The GDP (Gross Domestic Product) growth was 11.2% in October-December 2021 and 6.3% in JulySeptember 2022, showed the data released by the National Statistical Office (NSO) on Tuesday.

The manufacturing sector’s output, as per the gross value added in the third quarter of this fiscal, contracted by 1.1% compared to a growth of 1.3% in the year-ago period.

The NSO also released the second advance estimate for the current fiscal and maintained its growth projection of 7% as was estimated in the first advance estimate which was released in January.

New Delhi: Gold price fell by `110 to `55,550 per 10 gram in the national capital on Tuesday amid a fall in global rates of the precious metal, according to HDFC Securities. In the previous trade, the yellow metal had closed at `55,660 per 10 gram. Silver also slumped by `550 to `63,000/kg. “Spot gold prices in the Delhi markets traded at `55,550 per 10 gram, down `110 per 10 gram,” said Saumil Gandhi, Senior AnalystCommodities at HDFC Securities. —PTI

MIZORAM TO HOST G20 MEETING FROM MARCH 01, CM SAYS

TOP TALKING POINTS z The GDP (Gross Domestic Product) growth was 11.2% in October-December 2021 and 6.3% in July-September 2022, showed the data released by the National Statistical Office (NSO) on Tuesday

z The NSO also released the second advance estimate for the current fiscal and maintained its growth projection of 7%

z The manufacturing sector’s output, as per the gross value added in the third quarter of this fiscal, contracted by 1.1% real GDP during 2022-23 is estimated at 7.0% as compared to 9.1% in 2021-22,” the NSO said.

The NSO revised upward the GDP growth for 2021-22 to 9.1% from 8.7% estimated earlier.

New Delhi (PTI): The central government's fiscal deficit touched 67.8% of the full-year target at the end of January due to higher expenses and lower revenue realisations, according to official data released on Tuesday.

In actual terms, the fiscal deficit or gap between the expenditure and revenue collection during April-January period stood at ` 11.9 lakh crore, as per the data from the CGA.

The fiscal deficit in the comparable period of 202122 was 58.9% of that year's Revised Estimate (RE) in the Budget.

For the full year 2022-23, the government expects the deficit at ` 17.55 lakh crore or 6.4% of the GDP.

DATA IN NUMBERS z The fiscal deficit or gap between the expenditure and revenue collection during April-January period stood at Rs 11.9 lakh crore, as per the data from the Controller General of Accounts (CGA) z The fiscal deficit in the comparable period of 202122 was 58.9% of that year’s RE in the Budget

The CGA data showed that the net tax collection in the first 10 months of this fiscal was ` 16,88,710 crore or 80.9% of the RE 2022-23. In the comparable period last financial year, the collection stood at 87.7% of the RE 2021-22.

“GDP at Constant (201112) Prices in Q3 2022-23 is estimated at ` 40.19 lakh crore, as against ` 38.51 lakh crore in Q3 2021-22, showing a growth of 4.4%.

GDP at Current Prices in

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Q3 2022-23 is estimated at `69.38 lakh crore, as against `62.39 lakh crore in Q3 202122, showing a growth of 11.2%,” the NSO statement said.

“Real GDP or GDP at

SBI ENTERS SOCIAL LOAN MARKET; RAISES $1 BILLION FROM OVERSEAS MARKETS

Mumbai: State Bank of India on Tuesday said it has concluded a landmark $1 billion syndicated social loan, making it the largest ESG loan raised by a commercial bank in the Asia Pacific market. In a statement, the bank said the loan is of $500 million of primary issue and an equal amount in greenshoe option. It is also the maiden such issuance from the nation’s largest lender. The deal is the largest ESG (Environmental, Social and Governance) loan by a commercial bank in the Asia Pacific and the second largest social loan globally, it added. —PTI

Biomass Mkt In India Is Expected To Reach

Aizawl: Mizoram will host a G20 meeting here from March 01 to March 03, where business delegates and diplomats from across the world are expected to participate, CM Zoramthanga said on Tuesday. Around 85 local startups will also take part in the event at the Mizoram University (MZU) on the western outskirts of Aizawl, he said. “The G20 meeting will bring together several policymakers, business leaders, along with representatives of multilateral organisations,” Zoramthanga said. India assumed the G20 Presidency on Dec 1, 2022. —PTI

HDFC, PUNJAB NATIONAL BANK

HIKE LENDING RATES

`32,000 CRORE BY

Fy31

New Delhi: Biomass market in India is expected to reach `32,000 crore by FY2030-31 piggybacking on government schemes as well as investments from global green energy companies, according to a report. The launch of new schemes in the support of biomass cogeneration projects is playing a crucial role in the capacity additions of small biogas plants located in remote and rural parts of India, the report said. The Indian biomass market is attracting investments from global green energy companies. —PTI

STATES BORROW A RECORD `32,800 CRORE, COST JUMPS BY 7 BPS

Mumbai: Despite near 60% more supplies, the states continued to pay more for their market borrowing with the average bond pricing rising by 7 basis points to a multi-week high of 7.68% at the weekly auction on Tuesday. For the past many weeks, the yields were more or less stagnant and so was the debt-raising. Fourteen states raised a record-high `32,800 crore from the market by issuing state government securities (SGS), which is a sharp 59% higher than the year-ago level, ICRA said in a report. —PTI

Constant (2011-12) Prices in the year 2022-23 is estimated at `159.71 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of ` 149.26 lakh crore. The growth in

Core sector output rise by 7.8% in Jan

New Delhi (PTI): Production of eight infrastructure sectors expanded at a fourmonth high of 7.8% in January 2023 on better show by coal, fertiliser, steel and electricity segments, according to official data released on Tuesday.

Barring crude oil, all the eight segments posted an increase in production. Crude oil output contracted by 1.1% in January.

The growth rate of eight infrastructure sectors — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — stood at 7.9% in April-January this fiscal as against 11.6% during the same period last fiscal.

The national accounts data showed that the farm sector gross value added (GVA) has grown by 3.7% in the third quarter compared to a growth of 2.2% a year ago.

The mining and quarrying sector grew at 3.7% compared to 5.4% a year ago.

‘Growth projection of 7% for FY23 very realistic’

India to be global skills hub ‘very soon’

New Delhi (PTI): India will soon be the global skills hub, Union Minister Dharmendra Pradhan said on Tuesday, underlining the importance of investment in education and skill development to ensure people have the knowledge and required capabilities to capture opportunities.

New Delhi (PTI): Chief Economic Advisor V Anantha Nageswaran on Tuesday said India needs to grow at 5-5.1% in the March quarter to achieve 7% real GDP growth rate for the full financial year.

According to him, there are enough signs that manufacturing is in good health, but India has to be prepared to deal with El Nino and weather-related uncertainties.

“... The growth rate that