The speed at which he led the central bank in different areas -- ranging from internal reorganisation to inflation fighting, stabilising the currency, taking on rogue corporations, cleaning up bank balance sheets, and opening the sector -- makes one believe that Rajan knew he had only three years to do his job. A fascinating excerpt from Tamal Bandyopadhyay's MUST-READ Roller Coaster: An Affair with Banking.
The finance minister could well be on her way to setting a record of achieving the biggest single-year reduction in the government's fiscal deficit, explains A K Bhattacharya.
Pakistan Prime Minister Shehbaz Sharif on Thursday chose Lt Gen Asim Munir as the new Army chief to replace incumbent General Qamar Javed Bajwa.
The previous high in quarterly GDP growth was recorded in the January-March quarter of 2015-16 at 9.3 per cent.
A new study shows that the bottom half of the population enjoyed only 15 per cent of national income in 2013-14, down sharply from 24 per cent in the early 1980s.
Observers say China should re-address its policies towards India or else it will continue to face flare-ups increasing the tensions between the two countries at a time China's increasing tension with the US over Taiwan and the South China Sea besides the downturn in the Chinese economy which is hit hard by the zero-covid policy.
'At a time when the economy is depressed, a pandemic is raging, and the Chinese are making noises on the border, the NRC could be resuscitated.'
India, which is ranked 2nd in Q3, raced past China where only 30 per cent respondents expect an increase in revenue, whereas in India, 85 per cent respondents have voted in favour of increasing revenue
Average global growth prospects for the next 12 months and the next three years are 35 per cent and 49 per cent, respectively.
The Union Cabinet on Wednesday approved the participation of the private sector in the entire range of space activities, including planetary exploration missions, Union minister Jitendra Singh said. The newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, Singh, who is the minister of state in the Prime Minister's Office, said.
Next week, US Secretary of State John Kerry travels to India for the fourth annual US-India Strategic Dialogue
After years of disappointing growth, the economy and the markets are poised for a breakout, notes Akash Prakash.
Citing faster-than-expected recovery, rising consumer confidence and the resultant spending spike, Swiss brokerage UBS Securities has revised upwards its growth forecast for the current fiscal to 9.5 per cent from 8.9 per cent in September. The brokerage also sees the economy clipping at 7.7 per cent in FY23 but moderating to 6 per cent in FY24, as it expects the benefit of the low-interest rate regime to end by the end of FY23, and it sees the central bank hiking policy rates by 50 bps in the second half of the next fiscal. The Reserve Bank also forecasts 9.5 per cent GDP growth this fiscal while the average projection ranges from 8.5 to 10 per cent.
'It seems a wiser decision to pull out at the right moment than regret after joining the pact,' explains Dr Rahul Mishra.
The fiscal deficit of the Centre remains a worry, running at over 6.5 per cent of GDP in April-September 2014, mainly because of revenue shortfalls from exaggerated projections in the government's July Budget and despite the relief on subsidies from lower oil prices.
Many years during which monsoons were poor saw high returns, while normal or excess rainfall has also coincided with poor calendar year gains.
'Event management can distract from, but not permanently mask, execution failures,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
'Investors hate uncertainty and the demonetisation move certainly creates that.'
FM should avoid proposals such as to tax financial transactions and fringe benefits
However, in 2020, gold demand in India -- the world's second biggest consumer after China -- could increase to 700-800 tonnes on hopes of increased acceptance of high price level and likely economic reforms boosting consumer confidence, World Gold Council said.
Bibek Debroy raised seven questions about the new institution.
The Congress feels there was no articulation of a bold vision of a statement of intent in the Budget, no articulation of a direction in which the economy has to go, and it lacks imagination. Renu Mittal reports.
