Hosabale blamed the "faulty' economic policies of the earlier governments for the "ills" in the economy.
India's manufacturing sector activity witnessed a significant loss of growth momentum in May due to the intensification of the COVID-19 crisis and its detrimental impact on demand, a monthly survey said on Tuesday. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI), fell to 50.8 in May, down from 55.5 in April, as companies observed the slowest rises in new work and output in ten months amid intensification of the COVID-19 crisis. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
India had a transition from 'socialism with a limited entry to marketism without exit'.
India's services sector activities eased to a three-month low in April, as the rise in business activity was constrained by the pandemic and sentiment towards growth prospects faded, a monthly survey said on Wednesday. The seasonally adjusted India Services Business Activity Index fell to 54 in April from 54.6 in March, the slowest increase in output in three months. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
India's services sector activity moderated further in January as new business rose at a noticeably slower rate amid the escalation of the pandemic, reintroduction of restrictions and inflationary pressures, a monthly survey said on Thursday. The seasonally adjusted India Services Business Activity Index fell to 51.5 in January, down from 55.5 in December, pointing to the slowest rate of expansion in the current six-month sequence of growth. For the sixth straight month, the services sector witnessed an expansion in output.
Parliament has cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, recently. The objective of the Act is to invite investments from the private sector, including foreign companies, for mining minerals such as lithium and other critical minerals. Other than lithium, some of these minerals were classified as atomic minerals, including beryl and beryllium, niobium, titanium, tantalum and zirconium.
Increments in 2017 would be less than in 2016, says survey.
The state's revenue receipts might not afford various freebies announced by the parties, unless revenue deficit and hence fiscal deficit is widened.
'This government has always been fiscally conservative. It never resorted to fiscal profligacy.'
India has entered a 'demographic sweet spot' with half of its population being under the age of 29. This 'demographic dividend' is likely to last for 2-3 decades and provides the government a unique opportunity to harness the vast potential of India's youth, points out Raj Kishore Mishra, the former civil servant turned development professional.
New risks have been identified, which include risk of non-compliance, business investment risk and legal regulatory risk.
India's manufacturing sector activities gained further strength in October as companies scaled up production and stepped up input purchasing in anticipation of further improvements in demand, a monthly survey said on Monday. Robust gains in new work aided production growth in October as output and new orders expanded at fastest rates in seven months, while business optimism hit a six-month high, the survey said. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 53.7 in September to 55.9 in October, pointing to the strongest improvement in overall operating conditions since February.
'A growth of above 7 per cent when the fundamentals of the economy are becoming stronger still makes India the fastest growing large economy.'
Since 2014, India has left its moorings as a pluralist, modern, secular State because that is how the BJP wants it to be, notes Aakar Patel.
India's trade with the Gulf-Arab region stands at $180 billion. India needs the Gulf region more in terms of trade, investments and employment than the other way round. When it comes to faith, the Gulf-Arab nations have not been found wanting at any point in time, points out N Sathiya Moorthy.
Lack of literacy is compromising the ability of farmers in India and China, two of the world's most populous countries with the smallest farm size, to raise productivity without losing soil fertility, says Kunal Bose.
Reflecting an improvement in economic ties with the US, the bilateral trade has increased to $48.71 billion during April-December of this fiscal, Parliament was informed on Friday.
'... because their parents wanted a boy.' 'But over 2 million women go every year due to sex-selective abortion, disease, neglect or inadequate nutrition,' says Devangshu Datta.
India's services sector activities contracted further in June as the intensification of the COVID-19 crisis and reintroduction of containment measures restricted demand, a monthly survey said on Monday. The seasonally adjusted India Services Business Activity Index fell from 46.4 in May to 41.2 in June, as new work intakes and output contracted at the fastest rates since July 2020, which prompted companies to reduce employment again. Subdued demand conditions resulted in a second successive monthly drop in new business received by services firms.
The survey revealed that unethical behaviour still persists, with a majority of respondents justifying unfair actions undertaken to survive the economic downturn.
The market breadth ended weak on the BSE with 2,086 shares declining and 893 shares advancing.
The most important institutions have been and are being undermined with almost no resistance, warns Aakar Patel.
'The disruptions caused by demonetisation and GST will be behind us in another six months.' 'That should give growth a bounce; some coming quarters could well report 7-plus per cent growth.' 'But can that rebound be sustained, or will it be like the bounce of a dead cat?' asks T N Ninan.
'Most students find it difficult to cope with the way they are expected to learn at the IITs.' 'So, all the students face the same stress.' 'But those students who are mentally weak are more affected.'
'The government must keep bad news out of the newspapers. If you have news about a fight everyday, it is not a climate where investment takes place.'
It also assured that the amount of medical insurance coverage under the Ayushman Bharat scheme would be doubled from Rs 5 lakh to Rs 10 lakh.
'The BJP's defining character is Hindutva. The party's political strategy is based on a combination of Hindutva+Development.'
'Unemployment barely figures in the Budget except as a derived demand from the industry and infrastructure.' 'There is no effort at direct attack on unemployment.'
India was already in the midst of a protracted economic slowdown before the virus hit due to a festering crisis among shadow lenders and declining consumer demand and private investment. Service sector activity in India is still effectively on hold.
About 3.2 million people could have died from Covid in India by September last year, six-seven times higher than reported officially, according to a study based on one independent and two government data sources.
The Bank suggested reforms in infrastructure sector.
The outgoing Chief Economic Advisor will always be remembered for his remarkable passion, his large imprint on policymaking and the high level of public debate he fostered
After helping the government in policymaking since October 2014, Chief Economic Adviser Arvind Subramanian is returning to academics and will be teaching at Harvard Kennedy School on a visiting position. In an interview to Dilasha Seth and Somesh Jha, he says the ease of doing business agenda needs to move forward and India must try to integrate with the global value chains. Edited excerpts.
Despite being election year, Indian ultra HNIs are more optimistic of the country's growth journey and expect wealth to increase in the year 2019.
India's time use survey for January-December 2019 had found that an average person in urban areas spends 485 (eight hours and five minutes) minutes on employment and related activities.
It is important to increase employment in general. It is even better to increase good quality jobs. Strategically, it is important to move people from farms to factories to improve overall labour productivity. It is important to improve job opportunities for women, for urbanites and for the educated. The Budget does not contain ideas to do any of this, points out Mahesh Vyas.
India is seen as a good destination to relocate to as expat parents enjoy greater opportunities to make significant financial savings.
Niti Aayog's plan to create a 'New India' in less than four years should invite scepticism, argues T N Ninan.
'It is almost certainly wrong in assuming that the Modi government will use its strong mandate to undertake some serious reform measures.' 'For it is fairly clear that the government's priorities lie elsewhere, in the powerful home minister's domain,' notes T N Ninan.
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