'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.
Giving more freedom to individuals travelling abroad, they may soon be allowed to spend $2 lakh overseas in a year as against the present ceiling of $75,000.
A way out of the economic slump is to revisit the template of 15 years ago and follow its constituents, recommends Ajay Shah.
Reserve Bank Governor Shaktikanta Das on Thursday said the central bank's asset purchases, aimed at mitigating COVID-19-related liquidity stress in the system, did not dilute its balance sheet or compromise on core principles of central banking. In the wake of the pandemic, the RBI undertook several conventional and unconventional measures. "Unlike many central banks, the RBI's asset purchases did not dilute its balance sheet and hence, did not compromise on core principles of central banking," Das said while addressing an event organised by the Bombay Chamber of Commerce. These purchases were confined to risk-free sovereign (government) bonds including state government securities only, he said.
Traders said exporters were also largely missing from the market for much of the day as most of them possibly sold late last week after the central bank executive director's comments.
'When the rupee was at 65 a dollar, we wanted to go to Thailand for a holiday.' 'Now at 72, we may find Goa much more attractive.' 'That's how correction happens.' 'If you don't let that correction happen, then it's a pressure cooker that bursts one day.'
Among other stocks, IT firm Mphasis today reported a 15.30% increase in consolidated net profit at Rs 184.72 crore for the quarter ended September 30, 2015.
'The most important issue for Indians, the only way in which to get them quickly out of poverty, is sustained high growth.' 'If we are not doing that despite a strong government and a leader with clarity of vision and purpose, we are facing big trouble.'
'The hardliners in Delhi are in for a big disappointment,' predicts Ambassador M K Bhadrakumar.
Macroeconomic management is usually a lot more comfortable with lower fiscal deficits. The sooner we get there, the better for the economy, says former Chief Economic Adviser to the Government of India Shankar Acharya.
Modi's'Make in India' drive launched last September included laying out a model of "port-led" development that would support industrial growth.
The biggest lesson China can teach India is that when it comes to sustaining a love affair with investors, nothing works better than an undervalued currency and its by-product: a current-account surplus.
The earlier government was blamed for non-performance, the current one will be rightfully blamed for mismanagement
As regards India, market valuations already reflect most positives.
Corporate leaders said a stable government at the Centre will help boost infrastructure spend, address agricultural distress, and encouraging employment.
GST has been hanging fire with the Opposition Congress yet to come on board
They are paying a premium of Rs 700 - Rs 1,500 per 10 gm.
Documents accessed by Business Standard show owners of suspected Hong Kong-based shell companies are spread across the globe.
Indian exporters are said to be exporting gold jewellery with minimum value addition to get a higher gold import quota for domestic market after imports linked to exports under the 80:20 rule.
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The Reserve Bank is scheduled to unveil its first quarter review of the monetary policy on July 30.
Experts say while the increasing demand for a ban on Chinese goods might make for good optics, the reality is that India is still heavily dependent on that country in a wide range of industries like electronics, mobile devices, auto, pharma, telecom equipment, and fertilisers.
The HSBC/Markit purchasing managers index for the manufacturing industry stood at 50.1 in July, slightly more than 50.3 in June, indicating a broad stagnation of manufacturing operating conditions in India.
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.
India's manufacturing sector activity contracted for the second consecutive month in September as both output and new orders witnessed a decline, an HSBC survey said.
India needs to sustain a GDP growth rate of 8 per cent to become a five trillion dollar economy by 2025, the Economic Survey has stated.
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As per the latest data, India's CAD sharply narrowed to 1.7 per cent of the gross domestic product or $32.4 billion in 2013-14 from a record high of 4.7 per cent in FY'13.
Until Delhi and Beijing resolve outstanding border issues within an accelerated time frame, standoffs like Doklam will be repeated across various peaks along the Himalayas, says Mathew Maavak.
Jaitley said manufacturing sector will continue to face challenges unless it transitions itself while keeping the quality and price in mind.
Moody's said India's current account deficit (CAD) has narrowed significantly from 4.8 per cent in 2012 to 1.4 per cent in 2014.
His about-turn in the farm laws proves that he sees everything in just one dimension: Politics. That helps sometimes. But not always, observes T C A Srinivasa-Raghavan.
'Defence funding is channelled to State-owned research organisations where scientists are merely bureaucrats holding meetings and sending out minutes of meetings and press releases, but have long ago stopped any innovative work.' 'Unless this tragedy is fixed, India's chances to create world-conquering and job-creating new industries are slim,' says Ajit Balakrishnan.
'Our strategy should be to 'hold the line' in the north on the Sino-Indian land frontier, but maintain and, if possible, enlarge India's current edge in the maritime south.'
Observing that it is not yet clear to him what the government means by 'Atmanirbhar Bharat', Rajan said if it is about creating an environment for production, then it is a re-branding of the Make in India initiative.
The measures to reduce the current account deficit should have focused far more on narrowing the trade imbalance, principally through export facilitation and linked FDI, says Nitin Desai.
Ford dealers in India are staring at huge losses with the automaker deciding to shut production in the country with immediate effect, automobile dealers' body FADA said on Thursday. Terming the company decision as shocking, the industry body noted that the dealers have invested over Rs 2,000 crore in creating sales infrastructure while employing around 40,000 people across the country. "The auto retail fraternity is really shocked to hear another Ford India's announcement where it has said that it will shut down production with immediate effect," FADA president Vinkesh Gulati said in a statement.
Chirag Mehta, senior fund manager -- alternative investments at Quantum AMC, shares his views.
Ajit Balakrishnan offers a thinking man's guide to e-commerce controversies.
Both the government and RBI are expecting the CAD to be below $56 billion in the current fiscal compared to the record high of $88.2 billion, or 4.8 per cent of the GDP last fiscal.
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
Besides the manufacturing industry, voices in favouring the need for protectionism have also been heard from local start-ups, which at times find it tough to compete with global players that entered India with deep pockets.
