New Delhi has a chance to rid itself of its image as the bully in the subcontinent by helping a neighbour tackle problems that India, for once, has no role in creating. It should grab the opportunity with both hands, suggests Aditi Phadnis.
India has built up buffers against cyclical difficulties and has ample foreign exchange reserves to withstand pressure on credit worthiness, S&P Global Ratings said on Thursday. Speaking at the India Credit Spotlight 2022 webinar, S&P Sovereign & International Public Finance Ratings director Andrew Wood said the country has a strong external balance sheet and limited external debt, making debt servicing not so expensive. "The country has built up buffers against cyclical difficulties like those, which we are experiencing right now," Wood said.
Lavrov said a rupee-rouble payment system for trade with India was put into place earlier and it could be strengthened further.
The protesters left the main anti-government protest camp at Galle Face promenade where they had been staging sit-ins since April 9, branding it as the 'Gota go home village' (Rajapaksa go home).
The country's foreign exchange reserves rose by $2.518 billion to touch a lifetime high of $575.29 billion in the week ended November 20, RBI data showed on Friday. In the previous week ended November 13, the reserves had surged by $4.277 billion to $572.771 billion. In the reporting week, the increase in the forex kitty was on account of a rise in foreign currency assets (FCAs), a major component of the overall reserves.
A protest has begun in front of the Trincomalee Naval Base after reports Mahinda Rajapaksa and some of his family members are there after leaving Temple Trees, the official residence of prime minister.
The development came as the local fishermen in the North have been protesting for over a week to stop the Indians from entering the Sri Lankan waters for fishing.
The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
Rajapaksa arrived in Thailand with three other people on a chartered flight from Singapore at Wing 6 of the military airport adjacent to Don Mueang International Airport around 8 pm local time on Thursday.
Gold reserves increased $1.54 billion to $32.68 billion in the reporting week.
Amruta Fadnavis told the bookie that she will go through the cases and then talk to Devendra Fadnavis, who also holds the home portfolio.
Gold reserve also declined by $340 million to $30.55 billion.
After declining for three consecutive quarters, the value of FPI investment in Indian equities rose 8 per cent quarter-on-quarter to $566 billion in the July-September period, according to a Morningstar report on Wednesday. A fast-changing global macroeconomic landscape, sentiments and opportunities that the Indian equity markets have to offer impacted the direction of flows by Foreign Portfolio Investors (FPIs). Through the quarter, the value of the FPI holdings in domestic equities surged by 8 per cent to $566 billion from $523 billion recorded in the previous quarter.
The country's foreign exchange reserves rose by $2.04 billion to $639.52 billion in the week ended October 8, according to RBI data. In the previous week ended October 1, the reserves had dipped by $1.17 billion to $637.48 billion. The reserves had surged by $8.90 billion to a life time high of $642.45 billion in the week ended September 3.
The Indian economy is likely to grow at over 7 per cent in the current fiscal year, former Niti Aayog vice chairman Arvind Panagariya said on Wednesday, while observing that the growth rate should sustain next year too provided the forthcoming Budget does not have any negative surprises. Panagariya further said recessionary fears have been around for a while but so far neither the US nor the EU has gone into recession. "From the viewpoint of India, in terms of headwinds originating abroad, the worst is probably behind us," he told PTI.
Gold reserves rose by $321 million in the reporting week to $37.521 billion.
Anti-government protesters in Sri Lanka on Tuesday set up a checkpoint on the road leading to the Bandaranaike International Airport in Colombo to prevent the Rajapaksa family loyalists from fleeing the country, as violence and widespread protest continued against the regime over the country's worst economic crisis in decades.
India has received the fourth set of Swiss bank account details of its nationals and organisations as part of an annual automatic information exchange under which Switzerland has shared particulars of nearly 34 lakh financial accounts with 101 countries.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
The PM addressing the Indian diaspora in Japan also hinted that there is no "guarantee" that no further steps would be taken after December 30 till when people can deposit the demonetised notes.
In a bid to protect the domestic paper industry, the commerce and industry ministry on Thursday said it has decided to make registration compulsory for importing major paper products such as newsprint, handmade paper, envelopes, among others. All imports arriving on or after October 1 will be governed by the Paper Import Monitoring policy that aims to put an end to dumping of such products and address the issue of re-routing of goods through other countries in lieu of trade agreements. "The import policy of major paper products has been amended from 'Free' to 'Free subject to compulsory registration under Paper Import Monitoring System," an official statement said.
