The EIU said in a report on Wednesday forecast that the real GDP grew by 1.6 per cent quarter-on-quarter in India, but noted that this uptick was largely owing to base effect.
India's services sector activities eased to a three-month low in April, as the rise in business activity was constrained by the pandemic and sentiment towards growth prospects faded, a monthly survey said on Wednesday. The seasonally adjusted India Services Business Activity Index fell to 54 in April from 54.6 in March, the slowest increase in output in three months. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
In his address to the nation on the eve of 73rd Republic Day, President Kovind noted that democracy, justice, liberty, equality and fraternity form the bedrock of India and stressed that the observance of Fundamental Duties mentioned in the Constitution creates the proper environment for the enjoyment of Fundamental Rights.
Headline inflation will come down under the 6 per cent mark in July itself but will stay at an elevated level of over 5 per cent for some time, Chief Economic Advisor K V Subramanian said on Thursday. Such an outcome will get the price rise back into the upper-end of the target band given to RBI, he said, adding that consumer price inflation had breached the mark for three consecutive quarters last fiscal because of supply side issues like challenges in movement of goods. "With reasonable probability, I expect this month the (inflation) print to come less than 6 per cent," Subramanian told a conference organised by industry lobby Ficci. Right after data for May showing inflation at 6.4 per cent had come out, Subramanian said he had predicted it will cool down in internal meetings and also during "deliberations with the regulator".
Neither Modi nor Shah had held legislative or executive power in Delhi before 2014. They have no training in appealing to the diversity of India as represented in Parliament. Their prism is the provincial politics of Gujarat. An exclusive excerpt from Vinay Sitapati's fascinating new book, Jugalbandi: The BJP Before Modi.
The PM said there was a need to 'fight' rumours that the lockdown could be reimposed.
'The attempt to build a negative narrative about India's economic performance is disingenuous.' 'For the investors as well as the targeted beneficiaries of welfare schemes, the ground reality is very different,' argues Rajiv Kumar, vice-chairman, NITI Aayog.
The 30-year-old leg-spinner said watching Yuzvendra Chahal and Sundar bowl during RCB's thumping 82-run win over KKR a few days before helped him find the right length at the same small Sharjah ground.
Here's the full text of address to the nation by President Ram Nath Kovind on the eve of the Republic Day 2022.
Opinions are being formed about the UPA and erstwhile NDA governments at the onset of elections across states.
If the BJP wins by getting Hindu voters to consolidate, its opponents can't beat it by bundling together the Muslims and some of the 'others', observes Shekhar Gupta.
An alert government in Delhi should have begun government-to-government discussions with Moscow the moment it came to know that Russians were developing a vaccine. That is to say, almost an year's time has been lost, observes Ambassador M K Bhadrakumar.
'This may be good news for Rahul Gandhi, for no matter how Modi performs, there will always be some degree of dissatisfaction with his performance among large sections of voters,' says R Jagannathan.
Observing that economic performance in Europe is of great importance to the US, the White House has said the Eurozone crisis creates a headwind for the global economy, and as such any trouble there poses a challenge to the American economy.
'Right now, we are increasing production in anticipation of the demand during the festive season.' 'If the demand doesn't come back, all the production will languish in the factories.'
Yashwant Sinha explains where the Modi government has gone wrong in its handling of the economy.
'COVID-19 will not stop the expansion of China's 'infrastructure power'.'
The contemporary problem with the BJP in Tamil Nadu is that it has been trying hard to package the DMK especially as anti-god and anti-Hinduism, and seeking it to link to Periyar and M Karunanidhi, and by extension to Stalin, the latter's son and successor to the party mantle. Their hope was to consolidate the perceived 'pro-god, pro-religion votes', which they saw returning to the fold post-MGR, post-Jayalalithaa. But no such substantial vote-bank existed even in Periyar's time, says N Sathiya Moorthy.
'While growth will bounce back from the current sub-5 per cent, it will stay lower than the already inadequate long-term average of 6.6 per cent,' notes T N Ninan.
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The report indicated that price rise will continue being a problem and that inflation, which is restricting the Reserve Bank from loosening its elevated policy rates.
India's harsh lockdown has left companies grappling with temporary closure, chaotic supply chains and depressed demand. Consequently, business plans have been modified.
Increase in sufferings in India has also resulted in an increase in sufferings in South Asia, the latest report from the American opinion poll agency said.
India's GDP growth for the current fiscal is expected to slow down to 4.8 per cent, a UN report has said, warning that the Covid-19 pandemic is expected to result in significant adverse economic impacts globally. The UN 'Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards sustainable economies' said that Covid-19 is having far-reaching economic and social consequences for the region, with strong cross-border spillover effects through trade, tourism and financial linkages.
'Even if we expect that the economy will be hit and GDP is lowered for a few quarters by the reckless demonetisation, this will itself not be sufficient to dislodge Modi's popularity,' says Aakar Patel.
The fourteenth Annual Conference on Indian Economic Policy Reform held at Stanford, California discussed the 'Economic performance of India's states'.
Many Indian graduates today have neither the knowledge nor talent, which the industry needs. Hiring overseas professionals is inevitable, writes Thothathri Raman, chairman, SEAA Trust, New Delhi, the global accreditation advocacy and facilitation organisation.
In most circumstances, this would have been the cause for widespread handwringing and lamentation. But in today's India, the response was more one of relief than one of shock.
Despite impressive economic performance in the past two decades, India faces persisting challenges of poverty, equity, sustainability and opportunity, Prime Minister Manmohan Singh stated in his address after inaugurating the 11th version of the Pravasi Bharatiya Divas in Kochi.
It's too early to assess their effect on real investment and output.
The two paths India could follow: one moderately positive, one relentlessly negative.
A study conducted by the San Francisco-based Asia foundation on America's role in Asia, said, India's economic performance have made it Asia's third great power.
Hindutva is being conflated with good governance and economic performance in a determined bid to promote Narendra Modi, says Sonali Ranade
Gujarat's success story deserves all the credit that good performance demands. However, the credit for it owes to economic reforms and the entrepreneurial tradition of Gujarat, say Sonali Ranade and Shaelja Sharma
Economist Deepak Nayyar says economic openness, while necessary, is not sufficient, and is conducive to development only when combined with industrial policy.
There will also be a ban on purchase of new vehicles, the Finance Ministry said in a direction to all ministries and departments.
Attributing the growth to an upswing in consumption and investment, the World Bank has said India will continue to be the fastest growing major economy in the world.
Experts say it will now be tough for the Modi government to catch up with the UPA's economic record owing to the shock induced by the currency demonetisation.
In the concluding part of the series, Y V Reddy, argues that the proposal strikes at the functioning of federalism and the basic structure of the Constitution, which has served us well so far.
The recent meeting of G20 finance ministers in Washington agreed to set up a surveillance system to monitor the economic performance of countries with the greatest potential for "spillover effects" - the economic impact that extended beyond their boundaries.
Projecting a nine to 10 per cent growth rate, Prime Minister Manmohan Singh on Wednesday said efforts should be made to remove "deficiencies" to enhance productivity across all sectors of the economy.
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