Indices reversed all its losses during late trades.
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
India has been relatively insulated from the severe headwinds in the West. However, with a third of the global economy expected to slip into recession in calendar year 2023, the impact will strongly be felt on India's exports and trade economy, leading economists said in a panel discussion at the Business Standard BFSI Insight Summit in Mumbai on Wednesday. The panel comprised former Reserve Bank of India executive director and former Monetary Policy Committee member Mridul Saggar, State Bank of India Chief Economic Advisor Soumya Kanti Ghosh, Citibank India Chief Economist Samiran Chakraborty, ICRA Chief Economist Aditi Nayar, and IndusInd Bank Chief Economist Gaurav Kapoor. The topic of the panel discussion was No recession in sight: Is India decoupled from developed economies?
Pakistan Prime Minister Imran Khan on Friday launched the country's first-ever national security policy, which articulates a citizen-centric framework, placing economic security at its core unlike the previous one-dimensional security policy where the focus was on the military.
Manmohan Singh and Musharraf felt that what they were embarking upon, if successful, could lead to a future of boundless potential for the two countries and for the relationship that was hard to foresee from the prism of the existing situation and the historical position and orthodox ideas on both sides.
In a volte-face, Pakistan's cabinet on Thursday rejected the proposal of a high-powered committee to import cotton and sugar from India, with Foreign Minister Shah Mahmood Qureshi asserting that there can be no normalisation of ties until New Delhi reverses its decision to revoke the special status of Jammu and Kashmir.
Why did the company zero in on RBL Bank to understand the business of banking? While the M&M investors heaved a sigh of relief, one gentleman must have been all smiles after this, RBL Bank MD and CEO R Subramaniakumar, notes Tamal Bandyopadhyay.
In his opening remarks at the virtual summit of the Shanghai Cooperation Organisation (SCO), Modi also said that some countries use cross-border terrorism as an instrument of their policy and the grouping must not hesitate to criticise them.
That is bad news for officials taking part in discussions at the International Monetary Fund and World Bank meetings this week.
Never before has the need for creating an ambience for economic policy reforms been as critical as it is now, points out A K Bhattacharya.
A genuine attempt was made to reset relations in a positive way, signalling a stepping back from the brink of conflict, much to the relief of the world, observes Ambassador T P Sreenivasan.
India and China on Monday released the first encyclopedia on their age-old cultural contacts, tracing back their history to over 2,000 years, starting from the visit of Chinese scholar Huen Tsang to India in the 7th century to bring Buddhist scriptures to China.
Minister for External Affairs Salman Khurshid speaks about the importance of the fourth edition of the India-US Strategic Dialogue, which he co-chaired with United States Secretary of State John Kerry in New Delhi
Neither Biden nor his successors can any longer ignore the threat China has come to pose to the US in both economic and military fields, observes Virendra Kapoor.
Leading economists have pencilled in a high 13-15.7 per cent uptick in the economy in the first quarter of 2022-23 with an upward bias. Soumya Kanti Ghosh, the group chief economic adviser at State Bank of India, on Tuesday said he expects the GDP to clip past 15.7 per cent in the first quarter with more chances of the final numbers printing in higher, while Aditi Nayar, the chief economist at the rating agency Icra, said the economy will grow much lower at 13 per cent in the June quarter. The national statistical office will announce the first quarter GDP numbers later next week.
RBI Governor Shaktikanta Das said that early containment of the pandemic could impart an "upside" to the economic growth outlook.
The Central Consumer Protection Authority (CCPA) on Wednesday said it has imposed a penalty of Rs 1 lakh on e-commerce firm Flipkart for allowing sale of substandard domestic pressure cookers on its platform, in violation of mandatory standards. Headed by Chief Commissioner Nidhi Khare, the CCPA has directed Flipkart to recall all such 598 pressure cookers sold on its platform, reimburse their buyers, and submit a compliance report within 45 days. The central government routinely notifies the Quality Control Orders (QCOs), specifying compulsory conformity to a standard and use of the standard mark for a product to protect consumers from the risk of suffering injury and harm and in the interest of the public at large.
