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 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".
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 economy contracted by 1.5 per cent between October and December, more than the quarterly declines seen during the recession in the 1990s. The last quarter decline came on top of a 0.6 per cent slump in the third quarter of 2008. Two or more consecutive quarters of contraction are regarded as a recession.
Going by the latest data, the unemployment rate rose by 0.1 per cent to 7.9 per cent for the three months to April.
According to British Office for National Statistics, women in their forties were the biggest losers in the pay divide as they earned an average of 20 per cent less than the men. The findings revealed that female managers were likely to experience an even wider salary gap. Even as women start with earning roughly the same as men the pay divide widens with age after women interrupt their career to have children. Pay gap increases in line with the number of children a woman has.
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.
Earlier, the CSO in its advance estimate had pegged the GDP growth rate for 2018-19 at 7.2 per cent.
Jaguar's plan to cut 300 more jobs at its Halewood plant comes at a time when unemployment numbers in the UK have risen to record levels, at 2.38 million.
The Bill states a worker will be paid twice his or her wage if he or she is allowed to work overtime. A majority of workers in India worked more than 48 hours in a week, which is higher than the International Labour Organisation's prescribed time-limit.
'I'm talking about that predator in your house, and how one should protect one's children from him.'
India's factory output climbed 22.4 per cent in March, benefiting from the base effect of the lockdown-marred month a year back as well as a turnaround in the manufacturing sector, while retail inflation slipped to a three-month low of 4.29 per cent in April. The high positive annual growth in the index of industrial production (IIP) in March 2021 came on back of a contraction of (-)0.9 per cent and (-)3.4 per cent in January and February 2021 respectively, according to the data released by the National Statistical Office (NSO) on Wednesday. This turnaround was led by recovery in the mining, manufacturing and electricity sectors.
It is high time to rethink the entire recruitment process for the civil services, the Department-related Parliamentary Standing Committee on Personnel, Public Grievances, Law and Justice opined in its latest report.
During the six-month period (April-September 2019), the Indian economy grew 4.8 per cent as against 7.5 per cent in the same period a year ago.
This time there has been a rather peculiar criticism of the latest GDP numbers.
Days after the Supreme Court held as "illegal" the extension of ED Director Sanjay Kumar Mishra's tenure, the Centre on Wednesday moved the apex court seeking modification of its order to allow him to continue in office till October 15 in view of the ongoing FATF review.
There should have been a focus on sanitation and not on littering or garbage. Absence of sanitation affects the health of children, explains Aakar Patel.
Beside manufacturing, deceleration was also witnessed in sectors like agriculture, construction and electricity, gas and water supply.
To enable widen the fiscal deficit beyond the permissible limit under the present legislation, the government may have to propose amendment to the FRBM Act in the Finance Bill.
Most of the economic activity in the country had come to a standstill after the government imposed a 21-day nationwide lockdown beginning March 25 to check the spread of coronavirus.
India's GDP estimates for 2020-21 show that the economy is expected to perform much better than earlier projections by different agencies, indicating a sustained V-shape post-lockdown recovery, experts said. The first Advance Estimates (AE) by the National Statistics Office (NSO) has projected a contraction of 7.7 per cent in the real GDP during 2020-21. This was better than the projections by certain international agencies like the IMF and World Bank.
India's industrial production contracted by 3.6 per cent in February, official data showed on Monday. According to the Index of Industrial Production (IIP) data released by the National Statistical Office (NSO), manufacturing sector output declined by 3.7 per cent in February 2021. Retail inflation rose to 5.52 per cent in March, mainly on account of higher food prices, government data showed on Monday. The consumer price index (CPI) based retail inflation stood at 5.03 per cent in February.
Softening inflation, Das said would make available more policy space to the central bank to address risks to the growth going forward.
However, the government has enacted an important change to the fixed-term employment framework that may help companies in handing out contractual jobs to its existing permanent workforce.
Expect a more modest out-turn of around 5 per cent (if not less) because of the longer-term scarring effects of the Covid shock, the sharply slowing growth in the pre-Covid years and some scepticism about the growth-efficacy of some of recent official policy initiatives, explains Shankar Acharya, former chief economic advisor to the government.
The substantially increased economic dualism may exert lasting negative influences which could include a reduced potential for economic growth; the persistence of a very weak employment and poverty situation; rising social and political discord; and heightened vulnerability to geopolitical challenges, cautions Shankar Acharya, former chief economic adviser 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.
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. The gross domestic product (GDP) had contracted by a record 23.9 per cent in the first quarter of the 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.
The pace of retail price rise in January 2016 is the highest since 6.46 per cent in September 2014.
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.
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.
Constituencies that are going to the polls in the first phase, slated for April 19, have just 19 days for campaigning. Contrast that with those going to polls in the 7th phase, notes N Sathiya Moorthy.
The final Budget for the fiscal is likely to be tabled in July after formation of the new government.
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 common man in India is bogged down by corruption and there is a need to fix accountability at all levels, the Supreme Court observed on Friday as it dealt with a petition seeking debarment of those against whom charges have been framed in criminal cases from contesting elections.
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.
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.
Reserve Bank of India Deputy Governor Viral Acharya is the eighth economist to quit since the Modi government took office.
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.
