India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.
Modi govt has a unique style of working, say experts.
RBI said more monetary transmission to support growth continues to be critical.
The agreement is subject to approval by the IMF management and consideration by its executive board, which is expected in early April.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
The Reserve Bank of India is likely to cut policy rates by 0.25 per cent and keep the cash reserve ratio unchanged at its policy review next week, on the back of slower-than-expected growth and more encouraging inflation readings, says a report by HSBC.
'What should surprise BJP supporters is Modi's call for 'stability' at the manifesto launch, a theme that he and his team members had not touched ahead of the Lok Sabha polls in 2014 and 2019.' 'The last time the party called for 'stability at the Centre' was in 1998 and 1999,' recalls N Sathiya Moorthy.
Subdued exports remain an area of concern.
Finance Minister Arun Jaitley will pitch for quota and governance reforms in the annual meeting of the International Monetary Fund.
The chapters were dropped by the Assam Higher Secondary Education Council (AHSEC) for the 2020-21 session, as part of the 30 per cent reduction of the syllabus, keeping in mind the loss of academic schedule that the students had to face because of the pandemic.
'All of Indira Gandhi's bad economic ideas are being strengthened, from nationalised banks to anti-poverty, handout yojanas,' says Shekhar Gupta.
The new government that presents the full Budget for 2024-2025 in July should be ready to restructure the way divestment is managed and implemented, proposes A K Bhattacharya.
Opposition as well as UPA allies are in a mood to declare war on the Congress-led government on the FDI and fuel price issue, reports Renu Mittal
The Economic Survey called for improving business environment.
Top Tamil actor Vijay on Friday announced the launch of his political party, Tamizhaga Vetri Kazhagam, and said he will contest the 2026 assembly polls in the state.
The agency had received Rs 946.51 crore to manage its affairs in the Budget Estimates for 2023-24, which was later increased to Rs 968.86 crore in the Revised Estimates.
The Indian stock markets may turn bearish after the US Fed decides to raise interest rates.
Dismissing fears of a slowdown, Finance Minister Pranab Mukherjee on Monday said India's growth drivers are intact and the Centre is committed to policy reforms.
The absence of a clear underlying economic ideology in the Budget was quite evident, say experts.
China has relaxed its one-child policy and further freed up markets in order to put the world's second-largest economy on a more stable footing.
US State Department's report said that this has resulted in many investors retreating slightly from their once forward-leaning support of the BJP-led government
India is likely to attract increasing notice from global investors.
Prime Minister Narendra Modi has said that India's economic growth is a 'natural by-product' of his nine-year-old government's political stability, as he expressed optimism that it will be a developed nation by 2047 with 'corruption, casteism and communalism' having no place in our national life.
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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.
The International Monetary Fund (IMF) has said the tightening of monetary policy by India is an 'appropriate' step, as the country is faced with high inflation and needs to consolidate the fiscal measures initiated during the slowdown.
Three members will be representatives from the government, and three from the RBI.
The regulatory burden is the highest on small cars, a key segment of the Indian automobile industry and having a uniform tax structure across all segments of vehicles will not augur well for the sector growth, according to Maruti Suzuki India chairman RC Bhargava. He also said India's economic growth rate could be higher if the manufacturing sector grows fast, which 'unfortunately' has remained a laggard despite the best efforts of the Narendra Modi-led government at the Centre due to implementation gaps at the ground level. "The burden of regulatory changes on the small cars is far higher than the regulatory burden on big cars and that is changing the whole market behaviour.
The Xi Jinping regime might try to quell internal distress by directing nationalism and militarism against India, warn Ajay Shah and Gautam Bambawale.
As farmers continue their protests demanding repealing of the three new laws, Kumar also emphasised that continued negotiations with protesting farmers is of course the way forward.
Hoping for an eight per cent economic growth, Prime Minister Manmohan Singh on Wednesday exuded confidence that India was on the "threshold of a new era of higher growth
The implementation of four labour codes in one go from April 1 next year will usher in a new wave of reforms in industrial relations and also help in attracting more investments but employment generation will remain a key challenge in 2021. This year has also been a challenging year for the work force as well as for employers due to the outbreak of the COVID-19 pandemic. The government imposed a nationwide lockdown from March 25, which had an adverse impact on economic activities and resulted in exodus of migrant workers from large cities to their homes in the hinterland. Many migrant labourers lost their jobs and it took months for them to return back to their work places from their native places.
He said balancing the stimulus against the risks of inflation and threats to fiscal viability is a key short-term challenge.
'The one sector where there is still a sense of crisis is banking, but the government has regrettably set its face against privatising any of the government-owned banks,' says T N Ninan.
The GST's significance for the BJP's politics is as important as its implications for the Indian economy, says A K Bhattacharya.
Moody's listed six agenda on the list of pending reforms -- land acquisition Bill, labour law reforms, significant infrastructure investment, tangible benefit from Make in India initiative, tax administration and PSU bank reforms
There is no doubt that economic growth has picked up. It's also true that inflation has edged up. We had said at the beginning that sometime in the course of the year we would begin to slowly wind it down and what has happened is on course for that decision but exactly what, it's too early to say, says Montek Singh Ahluwalia.
Subhash Chandra Garg, the former finance secretary who was shunted out of the finance ministry within three weeks of Modi-2.0 government's first budget last year, on Saturday alleged that new Finance Minister Nirmala Sitharaman got him transferred out.
Right to apprenticeship, legal guarantee for MSP, passing a constitutional amendment to raise the 50 per cent cap on reservations for SCs, STs and OBCs, a nation-wide caste census and scrapping of Agnipath scheme are among the promises made by the Congress in its Lok Sabha polls manifesto released on Friday.
'A rag-tag coalition is more insecure and hence, more inclined to reform,' argues Devangshu Datta.
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