'President Obama will make a historic visit to India in January, becoming the first US head of State to attend India's Republic Day and the only sitting US president to visit India twice.' 'There's little doubt the relationship has been re-energised, with renewed enthusiasm to take our partnership to the next level.'
The government further defended its move to introduce fixed-term employment, insisting that the present system of hiring workers through contractors is exploitative.
In what is seen as the first sign of China's exasperation over Russia's Ukraine war, Chinese President Xi Jinping on Thursday raised 'questions and concerns' over the conflict in his meeting in Samarkand with Russian President Vladimir Putin who thanked Beijing for its 'balanced position' on the crisis.
China is in no hurry to disengage at the border and the region and international community is moving on. The spectre of a long haul in Ladakh haunts India, points out Ambassador M K Bhadrakumar.
Pakistan will buy sugar and cotton from India, newly appointed Finance Minister Hammad Azhar announced on Wednesday, lifting a ban on their import from the neighbouring country imposed in the wake of heightened tension over Kashmir in 2019. The decision was taken at the meeting of the economic coordination committee (ECC), which was chaired by Finance Minister Azhar.
Pakistan Muslim League-Nawaz (PML-N) president Sharif, 70, and Pakistan Tehreek-i-Insaf (PTI) vice-chairman and former foreign minister Shah Mahmood Qureshi on Sunday filed their nomination papers for the post.
The new law permits for the first time Chinese security agencies to open their establishments and operate in Hong Kong.
The Trump administration has a "very positive view" of the Indo-US relationship and a lot of interest in taking the ties forward, Foreign Secretary S Jaishankar said on Saturday after his wide-ranging talks with senior Cabinet members and top officials in Washington.
The move came hours after Khan was removed from office through a no-confidence vote held early Sunday morning, becoming the first premier in the country's history to be sent home after losing the trust of the House.
The government's predicament is a result of its own doing: That of not ensuring adequate buy-in by the stakeholders before passage of the laws, notes Vivek Gumaste.
Pakistan Prime Minister Imran Khan announced on Monday that his government will allow India to send a humanitarian shipment of 50,000 metric tonnes of wheat to neighbouring Afghanistan through its territory after finalisation of the transit modalities.
Two skyscrapers were decimated the day 2,996 died, one and a half decades ago. George Joseph profiles the monument that has replaced them.
India, Taiwan and countries with large numbers of Tibetans, Uyghurs and overseas Chinese will be prominent among those that witness elevated United Front activity, notes Jayadeva Ranade, the distinguished China expert and retired RAW officer.
The Centre's retreat from the farm laws is likely to have a significant bearing on the fate of laws that the Centre has made, for instance, in labour and electricity, predicts A K Bhattacharya.
Finance Minister Arun Jaitley said it has been decided to fix the minimum wages at Rs 350 per day for unskilled non-agricultural workers for 'C' category areas keeping in view the modalities of fixing minimum wages.
So far, almost every positive development in terms of the bilateral ties has been overtaken by innate hostility that is often driven by popular sentiments.
'A lack of strategic trust and the 'persistent security dilemma' prevails between India and China,' points out Dr Rup Narayan Das.
The main factor boosting production was a sustained rise in new work inflows.
The unions term the introduction of fixed-term employment as a 'modern labour slavery system' introduced through the 'back door'.
Barry Eichengreen, professor of economics and political science, University of California, Berkeley, analyzes the transparency of the Reserve Bank of India, the growth rate of the Indian economy and why he feels globalisation can never be rolled back.
The Confederation of Indian Industry, Organising Committee of Commonwealth Games 2010 and Indo-Canada Chamber of Commerce entered into an agreement to boost business ties between India and Canada.
External Affairs Minister S Jaishankar said if 'you look at the totality of our ties and we will look at where we have strong economic synergies, where we have strong technology promptings, these are really based on the flow of talent.'
Both leaders also exchanged views on the situations in South Asia, an official Chinese statement said about the meeting between Xi and Khan.
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