The Asian Development Bank on Wednesday revised down India's economic growth forecast for the current fiscal to 10 per cent, from 11 per cent predicted earlier, citing the adverse impact of the second wave of the pandemic. The growth forecast for India in fiscal year 2021 (ending in March 2022) was revised down, as the spike in COVID-19 cases during May dented the recovery, the Asian Development Bank (ADB) said in its latest economic outlook. "The outbreak, however, dissipated faster than anticipated, resulting in several states easing lockdown measures and returning to more normal travel patterns.
China's state-run Sichuan Airlines has suspended all its cargo flights to India for 15 days, causing major disruption to private traders' efforts to procure the much-needed oxygen concentrators and other medical supplies from the country despite Beijing reiterating its readiness to help India to deal with the latest surge of COVID-19 cases.
Foreign Direct Investment flows to India in 2021 were 26 per cent lower, mainly because large M&A deals recorded in 2020 were not repeated, the UN trade body has said.
Moody's on Thursday slashed India's growth estimate for the current year to 9.1 per cent, from 9.5 per cent earlier, saying high fuel and fertilizer import bill could limit the government's capital expenditure. In its 'Global Macro Outlook 2022-23 (March 2022 Update): Economic Growth will suffer as fallout from Russia's invasion of Ukraine builds' report, the rating agency said Russia's invasion of Ukraine has significantly altered the global economic backdrop through three main channels -- spike in commodities prices, risks to global economy from financial and business disruption and dent in sentiment due to heightened geopolitical risks. It said Russia is the only G-20 economy that will contract this year and forecast that its economy will shrink 7 per cent in 2022, and 3 per cent in 2023, down from projected growth of 2 per cent and 1.5 per cent respectively, before the invasion of Ukraine.
'The Olympic Spirit has been thrown to the wind in Xi Jinping's China.' 'The International Olympic Committee is ready to kowtow to totalitarian China,' notes Claude Arpi.
COVID-19 may be a seasonal infection linked to low temperatures and humidity, much like seasonal influenza, according to new 'robust' evidence found by researchers.
'This resilience should be viewed as reflecting the strength of the structural story.'
The United States and Britain had also called for China to provide proof of Peng's whereabouts.
The suspect in a deadly bus fire that killed 47 people and injured 34 others in China's southeastern city was an angry and deeply disgruntled man who planned the arson to vent personal grievances.
So, while it is great that India's numbers look relatively good, don't raise a cheer just yet, points out T N Ninan.
Automobile retail sales in India increased by 37 per cent in April on a low base of COVID-hit April last year, automobile dealers' body FADA said on Thursday. Total sales across categories rose to 16,27,975 units in April, as compared to 11,87,771 units in the year-ago period. On a year-on-year basis, all vehicle categories including passenger vehicles and two-wheelers were up as compared with April last year.
Chinese President Xi Jinping arrived in Islamabad on Monday on his first visit to Pakistan where he is expected to sign a deal for an economic corridor worth $46 billion and other agreement.
Consumer companies have started taking orders via phone calls and are also pushing retailers to order through their B2B applications.
Chastened by the Kargil conflict, Pervez Musharraf will be remembered for gradually lowering the profile of terrorism and seeking a realistically negotiated settlement to the issue of Jammu and Kashmir, notes Ambassador G Parthasarathy, who served as India's high commissioner to Pakistan when Musharraf seized power in a coup in October 1999.
The businessman had been on the run for over a week since the seizure of more than 500 oxygen concentrators from three restaurants owned by him in the national capital.
While China is bigger and feels mightier at the moment, Beijing's rulers would be well advised not to be tempted to provoke India, for that would only trigger a chain reaction around the world that would not serve anyone's interests, says Sanjaya Baru.
