Xi said that all poor people in rural areas have been lifted out of poverty. With this, China has achieved the United Nations goal of poverty eradication 10 years ahead of the 2030 deadline, he said.
The global recovery is expected to be asynchronous and divergent between advanced and emerging market economies, the IMF said on Tuesday, noting that policymakers should take early action and tighten selected macroprudential policy tools while avoiding a broad tightening of financial conditions. "Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks," the International Monetary Fund (IMF) said in its Global Financial Stability report released ahead of the Spring meeting of the global lender and the World Bank. However, actions taken during the pandemic may have unintended consequences such as stretched valuations and rising financial vulnerabilities, it said.
The Palaniswami government is expected to utilise the Rangarajan Committee's recommendations before the 2021 assembly election.
HDFC was the top loser in the Sensex pack, shedding over 2 per cent, followed by Axis Bank, Bharti Airtel, M&M, Reliance Industries, ICICI Bank, IndusInd Bank and Titan.
India's GDP is estimated to contract by a record 7.7 per cent during 2020-21 as the COVID-19 pandemic severely hit the key manufacturing and services segments, as per government projections released on Thursday. Amid overall decline in economic activities, some respite was provided by the agriculture sector and utility services like power and gas supply, which have been projected to post positive growth during the current fiscal ending March 2021.
The anti-terror watchdog has decided to give respite of four months to Pakistan to help her implement remaining recommendations of the task force.
India ranks 130th out of 189 economies on the World Bank's Doing Business report.
The stronger-than-expected recovery in remittances -- payments that are key to supporting the economies of many poor countries -- was driven by growth in Europe, Russia, and the United States.
World leaders thanked India for its help and support in combating the coronavirus pandemic through "early and meaningful" shipments of COVID-19 vaccine doses, as they addressed the high-level UN General Assembly session this year.
Modi said it is an outcome of India's consistent reforms trajectory that the country's position is getting credence globally and is being recognised by international bodies like the IMF, World Economic Forum and UNCTAD.
Saeed-led JuD is the front organisation for the Lashkar-e-Tayiba which is responsible for carrying out the 2008 Mumbai attack that killed 166 people, including six Americans.
Remittances growth is muted due to "structural" reasons which will hamper consumption demand locally, a report said on Thursday. "...the muted external remittances growth is more of a structural issue than transitory," India Ratings and Research said in its note. India has been the largest recipient of remittances from its diaspora spread all across the world and received over $70 billion inflows last year. The agency argued that flows had started to moderate even before the COVID-19 pandemic outbreak, pointing out that as a percentage of gross disposable income, the share of remittances fell to 2.5 per cent in FY19 as against 3.5 per cent in FY10.
The Reserve Bank of India on Wednesday retained the economic growth projection for the current financial year at 10.5 per cent, while cautioning that the recent surge in COVID-19 infections has created uncertainty over the economic growth recovery. In its last policy review, the RBI had projected a GDP growth rate of 10.5 pc for FY'22. Taking various factors into consideration, it said, "the projection of real GDP growth for 2021-22 is retained at 10.5 per cent consisting of 26.2 per cent in Q1, 8.3 per cent in Q2, 5.4 per cent in Q3 and 6.2 per cent in Q4."
Tamil Nadu, the best-performing state, managed to do this in 63 days. Land allotment took 156 days nationally and 28 days in Himachal Pradesh. Environmental approval took 91 days nationally and 25 days in Chhattisgarh.
'Visibly there is a posturing that everything is fine. That creates a bit of a problem.'
The Western powers appear to regard Delhi as the most logical destination in the region in these extraordinary times -- as a counterpoint to the ascendance of political Islam and a rising red star over Afghanistan, observes Ambassador M K Bhadrakumar.
The Taliban knows that Washington holds the key, points out Ambassador M K Bhadrakumar.
Pausing the process for now, the bank would hold off from appointing the Chairman for the Court of Arbitration or the neutral expert -- appointments that had been expected on December 12 as earlier communicated by the bank.
The RBI working group's proposal to allow corporate houses to set up banks is a 'good-looking' step in a 'bad direction' and may lead to crony capitalism and eventual financial instability, former chief economist of World Bank Kaushik Basu said on Thursday. Basu further said that there is a good reason why all successful economies have a clear dividing line between industries and corporations on the one hand, and banks and lending organisations on the other.
We understand the electoral compulsions, the desperate need for the BJP to have at least 50 per cent of the Hindus vote for them in Uttar Pradesh in a few months. For that, you need polarisation, put your own Muslim compatriots on the 'other' side. This is how your domestic politics runs contrary to your national, strategic interest, warns Shekhar Gupta.
