The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) slipped from 57.5 in September to 55.5 in October, the slowest rate of expansion since February. The October PMI data pointed to an improvement in overall operating conditions for the 28th straight month.
The government's stalled projects are predominantly in infrastructure.
'Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden'
Chief Economic Advisor (CEA) V Anantha Nageswaran on Thursday said describing India's recovery as 'K-shaped' was wrong as both rural and urban economies were recovering, albeit at different paces. Speaking to reporters at the Finance Ministry, Nageswaran said the gross domestic product (GDP) growth print for the recent October-December quarter (Q3FY23) will likely be revised upwards. "The notion of using the letter 'K' to denote urban and rural is somewhat wrong because it is almost as if one is growing and one is contracting. "I would say one segment's slope is more positive, and the other one slope is less positive but it is positive," Nageswaran said.
Chief Economic Adviser K V Subramanian on Monday said the overall impact of the second wave of COVID-19 on the country's economy is not likely to be large but cautioned about an uncertainty surrounding the pandemic going ahead. He further said that given the circumstances due to the pandemic, it is difficult to forecast if the country would achieve a double digit growth in the current fiscal. The Economic Survey 2020-21 released in January this year had projected GDP growth of 11 per cent during the current financial year ending March 2022.
Projecting a moderation in inflation despite the hike in petrol and diesel prices, the Economic Survey on Thursday cautioned against the pressures from rising foreign funds and global commodity price movement.
Gandhi, who is usually flanked by senior party colleagues, was also greeted by both President Droupadi Murmu and Vice President Jagdeep Dhankhar.
Reserves provide a cushion against shocks.
Policymakers should consider the challenges of beneficiary identification, distributor opposition and beneficiary financial inclusion.
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The country has slipped two positions to sixth to tie with Germany, the survey by research firm Ipsos said.
'The more educated a young person is, the higher the chances of him or her remaining unemployed.'
Enthused by higher than expected GDP numbers in the fourth quarter of 2022-23, Chief Economic Adviser (CEA) V Anantha Nageswaran on Wednesday said India's economic growth may exceed the initial estimate of 6.5 per cent in the current fiscal and the country can look for another year of solid economic performance.
'If you do quick back-of-the-envelope calculation, someone earning Rs 10 lakh can get a benefit of anywhere between Rs 35,000 and Rs 45,000, even if s/he is availing exemptions.' 'A large proportion of people do not avail full exemptions as they don't have money to invest in those schemes.'
'The China opportunity, the digital opportunity and the end of geography opportunity are the three pieces of luck India got due to Covid.'
The second annual employment and unemployment survey 2010-11, by the Labour Bureau, will show an improvement in the employment situation, officials said, while attributing the positive trend to a change in methodology, sample size and some extent to an improved labour situation in the country.
'When manufacturing or even services cannot generate the kind of employment they are looking for, they prefer to be unemployed rather than under-employed.'
The Biden administration's failure in stopping two major wars and several minor ones was seen as a major disaster by many Americans and the world at large, observes Ambassador T P Sreenivasan.
The Youth Economics: Career Expectations survey by PHD Chamber of Commerce and Industry paints an optimistic picture.
Prime Minister Narendra Modi on Monday accused the Congress again of planning to redistribute people's property if it is voted to power, but stopped short of saying that the wealth would go to Muslims.
The government's programmes should be expected to generate some momentum, but the macro-economic numbers are not encouraging, observes T N Ninan.
Bihar Chief Minister Nitish Kumar on Tuesday announced his intent to raise quotas for Other Backward Classes, Scheduled Castes and Scheduled Tribes in the state, saying a legislation to the effect is likely to be brought in the ongoing assembly session.
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.
Retirement planning and secondary sources of income have become key financial priorities for Indians, as they look to prepare for higher inflation, health concerns, and economic slowdown risks. PGIM India Mutual Fund's Retirement Readiness Survey shows that at present 67 per cent Indians have their retirement plan in place, compared to 49 per cent in 2020. "The pandemic was probably the factor making people realise the importance of saving and investing, leading to an increase in people planning for it.
From the Sensex basket, Power Grid, Asian Paints, Tata Motors, Tata Steel, NTPC, Sun Pharma, Mahindra & Mahindra, HDFC Bank, Tata Consultancy Services and JSW Steel were among the major gainers. Kotak Mahindra Bank, Bharti Airtel, Axis Bank, Wipro, ICICI Bank and IndusInd Bank were among the laggards.
China's average GDP growth rate for the 1979-2004 period was on Monday revised to an impressive 9.6 per cent, 0.2 percentage point higher than the original figure in accordance with the first national economic survey.
Confidence in the state of the world economy has improved to some extent but majority of experts from business, government and civil society are still pessimistic, says a survey by World Economic Forum.
Among the Sensex firms, JSW Steel, Tata Steel, Tech Mahindra, Infosys, Wipro, Tata Consultancy Services, Nestle, HCL Technologies, HDFC Bank and Maruti were the major laggards. IndusInd Bank, ITC, Bharti Airtel and State Bank of India were among the winners.
India Inc's investment in all aspects of social networks, mobile computing, analytics and cloud computing (SMAC) is consistently surpassing its global counterparts.
In a few hours the Government of India will table the Economic Survey for fiscal 2003-04. Economic Survey is always presented a day before the Annual Budget is announced by the Finance Minister. Take the Rediff Business Quiz and find out how much you
"The findings of Pew Global research are very significant. After the Modi government came to power, people's trust in the government, democracy and confidence that the nation is in the right direction has gone up drastically," the BJP chief said.
Recruitment activities declined for the second consecutive month in June this year amid challenging economic conditions, a survey by job portal Monster.com has said.
Indian Economy poised for growth, say experts.
Around 55.7 per cent of the workers had no qualms in fudging their cost details and almost 61 per cent felt that it is fine to take printouts and photocopies in offices for personal work, says a survey by TeamLease Services.
The recovery seen in the increased economic activity till September or October is running out of steam. Labour statistics indicate a substantial slowing down of the economy in November, notes Mahesh Vyas.
The services sector growth in India rose to a 13-year high in September on sharp increase in new business amid strong demand conditions, and job numbers continued to increase as overall business mood improved, a monthly survey said on Thursday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 60.1 in August to 61 in September, signalling a sharp upturn in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Economic confidence across the globe has halved since April 2007, with the general public's fear of a worsening economic situation driving the downturn, according to a survey of about 1,000 citizens in each of 22 countries by Ipsos Mori.
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According to the BofA Merrill Lynch fund manager survey for October, investors are concerned that global economic recovery could falter, while emerging market confidence have started to rebuild.
The Economic Survey states that the rationalisation and reprioritisation of subsidies through better targeting would play a vital role in fiscal consolidation and in targeting expenditure more towards inclusive development.
