'Just because of my background and poor academic qualifications, most people disbelieve what I have done.'
While far from being a currency war, India does not have much of an option but to depreciate to accommodate its exports at a time when China shows its intent to let its currency depreciate.
The triumph also took Germany to the top of FIH world rankings from the pre-tournament fourth place.
Brand India's societal divisions and distortions have remained as much relevant in 'liberal' America and Europe as it still is in the structurally stratified Indian society of the 21st century, observes N Sathiya Moorthy.
'The entire idea behind the serial bomb blasts was to strike fear in the minds of Indians.' 'I don't think the blasts were targeted to derail the Indian economy; the idea behind the blasts was retribution.'
With the rupee falling 20 per cent since June 30, the Reserve Bank of India first intervened, and later introduced policy measures to control the outflow and improve dollar liquidity.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
Some experts, however, see a silver lining in the fall and said the volatility has come down sharply and that bodes well for the Indian currency
The Bharatiya Janata Party rejected this was any sort of demonetisation and instead reminded the Congress that even during the rule of Manmohan Singh, old currency notes were taken off circulation.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
Medical seats for under-graduates and post-graduates remaining vacant in the NEET era, together with the Centre 'freezing' the number of medical colleges and seats in (Dravidian) Tamil Nadu and the launch of the PM's 'Vishwakarma Scheme' for the nation's craftsmen, are all seen as a bid to further reverse the state's progressive socio-economic agenda of and its achievements of the past hundred-plus years, argues N Sathiya Moorthy.
When India's Arif Khan steps into the Beijing National Stadium for the opening ceremony at next month's Winter Olympics it will mark the culmination of a journey over a decade in the making.
'When one was with Mother, one realised you were with somebody who was the nearest person to God.' 'She must have been God incarnate.'
The depreciating rupee against dollar has a short-term benefit for the IT industry and the sector should not depend on currency management for profits, a top functionary of industry body Nasscom said.
The oil crisis could not have come at a worse time for the Modi government as its tax collection has fallen short of its 2020-2021 target by Rs 5.2 lakh crore.
The central government is on track to meet its fiscal deficit target of 6.4 per cent of the GDP for 2022-23 on the back of strong growth in revenue collections, the World Bank said in its India Development Update on Tuesday. High nominal GDP growth in the first quarter supported strong growth in revenue collection, especially Goods and Services Tax (GST), despite tax cuts on fuel. Notwithstanding an increase in spending due to expanded fertilizer subsidies and food subsidies for vulnerable households in response to the commodity price shock, the government is on track to meet its FY22/23 fiscal deficit target of 6.4 per cent of GDP and the general government deficit is projected to decline to 9.6 per cent from 10.3 per cent in FY21/22 and 13.3 per cent in FY20/21.
To help the country emerge as a true welfare State, political parties must put the country's interests first before strategising to win elections and short-term goals, argues Ramesh Menon.
As the economic crisis in Sri Lanka - the world's largest exporter of orthodox tea - continues to rage across the island nation, tea producers in India look to cash in on the opportunity to seize the market. The country's largest tea growing company, McLeod Russel India, expects orders to come in from July. "A huge opportunity is coming up for everyone in India. "McLeod Russel is well placed because we have the capacity for orthodox tea," said Azam Monem, director, McLeod Russel. About 10 per cent of McLeod's production is orthodox tea.
What you need to know about Mukarram Jah Bahadur, the 8th Nizam, who will be laid to rest in Hyderabad today.
There is no direct impact of the Russia-Ukraine crisis on India in terms of bilateral trade but a surge in oil prices poses considerable risk to the economy, an analyst report said on Friday. International oil prices which have surged past $100 per barrel "pose risks to external stability and currency movement," a Bank of Baroda Economics Research report said. Russia has launched military operations against Ukraine, stoking fears of significant disruption in the region, including loss of life. The West is ramping up financial sanctions against Russia and support for Ukraine.
The government has decided to postpone the release of the new Foreign Trade Policy (FTP) and extend the existing one by six months on account of global uncertainties and currency fluctuations. The government was scheduled to announce the new FTP by the end of September. The current policy was to end on September 30.
A disagreement between mobile operators and device manufacturers over e-SIMs has reached the government with the Cellular Operators Association of India (COAI) asking the DoT to order handset manufacturers to introduce eSIMs, in addition to the physical SIM slot, in all smartphones costing over Rs 10,000. The reason is the unprecedented global shortage of semiconductors which has severely impacted the supply of SIM cards across the globe and pushed up the price by four to five times. The shortage is not likely to improve before 2024.
The Sensex closed down 308 points at 24,894 and the Nifty has lost 96 points at 7,559.
The proposed Central Bank Digital Currency (CBDC) to be issued by the Reserve Bank will play a critical role in improving the speed of transactions and reducing the cost of cash, a Deloitte report said on Wednesday. The Reserve Bank of India is planning to come out with a central bank-backed digital currency, using blockchain technology in 2022-23. As a financial services innovation, CBDCs are likely to play a pivotal role in shaping the 'future of value transfer', the report said, adding that most central banks worldwide are now in various stages of their evaluation of launching their national digital currencies.
The Enforcement Directorate on Friday said it has issued a show cause notice to the country's largest cryptocurrency exchange for undertaking transactions worth over Rs 2,790 crore in alleged violation of the Foreign Exchange Management Act (FEMA). WazirX, registered under the company named Zanmai Labs Pvt Ltd, was incorporated in December, 2017 as a domestic cryptocurrency start-up and its directors Nischal Shetty and Hanuman Mhatre, along with the company, have been named in the notice issued by the central probe agency after completion of investigation. The agency issued a statement saying that it stumbled upon the transactions of the company during an ongoing money laundering probe into the "Chinese-owned" illegal online betting applications.
India will soon make available many more COVID-19 vaccines to other countries after two Made-In-India jabs have already been introduced to the world, Prime Minister Narendra Modi said on Thursday while emphasising the country's global responsibility in fighting the pandemic.
KCR said despite 'bhaashanbaazi', industries are closing down, the nation's GDP is crashing and the rupee is falling drastically compared to the US dollar.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
Here's the full text of President's Ram Nath Kovind's address to the joint sitting of both houses of Parliament on the first of Budget Session 2022.
There are lessons for the Congress to learn from the Karnataka elections of how burying the hatchet among top leaders and not washing dirty linen in public can help, says Ramesh Menon.
'Whatever I did, I did for the farmers and whatever I am doing, I am doing for the country'
'With our focus and strategy we can solve at least 20 per cent per cent of India's education problems.'
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Apart from this, state refiners are looking at optimising crude oil inventory levels without in any way affecting fuel supplies in the domestic market.
The remarks by Naidu in his last address as the country's Vice President came even as Telangana's ruling Telangana Rashtra Samithi RS said the welfare of poorer sections of society is not a freebie and that welfare measures taken by governments should continue.
India's sovereign debt is much lower than that of other emerging economies like Argentina, Indonesia, Mexico, the Philippines, and South Africa.
High cost of acquisition due to a variety of reasons, including higher GST than all other major countries, is slowing down car demand in the country and unless the Centre and states take steps to reduce it, the industry is unlikely to experience reasonable growth, according to Maruti Suzuki India Chairman R C Bhargava. Addressing shareholders in the company's Annual Report for 2020-21, he said after the devastating second wave of the coronavirus pandemic hitting the first quarter of FY22, the performance in the next three quarters will largely depend on how effectively people get vaccinated and observe safety protocols.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
With a sole mandate of inflation targeting, RBI wears many hats.
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