Most economists expect the global economy to weaken in the coming year amid political and financial volatility, but a large majority of over 90 per cent are confident of moderate or strong growth in South Asia, notably India, a survey showed on Friday. At the same time, the outlook for China has dimmed following signs of deflationary pressures and fragility in the country's real estate market, the World Economic Forum's latest 'Chief Economists Outlook' report said. As the world grapples with political and financial volatility, almost six in 10 believe the global economic outlook will undermine progress towards meeting the UN Sustainable Development Goals (SDGs), with 74 per cent saying geopolitical tensions will have the same effect.
While 44-year-old Sunak was at the BAPS Shri Swaminarayan Mandir in Neasden on Sunday to promise to keep trying to "make the community proud", 61-year-old Starmer chose another north London Swaminarayan Temple in Kingsbury on Friday to reiterate his commitment to building a "strategic partnership with India".
Among the metros, people in Delhi are the happiest while those in Mumbai are the least happy.
About 80 per cent of the investors in India said that the economic situation has improved, whereas around 77 per cent investors in China believe so, as per the latest quarterly ING Investor Dashboard survey.
Chief Economic Adviser K V Subramanian on Wednesday said India is expected to hit a growth rate of 6.5-7 per cent in 2022-23 and accelerate further to 8 per cent in the subsequent years on the back of reforms undertaken by the government. He also said the government is expected to meet the fiscal deficit target of 6.8 per cent in the current fiscal despite pressure on revenue collections.
They, however, remain cautious in resuming aggressive capital spending.
'Rahul Gandhi is raising the issue of a caste census though his party has been doing injustice on this front from the 1950s.'
Generative AI (GenAI) has the potential to add a cumulative $1.2-1.5 trillion to India's GDP over the next seven years, according to a report by EY. The report titled 'AIdea of India: Generative AI's potential to accelerate India's digital transformation' says that in 2029-30 alone, GenAI can contribute an additional $359-438 billion to India's GDP. The report said that around 69 per cent of the overall impact of GenAI on India's GDP is expected to be derived from sectors such as business services (including IT, legal, consulting, rental of machinery and equipment, and others), financial services, education, retail, and healthcare.
Most Indian chief executives are optimistic about the economy and believe it would improve in the coming 12 months, said a survey by consulting and auditing firm PwC on Tuesday. The company's 27th annual global survey polled 4,702 chief executive officers (CEOs) in 105 countries and territories, including 79 in India, from October 2 to November 10, 2023. As many as 86 per cent of CEOs in India - 30 per cent higher than a year ago - are confident that the economy would improve.
The budget session of the Parliament begins today.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
Rediff.com's data journalists have visualised the National Sample Survey Office (NSS 66th round, July 2009-June 2010 and 68th round, July 2011-June 2012) data into an interactive map.
Altogether eight teams comprising six members each entered Gobindpur gram panchayat area in Jagatsinghpur district and conducted socio-economic and forest land survey without police protection, a senior official said.
The Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Facing a possible slowdown in the face of a sluggish growth in developed economies, especially in the US, the Economic Survey on suggested on Thursday a series of reforms including hiking FDI in insurance and retail sector to sustain the 9 per cent rate of economic expansion.
A survey by industry body Ficci has lowered the country's economic growth forecast for 2013-14 fiscal to 5 per cent, from 6 per cent projected in July, indicating tough times ahead.
India's manufacturing sector saw a slower growth rate for the second straight month in May but stayed firmly in expansion mode with global sales increasing to the greatest extent in over 13 years, a monthly survey said on Monday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) fell from 58.8 in April to 57.5 in May, signalling a slower but substantial improvement in the health of the sector. The index had climbed to a 16-year high of 59.1 in March.
The services sector growth in India fell to a one-year low in November on softer expansions in new work intakes and output, despite receding price pressures, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Services Business Activity Index fell from 58.4 in October to a one-year low of 56.9 in November. Despite witnessing a month-on-month decline, the rate of expansion was stronger than its long-run average.
