'Clearly, the financial system is a drag on the economy and underlines the need for improving banking practice, regulation and oversight.' 'Without that, and an end to the cronyism that caused part of the problem, one can kiss goodbye to 8% growth,' warns T N Ninan.
The World Bank on Wednesday stressed the need for domestic political consensus for sustained policy reforms, saying it may prove to be a failure if implemented without an open debate.
The FMCG sector is generally considered to be a safe haven during difficult times as people never stop buying soap and toothpaste. However, weak rural and semi-urban demand has been a factor since the lockdowns of 2020-21 while rising inflation has also impacted margins. While the FMCG majors have survived on the basis of price hikes and good management practices, they have seen growth slowdowns and experienced margins being squeezed as raw materials and transport costs rose. The FMCG sector witnessed positive volume growth in the fourth quarter of the 2022-23 financial year (Q4FY23) after five consecutive quarters of decline, and the rebound in demand was led by urban markets.
Simplilearn said the pandemic had accelerated demand for skills in areas such as artificial intelligence, cloud computing, data science and cybersecurity.
In August, the Reserve Bank of India Governor Shaktikanta Das held a meeting with chief executive officers/ managing directors (CEOs/ MDs) of large non-banking financial corporations (NBFCs). The discussions included diversifying borrowing sources for NBFCs and housing finance companies (HFCs) to contain increasing reliance on bank borrowing, risks associated with high credit growth in retail segment in unsecured loans, prioritising IT upgrades and cyber-security, improving provisioning, monitoring of stressed exposures and slippages, ensuring robust liquidity and asset-liability management, ensuring transparency in pricing, creating robust grievance redress mechanisms.
The World Bank has approved the Second Andhra Pradesh Economic Reform Loan worth $220 million, to back the state's efforts to achieve better socio-economic outcome and reduce poverty.
Following are the highlights of the Economic Survey 2022-23 tabled in Parliament on Tuesday
PMI went up from 51.2 points in May to 53.1 in June. Owing to the June figure, PMI for manufacturing stood at 51.9 points in the first quarter of 2018-19 against 51.8 points in the fourth quarter of 2017-18.
India's services sector growth accelerated in April, as strong demand conditions resulted in the fastest increase in new business and output in close to 13 years, a monthly survey said on Wednesday. The pick-up in demand occurred in spite of escalating price pressures. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 57.8 in March to 62.0 in April, signalling the fastest expansion in output since mid 2010, amid a pick-up in new business growth and favourable market conditions.
'India's economy faces further downside risks from sluggish private investment and rural demand weakened by slow wage growth.'
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
Pointing out that these recent measures are incremental rather than radical, Moody's said, these steps will sustain higher gross domestic product growth and address some of the constraints on the country's sovereign credit profile.
Projecting acceleration in India's GDP growth to 9% for FY 2011-012, Economic Advisory Council to Prime Minister seeks measure to address serious supply bottlenecks.
'The assumed linear correlation between forced lower yields, higher bank borrowing from the RBI, higher lending, and higher growth involves leaps of faith, each a step on the quicksand of false beliefs,' warns Debashis Basu.
I did not take up research for any award.' 'What is more important is the medicine that I have developed.' 'This helps the patient recover and the family is happy that their relative has survived and they go back to their lives.
Fresh capital will help Flipkart further grow its e-commerce marketplace in India as the world's second-largest internet market begins to recover from the COVID-19 crisis.
'When you lose, you learn so many things. But people who learn even when they win, will become champions.'
Tata Communications on Wednesday announced that it would acquire NYSE-listed Kaleyra, a global omnichannel integrated communication services provider with a set of proprietary platforms offering targeted personalisation through messaging, video, push notification, e-mails and voice-based services, and chatbots. The acquisition is an all cash deal. Tata Communications has agreed to acquire Kaleyra at a price per share of $7.25, for a total consideration to Kaleyra shareholders of approximately $100 million, besides the assumption of all outstanding debt.
Reserve Bank of India Governor Bimal Jalan said on Saturday the fiscal deficit remained a difficult problem but overall macro-economic conditions were favourable for accelerating growth.
Only India is anticipated to witness better growth momentum among the BRIC bloc
In a statement issued after its Article IV Consultation with India, the IMF said that Reserve Bank of India should be ready to increase rates to check any further rise in inflation.
RBI Governor Shaktikanta Das on Thursday said financial inclusion will continue to be a "policy priority" for the central bank to make the post-pandemic recovery more equitable and sustainable. The Reserve Bank of India will very soon be coming out with the first financial inclusion index, which will assess progress in terms of access, usage and quality, Das said, while speaking at the Economic Times Financial Inclusion Summit. It is the responsibility of all stakeholders to ensure that the financial ecosystem (including the digital medium) is inclusive and capable of effectively addressing risks like mis-selling, cybersecurity, data privacy and promoting trust in the financial system through appropriate financial education and awareness, he added.
The growth acceleration earlier in this decade provides lessons for policy responses to the current situation.
Manufacturing activities in India accelerated further and touched a four-month high in April, boosted by robust new business growth, mild price pressures, better international sales, and improving supply-chain conditions, a monthly survey said on Monday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) increased from 56.4 in March to 57.2 in April, indicating the fastest improvement in the health of the sector so far this year. The March PMI data pointed to an improvement in overall operating conditions for the 22nd straight month.
The Nikkei India Services PMI posted above the critical 50.0 level, which separates growth from contraction, for the fourth month running in May.
India's infrastructure industries grew by a faster 8.7 per cent in February 2008, lending hopes of a revival in industrial production growth and in turn a higher rate of economic expansion.
India retains the tag of the fastest growing country among the world's major emerging economies
IMF said in 2017, India is likely to grow at the rate of 7.2 per cent instead of the earlier projected 7.6 per cent.
The President in his address to the joint sitting of Parliament unveiled the policies and priorities of the BJP - led NDA government which assumed power last month after elections to the 16th Lok Sabha.
The improving outlook for the power sector has caught the interest of dividend yield funds. In the first four months of the current financial year (2023-24, or FY24), five of the six largest dividend yield funds have shown a notable increase in their exposure to stocks within the power sector. Some have even introduced new stocks to their portfolios.
Social media platform Meta has appointed Vikas Purohit as Director of Global Business Group in India to lead the strategy and delivery of the charter that is focused on the country's leading advertisers and agency partners, the company said on Monday. Purohit will report to Arun Srinivas, director and head of ads business for Meta in India, it said in a statement. "I am thrilled to welcome Vikas as he joins our team to shape the role that Meta platforms can play in enabling businesses, supporting India's economic growth, and building the digital advertising ecosystem of the country," Srinivas said.
Taxing the rich will fetch nothing; only votes, argues Debashis Basu.
For Lori Beer, chief information officer, JPMorgan Chase & Co, largest banker in the US, India is a big part of the organisation's global technology footprint and is core to its products and services. This is evident from the fact that in less than two months since JPMorgan & Chase chief executive officer Jamie Dimon visited India, Beer has come here to see the recently opened centres in Mumbai and Bengaluru. "What is different for me this year are our new centres and to be able to come and see the vibrancy, and connectedness is great.
The commission in its recent assessment of the economy also expects economic growth to go up to nine per cent in 2011-12, and further to 10 per cent in 2014-15.
Says govt's focus is to re-assure foreign investors that India is wide open for business.
Rajan also said the outlook for agriculture is subdued, in view of both rabi and kharif prospects being hit by monsoon vagaries.
Facing the twin task of fighting the coronavirus pandemic today and building a better tomorrow, the world is experiencing a new Bretton Woods moment, IMF managing director Kristalina Georgieva said