The Indian economy is rapidly normalising towards pre-pandemic activity levels, even as uncertainty exists about coronavirus mutations and repeated infection waves, industrialist Kumar Mangalam Birla said on Wednesday. Vaccination is picking up pace, which would improve India's resilience against a potential third wave, the chairman of Aditya Birla Group said while virtually addressing shareholders at the AGM of group firm UltraTech Cement Ltd. Moreover, various steps taken by the RBI and the government have helped in containing the economic disruptions of the pandemic, Birla added.
India's economic growth surged to 20.1 per cent in the April-June quarter of this fiscal, helped by a low base of the year-ago period, despite a devastating second wave of COVID-19. The gross domestic product (GDP) had contracted by 24.4 per cent in the corresponding April-June quarter of 2020-21, according to data released by the National Statistical Office (NSO) on Tuesday. The government had imposed a nationwide lockdown at the onset of the COVID-19 pandemic last year.
Pfizer and Moderna said they won't give us vaccine and will directly talk to the Centre," Kejriwal told reporters.
Once a difficult market to crack, in recent years, China has relatively opened up its drug market, enacting reforms and speeding up approval time.
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.
'If you approached it with that level of aggression in 100 days, you would have vaccinated more than half of your country.' 'On a mass scale you will be able to eliminate that wave.'
Whether the third wave will ravage us depends on the pace of vaccinations, careful and calibrated opening up of establishments, and a strategy to contain the spread in specific states or pockets.
The unpopular extradition bill would have allowed the transfer of suspects to places with which Hong Kong did not have an extradition agreement including mainland China for trial.
The falls meant that both crude futures were at their lowest levels since mid-April
Moody's Investors Service on Tuesday slashed India's growth forecast for the current financial year to 9.3 per cent saying that the second wave of coronavirus infections hampers economic recovery and increases risk of longer-term scarring. Moody's, which has a 'Baa3' rating on India with a negative outlook, said obstacles to economic growth, high debt and weak financial system contrain sovereign credit profile. The US-based rating agency had in February forecast a 13.7 per cent economic growth for the current fiscal (April 2021-March 2022).
Nowadays, our politics is habituated to sitting on a high pedestal, hobnobbing with world leaders, generating impressions of a superpower and returning to earth for the purpose of winning elections. In contrast, the yatra never left earth, observes Shyam G Menon.
The currency market won't care for our moans, groans, cries and sighs. The rupee will find its own level, explains Tamal Bandyopadhyay.
'In the overall global portfolio, India's weighting has come down in the past seven months.'
Powerful explosions tore through a warehouse storing hazardous chemicals in north China's major port city, killing at least 50 people and injuring over 700 others as the twin blasts sent fireballs, cars and containers raining down on panic-stricken residents.
Arvind Panagariya speaks about climate change, globalisation and India's economy.
Backed by the China-plus-one policy, India's textile and apparel exports have seen a 53 per cent growth during the April-November period of the current fiscal year at around $26 billion. This compares to the figure of $17 billion during the same period in FY21. According to Wazir Textile Index, all major companies including Welspun, Vardhman, Trident, KPR Mills, Indo Count, RSWM, Filatex, Nahar Spg and Indorama have posted higher sales during the first half of the current fiscal year compared to the pre-pandemic year.
The biggest lesson China can teach India is that when it comes to sustaining a love affair with investors, nothing works better than an undervalued currency and its by-product: a current-account surplus.
Referring to the developments in Ladakh in the wake of Chinese aggression, he said disengagement with People's Liberation Army was completed from various areas in a peaceful manner and efforts are on through dialogue for disengagement from other areas.
China's state-run media commented that India's close relationship with the US could create geopolitical rivalries in Asia.
The shipping business is like the heaving sea -- it's up and down, observes Shyam G Menon.
Images that capture what it was like living through 2021.
Visiting the Rezang La Memorial, one has a feeling of super-humans defending the Indian territory against the Chinese onslaught, says Claude Arpi on the 60th anniversary of the heroic battle of the 1962 War.
Xi arrived at the Nyingchi Mainling Airport on Wednesday and was warmly welcomed by local people and officials of various ethnic groups, Xinhua news agency reported.
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