The Director of the Peradeniya Hospital in the central district of Kandy on Monday announced the temporary suspension of all routine surgeries due to the shortage of medicine.
Gold reserves were down by $580 million in the reporting week to $37.440 billion.
India on Sunday said it stands with the Sri Lankan people in their aspirations for prosperity and progress through democratic means, established institutions and constitutional framework.
A disciplined, systematic investment habit started at a young age is normally sufficient to meet modest goals without having to sacrifice a normal comfortable lifestyle, suggests Harsh Roongta.
Citing India's commitment to deep economic reforms and ease of doing business, Prime Minister Narendra Modi asserted on Monday that this is the best time to invest in the country as policy-making is focussed on the needs for the next 25 years for a 'clean and green' as well as 'sustainable and reliable' growth period. In his special address to the World Economic Forum's online Davos Agenda 2022 summit, Modi underlined a host of reform measures undertaken by his government to stress that it has worked to reduce the administration's interference in business by deregulating many sectors and to clear the way for free trade agreements with different countries. India was once associated with "license raaj", he noted and highlighted the measures, including reduction of corporate tax to boost business and doing away with over 25,000 compliance requirements.
India's forex exchange reserves increased by $289 million to $640.401 billion for the week ended November 19, the Reserve Bank said on Friday. The overall reserves had declined by $763 million to $640.11 billion in the previous reporting week. They had touched a life time high of $642.45 billion in the week ended September 3, 2021.
India's forex reserves increased for the second consecutive week, touching $584.554 billion as of February 26, up by $689 million, the Reserve Bank said on Friday. The overall reserves had increased by $169 million to $583.865 billion in the previous reporting week. The reserves, which have been steadily increasing over the last few months, had touched an all-time high at $590.185 billion for the week ended January 29 this year.
Rajapaksa's decision was to ensure public security and maintain essential services so as to ensure a smooth functioning of the country, the presidential media division said.
Gold reserves were down by $1.441 billion in the reporting week to $35.999 billion.
Pakistan Prime Minister Shehbaz Sharif's wife and former premier Imran Khan's wife have financial assets worth more than their husbands.
'Khalistan would have been in existence today, but for the army.'
Lead indicators suggest that domestic current account deficit (CAD) is likely to reduce in 2023, while macro-economic stability has received a boost from inflation being brought back to the official tolerance band, according to the Reserve Bank of India's (RBI's) January 2023 Bulletin. "With the merchandise trade deficit reaching an all-time high of $83.5 billion in a quarter, and a rise in net outgo from the income account, the current account deficit increased to 4.4 per cent of GDP in Q2FY23," the State of the Economy article in the bulletin said. "It is noteworthy, however, that the CAD for Q1 was revised down from 2.8 per cent to 2.2 per cent on account of downward adjustment in Customs data.
Chief economic advisor V Anantha Nageswaran on Tuesday said Indian economy will grow at over 7 per cent, down from above 8 per cent of growth rate projected in January. He, however, said that the economic momentum and the animal spirits are "unmistakable". "India's own growth rates have come off the projections made in January down to about 7-plus per cent for the current financial year," Nageswaran said speaking at Global Fintech Fest event in Mumbai.
Both prime ministers believed in crafting schemes to help the common man. Modi used quite effectively the instruments Dr Singh introduced. In assessing Modi's success with many schemes, Dr Singh's fundamental work should not be ignored, points out A K Bhattacharya.
The most important institutions have been and are being undermined with almost no resistance, warns Aakar Patel.
The anti-government protesters in Sri Lanka on Sunday continued to occupy the residences of President Gotabaya Rajapaksa and Prime Minister Wickremesinghe, a day after they stormed into the premises and set on fire one of the buildings protesting over the nation's severe economic crisis even as the island nation is still in the dark about the embattled President's whereabouts.
Billionaire Mukesh Ambani on Friday backed the proposed data privacy and cryptocurrency bills, saying India is putting in place the most forward-looking policies and regulations. Ambani, who has been a votary of Indians owning and controlling their own data and the nation drafting strict rules around how digital information is stored and shared, said nations have the right to build and protect strategic digital infrastructure. Stating that data is the 'new oil', he said every citizen's right to privacy has to be safeguarded. "India is putting in place the most forward-looking policies and regulations," he said at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA).
Speaker's media secretary Indunil Abeywardena said a resignation letter from President Rajapaksa has been received through the Sri Lanka high commission in Singapore.
At least 10 persons were admitted to the National Hospital after the confrontation between protesters who have currently been staying inside the prime minister's official residence, the Colombo Post news portal reported.
