A new report suggests that prolonged conflict in the Middle East could significantly impact India's GDP growth and inflation.
The OECD projects India's GDP to grow at 7.6% in the current fiscal year and 6.1% in 2026-27, despite global economic challenges stemming from the Middle East conflict and energy price volatility.
US President Donald Trump signed the National Defence Authorisation Act for Fiscal Year 2026 into law, highlighting broadened engagement with India and addressing the challenge posed by China in the Indo-Pacific region.
US accounts for a large part of revenue for top Indian pharma companies like Gland Pharma (54 percent), Dr Reddy's (53 per cent), and Aurobindo Pharma (48 per cent).
India decisively withstood global headwinds in 2023 and is likely to remain as the world's fastest-growing major economy on the back of growing demand, moderate inflation, stable interest rate regime and robust foreign exchange reserves. Despite widespread pessimism witnessed among the developed nations and the worsening geopolitical situation, India recorded a gross domestic product (GDP) expansion of 6.1 per cent in the March quarter. The growth moved up to 7.8 per cent in the June quarter and was 7.6 per cent in the September quarter. For the first six months of this fiscal, the growth was 7.7 per cent.
Indian growth in the rest of this fiscal year and next will be propelled by robust domestic consumption as consumer confidence improves, and by investment, including large increases in government capital expenditure, according to the Asian Development Outlook September 2023. "As slowing exports could foment headwinds for the economy, and erratic rainfall patterns are likely to undermine agricultural output, the growth forecast for FY2023 is revised down marginally to 6.3 per cent," ADB said.
Get more people working, get more people working in modern manufacturing and services in our cities, and get people working better and longer, suggests Naushad Forbes, past president, CII.
The airlines' losses globally are expected to be down from $52 billion in 2021 to $9.7 billion this year and industry-wide profit should be on the horizon in 2023, Director General of IATA Willie Walsh said in Doha on Monday. International Air Transport Association (IATA) represents some 290 airlines comprising 83 per cent of global air traffic. Walsh, in his inaugural speech at the 78th annual general meeting of IATA here, said that while the outlook for airlines globally is positive, the business environment remains challenging.
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
Subdued demand from developed countries and blocs like the US and EU is impacting exports of key sectors including engineering, gems and jewellery and may have implications on India's exports in case the global situation does not improve in coming months. Global inflation, Russia-Ukraine war, simmering China-Taiwan crisis and supply disruptions are hurting economic growth worldwide, leading to poor demand, experts say. The world merchandise trade volume is expected to grow 3 per cent in 2022 against the earlier forecast of 4.7 per cent, mainly due to the ongoing war between Russia and Ukraine, according to the World Trade Organization forecast, released in April.
Chief Economic Adviser V Anantha Nageswaran on Thursday said cryptocurrencies are akin to 'a world of Caribbean pirates' in the absence of a centralised regulatory authority and are yet to pass the test of a fiat currency. He said that the government is pursuing a 'high-wire balancing act' to ensure that the gains in growth, inflation, and rupee stability of the last four years are not frittered away. He said the recent development in Terra-Luna cryptocurrency, which witnessed a massive meltdown last month, is a 'very important cautionary tale'.
India's time use survey for January-December 2019 had found that an average person in urban areas spends 485 (eight hours and five minutes) minutes on employment and related activities.
The Central Consumer Protection Authority (CCPA) on Wednesday said it has imposed a penalty of Rs 1 lakh on e-commerce firm Flipkart for allowing sale of substandard domestic pressure cookers on its platform, in violation of mandatory standards. Headed by Chief Commissioner Nidhi Khare, the CCPA has directed Flipkart to recall all such 598 pressure cookers sold on its platform, reimburse their buyers, and submit a compliance report within 45 days. The central government routinely notifies the Quality Control Orders (QCOs), specifying compulsory conformity to a standard and use of the standard mark for a product to protect consumers from the risk of suffering injury and harm and in the interest of the public at large.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
OECD wants India to reduce trade and FDI barriers, and issue more banking licences.
It says that growth outlook for most countries is improving lead by US and UK.
A day after joining the OECD-G20 framework for global minimum tax, the finance ministry on Friday said some significant issues including share of profit allocation and scope of subject to tax rules are yet to be addressed and a 'consensus agreement' is expected by October after working out the technical details of the proposal. Total 130 countries on Thursday agreed to a overhaul of global tax norms to ensure that multinationals pay taxes wherever they operate and at a minimum 15 per cent rate. India is in favour of a consensus solution which is simple to implement and simple to comply.
According to Organisation for Economic Cooperation and Development's report on gender and employment, there is a worldwide increase in women's participation in the labour force but considerable gaps remain in working hours, conditions of employment and earnings.
Though the countries are lowering international trade restrictions, there is still fear that they may resort to policies that discriminate foreign investors due to weak economic recovery.
The biggest challenge for workers across the world is to find a perfect balance between work and life.
The agreement, convention on mutual administrative assistance in tax matters, is a multilateral agreement of 31 other nations.
While China's economy may very well outrace the combined euro zone by the end of this year, India is likely to jump over Japan's economy, according to a latest report by the Organization for Economic Cooperation and Development (OECD).
In his Budget speech, Finance Minister Pranab Mukherjee had pegged economic growth for 2011-12 at 9 per cent.
A new report by the Organization for Economic Cooperation and Development offers a comprehensive picture of people's lives in 40 countries worldwide.
The OECD is a club of developing countries and has been playing a key role in reforming the international taxation system.
At present, India is only a member of various committees of the 34-member organisation.
The report was jointly prepared by the Paris-based Organisation for Economic Cooperation and Development and the World Trade Organisation.
Black money is difficult to deal with.
Black money is difficult to deal with.
Heavy lobbying, lurid language and poor analysis are inhibiting government planning for cyber protection, according to the new report on Systemic Cyber Security published by the Organisation for Economic Cooperation and Development.
A wealthy and powerful country like the United States fails to make it to the top 10.
According to the Organisation for Economic Cooperation and Development's latest Economic Outlook, India's growth rate is likely to slow to 7.1 per cent in 2012 from 7.3 per cent in 2011, but would inch up to 7.7 per cent in 2013.
Economic activities in Japan were expected to get a boost in 2012 due to extensive reconstruction works.
Under pressure from India and other countries for sharing account details of suspected tax offenders, Swiss banks have said any information exchange would be according to the conditions set out by the Organisation for Economic Cooperation and Development (OECD), the grouping of mostly developed nations.
The global agricultural production growth is expected to be low at 1.7 per cent annually during 2011-20 as compared to 2.6 per cent in the previous decade, due to lower growth in oilseeds and cereals, an agri survey said.
Dismissing fears of a slowdown, Finance Minister Pranab Mukherjee on Monday said India's growth drivers are intact and the Centre is committed to policy reforms.
More than 44 million people were without a job in March in the OECD region - a grouping of countries which account for over 60 per cent of global output.
Cautioning that risks remain in the 16-nation euro area, Paris-based OECD has called for more financial reforms in many member countries to ensure sustainable growth.
In some countries taxes are high, while in others they are low.
Trade ministers of key WTO member countries, including India would meet on the sidelines of the Organisation for Economic Cooperation and Development meeting in Paris in the last week of May.
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