Bill Gates specifically complimented India's Aadhaar identity system and the country's performance in the financial services and pharma sectors.
'There is good indication that the economy is bouncing back, but the problem is, we should look at the eight quarters preceding March 2020.' 'The growth had fallen below 3.1% before March 2020.' 'So, the governments must realise that even if you transform the best of green shoots into banyan trees, you see only 3.1% growth.'
India's macroeconomic situation is certainly better than what it was a year ago, eminent economist Pinaki Chakraborty said on Monday, while expressing hope that the country will be back on the path of economic growth if there is no major third wave of the COVID-19 pandemic. In an interview with PTI, Chakraborty, who is the director of the National Institute of Public Finance and Policy (NIPFP), said that inflation may remain at an elevated level as there was a significant fiscal and monetary expansion in the last 18 months. "The current macroeconomic situation is certainly much better than what it was one year back. We are seeing recovery in most sectors," he said. Chakraborty noted that COVID-19 vaccination has been going on at a very fast rate in India.
Indian economy is expected to expand at 8.5-9 per cent over 10-15 year time frame once the structural issues hampering growth are addressed by the government.
The noted economist said some of the bad loans are due to a slowdown in the economy and asset restructuring companies are part of the solution.
India needs to move towards full capital account convertibility to become a leading global economy.
Among its closest neighbours, India leads in income levels or overall economic empowerment. However, it also leads in terms of income inequality, due to which the inequality-adjusted HDI suffers a bigger fall.
If Saudi Arabia, with just two Muslim holy sites of Mecca and Medina, can create a huge tourism-based ecosystem beyond oil, Ayodhya is sure to become the world's hottest religious tourism site in less than a decade, predicts R Jagannathan.
Piyush Goyal, who held the post of finance minister when Arun Jaitley was undergoing treatment, told the Confederation of Indian Industry's annual session: "All stakeholders, including the RBI, should introspect on their respective roles (on low economic growth)."
As more companies ask their employees to return to office after the pandemic, the share of women employed in regular salaried jobs in urban India decreased from 54 per cent in the first quarter to 52.8 per cent in the second quarter of the current financial year, according to the quarterly Periodic Labour Force Survey (PLFS) data. The slump in the share is the lowest in wage employment in any quarter in the last six years when the National Statistical Office started releasing the quarterly PLFS surveys in Q3 of FY19. The share of women in wage work was highest in Q1 of FY21 at 61.2 per cent.
'This is what happens to a party when it gets trapped in the vicious circle of nepotism and dynastic politics'
India must be prepared to deal with climate disasters, geopolitical confrontations, and social strife linked to global events, asserts Jayant Sinha, chairman of Parliament's Standing Committee on Finance.
'As part of our D33 strategy, the plan is to establish 30 unicorns in Dubai within the next 10 years.'
The banking sector in the country is stable, capital is available and credit offtake is poised to take off, he said at a webinar organised by Bharat Chamber of Commerce. "We are not unique to the phenomenon of uncertain growth and high inflation due to the pandemic.
India, he said, has opened up its markets and stepped up public investment including in the infrastructure space and is concentrating a lot on boosting expenditure to improve the quality of rural life
India is set for decent growth in 2015.
The Minister of State for Commerce and Industry said there was a need of for promoting trade and investment as it is necessary for economic growth and sustainable development.
This is the sixth of seven ships built under 'Project 17 Alpha' for the Navy. The first five ships of the project were launched between 2019 and 2022.
In all, 37 central banks around the world have eased monetary policy so far this year to boost growth, fight deflation or both
A smartly executed reform-recap will be the best booster for the economy, says Ajay Chhibber.
''Even without major reforms, with a business as usual scenario, and with current inflation trends, we should be clocking around 11 to 12 per cent nominal growth.' 'That is not happening and is a source of worry,' Rathin Roy tells Arup Roychoudhury.
The Budget oration of the finance minister and the confidence with which she delivered it, along with the measures and the recent upsurge in the economy would all contribute to unleashing the storied 'animal spirits' and help the economy run on the growth path quite smoothly. Or so the government hopes, notes Shreekant Sambrani.
The challenges before the coming Budget are more daunting than those in 2021, reveals A K Bhattacharya.
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The economy grew at a four year low of 4.4 per cent in the April-June quarter of current year.
Modi said that for nearly one and a half years he has been putting in place details of new schemes to give new pace to the country's development and curb poverty.
A V Rajwade wonders if the Modi sarkar is pursuing price stability at the cost of potential social instability in both rural and urban India.
'A large portion of youngsters who aspire to join the civil services are not motivated by the spirit of public service and idealism of which the civil services offer in abundance.' 'When they join the mandarin club they look for the loaves and fishes of office, rather than make a difference and wipe what Mahatma Gandhi called 'every tear from every Indian',' points out Rup Narayan Das.
Singling out India and China for the impressive growth in recent years, the Human Development Report-2003 of the United Nations Development Programme says bridging regional variations is a key challenge that confronts the two large economies.
The formula for success of farm economy is very simple -- farmers should be able to produce more from the same piece of land at reduced cost while minimising risk and be connected to market to get higher realisation for their produce, points out Siraj Chaudhry.
The real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.
As per a PMO statement, Modi told the investors that "he believes in a fair, predictable and consistent tax system
The Congress on Sunday gave a call to party leaders in poll-bound states to work with unity to ensure victory that will 'set the tone' for 2024 Lok Sabha polls even as it showed willingness to forge an alliance of 'like-minded' parties.
Growth forecast has been lowered owing to tepid growth in the first half of 2017-18, the lingering effects of demonetisation, transitory challenges of GST, and some risks to agriculture stemming from a spotty monsoon.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
India, Asia's third-largest economy, is likely to grow 5.3 per cent in 2013, the OECD said, lower than the November forecast of 5.9 per cent.
A report stated that despite initial setbacks from demonetisation and Goods and Services Tax, "all in all" the Indian economy has done well.
India and the US on Thursday said they are looking forward to the reconvening of the India-US Trade Policy Forum later this year to further enhance trade relationship and identify new areas for engagement.
The most immediate challenge for growth is the disruption of the global economy brought about by the Ukraine war and related sanctions, the Covid shutdowns in China and the rising tide of inflation, points out Nitin Desai.
'The current economic contraction is certainly due to the lockdowns as a response to the pandemic, which is an act of God.' 'Nobody has seen such a thing in the last 100 years.' 'Saying that this was an act of mismanagement is largely incorrect'
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