Conventional wisdom is that when the US sneezes, emerging markets like India catch a cold. And yet the Indian stock market went up last year, points out Debashish Basu.
Amid reports of the ongoing coal shortage in the country, Finance Minister Nirmala Sitharaman stressed that there is no shortage and termed these as "absolutely baseless", saying India is a power surplus country. Sitharaman said that Power Minister R K Singh went on record just two days ago when he said absolutely baseless information is floating around that there is probably shortage of coal, shortage of other inventories which will lead to a sudden gap in the supply demand situation in the energy consumption. "Absolute baseless! There is no shortage of anything. In fact, if I recall the minister's statement, every power producing installation has the next four days' stock absolutely available within their own premises and the supply chain has not broken at all," Sitharaman said at Harvard Kennedy School on Tuesday.
Lawrence Summers, assistant to the US President Barak Obama for economic policy, on Friday said protectionism was a rising threat to the global economy and helped no one in the end.
The next big story after the Industrial Revolution is going to be the rising clout of India and China in the global arena, according to Lawrence Summers, Director of the White House National Economic Council.
Two Indian companies - Reliance Industries and Tata Consultancy Services - figure in the financial disclosure report submitted by Lawrence Summers, director of President Barack Obama's National Economic Council.
Noting that a culture of entrepreneurship has been central to the economic success of the US, a top Obama Administration official has said the same would play a key role in bringing about a renaissance in China, India, and the rest of the developing world.
The issue was raised by the visiting CII's CEO Mission led by Bharati enterprise chairman Sunil Bharati Mittal, who among others met Lawrence Summers, Director of the National Economic Council, at the White House on Wednesday. During the meeting, the delegation comprising top Indian CEOs brought to the notice the concerns about the recent developments in the US with regard to H-1B work visa programme and certain provisions in the stimulus bill.
India is looking at near close to double-digit growth this year and the country will be one of the fastest-growing economies, Finance Minister Nirmala Sitharaman has said. The minister also emphasised that she expects the economic growth next year to be in the range of 7.5-8.5 per cent, which will be sustained for the next decade.
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The partially convertible rupee closed at 63.37/38 per dollar compared with 62.83/84 on Monday. The unit dropped 0.85 per cent on the day, its biggest single-day fall in two weeks.
Vajpayee had always felt that India must act with conviction and panache. He decided that, irrespective of the attendant risks, he would undertake what many felt was a precarious course. A fascinating excerpt from N K Singh's Portraits Of Power: Half A Century Of Being At Ringside on Atalji's 96th birthday, December 25.
'The economy is suffering (perhaps 'enjoying' is a better word) the lowest credit demand in decades; banks are struggling with stressed loans equivalent to near 10 per cent of GDP,' points out Devangshu Datta.
In the global markets, the US dollar traded lower in early trade after former US Treasury Secretary Larry Summers withdrew himself from the race to be the next Federal Reserve chairman.
The broader markets ended negatively with mid-caps and small-caps shedding 0.5 per cent on the BSE.
As the global economy sways into uncertain territories and domestic prices almost certain to rise, Raghuram Rajan's ideas would have come in handy.
Economists warn of the impact that a Fed rate rise could have on emerging economies.
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ITC, Infosys, Wipro and HDFC Bank among the major losers.
They bent rules. Shut down haters. And inspired many with their successes. Let them inspire you too!
Never one to mince words, Rajan will walk away with a mixed legacy
Though growth in China is unlikely to slow down soon, India should prepare to take advantage of a shifting of gears there.
Without reforms to boost returns for multinational capital, Narendra Modi's 'Make in India' campaign will face testing times.
'In the final analysis, all Budgets everywhere are like the schemes hatched by A A Milne's lovable Winnie-the-Pooh.' 'They may be well-intended, but often go awry.' 'Although Pooh and his friends agree that he 'has very little brain', he is occasionally acknowledged to have a clever idea, usually driven by common sense.' 'This Budget at a first glance does not appear to belong to that latter category,' says economist Shreekant Sambrani.
Summers dogged by controversies over past views
The nomination would put Yellen on course to be the first woman to lead the institution.
By refusing permission for the proposed ship-breaking facility, India can send a categorical message to the foreign ship owning countries that they should keep their own waste and recycle
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