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The India Manufacturing Barometer 2019 Report has been prepared by Federation of Indian Chamber of Commerce and Industry (FICCI) in association with PwC.
The report was prepared based on the survey of companies which contribute approximately 12 per cent to the manufacturing Gross Domestic Product (GDP) of the country from the automobiles, chemicals, electrical machinery, food processing, leather, pharmaceuticals and textiles sectors.
Findings of the Report
The important findings in the India Manufacturing Barometer 2019 are:
- India would witness faster growth in the next 12 months driven by expanding domestic market, technology and increased spending.
- Around 74 per cent of companies surveyed believes that the next 12 months will see faster growth in their sector.
- Around 58 per cent of those surveyed believes that their sector would grow faster by at least 5 per cent.
- India’s economy is projected to grow anywhere between 7.3 – 7.7 per cent and the domestic market would be a major demand driver for India.
- Business leaders also anticipate an increase in turnover from global demand in the future.
Business Groups have asked India to concentrate on improving at the logistics front. Logistics cost in India is about 15 per cent of the overall cost whereas the cost is less than 10 per cent in countries like Japan. The reduced logistics cost can be of great benefit to India.
Standard Chartered Plc, a multinational company has made long term forecasts about the shake-up of the world’s gross domestic product (GDP) rankings. The key elements of the forecast are:
- Seven of the world’s top 10 economies by 2030 most likely would be emerging markets of the present.
- China would become the largest economy by 2020, based on purchasing power parity exchange rates and nominal GDP.
- India’s GDP would be most likely larger than the US in 2020 based on purchasing power parity exchange rates and nominal GDP.
- Indonesia will break into the top 5 economies by 2020.
- The study projects that India’s growth would accelerate to 7.8% by the 2020s.
- China’s growth would moderate to 5% by 2030 reflecting a natural slowdown given the size of the economy.
- The share of Asia in global GDP which is about 28% would further increase to 35% by 2030. This would be equal to the combined share of Euro area and US.
Standard Chartered Plc has undertaken the long-term growth forecasts based on one key principle that countries’ share of world GDP should eventually converge with their share of the world’s population, driven by the convergence of per capita GDP between advanced and emerging economies.
Gross domestic product
Gross domestic product (GDP) is the market monetary value of all the final goods and services produced in a period of time, often annually or quarterly. It is the measure of the nation’s overall economic activity.
Standard Chartered Plc
Standard Chartered Plc is a British multinational banking and financial services company headquartered in London, England. Standard Chartered Plc is a universal bank with operations in consumer, corporate and institutional banking, and treasury services.