Experts said a dip in consumption expenditure indicated an increasing prevalence of poverty in the country.
Nearly one in six people living in England and Wales last year were born outside the country and Indians constituted the largest chunk at 1.5 per cent of residents, according to latest statistics based on the country's 2021 census data.
RBI Governor Raghuram Rajan has noted the contradiction.
The Reserve Bank on Friday retained the GDP forecast for the current financial year at 9.5 per cent and flagged global semiconductor shortages, elevated commodity prices and potential global financial market volatility as downside risks to economic growth. In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections. "The ebbing of infections, together with improving consumer confidence, has been supporting private consumption," he said, and added the pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.
Most rating agencies had projected contraction in India's GDP for the first quarter of 2020-21.
The Reserve Bank of India on Wednesday retained the economic growth projection for the current financial year at 10.5 per cent, while cautioning that the recent surge in COVID-19 infections has created uncertainty over the economic growth recovery. In its last policy review, the RBI had projected a GDP growth rate of 10.5 pc for FY'22. Taking various factors into consideration, it said, "the projection of real GDP growth for 2021-22 is retained at 10.5 per cent consisting of 26.2 per cent in Q1, 8.3 per cent in Q2, 5.4 per cent in Q3 and 6.2 per cent in Q4."
Pushed by rising prices of essential kitchen items, the retail inflation rose to an eight-month high of 7.34 per cent in September, making the RBI's task to push growth by reducing the interest rate even more difficult in coming the days. The Consumer Price Index (CPI)-based inflation was 6.69 per cent in August and 3.99 per cent in September 2019. Inflation has been hovering above 4 per cent since October 2019.
The NCEAR has indicated some improvement in the fourth quarter of the current financial year.
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
The figures show that the number of UK-born people in employment was 25 million over the three months to June, a fall of 50,000 people on a year earlier.
A back of the envelope calculation shows that India has roughly over 680 million doses of Covid-19 vaccines consisting primarily of Covishield doses.
Punjabi has been revealed as the third most spoken language in the United Kingdom after English and Polish, according to 2011 census data released by the Office of National Statistics.
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
A massive fire that ripped through a seven-storey shopping mall in Dhaka overnight killed at least 46 people and injured 22 others, the government said on Friday, in one of the worst infernos to hit Bangladesh in recent years.
India's industrial production grew by 1 per cent in December, official data showed on Friday. According to the Index of Industrial Production (IIP) data, the manufacturing sector output grew by 1.6 per cent in December 2020.
She also took a swipe at the Bharatiya Janata Party over its defeat in the just-concluded Himachal Pradesh assembly elections, saying the ruling party's president could not hold on to his home state. "Who is the Pappu now?" she asked.
Reflecting general rise in living standard, India's per capita income is estimated to grow above Rs 60,000 per annum or over Rs 5,000 per month, said the government data.
Reflecting growing prosperity, India's per capita income grew by 15.6 per cent to Rs 53,331 per annum in 2010-11, crossing the half-a-lakh rupees mark for the first time, according to government data.
Reflecting growing prosperity, India's per capita income grew by 15.6 per cent to Rs 53,331 per annum in 2010-11, crossing the half-a-lakh rupees mark for the first time, according to government data.
BSE-listed companies' market capitalisation reached Rs 197.7 trillion on January 21, against India's nominal GDP of Rs 190 trillion during 12 months ended December 2020.
The technical report of the NSSO has generated controversy following its observation that as much as 36 per cent units forming part of MCA-21 database, used in computing GDP, could not be either identifiable or traceable in the field.
The UK's death toll now makes it just one of a number of countries to have crossed the 20,000 fatalities mark, after France, Spain, Italy and the United States.
The findings of the report showed consumer spending falling for the first time in over four decades in 2017-18. The government has, however, termed it a "draft" report, reports Somesh Jha.
Germany grew by a stunning 2.2 per cent in the three months ended June, recording its fastest quarterly expansion in more than 20 years.
'When the average growth in the last three years was just 2.5%, how does that make us the fastest growing country?' 'They only tell you what has happened in the last 2 years; they are not taking into account what happened in FY21 on account of their mistakes.'
The Index of Industrial Production (IIP) grew by 1.4 per cent in November as most components like manufacturing, electricity, mining, primary goods, and consumer durables witnessed a slowdown, according to data released by the National Statistical Office (NSO) on Wednesday. This is on the base of a decline of 1.7 per cent in November 2020 and before the new Covid variant started impacting economic activity. IIP growth was lower than the 4 per cent expansion recorded in the previous month but was better than a 1.6 per cent contraction seen in November 2020. Separately, rising prices of kitchen staples pushed retail inflation, or rate of price increase, to 5.59 per cent in December 2021, bringing it close to the upper band of Reserve Bank's comfort zone.
'This encourages escapism through the politics and economics of nationalism, made worse by tribalism or nativism, the package accompanied inevitably by the erosion of institutional bulwarks and therefore State capture by powerful businessmen,' notes T N Ninan.
Concerned by GDP slowdown and unrealistic tax targets, the economists urged Finance Minister Nirmala Sitharaman to implement long-term structural steps like land and labour reforms. Warning against any off-Budget financing the economists said the government should prepare a statement of intent for its social, rural and welfare sector expenditure.
While India should be concerned about disparities, the fact is that whereas three decades ago about half the people had incomes greater than $2.15 a day, today seven out of eight do, notes T N Ninan.
The Seventh Pay Commission had decided to choose the CPI-IW as the index for adjusting inflation for central government employees.
Between April and June, 186,000 people started work in Britain, of which 145,000 were foreigners and 41,000 were British.
The Supreme Court on Wednesday refused to entertain a plea by 14 political parties led by the Congress alleging arbitrary use of central probe agencies against opposition leaders, asserting that laying down guidelines without facts of a criminal case will be "dangerous".
The most important institutions have been and are being undermined with almost no resistance, warns Aakar Patel.
'I'm talking about that predator in your house, and how one should protect one's children from him.'
But the ISI chief did not retire giving the impression that he has won General Asim Munir's trust, notes Rana Banerji who headed the Pakistan desk at RA&W.
Declining vegetable prices brought down the retail inflation to a 15-month low of 4.59 per cent in December and within the comfort zone of the Reserve Bank, government data showed on Tuesday. It is for the first time during the current fiscal that the Consumer Price Index (CPI) based inflation print is below 6 per cent or in the RBI's target range of 2 to 6 per cent. The central bank factors in the CPI-based inflation while arriving at its monetary policy. The inflation in December 2020 came down from 6.93 per cent in November, mainly on account of 10.41 per cent decline in vegetable prices over the year-ago period.
The panel finds 'discrepancy' in the Annual Survey of Industries data.
Global forecasting firm Oxford Economics on Monday revised downwards its India GDP growth forecast for 2021 to 10.2 per cent from 11.8 per cent previously, citing the country's escalating health burden, faltering vaccination rate and lack of a convincing government strategy to contain the pandemic. Oxford Economics also said that notwithstanding the likelihood of further mobility restrictions, it expects India's targeted lockdown approach, less stringent restrictions, and resilient consumer and business behaviour to mitigate the economic impact of the second wave.
The number of individuals claiming unemployment benefits declined by 32,300 to 1.59 million.
Lawyers, doctors, accountants and other professional men are also consuming above average amounts of alcohol 20 units a week according to figures from the Office of National Statistics in UK.
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