It was a "bloody Monday" for Chinese stock markets as shares once again nosedived in the sharpest decline since 2007.
Attributing the growth to an upswing in consumption and investment, the World Bank has said India will continue to be the fastest growing major economy in the world.
Even as the World Bank has revised India's growth figures by 0.4 percentage points as compared to its January forecast, India remains the fastest growing major economy in the world, the World Bank officials said.
Asian Development Bank on Wednesday lowered India's economic growth forecast for FY2019 to 5.1 per cent on slowing job prospects, rural distress exacerbated by poor harvest and credit crunch. Growth in FY2020 is likely to recover thanks to this support, low oil prices, and a weakening rupee, but risks to the projections remain tilted to the downside, it said on India.
'Going ahead, I think the world trade will slow down or decline, and this will be bad for everybody.'
Three months down the line, the National Council of Applied Economic Research has revised its forecast for the gross domestic product growth rate this fiscal by 0.3 per cent to 5.83 per cent due to better prospects in industrial outlook.
The countries with positive employment outlook included India, Mexico and Turkey, as also the Gulf Cooperation Council region.
Indian CEOS are very innovative, says a PwC report.
Asia will surpass the United States as the world's largest casino gaming market in 2013 on account of the region's robust economic growth and growing people interest for gambling, says a report by PwC last week.
Moody's Investors Service on Thursday slashed India's economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high inflation. In its update to Global Macro Outlook 2022-23, Moody's said high-frequency data suggests that the growth momentum from December quarter 2021 carried through into the first four months this year. However, the rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead.
Growth forecast has been lowered owing to tepid growth in the first half of 2017-18, the lingering effects of demonetisation, transitory challenges of GST, and some risks to agriculture stemming from a spotty monsoon.
'India has benefited from lower oil prices and remains the fastest-growing large economy in the world.'
Growth in India is expected to remain strong and stable in 2015
The Asian Development Bank (ADB) on Wednesday slashed India's GDP growth forecast for FY23 to 7 per cent from the earlier estimate of 7.2 per cent mainly on account of higher inflation and a tight monetary policy. India's economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in its second supplement to Asian Development Outlook Report 2022 (ADO 2022). "However, GDP growth is revised down from ADO 2022's forecasts to 7 per cent for FY2022 (ending March 2023) and 7.2 per cent for FY2023 (ending March 2024) as price pressures are expected to adversely impact domestic consumption, and sluggish global demand and elevated oil prices will likely be a drag on net exports," ADB said.
The sweeping economic sanctions on Russia - the second largest producer of crude oil - following its invasion of Ukraine late last month can cull global and domestic growth along with the added pains of higher inflation and currency depreciation, RBI Deputy Governor Michael Patra has said. And if the war lingers on, it can even lead to deglobalisation and even a recession, he added. The ongoing war has only added a whole new dimension to the outlook, and in fact, a weighty downside, Patra said in a lecture at the industry lobby IMC on Friday evening.
Here's the full text of Prime Minister Narendra Modi's address to a joint session of the United States Congress, delivered on Thursday.
'The question is, how soon we can expect to re-attain the pre-lockdown levels of output and income.'
The revised projection comes after a 17% rise in the April-June.
The severity of the second wave of COVID-19 infections in India poses a key challenge for the FMCG industry and the spread of the virus to rural areas on a relatively higher scale as compared to the first wave is also expected to weigh on industry growth outlook, according to ITC Ltd. There is heightened uncertainty around the timing and shape of the recovery trajectory of overall economic growth in India due to the virus, the company said in its Annual Report for 2020-21. In terms of consumption, urban-led recovery may be relatively muted compared to the first wave as consumers switch to precautionary savings mode and rising healthcare costs eat into household spending, while rural demand may also be blunted by the large-scale spread of the virus to the hinterland in the second wave.
