Month: <span>May 2024</span>

Science & Environment

India’s Q4 FY24 GDP: How Experts React To Latest…


Though India’s Q4 GDP growth is the lowest in the past 4 quarters, they have still surpassed all analysts’ expectations by touching 7.8 per cent. Analysts had expected a slower GDP growth of 5.9 per cent-6.7 per cent for Q4 FY24. For full 2023-24, India’s GDP growth rate stood at 8.2 per cent as against 7 per cent in FY23. Here’s how economists and experts react to the latest GDP numbers.

Sanjeev Agrawal, president of PHD Chamber of Commerce and Industry:

The overall real GDP growth at 8.2% in 2023-24 is highest among the leading advanced, emerging economies.

India’s economy is becoming more and more robust as growth is strengthening quarter after quarter; the Q4 growth at 7.8% indicates a strong growth trajectory to continue in the coming quarters too.

Manufacturing, construction and electricity sectors have become the major growth drivers in the recent quarters.

India’s growth at 8.2% in FY 2023-24 is a reflection of the efforts for Viksit Bharat by 2047; the growth momentum is expected to continue and strengthen in the coming times.

Despite deepening geopolitical distress and global macroeconomic headwinds, India remains resilient. India has become a growth leader among the major advanced, emerging and developing countries.

Aditi Nayar, chief economist and head (research and outreach) at ICRA:

While the growth in India’s GDP and GVA moderated to a four-quarter low of 7.8% and 6.3%, respectively, in Q4 FY2024 from the revised prints of 8.6% and 6.8% in Q3, it exceeded both our and market expectations. The wedge between the two narrowed only slightly to 148 bps from 178 bps in Q3, amid the high 22.2% growth in net indirect taxes in real terms.

With such a high growth of net indirect taxes unlikely to sustain in FY2025, we expect GDP and GVA growth to print closer to each other, especially in terms of the annual numbers.

The sequential deceleration in GVA growth was largely driven by the industrial sector, reflecting both a moderation in volume growth as well as the narrowing deflation in industrial raw material inputs in Q4 FY2024 vis-à-vis Q3. Nevertheless, the expansion in manufacturing and construction remained quite robust, printing at above 8.0% in the quarter, Nayar said.

Sujan Hajra, chief economist and executive director of Anand Rathi Shares and Stock Brokers:

India’s GDP growth for the full year 2023-24 and the January-March 2024 quarter exceeded both our expectations and the consensus forecast.

This robust performance was driven by continued strong investment and subdued private consumption growth, alongside a significant contribution from discrepancies—the unexplained component of GDP. These discrepancies also explain the notable divergence between GDP and GVA growth.

With robust growth and declining inflation, the Indian economy is in an enviable position, poised to remain the fastest-growing major economy in the world.

Anshuman Magazine, chairman and CEO (India, South-East Asia, Middle East & Africa) of CBRE:

This impressive growth, fuelled by increased infrastructure spending and strong consumer optimism, expanding services PMI and higher tax collections, bolstered India’s economic momentum despite global headwinds.

Additionally, manufacturing activities have remained strong. The economy continues to demonstrate resilience, supported by several positive indicators.

The government’s commitment to fiscal discipline and RBI’s prudent monetary policy have created a strong foundation for sustained economic expansion. Looking ahead, economic prospects appear bright with improvements in consumption and infrastructure, and a normal monsoon is expected to enhance growth prospects further.

Ranen Banerjee, partner and leader of economic advisory at PwC India:

The GDP estimates have come in as per expectations. The 8.2% growth estimate for the full FY23-24 is significant as it is above the psychological mark of 8% that should boost business sentiments.

The GDP numbers have been buoyed by a strong print in manufacturing supported by a low base given the negative growth printed in previous year. Mining and Quarrying has also helped the higher print. However, all other sectors have printed a decline over previous year and the low prints in agriculture and services are areas of concern.

Despite the high base set by unexpectedly strong growth in FY24, we anticipate India will achieve close to 7% growth in FY25, thanks to sustained economic momentum. This year, we expect a meaningful pickup in private consumption and a possible modest deceleration in investment growth.

D K Srivastava, chief policy advisor at EY India:

Driven by buoyant Q4 growth in manufacturing, construction, public administration and defence services and financial and real estate services the full year FY24 real GDP growth is at 8.2 per cent exceeding the expectations of both domestic and multilateral institutions. While private final consumption expenditure growth is still languishing at 4 per cent, the main demand side push is coming from gross fixed capital formation which has grown at 9 per cent.

GDP In Previous Quarters

India’s economy had grown 8.4 per cent in the preceding October-December 2023 quarter (Q3 FY24). In the previous quarters, the Indian economy had grown 8.2 per cent in the June 2023 quarter (Q1 FY24), and 8.1 per cent in the following September quarter (Q2 FY24).

