report from real estate consultancy Knight Frank, the number of ultra-rich Indians, those with a net worth of at least $30 million, will rise 50% over the five years to 2028, the biggest increase globally. The combined value of companies listed on India’s exchanges is now above $4 trillion.
The Finance Minister’s last budget estimated that fiscal deficit for the financial year 2025 will narrow to 5.1% from the revised 5.8% for 2024. The macro stats will reinforce the Reserve Bank of India’s bias to keep rates on hold at 6.5%, according to Commerzbank.
But the headline figures belie a mixed picture. The latest national expenditure survey (2022-23), shows real consumption grew at only 3% CAGR over the past 11 years, and the Periodic Labour Force Survey data indicates flat real incomes over the past four years.
This week, we deconstruct some of the factors driving these changes.