While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
India's likely medium-term potential growth will almost certainly be markedly lower than that experienced in pre-pandemic years, warns Shankar Acharya, former chief economic advisor to the Government of India.
The latest Office for National Statistics data takes the UK's figure past the 29,079 in Italy -- so far with the region's highest death toll from the deadly virus.
British Prime Minister Boris Johnson on Wednesday announced his government's decision to lift all the additional restrictions imposed to contain the spread of Omicron, including the mandatory wearing of face masks anywhere, from next Thursday after analysis showed that the new variant of Covid-19 has now most likely peaked in the country.
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.
'India is respected by both Israel and Palestine.' 'India can push the international community for the peace process.'
The Reserve Bank's growth projection for next financial year is lower than 8-8.5 per cent projected by the finance ministry in the recent Economic Survey which was tabled in Parliament on January 31. Unveiling the bi-monthly policy, RBI governor Shaktikanta Das said, "Recovery in domestic economic activity is yet to be broad-based, as private consumption and contact-intensive services remain below pre-pandemic levels."
The final Budget for the fiscal is likely to be tabled in July after formation of the new government.
Most economists were of the view that the NSSO should release the data, as any move to withhold it will dent the image of country's statistical system.
The pace of retail price rise in January 2016 is the highest since 6.46 per cent in September 2014.
The wholesale price-based inflation accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods. Low base effect also contributed to the spike in WPI inflation in May 2021. In May 2020, WPI inflation was at (-) 3.37 per cent. This is the fifth straight month of uptick seen in the wholesale price index (WPI)-based inflation. In April, 2021, WPI inflation hit double digit at 10.49 per cent. "The annual rate of inflation, based on monthly WPI, was 12.94 per cent for the month of May, 2021 (over May, 2020) as compared to (-) 3.37 per cent in May 2020.
RBI Governor Shaktikanta Das on Friday said that inflation is on a declining trajectory, as it has fallen by 170 basis points from its January 2020 peak. Retail inflation fell to four-month low of 5.91 per cent in March over the previous month, mainly due to easing food prices.
India's GDP is estimated to contract by a record 7.7 per cent during 2020-21 as the COVID-19 pandemic severely hit the key manufacturing and services segments, as per government projections released on Thursday. Amid overall decline in economic activities, some respite was provided by the agriculture sector and utility services like power and gas supply, which have been projected to post positive growth during the current fiscal ending March 2021.
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
The announcement means no fans will be allowed from Saturday at the horse racing in Goodwood as well as the Crucible Theatre for the World Snooker Championships.
Going forward, the February factory output may be impacted as several industries such as automobiles, technology, pharma and fashion have some exposure to imports of raw and intermediate materials from China.
'Already, the temperature has touched 39 degrees in some parts of Gujarat and now we are in the last week of February.' 'We need to activate the heat action plan from March 1.'
In a paper, EAC-PM accused Subramanian of "cherry-picking high-frequency indicators" to express his skepticism about the growth rates after 2011-12.
The CSO said that the first revised estimates for 2016-17 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on May 31, 2017.
Niti Aayog vice-chairman Rajiv Kumar debunked claims of jobless growth, saying how can a country grow at an average of 7 per cent without employment.
India's economy grew by 1.6 per cent in the fourth quarter of 2020-21, restricting the full-year contraction to 7.3 per cent, official data showed on Monday. The fourth quarter growth was better than the 0.5 per cent expansion in the previous October-December quarter of 2020-21. The gross domestic product (GDP) had expanded by 3 per cent in the corresponding January-March period of 2019-20, according to data released by the National Statistical Office (NSO).
Rajan, who has also served as chief economist at the International Monetary Fund (IMF), said he had no idea what statistics are pointing at currently and "a revamp" was needed "to really figure out what India's true growth rate is".
India's monthly per capita income, the measure of standard of living, is likely to be at Rs 7,378.17.
A day after masked goons entered Jawaharlal Nehru University and ran riot, injuring over 36 people with sticks, lathis and hammers, noted economist and professor C P Chandrasekhar resigned from a Narendra Modi government-appointed committee on statistics. The committee was set to hold its first meeting to review India's economic data. In his resignation letter, Professor Chandrasekhar wrote, "I regret to inform you that because of the situation in JNU where I stay, I will be unable to attend tomorrow's meeting." He was also quoted as saying, "The JNU's incident on Sunday has further undermined the faith in the system. It shows that we are now living in a different world and it's hard to work with a government in which you have lost faith."
Much of the Q3 data will simply not be available for the CSO to factor in its calculation.
It's meant to be a corporate rah-rah to encourage office bonding and bonhomie. But is it really, asks Kishore Singh.
After contracting for two quarters in a row, the Indian economy entered the positive territory with a growth of 0.4 per cent in the October-December quarter, mainly due to good performance by farm, services and construction sectors, official data showed on Friday. Trade and hotel industry registered a contraction of 7.7 per cent during the third quarter this fiscal, as the sectors continued to suffer on account of coronavirus pandemic. According to the data released by the National Statistical Office (NSO), the farm sector recorded a growth of 3.9 per cent, and the manufacturing sector output grew by 1.6 per cent in the quarter under review.
Only 48.3 per cent of the rural households used LPG, while the figures were much higher in urban areas at 86.6 per cent, according to a NSO report.
Risk aversion is currently a dominant depressant to economic recovery, points out Shankar Acharya, former chief economic advisor to the Government of India.
'When people look at Kohli, they see a boy from Delhi who is taking on the Aussies in their own backyard and aspire to be like him.' 'Players like Jadeja and Ashwin lack this quotient.'
One in five students drop out from school.
If the government cuts wasteful expenditure as it is trying now, the deficit would at most fall to 8 per cent, not less than that.
The observation was made by a bench headed by Justice UU Lalit which was hearing a plea seeking adequate infrastructure across the country for providing effective legal aid to women abused in matrimonial homes and creating shelter homes for them.
India is shining, although I will argue that it is a temporary acceptance until India once again makes a mega-successful film like RRR or another beautiful, moving, documentary like The Elephant Whisperers, notes Aseem Chhabra.
Downing Street also said that the Winter Plan will set out how people will be able to see their loved ones at Christmas, adding that ministers will be warning that this will not be a normal festive period.
Prices have continued to move up in Delhi's markets, wholesale and retail, on supply worries and spoilage due to record cold weather.
Crisil Research expects retail inflation to rise 60 basis points to 4 per cent this fiscal from 3.4 per cent in 2018-19.
N R Bhanumurthy, professor of economics at the National Institute of Public Finance and Policy, and the author of the series, presented in a report to the National Statistical Commission, explains to Abhishek Waghmare various aspects of the methodology.
Chief Justice of India (CJI) D Y Chandrachud's first 100 days in office saw the Supreme Court take a giant leap towards reforms, especially making courts more technology-friendly, and ensuring relatively fast judicial appointments including those of eight judges to the apex court.
The Indian economy appears to have slowed down in 2018-19 due to lower private consumption, tepid growth in fixed investment and muted exports, a finance ministry report has said.
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