US manufactured goods orders bounce on transport boost
New durable goods orders jumped 5.4 percent from October to November to $295.4 billion, the Commerce Department said, significantly higher than analysts had anticipated.
New durable goods orders jumped 5.4 percent from October to November to $295.4 billion, the Commerce Department said, significantly higher than analysts had anticipated.
The Logistics Ease Across Different States (LEADS) 2023 ranks states on the basis of their logistics ecosystem and highlights the key logistics related challenges. The index is an indicator of the efficiency of logistical services necessary for promoting exports and economic growth.
The central bank raised its forecast for economic growth to 7 per cent from 6.5 per cent, maintaining India's position as the world's fastest-growing major economy, after a stronger-than-expected 7.6 per cent growth in the July-September quarter.
“World GDP growth would be 0.4pp lower in 2024, but only 0.1pp lower in 2025, although the absence of a significant rebound suggests there could be a persistent moderate impact beyond the initial shock,” Fitch said.
Barclays estimates that India's economy needs to grow at a rate of 8% per year in order to surpass China as the largest contributor to the global economy. To achieve this, the country should focus on investing in traditional sectors such as mining, utilities, transport, and storage, which have stronger spillover effects on the broader economy. The government will need to increase its investment in these areas, as capacity constraints require additional funding.
The USD 1 billion fund's structure involves contributions from the World Bank (around USD 250 million -300 million) and ADB (USD 650 million), with SIDBI financing the remaining USD 100 million from internal sources and its global investor pool, under the supervision of Niti Aayog.
India and China, the world's top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80% of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.
There will also be retail outlets for promoting handicrafts and locally-manufactured products, the minister said, adding some of the WSAs will also have helipads and drone landing facilities to deal with medical emergencies like road accidents and organ transplantation.
But analysts say the jump was more likely related to exporters rushing to fulfil a backlog of orders that had been disrupted by the pandemic in past months, and warned the global demand outlook remained subdued.
The combined capital expenditure of the 16 large states, which account for 80% of the country's gross domestic product (GDP), on roads and bridges will fall to 0.58% of the gross state domestic product, compared to 0.61% in the previous fiscal, according to their budgets.
“We are witnessing unprecedented uncertainties in geopolitics and economy," RBI governor Shaktikanta Das said and added that RBI will remain focused on withdrawal of monetary policy accommodation.