Science & Environment

Delays and Allegations Cool Off Africa’s Hottest Art Event


Artists were putting the final touches to their works. Visitors had bought tickets long in advance. Everyone was counting on a big splash for the 15th edition of the event rapidly becoming Africa’s most prominent cultural gathering — the biennale in Dakar, the capital of Senegal, which had been set to start on May 16.

So when the West African country’s new government postponed Dak’Art at the last minute, saying it wanted to wait to hold it in optimum conditions, the African art world initially responded with dismay. The delay until November would mean less traffic through exhibitions and fewer sales, hurting a crop of up-and-coming African artists, many observers felt.

Just when the artists had regrouped, vowing to plow ahead in May with the smorgasbord of side events and exhibitions known as OFF despite the absence of the official biennale, a Ghanaian artist made accusations of sexual assault against the creator of the city’s biggest show, the American painter Kehinde Wiley. Wiley had been out on the town, opening an exhibition of his portraits of African heads of state at Dakar’s Museum of Black Civilizations, and showcasing the work of his protégées at his Black Rock art residency. By the time the accusations dropped in an Instagram post on May 19, Wiley had left the scene, having traveled to New York the previous day. He issued a denial, calling the claims “not true and an affront to all victims of sexual abuse.”

The allegations hampered — but did not kill — West African artists’ valiant attempts to keep up momentum around OFF and assure those planning to fly in that, even without the official biennale, there would be plenty to justify a trip to the city, surrounded by the turquoise Atlantic, at Africa’s westernmost tip.

The faithful still came.

Artists hung paintings from trees, converted the walls of stores and restaurants into galleries, and filled some of Dakar’s run-down architectural gems with installations — piles of rubble, pieces of pirogue boats, a tennis court. Visitors zoomed around town in yolk-yellow ramshackle taxis, each one a work of art in itself, and dressed up in their best bazin and pagne tissé — colorful African fabrics — to attend a full program of exhibition launch parties. It helped that the Partcours, a collection of artistic events in galleries around town, kept its programming for mid-May to mid-June, as planned.

On a recent afternoon at Selebe Yoon, an airy gallery space in a quiet street of Dakar’s downtown, Tam Sir, a young man in a tank top that read “Installing Muscles. Please Wait,” was showing a slow stream of visitors around a series of installations by the Senegalese-Mauritanian film director and artist Hamedine Kane.

A video loop of a desolate shore was projected through glistening water-filled beads scattered on a well-worn floor; balanced on the painted boards of a deconstructed wooden boat were dozens of the jerrycans used to carry gas for ocean journeys.

Kane’s theme was the effects of industrial international fishing on local fishing communities, where many risk their lives on rickety boats to Europe as a result in their search for new jobs. Living a few minutes from Dakar’s busiest fishing beach, Sir knew firsthand the devastation and the hard choices his generation had to make, and tried to convey it to viewers, including a party of teens from a local school.

“Here, when you’re young, you carry the hopes of a family,” he said, explaining why, when thousands of Senegalese die at sea each year trying to migrate, his contemporaries still tried to make it. “They’re often pushed to go by considerations of honor.”

Nearby at OH Gallery, another installation — this one by the French artist Emmanuel Tussore — evoked more despair, using ubiquitous Senegalese materials to create a war zone reminiscent of scenes from Gaza, in Dakar’s first “modern” building, a colonial-era bank. Visitors picked their way around body bags fashioned out of cement sacks and rubble; a piano looked as if a bomb had hit it; a round fountain had broken glass for water and bore the circular inscription “foundations are ruins are foundations are ruins.”

A short walk away, at Galerie Cécile Fakhoury, sickly-sweet pink walls clashed intentionally with high-saturation paintings by Na Chainkua Reindorf, dominated by the escapades of a woman’s serpentine braids. In one triptych, figures hid behind two dense curtains of hair, only their bright pink arms and feet showing.

As always with OFF, the offerings were eclectic, and Dakar’s stylish, beachy backdrop was as much an attraction as the works on show. With a new, youthful president, Bassirou Diomaye Faye, 44, at the country’s helm, the shows added to the optimism in the Senegalese air.

The absence of the headline exhibitions at the former Palace of Justice was felt, though. The crowds have been thinner, and the whole affair less the nonstop party conjured in previous years, when many combined the biennale with a weekend at the annual jazz festival in the biggest city in Senegal’s north, Saint Louis, known as Ndar in the dominant Wolof language.

But with the official biennale still to come, this month’s shows are, perhaps, a warm-up for the delayed main event in November — when Dakar can do it all again.



Science & Environment

Kylian Mbappe reveals his excitement after leaving PSG –…



French forward Kylian Mbappe is very excited about advancing his career with another football club after leaving Paris Saint Germain.

The 25-year-old said that he “can’t wait” to enter into an agreement with another football club, without revealing his choice, according to ESPN, as reports have emerged about Mbappe joining Real Madrid.

