"It would be lucky if we get 6 per cent (growth rate) this year," he said while describing the 7.1 per cent gross domestic product growth rate projection of the Research and Information System for Developing Countries as 'very optimistic'. RIS director-general Nagesh Kumar in his presentation projected an economic growth rate of 7.1 per cent for the current fiscal, even as he pitched for a fiscal stimulus of $50 billion to neutralise the impact of the global slowdown.
RJD president Lalu Prasad's daughter Rohini Acharya has strongly criticized those who accused her of donating a 'filthy kidney' to her father and challenged them to an open debate. She also urged people to donate kidneys to those in need in Lalu Prasad's name.
Lok Sabha Speaker Om Birla admitted a notice for the removal of High Court judge Justice Yashwant Varma and constituted a three-member committee to probe charges against him.
Officials aware of the procedure to appoint and remove Supreme Court and high court judges pointed out that while defending his case before lawmakers in any of the House, Justice Varma can announce that he is quitting and his verbal statement will be considered as his resignation.
The Budget should undertake further reductions in import tariffs and seriously consider an announcement of India's intention to join one or both of the two Asian mega-regional free trade agreements, suggests Shankar Acharya, former chief economic adviser to the Government of India.
February 6 or 8 likely options; development will be the main theme
President Droupadi Murmu conferred the coveted Padma awards on 68 eminent personalities, including former Chief Justice of India Jagdish Singh Khehar, dancer Shobana Chandrakumar, actor Anant Nag, and Vice Chancellor of King George's Medical University Soniya Nityanand. The awards were given in various disciplines and fields, including art, social work, public affairs, science and engineering, trade and industry, medicine, literature and education, sports, and civil service. The Padma Vibhushan was awarded to Justice (retd) Khehar for public affairs, while nine individuals received the Padma Bhushan. The Padma Shri was awarded to leading immunologist and KGMU VC Nityanand, footballer Inivalappil Mani Vijayan, singer Ashwini Bhide Deshpande, actor Ashok Laxman Saraf, mask maker Reba Kanta Mahanta, and musician Ricky Gyan Kej, among others.
Former Prime Minister Manmohan Singh's 1991 budget unshackled India's economy, significantly enhancing the economic prospects for hundreds of millions of Indians, first deputy managing director of the International Monetary Fund (IMF) Gita Gopinath said on Friday.
'We used to discuss how image-conscious Nitish Kumar was and his sophisticated conduct in public life. All this has become a thing of the past.'
The Bhasma Shankar temple in Sambhal, Uttar Pradesh, has reopened after being locked for 45 years following communal riots. The district administration has requested the Archaeological Survey of India (ASI) to conduct carbon dating of the temple, including a well on the premises. The temple is being guarded round the clock and worshippers have started visiting. The reopening of the temple has been met with gratitude from local residents, who have expressed their desire to reconnect with their heritage.
Weeks after violent clashes over a court-ordered survey of the Shahi Jama Masjid, the district administration in Sambhal, Uttar Pradesh, has launched a campaign against encroachments and illegal power theft in the area around the historic mosque. The administration began removing encroachments on Sunday morning, focusing on clearing drains outside houses and shops. The operation uncovered an illegal stockpile of domestic gas cylinders in a house, and the electricity department unearthed illegal connections in four mosques and a madrasa. The Bhasma Shankar temple, which was reopened by the district administration, has resumed regular worship.
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The first five months of 2023 have witnessed at least six major events/trends that augur badly for global economic and socio-political prospects, points out Shankar Acharya, former chief economic adviser to the Government of India.
What India needs is not costly, brand new cities but a revamping of urban institutional structures and policies.
The tide began to turn in early September with the new Reserve Bank of India governor's confident and well-considered initial policy statement on September 4.
Even if Narendra Modi comes to power, the revival of sustainable growth is far from certain.
Prime Minister Narendra Modi on Friday said both public and private sectors need to leverage synergies and think out of the box to seize opportunities arising as a result of the emerging global environment. While interacting with noted economists and experts at NITI Aayog ahead of the Union Budget, the prime minister also applauded the success of the India Digital story and the rapid adoption of fintech across the country, an official statement said. During the meeting, economists offered suggestions on ways in which India can sustain its development momentum, it added.
Macroeconomic policy aimed at short-term political gains does not augur well for a poorly performing economy.
The US economy will once again demonstrate its resilience and flexibility and grow around three per cent despite extremely fractious domestic politics over fiscal and other policies.
The two paths India could follow: one moderately positive, one relentlessly negative.
If the Greek crisis spirals into a larger European sovereign debt crisis and possible fragmentation of the eurozone, India's trade and capital flows could be hit, says Shankar Acharya.
The latest balance of payments data released by the Reserve Bank of India (RBI) last week indicate that the CAD in fiscal 2010-11 could be anywhere between 3.5 and 4.0 per cent of gross domestic product (GDP).
Indeed, although total industrial employment grew by over 6 per cent annually, organised industrial sector employment fell by 1 per cent per year, bringing the share of organised industrial sector employment down from 18 per cent (of total industrial employment) in 1998 to only 10 per cent in 2004.
Four years ago India was riding high.
The year 2011 has been an eventful one, full of surprises. Shankar Acharya, former chief economic adviser to the Government of India, jots down 10 unexpected economic and political developments in India and across the world this year, some of which changed the course of history.
Only a mix of sterilised currency intervention and capital account management can halt the rupee's rise, says Shankar Acharya.
After the presentation of the Union Budget in mid-March, the rupee has been again jittery and anaemic, dropping to an all-time low of 54.9 on May 18, raising serious concerns in both the media and Parliament.
The most important thing for India is to resurrect public health services in the country, says Shankar Acharya.
Looking back 20 years from now, the month just gone by will loom even larger in history books.
The Direct Taxes Code suffers from serious weaknesses.
The expenditure cuts are one-off, too much has been given away in tax cuts and there are few green shoots of reform.
India, says Shankar Acharya, can stay at or near the top in the ICC Test and ODI rankings for a year or two, but it's downhill thereafter.
Getting ministers from various parties in the new coalition to pull in the same direction is the real challenge.
Eminent economists, during a panel discussion on Friday warned that India's GDP is likely to grow at a lower 5.6-6.25 per cent this year but said inflation would stabilise at 6-7 per cent in the country.
The Allahabad high court on Tuesday heard both the Hindu and Muslim sides on the Gyanvapi mosque committee's appeal challenging the Varanasi district court order allowing Hindu prayers in a cellar of the mosque.
The country's demographic dividend is dissipating, with seriously adverse consequences for young India, asserts Shankar Acharya, former Chief Economic Adviser to the Government of India.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
Besides Defence Minister Singh (Lucknow), Minister of Women and Child Development Irani (Amethi), those in the fray are Minister of State for Housing and Urban Affairs Kaushal Kishor (Mohanlalganj) and Minister of State of Consumer Affairs Sadhvi Niranjan Jyoti (Fatehpur).
We have a government with an extremely weak economic team advising a PM who hardly pays attention to their thoughts, says Jayanta Roy.
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