After contracting for six straight months, India's exports rose 5.99 per cent to $27.58 billion in September on account of growth in shipments of drugs and pharmaceuticals and readymade garments, as per the government data released on Thursday. Exports stood at $26.02 billion in September 2019. The country's imports contracted 19.6 per cent to $30.31 billion in September.
India lost around 38.5 thousand hectares of tropical forest in the last decade. Nearly 14 per cent of the country's tree cover! It is one thing for Modi to announce that India will reach a net-zero level of emissions in 2070. But if it is serious, it needs to start today, points out Ramesh Menon.
'There are large cohorts of students who cannot recognise the alphabet or numbers.' 'We are suggesting schools 'start early and end late'.'
The central bank can directly print money and finance the government, but it should avoid doing so unless there is absolutely no alternative, former RBI governor D Subbarao on Wednesday said while pointing out that India is 'nowhere' near such a scenario. In an interview with PTI, Subbarao suggested that to deal with the second wave of COVID-19 induced slowdown in the economy, the government can consider Covid bonds as an option to raise borrowing, not in addition to budgeted borrowing, but as a part of that.
Dubs Modi government a "one trick horse" which will make the Hindu-Muslim issue the dominant one in political discourse; asks Opposition to field one candidate in every seat against BJP nominee in 2019 polls.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
The five-nation grouping BRICS on Tuesday resolved to combat terrorism in all its forms and manifestations, including the cross-border movement of terrorists, and vowed to step up joint efforts in building support for an India-backed global framework to effectively deal with the menace.
Delhi Police ask for 45 documents for opening a restaurant, only 19 for a gun: Survey
India stands at an embarrassingly low 130 among 190 countries in the World Bank's Ease of Doing Business rankings. But in our worry over it are we forgetting the big picture -- to make India an attractive investment destination -- wonders Avirup Bose.
The IMF on Tuesday projected an impressive 12.5 per cent growth rate for India in 2021, stronger than that of China, the only major economy to have a positive growth rate last year during the COVID-19 pandemic. The Washington-based global financial institution, in its annual World Economic Outlook ahead of the annual Spring meeting with the World Bank, said the Indian economy is expected to grow by 6.9 per cent in 2022. Notably in 2020, India's economy contracted by a record eight per cent, the International Monetary Fund (IMF) said as it projected an impressive 12.5 per cent growth rate for the country in 2021.
World Bank President Jim Young Kim and Prime Minister Modi also discussed governance structure of the bank
A report by the Azim Premji University showed that during the pandemic 270 million Indians were pushed into poverty. Meaning that they were not poor according to the government poverty line before, but have become now. Aakar Patel mulls on the state of the nation as the Modi government enters its eighth year.
India is apprehensive about the Taliban's return as it would mean loss of access to Baluch rebels and help to the restive tribals of Waziristan. This would be a setback to the Indian strategy of returning the compliments of death by a thousand cuts to Pakistan, notes Colonel Anil A Athale (retd).
Ramesh Abhishek, secretary, Department of Industrial Policy and Promotion, talks to Subhayan Chakraborty about India's performance on the World Bank's ease of doing business ranking.
Afghanistan will remain a frontline state for Washington for a foreseeable future in terms of the potential threats to US national security from terrorist groups, asserts Ambassador M K Bhadrakumar, who played a stellar role in beginning India's dealings in Afghanistan in 1994.
Prasad, who became chief minister of Bihar in 1990, had anointed his wife on the CM chair after he was sent to jail in 1997 over multi-crore fodder scam cases.
Wall Street brokerage Goldman Sachs has lowered its estimate for India's economic growth to 11.1 per cent in fiscal year to March 31, 2022, as a number of cities and states announced lockdowns of varying intensities to check spread of coronavirus infections. India is suffering the world's worst outbreak of COVID-19 cases, with deaths crossing 2.22 lakh and new cases above 3.5 lakh daily. This has led to demand for imposition of nationwide strict lockdowns to stem the spread of the virus - a move that the Modi government has so far avoided after the economic devastation last year from a similar strategy.
Finance Minister Nirmala Sitharaman on Tuesday said there were visible signs of revival in the economy but the GDP growth may be in the negative zone or near zero in the current fiscal.
For the second year in a row, India has been recognised as the fifth-best performing nation in reforming the business environment. However, in the two categories that the government was banking on most - "Paying Taxes" and "Resolving Insolvency" - landmark reforms that were expected to yield better results have had the opposite effect. Under the circumstances should the country celebrate already or are there any reasons for worry, wonders Subhayan Chakraborty.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
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