Fitch Ratings on Wednesday cut India's growth forecast to 10 per cent for the current fiscal, from 12.8 per cent estimated earlier, due to slowing recovery post second wave of COVID-19, and said rapid vaccination could support a sustainable revival in business and consumer confidence. In a report, the global rating agency said the challenges for banking sector posed by the coronavirus pandemic have increased due to a virulent second wave in the first quarter of the financial year ending March 2022 (FY22). "Fitch Ratings revised down India's real GDP for FY22 by 280bp to 10 per cent, underlining our belief that renewed restrictions have slowed recovery efforts and left banks with a moderately worse outlook for business and revenue generation in FY22," it said. Fitch believes that rapid vaccination could support a sustainable revival in business and consumer confidence; however, without it, economic recovery would remain vulnerable to further waves and lockdowns.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
High cost of acquisition due to a variety of reasons, including higher GST than all other major countries, is slowing down car demand in the country and unless the Centre and states take steps to reduce it, the industry is unlikely to experience reasonable growth, according to Maruti Suzuki India Chairman R C Bhargava. Addressing shareholders in the company's Annual Report for 2020-21, he said after the devastating second wave of the coronavirus pandemic hitting the first quarter of FY22, the performance in the next three quarters will largely depend on how effectively people get vaccinated and observe safety protocols.
'Our competitiveness with China is very important.' 'If the exchange rate depreciates, it is good for us because it helps in our competitiveness.'
India's budget for the fiscal beginning April focuses on giving a boost to the ongoing economic recovery through a sharp increase in capex spending but is short on major growth-enhancing structural reform announcements, Fitch Ratings said Wednesday. The deficit targets present in the Union budget 2022-23 by Finance Minister Nirmala Sitharaman on Tuesday "are a bit higher than our forecasts when we affirmed India's 'BBB'/Negative sovereign rating in November," said Jeremy Zook, director and primary sovereign analyst for India, Fitch Ratings. While it was widely expected that the fiscal deficit will be lower than the targeted 6.8 per cent of the GDP in the current fiscal year ending March 31, 2022, Sitharaman put the number at 6.9 per cent.
Jaishankar said the world has experienced its consequences in terms of higher costs and shortages of foodgrains and fertilizers and fuel.
A way out of the economic slump is to revisit the template of 15 years ago and follow its constituents, recommends Ajay Shah.
Indians are at the top spot for international investment, both in terms of the number of investors and the amount of expenditure
Xi does not want to risk any political or economic crisis complicating his bid to remain in office, observes Ambassador Shyam Saran, the former foreign secretary.
'...Market-linked debentures, high-value insurance, exemptions from capital gains by investment in real estate, etc.' 'So, there are a number of measures directed at collecting a fair share from higher income individuals.'
So, while it is great that India's numbers look relatively good, don't raise a cheer just yet, points out T N Ninan.
With its political colour dominated by less than democratic trends, BRICS currently leaves some of us wondering -- where in this grouping is there an assurance that human freedom will be respected unconditionally? It would be nice to see the new members of BRICS drawn from the ranks of countries wedded to preserving and guarding human freedom, observes Shyam G Menon.
The downgraded World Bank forecast follows a similar move by the International Monetary Fund, which cut its growth forecasts two months ago
IMF projected India's economic growth at 4.25% in 2013-14.
Frosty Indo-Pak relations after the beheading of Indian soldiers by Pakistani troops were on full display in Yokohama, Japan.
'China's economy continues to slow and the US Fed may still hike rates before the end of the year.'
India will also play an increasingly important role as one of the Asia-Pacific region's major economic growth engines, helping to drive Asian regional trade and investment flows.
'Yet the market didn't do all that badly because it was cushioned by domestic inflows.'
Sensex opened at 25,817 levels, 47 points down.
The economic impact of the Omicron variant of COVID-19 on emerging economies will depend on a mix of government restrictions, public comfort with social interactions, and capacity of governments and central banks to provide additional policy support to the private sector, Moody's Investors Service said on Wednesday. The emergence of the new variant poses new risks to the global economic growth and inflation outlook, as concerns mount about the variant's health risks and several countries have imposed new travel restrictions in recent days. These restrictions will likely increase over the coming weeks until scientists learn more about the variant, it said.
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