While talking to CNN Sport, Kylian Mbappe said: “It’s going to be an amazing experience and I can’t wait to be in my new club. I will leave my country [for another league] for the first time.”

The Golden Boot winner said: “I want to win trophies… When you speak about football, [it’s about] winning trophies, being with new teammates. Now, I have my contract with PSG … Everybody knows that it’s soon finishing and we’re going to see what happens.”

The European Player of the Year was very close to joining Real Madrid two years ago but signed a contract with the Ligue 1 club which does not regret.

“It was more than just staying at PSG,” he said, adding “it was the World Cup in Qatar. It was many things around these things. It was a big decision, difficult decision … but I don’t regret anything.

“Of course, in a career, you have to take difficult decisions and it’s what I did, but I became the all-time top scorer with PSG. I just want to remember the best things … It was not an easy situation and I wish nobody to live that.”

Mbappe will soon be playing with the French squad for the Euro 2024 in Germany.

Science & Environment

India GDP Growth Data: Indian Economy Grows 7.8 %…


Q4 FY24 GDP Growth Data: The Ministry of Statistics and Programme Implementation (MoSPI) released preliminary data showing that India’s Gross Domestic Product (GDP) increased by 7.8 percent during the fourth quarter of the fiscal year 2023–24. Real GDP growth for the entire fiscal year is estimated to be 8.2 percent. Various polls had predicted that the Indian economy’s growth rate would have slowed to an annual 6.7 percent in the last quarter. The Q4 FY24 GDP growth data was released at 5:30 PM today.

In Q4 FY23, the Indian economy grew by 8.4% year over year (Y-o-Y), which was the highest quarterly growth since Q2 FY22. Based on data from the MoSPI, this growth rate in Q3 exceeded an upwardly revised 8.1%, exceeding estimates of 6.6%.

Reserve Bank Of India’s (RBI) Projections On India’s GDP Growth Rate

The real GDP growth rate for 2024–2025 is predicted by the Reserve Bank of India (RBI) to be 7.0%. “With risks evenly balanced, real GDP growth for 2024–25 is projected at 7.0 percent,” the RBI stated in its annual report, which was made public on Thursday. Among other industries, the projection is said to boost activity in semiconductors, real estate, and renewable energy.

The demand for residential and non-residential real estate is expected to sustain and support the traction in construction activity, the RBI continued. It is anticipated that emerging industries such as semiconductors and renewable energy will progress quickly thanks to recent government initiatives.

RBI noted that Union Budget 2024–25 allocations for semiconductors and display factories would help India become a global centre for the production of chips and electronics. “These factors are expected to create new employment opportunities, improve labour incomes and strengthen domestic demand,” the bank stated.

Additionally, it stated that investments would be made in fields where the government has provided production-linked incentives (PLI). The RBI also noted in its report that early signs of an above-normal southwest monsoon and the relaxation of supply chain pressures and core inflation are all positive signs for the inflation outlook for 2024–2025.

Additionally, the central bank stated that it will use the right combination of tools to control both durable and frictional liquidity in order to maintain financial stability by ensuring that money market interest rates rise steadily.

Meanwhile, S&P Global upgraded its outlook of India from stable to positive on Wednesday, According to the International Monetary Fund’s (IMF) most recent estimates, India’s growth rate would remain at 6.8% in 2024–2025.

Science & Environment

Drew Gordon, former NBA player and brother of Denver…



Former NBA player Drew Gordon, the older brother of Denver Nuggets player Aaron Gordon, has died, according to the team.

He was 33.

“1990 — 2024 Drew Gordon,” the team wrote in a May 30 post on X. “The Denver Nuggets organization is devastated to learn about the tragic passing of Drew Gordon. Drew was far too young to leave this world, but his legacy will forever live on through his three beautiful children and all of his loved ones.”

“Our hearts are with Aaron and the Gordon family during this extremely difficult time.”

NBC Bay Area confirmed that Gordon died in a car accident in Portland, Oregon on Thursday. 

A six-foot-nine forward, the San Jose, California, native had a brief NBA career, playing in nine games for the Philadelphia 76ers during the 2014-2015 season, averaging 1.9 points and two rebounds per game. He played at UCLA and the University of New Mexico but was not drafted after he finished his college career in 2012.

In addition to his time with the 76ers, Gordon also played in the G League, as well as for multiple teams overseas, with stops in France, Italy, Russia, Japan, Ukraine and Poland.

More Sports from NBC News

Gordon announced his retirement from professional basketball in 2023.

“Thank you basketball for all that you have given me! I have given you my all over the years, I’m retiring on my jersey year,” he wrote on X. “Thank you to all the fans, friends and family that have supported me along my journey!! Next chapter it is! Goodbye 32 hello 33.”

Gordon is survived by his wife, Angela, and three children, according to the San Jose Mercury News.

Gordon’s brother, Aaron, won the NBA title with the Nuggets last season.



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