The Bank suggested reforms in infrastructure sector.
India's services sector activities touched the highest mark since April 2011 amid ongoing improvements in demand conditions, even as cost pressures in the service economy remained stubbornly high, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 58.9 in May to 59.2 in June -- its highest mark since April 2011. For the eleventh straight month, the services sector witnessed an expansion in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
While overall employment rose from 456 mn to 463 mn between FY11 and FY15, with farm employment falling by 26 mn over the same period, the net addition to employment over the entire four year period was a mere 7 mn.
Moody's Investors Service on Friday said India's economy is expected to contract for the first time in more than four decades saying economic damage owing to the coronavirus-induced lockdown will be significant with lower consumption and sluggish business activity. Even before the coronavirus outbreak, Indian economy already was growing at its slowest pace in six years and with the stimulus measures announced by the government falling short of expectations, the disruptions are likely to be greater. "We now expect India's growth to register a real GDP contraction for the fiscal year ending in March 2021 (fiscal 2020-21), from our earlier projection of zero growth," it said in a research note.
Noting that India has 'limitless possibilities and countless opportunities', Modi urged the BRICS business leaders to take advantage of them.
'India seems to be on a relatively better wicket compared to other emerging markets.'
India's inclusion in JP Morgan's bond index can channel billions of dollars into India. How will the government securities market handle it?
'Investors should reduce cash gradually and look for value investing.'
Across top 20 management campuses, the average salary offered this year is about 22 per cent more than what was offered last year said a report prepared by MBAUniverse.com. Among the institutes surveyed, IIM-A saw the biggest salary hike of 30 per cent, while Indian School of Business (ISB) witnessed a jump of about 19 per cent. The average domestic salary of the IIM-A graduates stood at Rs 18.75 lakh per annum. Banking and financial services were the biggest recruiters.
The middle class's long push to force the state to retreat from the economy may be reversing, says Ajit Balakrishnan.
Raghuram Rajan optimistic about passage of GST
Unveiling the economic agenda of the new government, President A P J Abdul Kalam on Monday promised massive public investments in agriculture and industry, encouraging foreign direct investment
The long-term growth perspective or potential for India is one of the highest in the Asia Pacific region.
Trade between India and Indonesia stands at $20 billion.
'Earlier-than-expected tapering from the US, followed by rate hikes, and locally, a potential third wave, which mimics the second wave in terms of severity.'
The government on Tuesday announced Rs 900-crore allocation in the Budget for the newly set up Ministry of Cooperation for the 2022-23 fiscal, besides slashing Alternate Minimum Tax (AMT) on cooperative societies to 15 per cent and surcharge to 7 per cent, which nodal minister Amit Shah hailed saying it will boost the sector. Of the total allocation for the next fiscal, a significant amount of Rs 350 crore has been provided for digitisation of Primary Agriculture Cooperative Societies (PACs), while Rs 274 crore for an umbrella scheme 'Prosperity through Cooperatives' which would have a number of sub-components with the aim of all-round development of cooperatives in the country. For the first time, a separate budget of Rs 11 crore has been provided to Vaikunth Mehta National Institute of Cooperative Management (VAMNICON).
'China is in a good position to defuse financial risks.'
The prime minister said humanity is facing its most serious crisis in many decades and that NAM can help promote global solidarity as it has often been the world's moral voice.
Technology has and will continue to fundamentally reshape the world, says World Bank president Jim Kim.
The rupee, which has appreciated nine per cent this year, much to the chagrin of exporters, is likely to become stable around Rs 40 a dollar mark, the Institute of Economic Growth has said.
'US officials must grapple with the possibility that one of its closest partners attempted an extrajudicial killing on its soil.' 'This is not something that friends typically do to friends.'
Interestingly, communications, which accounts for only 2 per cent of spending today, will be one of the fastest expanding categories with growth of over 13 per cent a year.
'The BJP's real weapons are Hindutva, organisation and finance.'
'The new government will have to contend with slowing economic growth, weak private investment, anaemic exports and vulnerable external imbalances, a stressed financial system, mounting fiscal pressures (including high government debt-to-GDP ratios) and an exceptionally bad employment situation,' says Shankar Acharya, former chief economic adviser to the Government of India.
Bhavish Aggarwal, the founder of ride-hailing firm Ola who disrupted the electric scooters market in the country, is planning to launch an electric sports car in 2024. The plan will put it in competition with Indian players, such as the Tata group and Mahindra & Mahindra, and global giants like Tesla and Hyundai. Aggarwal, recently, took a group of reporters to the firm's design studio at the Ola campus in Bengaluru where his teams are working on several EVs, including scooters, motorcycles, sedans, and SUVs - and even robotaxis.
India's military spending of USD 76.6 billion ranked third highest in the world.
The optimism in global markets could help India as the rebound in GDP is expected to continue and get more broad-based.
NTPC was the biggest loser in the Sensex pack, tumbling 2.25 per cent, followed by Tata Motors, Bharti Airtel, PowerGrid, HDFC, Reliance Industries, Hero MotoCorp and M&M that shed up to 1.85 per cent.
IMF, which has also lowered its global economic growth forecast for 2016 and 2017 by a marginal 0.1 per cent to 3.1 and 3.4 per cent respectively, recommended six 'reform priorities' for India
'Concerns about India's future are hampering private investment.' 'If the private sector sees strategy, teams and execution on these issues, this will inspire confidence in India.' 'This should be our main strategy for 2017,' says Ajay Shah.
After helping the government in policymaking since October 2014, Chief Economic Adviser Arvind Subramanian is returning to academics and will be teaching at Harvard Kennedy School on a visiting position. In an interview to Dilasha Seth and Somesh Jha, he says the ease of doing business agenda needs to move forward and India must try to integrate with the global value chains. Edited excerpts.
This is a terrible situation for a growing economy to be in, and the central bank would be expected to act to correct the situation.
Mahindra & Mahindra chairman emeritus Keshub Mahindra passed away this morning in Mumbai due to old age. Mahindra, 99, breathed his last this morning at home peacefully, said a person close to the family. After joining the company in 1947, he became the chairman in 1963.
Together, they controlled nearly Rs 26 lakh crore of assets at the end of FY16.
At the summit, India signed the SCO's memorandum of obligations, kick-starting the process of its accession into the group as a full member.
'So you have welfare programmes, you reach out to the poor, you cut out the middlemen, you cut out the leakages and you try to raise the standard of living.'
Ratings agency Moody's on Tuesday affirmed India's sovereign rating and upgraded the country's outlook to 'stable' from 'negative', citing receding downside risks to the economy and financial system.
Institute of Economic Growth has warned that rising foreign exchange demand and global interest rates may weaken the rupee and slow down forex accumulation, which is expected to touch $106 billion by March.
India's economy grew at a two-year high of 5.7 per cent in the first quarter of this financial year, after a below-five per cent growth in 2012-13 and 2013-14.
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