The income inequality gap was found to be highest in South Africa and lowest in Denmark.
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
Asserting that the self reliant India programme will help revive the global economy, Prime Minister Narendra Modi on Thursday told global business community that his government aims to transform the country through access, inclusion and empowerment while also ensuring complete data security. Addressing the World Economic Forum's online Davos Agenda Summit, where he also interacted with global business leaders, Modi also said India offers a predictable and friendly environment from tax regime to FDI norms. He said Aatmanirbhar Bharat movement is committed to global good and global supply chain while the country's digital profile has been completely transformed.
"India is a welfare state and, therefore, we cannot allow either extreme poverty or inequality," he said.
Ballooning fiscal deficit can derail India's growth momentum
'They want (the ownership and management of PSU banks) to pass into the hands of a private sector entity.' 'Ownership of these banks will go from the public sector to private sector.'
If Chinese growth starts falling, sharply or otherwise, the risk on trade might reverse.
The job placement rate for students trained by NIIT in China is over 90 per cent.' A revealing excerpt from Saibal Dasgupta's Running With The Dragon: How India Should Do Business With China.
With the disruption caused by the second wave of Covid-19 pandemic, the 'fear of unknown' is looming over the government's privatisation drive. Although there is a lot of uncertainty and unpredictability on how things will unfold, the government is hopeful of completing the transactions listed in the Budget with a delay of one to two months, said a top government official. However, "there are many unknown factors now, and we do not know whether there could be a third wave. But we are trying to carry on with our work", the official said." Since there is a lot of uncertainty, the estimates will have to be revised as rating agencies are revising their outlook for growth.
The cost of not vaccinating the entire population quickly will be far higher than bearing the entire cost of vaccination, points out Prosenjit Datta.
A significant 71 per cent of India's CEOs are very confident of their companies' growth in the next 12 months, a 7-point increase over last year's and 33 points above this year's global average (38 per cent).
In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, the corporate leaders highlighted several issues, including certain income tax matters which were coming in the way of mergers and acquisitions or slowing them down and roles that need to be played by state businesses to prosper at the ground level.
The Biden administration should expect continuity in Iran's policies under Raisi. This may not necessarily mean that strengthening of ties with the West will be Raisi's top priority, observes Ambassador M K Bhadrakumar.
Investment in market leaders with a safety-first approach could yield reasonable returns across sectors.
The draft environment impact assessment (EIA) notification, 2020, which involves the procedure of issuing environmental clearances to various projects, was issued by the Environment Ministry in March this year and has received thousands of suggestions from the public.
Most rich and upper-middle class Indians are greatly under-taxed. Worse, the government annually writes off over Rs 5 lakh crores through exemptions. This practice must be ended if the growth-development disconnect is to be abolished, says Praful Bidwai.
The debate on whether economic reforms and accelerated economic growth have led to faster reduction in poverty levels and employment growth continues to generate disagreement.
The US Fed on May 24 hinted at withdrawing its third round of quantitative easing, or bond buying programme, worth $85 billion each month, which began in the wake of the worst credit crisis in September 2008.
Harsh Roongta, Mahesh Padmanabhan, Anil Rego answer the most sought after questions on Budget Day.
The rupee's plunging to record level and a sharp fall in the equity market are knee-jerk investor reactions to the US Federal Reserve's saying the it will slow down bond-buying programme in view of improving American economy.
"I am certain that now that the growth is returning back to the world, the future holds an important direction as far as India is concerned. The sheer size of the country and economy would offer huge opportunity for investment in India in the next few years," the finance minister said in Washington, DC.
'Under Doval, foreign powers traditionally suspicious of India were wooed.' 'Enemies were embraced.'
The Indian economy is expected to return to the pre-crisis growth trajectory of about 9 per cent in a couple of years.
Is it because of the failure to deliver serious institutional reform or that, at the end of the day, we are like that only, asks T N Ninan.
Fed is still concerned about weak export growth.
For 2015-16, IMF pegged India's growth rate at 7.5 per cent.
The finance ministry on Wednesday said the government will borrow Rs 4.34 lakh crore in the second half of the current fiscal to meet its expenditure requirement amid COVID-19 crisis afflicting the country's economy.
As the central bank continues to increase forex reserves by running down the forward book which totalled $42 billion as of end-July, signalling its strong resolve to build a bigger reserve cushion to aid its expansionary, unorthodox monetary policy, the reserves are set to top the $655-billion-mark by March, according to a report. The forex kitty declined by $2.10 billion to $619.36 billion for the week to August 13 due to a fall in the core currency assets and gold, showed the latest RBI data. The reserves had risen to a lifetime high of $621.46 billion in the previous reporting week ending August 6.
The award committee recognised his contribution to the growth of Indian and global economies, crediting 'Modinomics' for reducing social and economic disparity between the rich and the poor.
High economic growth rates have failed to improve food security in India leaving the country facing a crisis in its rural economy, the United Nations World Food Programme warned.
Enabling labour to become more globally mobile can produce higher remittances with powerful 'brain gain' dividends.
'We forecast real GDP growth to moderate to 6.7 per cent in the year ending March 2018.' 'However, as disruption fades, we expect to see a rebound in real GDP growth to 7.5 per cent in the next fiscal year.'
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
Ahead of India's annual budget presentation next week, IMF's chief economist Gita Gopinath has favoured the extension of the pandemic support measures, thrust on investment in infrastructure and expanding health sectors programmes like Ayushman Bharat, and a very credible divestment path for commercially viable companies. The Indian government has provided a lot of schemes for small and medium enterprises, most of which is in the form of liquidity support, Gopinath told PTI on Tuesday. "And you want to revisit it and see how effectively that is working and see whether additional support may need to be provided," she said while responding to a question on her recommendations to Finance Minister Nirmala Sitharaman, ahead of her presentation of the annual Union Budget on February 1. It would be a good time for banks and Non-Banking Financial Companies (NBFCs) to raise capital given the attractiveness of financing conditions at this point, she said.
11th-hour debt restructuring programme offered no concessions to creditors
Bangladesh might overtake India this year by per capita income in nominal dollars, but it is not yet close to becoming South Asia's economic powerhouse anytime soon, T N Ninan points out.
'Modiji's programmes are efficient and with foresight, and needed for the country.' 'I also like his way of functioning. So, in whatever way I can, I would like to contribute.'
'Anyone can string together a few alliterative words, but are they a substitute for serious thought?' 'And do they make for a strategy or plan for coherent action?' asks T N Ninan.
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