New Delhi,In a surprising turn of events, India’s Gross Domestic Product (GDP) for the second quarter of the fiscal year 2023-24 has exceeded analysts’ estimates, registering an impressive growth rate of 7.6%. Most experts had predicted a more moderate growth of around 6.8%, making this achievement a noteworthy economic feat.
The data reveals that India’s economy has maintained its position as the fastest-growing major economy globally. The real GDP reached Rs 41.74 lakh crore in Q2 2023-24, compared to Rs 38.78 lakh crore in the same quarter of the previous fiscal year. Additionally, the nominal GDP stands at Rs 71.66 lakh crore, showcasing a growth of 9.1% compared to the previous year.
Key sectors driving this growth include the manufacturing sector, which experienced a robust 13.9% growth, and mining and quarrying, showing a notable 10% growth. However, the agriculture sector witnessed a slight slowdown to 1.2%, and trade-related services also decelerated to 4.3%.
S&P Global Ratings recently revised India’s growth forecast for the current fiscal year, anticipating a rise to 6.4%. The agency highlighted India’s rebound in fixed investment and robust domestic demand, though it cautioned about challenges like high food inflation and weak exports.
S&P noted that emerging market economies like India, Indonesia, Malaysia, and the Philippines are poised for strong growth due to solid domestic demand. Despite a transient spike in food inflation, headline inflation remains above the Reserve Bank of India’s 4% target.
Looking ahead to the following fiscal year (2024-25), S&P revised growth estimates to 6.4%, anticipating a slowdown in the second half of the current fiscal year due to a higher base impact and sluggish global growth.
while the Q2 GDP data shows a moderation from the first quarter, it surpasses both analysts’ estimates and the Reserve Bank of India’s projections.
Analysts anticipate continued growth in India’s economy, with a focus on sectors such as construction, electricity, and manufacturing. However, challenges like inflation and global economic trends remain on the horizon.
India’s Q2 GDP performance has defied expectations, positioning the nation as a standout player in the global economic landscape. As the country navigates challenges and capitalizes on domestic demand, the economic outlook remains dynamic, with potential for sustained growth.
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IIT Delhi’s Certificate Programme in Data Science & Machine Learning: Navigating the Tech Landscape
In a rapidly expanding technology landscape, IIT Delhi addresses the growing demand for expertise in data science and machine learning. The prestigious institute offers a 6-month live online Certificate Programme designed to equip professionals with a skillset for the dynamic field.
Programme Highlights
The comprehensive curriculum covers essential aspects of data science and machine learning, emphasizing real-world case studies. The programme is tailored for early and mid-level participants seeking a new-age perspective on data science.
1. Data Science Essentials
2. Communicating Effectively with Data
3. Optimisation for Machine Learning
4. Machine Learning
5. Deep Learning
The programme adopts a rich learning pedagogy, incorporating peer-to-peer learning, insights from esteemed IIT faculty, and real-world case studies. Graduates receive an industry-recognized Data Science & Machine Learning certificate from IIT Delhi.
Participants gain valuable insights into their career trajectory through Emeritus Career Services. The programme includes 15 recorded sessions and resources covering resume building, job search navigation, interview preparation, LinkedIn profile optimization, and job placement assistance.
Graduates (10+2+3)/Diploma Holders (only 10+2+3) from a recognized university in any discipline as of Dec 30, 2023, are eligible to apply.
As technology evolves, the programme positions professionals to create predictive models, understand machine learning algorithms, delve into methods like regression clustering, and optimize formulations for accurate models.
IIT Delhi’s Certificate Programme in Data Science & Machine Learning emerges as a vital resource for professionals navigating the technology landscape. With a focus on practical skills and industry-aligned knowledge, participants are poised to thrive in the dynamic field of data science.
Established in 1961, IIT Delhi is one of India’s premier engineering colleges, recognized for training, research, and development in science, engineering, and technology. The institution’s alumni have significantly contributed to the nation’s development in various fields.
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Global Crude Oil Demand to Peak in 2030, India and Africa Major Contributors
S&P Global Commodity Insights predicts that global crude oil demand will reach its peak in 2030, reaching 112 million barrels per day. India and Africa are anticipated to be major contributors to this peak demand, highlighting the regions’ industrial activities.
As of now, the global demand for crude oil stands at 103 million barrels per day. Pulkit Agarwal, Head of India Content at S&P Global Commodity Insights, emphasized that the demand is expected to stay within the range of 112 million barrels per day in 2030.
India is projected to play a significant role in the increased demand, with industrial activities, clean cooking initiatives, automotive usage, and the establishment of refineries driving the surge. However, India’s peak demand for crude oil is anticipated in 2040, reaching 7.2 million barrels per day from the current 5.2 million barrels per day.
Regarding the price outlook, Agarwal stated, “In our base case, oil prices will likely hover above USD 80/barrel and can inch closer to USD 90/barrel by Q3 2024.” Gauri Jauhar, Executive Director at S&P Global Commodity Insights, emphasized Indi
a’s transition toward sustainability based on economic shifts in mobility, urbanization, and reliability.
