Prime Minister Narendra Modi will travel to China to attend the Shanghai Cooperation Organisation (SCO) summit, marking his first visit in over seven years. The visit signals a potential improvement in India-China relations after recent tensions.
'We need to be very vigilant as we are passing through some fraught times.'
'But this Budget alone will not fix what ails the Indian economy.'
In its latest interim Economic Assessment report released today, OECD said a moderate expansion is under way in most major advanced and emerging economies.
The US' move to raise the tariff on most Indian goods to 50 per cent could drag India's GDP growth for FY26 by 35 to 60 basis points, according to various economists. One basis point (bp) is equal to 0.01 per cent.
However, under several external factors -- such as technological disruption or advancement, regulatory or policy changes, or economic shocks -- the gig workforce may grow only to 32.5 million by 2047, a report points out.
The Indian economy, severely hit by the coronavirus pandemic, is projected to contract by a massive 10.3 per cent this year, the International Monetary Fund said on Tuesday. However, India is likely to bounce back with an impressive 8.8 per cent growth rate in 2021, thus regaining the position of the fastest growing emerging economy, surpassing China's projected growth rate of 8.2 per cent, the IMF said in its latest 'World Economic Outlook' report.
Foreign investors offloaded Indian equities worth nearly Rs 21,000 crore in the first half of August, pressured by US-India trade tensions, lacklustre first-quarter corporate earnings, and a weakening rupee.
'Many global investors have been overweight on dollar assets, so some diversification or hedging is naturally expected.'
'If Washington has to balance Chinese power, she will have to turn to the third biggest power in the world which is India.' 'The United States and India will have to work together in order to keep Chinese ambitions in check.'
Mihir S Sharma outlines why this year's Union Budget does not respond to the needs of India's economy, or attempt to frame the economy's future.
Commerce and Industry Minister Piyush Goyal on Tuesday expressed hope that India will conclude the proposed bilateral trade agreement (BTA) with the US by the fall or November this year. He said that "a little bit" of geopolitical issues overtook the trade matters in the negotiations for the pact between the two countries.
India would neither succumb to the Americans on issues of national security, such as its defence ties with Russia, nor cede ground on its domestic interests in the agriculture and dairy sectors.
'America is adopting the typical 'my way or the highway'/'Either you are with us or against us' stance.' 'This is a policy India is not going to accept.'
If India caves in to US pressure as Trump hopes it will, he will further try to blackmail it into submission, points out Ramesh Menon.
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