India needs foreign exchange buffer reserves to insulate itself from exchange rate volatility as we have "no friends" for swap lines and Japan was the only country that helped during the taper tantrum in 2013, former RBI Governor Raghuram Rajan said on Tuesday. Participating in a virtual event organised by economic think tank NCAER, Rajan said during the taper tantrum in 2013, India asked for swap lines, and only country who helped was Japan. "We need this (foreign exchange) reserve buffer to insulate ourselves because we have no friends.
According to the Ministry of Energy, the system of frequency of the national grid went down at 7:34 am local time, resulting in the breakdown.
Subbarao said the flight of dollar being witnessed following the euro zone crisis is a 'natural reaction' when there is an uncertainty.
The Government also defended the President's decision to enforce a state of emergency, that had given him sweeping authority to act in the interests of public security and preserving public order, including suspending any laws, authorising detentions and seizing property, saying it was declared after attempts were made to attack the President's Office and other public property.
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.
The Adani group will have understood the fragility of investor trust in the group. The group needs to improve transparency including in areas like share-ownership (which they have long and mistakenly believed can be side-stepped) and related-party transactions, among others, Amit Tandon and Hetal Dalal point out.
Gold as well as crude oil prices surged, with the latter even crossing the $103 per barrel mark. The domestic stock market opened deep in the negative territory, tumbling over 1,700 points and eroding investors' wealth by more than Rs 8 lakh crore in less than an hour of start of trade on Thursday.
A video is being shared on social media showing the protesters counting the currency notes that were unearthed. The recovered money was said to be handed over to the security units, the Daily Mirror newspaper reported.
China is going to be an indispensable partner in Russia's ongoing crisis with the US, while on its part, China cannot remain indifferent if Russia gets crushed by the US, lest it loses 'strategic depth', observes Ambassador M K Bhadrakumar.
Sri Lanka's embattled President Gotabaya Rajapaksa would resign on Wednesday, Parliament Speaker Mahinda Yapa Abeywardena announced late on Saturday night, hours after thousands of protesters stormed the former's official residence, blaming his government for an unprecedented economic crisis that has brought the country to its knees.
Of the eight RBI governors who have held office since the 1991 economic liberalisation, Bimal Jalan had the longest stint and S Venkitaramanan, the shortest. Current Governor Shaktikanta Das will overtake Bimal Jalan before completing his second term in December, points out Tamal Bandyopadhyay.
'Are we to believe that coordinated moves by the Canadian and US authorities are no longer taking place?', asks Ambassador M K Bhadrakumar.
Sri Lanka is facing 'a very serious crisis' that makes India naturally worried, External Affairs Minister S Jaishankar told an all-party meeting in New Delhi on Tuesday and dismissed suggestions about such a situation arising in India.
Times have changed, situations have changed, but the basic nature of superpower geo-politics remains the same and so also India's diplomacy -- call it non-alignment, strategic autonomy or neutrality; it all depends on the time scale, notes Rup Narayan Das.
The rupee has lost 32 paise, or 0.50 per cent, in five trading days
'Never expected, and never in history, not a single country has extended that kind of assistance'
Prime Minister Narendra Modi has held talks with Ukrainian President Volodymyr Zelenskyy and reiterated India's commitment for an early resolution of the conflict in Ukraine and the restoration of peace and stability in the region.
Delhi's appeasement strategy may now translate as more mega arms deals with the US, generating substantial business and job creation in the American economy. Make no mistake, Americans will use it to pressure India, predicts Ambassador M K Bhadrakumar.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
A group of protesters on Saturday entered the private residence of Sri Lankan Prime Minister Ranil Wickremesinghe and set it on fire, hours after he offered to resign to make way for an all-party government amid unprecedented protests in the country for the resignation of the government led by President Gotabaya Rajapaksa.
The conflict between Israel and Hamas-led factions has killed more than 24,000 people on the Gaza side as affected people face pathetic living conditions sans water, power, food and medical aid.
A day after killing of Hezbollah chief Hassan Nasrallah in an airstrike in Beirut, Israel conducted widespread strikes in Lebanon on Sunday, killing over 100 people. The Israeli Air Force (IAF) also launched airstrikes on military targets in Yemen, specifically targeting Houthi-controlled sites, including power plants and a seaport.
Rajapaksa said he took the best steps like trying to form an all-party government to counter the economic meltdown.
Congress hit out at Prime Minister Narendra Modi for his remarks in Canada about the "mess" left behind by others, saying they were in "poor taste" coming on foreign soil and show that he still carries the "hangover of the election campaign".
'There is lack of demand because people have no jobs, and no income.' 'Lakhs of people have lost their jobs and they have no income which has led to no demand in the market.'
During a meeting of parties convened on Sunday ahead of the Monsoon Session of Parliament, Tamil Nadu-based Dravida Munnetra Kazhagam and All India Anna Dravida Munnetra Kazhagam demanded India intervene in the neighbouring country which is facing a debilitating economic crisis.
'This prime minister thinks he knows everything.' 'He has to consult, he has to talk and he has to mobilise the best people, but having seen him function, I have no expectations from him.'
The anti-government protesters in Sri Lanka on Sunday continued to occupy the residences of President Gotabaya Rajapaksa and Prime Minister Wickremesinghe, a day after they stormed into the premises and set on fire one of the buildings protesting over the nation's severe economic crisis even as the island nation is still in the dark about the embattled President's whereabouts.
If the visit takes place, it will be the first trip by a senior Chinese leader to India after the eastern Ladakh standoff between the two countries began in May 2020.
Pakistan's deputy Prime Minister and Foreign Minister Ishaq Dar, who is in China on a four-day visit, and Chinese Foreign Minister Wang Yi co-chaired the fifth round of the foreign minister-level China-Pakistan Strategic Dialogue.
Sri Lanka, who are third in the WTC rankings behind already qualified Australia and India, will need to beat New Zealand 2-0.
Byju Raveendran, founder of educational technology (edtech) firm Byju's, has injected around Rs 4,000 crore of personal capital into the company in recent months. This move comes as the company grapples with challenges, including securing fresh capital, delays in financial reporting, and legal disputes with lenders. "Raveendran has pledged personal property to assist the company in dealing with the crisis. "He conveyed to employees that despite perceptions of being a billionaire, he has reinvested a major portion of his wealth back into the company," said a person familiar with the matter.
The finance ministry said on Tuesday that high energy and commodity prices due to the Russian invasion of Ukraine may provide an upside risk to inflation and continued vigil is required. "Going forward, elevated energy and commodity prices may act as an upside risk to the inflation outlook in the near-medium term. "Given the inherently unsustainable nature of high prices, international commodity prices are expected to level off early with an increase in supplies outside the crisis zone," the department of economic affairs said in its latest monthly economic report for February.
The inflow of cheap capital has also kept the rupee at a high level, making exports uncompetitive and broadening the current account deficit despite falling oil prices.
Neither India nor China will be badly affected by Grexit.
China's move to devalue its currency has exposed the fragility of its economy.
'...you evaluate three key factors before committing your money.'
During the briefing, Jaiswal reiterated that so far no evidence has been shared by Canada.
At least 10 persons were admitted to the National Hospital after the confrontation between protesters who have currently been staying inside the prime minister's official residence, the Colombo Post news portal reported.