India's manufacturing sector continued with its robust performance in November, mainly on the back of substantial easing in price pressures and strengthening demand from clients, a monthly survey said on Friday. The strong performance of the manufacturing sector is expected to continue in 2024 as well. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) rose to 56 last month from the eight-month low level of 55.5 recorded in October.
Finance Minister Nirmala Sitharaman on Tuesday met IMF managing director Kristalina Georgieva and discussed a range of issues, including impact of geopolitical situation on global growth.
The Union Budget's focus on capital expenditure is expected to crowd-in private investment and push the GDP growth rate close to 7 per cent in the next financial year beginning April 1, said a Reserve Bank article on 'State of the Economy'. In 2023-24, capital expenditure is budgeted at Rs 10 lakh crore which will constitute 3.3 per cent of GDP. "We believe that India will decouple from macroeconomic projections of current vintage and also from the rest of the world.
Armed with necessary macro and micro growth drivers, India is on its way to becoming the fastest growing major economy in the world, a finance ministry report said. Rapid vaccination and teeming festivities will push India's ongoing recovery resulting in narrowing of demand-supply mismatches and greater employment opportunities, as per the monthly Economic Review prepared by the ministry.
The heightened activity level in the M&A landscape during 2018 is set to spill over to 2019 as deal fundamentals are expected to remain robust, says Mahesh Singhi.
It bounced back from the historic low of 41 recorded in the April-June quarter, during the initial days of the pandemic and lockdown.
Both across India and the four regions - north, south, east and west - it is found that the absolute prices of a vegetarian thali have decreased significantly since 2015-16 though the price has increased in 2019.
One in six gave up vacation days last year because they did not use them.
India, he said, has already taken a host of reforms in banking and other sectors and is now focussing on stepping up public investment. "Compared to other nations, even among advanced countries, I think India is relatively better placed for the simple reason that India paid a certain price last decade... we had a banking system stress which was then compounded by stress in the non-banking financial sector towards 2018," he said at Amazon Smbhav Summit.
The Survey estimated that a UBI that reduces poverty to 0.5 per cent would cost 4-5 per cent of GDP, assuming that those in the top 25 per cent income bracket are not part of the loop.
Amid rising geopolitical risks, a vast majority of Indian CEOs have indicated in a survey that they are reducing or planning to reduce operating costs, even as they are more upbeat than their global peers on their country's economic prospects. However, most of the companies do not plan to cut their headcount or salaries, found the annual Global CEO Survey released by consultancy giant PwC here on the first day of the World Economic Forum meeting on Monday. The survey also found that about four in ten CEOs (40 per cent of global and 41 per cent of India respondents) do not expect their companies to be economically viable in 10 years if they continue on their current path.
'With the community's rapid growth during the most difficult economic period our country has faced in decades, South Asians are living in severely overcrowded housing conditions, are at high-risk of displacement, and face great barriers to achieving economic growth,' notes the report.
Robots and artificial intelligence machines may find their way to the corporate board rooms in the next ten years
The Economic Survey has acknowledged the measures taken by the UPA government on the macro stabilisation front and the successes achieved in containing the current account deficit and reducing the fiscal deficit.
Rediff.com's data journalists have visualised the National Sample Survey Office (NSS 68th round, July 2011-June 2012) data into a interactive map.
Rediff.com's data journalists have broken down the National Sample Survey Office 68 round (July 2011- June 2012) report data into a state-wise listing.
The findings, released at the World Economic Forum meeting in Davos on Friday, come at a time when the global economy is going through stressful times.
The Economist Intelligence Unit survey, commissioned by Dubai Holding, found that almost 60 per cent respondents believe that capitalism is entering a new era of lower risk tolerance, higher regulation and slower growth.
'it's not just youth in India who are left behind because of their inability to find jobs; nearly two-thirds of Indian women of working ages do not participate at all in the paid labour force.'
Index measuring this at six-quarter high; however, economic & political volatility a concern.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
'The response from the government using words like malicious, deliberate, etc is diverting from the real issue.' 'The indicators related to young children such as stunting or child mortality are a reflection of the social development in the country.' 'That's how we have to look at it and not ignore the issue by denying the data.'
