China's GDP took the worst hit since the disastrous Cultural Revolution in 1976, plummeting by 6.8 per cent in the first quarter of 2020 as the country took unprecedented measures to fight the coronavirus pandemic that brought the world's second largest economy to a standstill. China's gross domestic product stood at 20.65 trillion yuan (USD 2.91 trillion, approx) in the first quarter of 2020 amid the Covid-19 impact, down 6.8 per cent year on year, China's National Bureau of Statistics (NBS) said on Friday.
The panel is expected to suggest various relief measures to put economy back on track as soon as possible, the sources said.
Two of Xi Jinping's chosen officials have disappeared from view, an indication of turmoil in Xi's government, months after he installed a collection of loyalist leaders in his cabinet, observes Dr Rajaram Panda.
Asserting that it will continue to engage Iran in bilateral economic activities, India on Thursday said any issue that Iran has with other parts of the world should not impede "legitimate economic interaction" of the two countries.
'US officials must grapple with the possibility that one of its closest partners attempted an extrajudicial killing on its soil.' 'This is not something that friends typically do to friends.'
Leaders at the G20 summit on Wednesday called for an immediate end to the Ukraine conflict, holding that "today's era must not be of war", a formulation that echoed Prime Minister Narendra Modi's message to Russian President Vladimir Putin in September.
After raising interest rate by a cumulative 250 basis points in 11 months, the Reserve Bank of India (RBI) on Thursday unexpectedly kept benchmark rate unchanged as global banking woes added uncertainty to the economic outlook. Five out of six members of MPC voted to remain focused on the withdrawal of accommodation to ensure inflation aligns with target while focusing on growth, RBI Governor Shaktikanta Das said on Thursday. The Monetary Policy Committee of the central bank decided to take a pause after a rate hike seen in previous six consecutive policies.
The world wants to halt climate change, but do it without affecting economic growth and consumption. This fundamental contradiction is the key theme at Davos 2020.
'Avoid going overweight on gold. But maintain a 10 per cent allocation via sovereign gold bonds,' Bajaj Capital MD Sanjiv Bajaj tells Sarbajeet K Sen.
At the meeting the Sharif said that all concerned ministries should ensure 'seamless coordination' to ensure steady supply of petrol in all parts of the country.
'Hatred increases with every killing.' 'It sets one family against another.' 'The sooner it is stopped, the better.'
RBI's projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor so low as to weaken inducement to invest, the Economic Survey said on Tuesday. However, entrenched inflation may prolong the tightening cycle and therefore, borrowing costs may stay 'higher for longer', it said. The Economic Survey 2022-23 was tabled in Parliament by Finance Minister Nirmala Sitharaman.
'The purported claim that Israel can defeat Hamas and everything 'would go back to normal' is completely absurd.'
The macro-economic situation has been brought under control: Godrej.
Dialogue and diplomacy is the only way forward for peaceful resolution of the Ukraine conflict, National Security Advisor Ajit Doval said at a conference in Jeddah on the crisis while underlining the need for upholding sovereignty and territorial integrity by all states without 'exception'.
'As long as we have such partners, Russia cannot be isolated.'
Rajan, who will be a key member of Finance Minister P Chidambaram's team, was also honorary economic adviser to Prime Minister Manmohan Singh.
Aseem Chhabra brings you the Best of the Berlinale.
Subdued demand from developed countries and blocs like the US and EU is impacting exports of key sectors including engineering, gems and jewellery and may have implications on India's exports in case the global situation does not improve in coming months. Global inflation, Russia-Ukraine war, simmering China-Taiwan crisis and supply disruptions are hurting economic growth worldwide, leading to poor demand, experts say. The world merchandise trade volume is expected to grow 3 per cent in 2022 against the earlier forecast of 4.7 per cent, mainly due to the ongoing war between Russia and Ukraine, according to the World Trade Organization forecast, released in April.
How did Greece, the country of Archimedes and Socrates and Plato and Pythagoras, come to such dire straits, asks Ajit Balakrishnan.
'You can see that in Chinese behaviour in the Yellow Sea, you can see it in their behaviour towards Taiwan, you can see it in their behaviour towards Hong Kong, you can see it on our border as well.'
The West Indies are currently lying seventh in the 10-team standings with just three points in their kitty and they can't afford any further loss to stay in the mix for a semifinal spot.
Buoyed by an increase in public investment and incentives to boost manufacturing, India's economy is expected to grow by 8.3 per cent in the fiscal year 2021-22, less than the previous projection early this year before the country was hit by the second wave of the COVID-19 pandemic, the World Bank has said in its latest report. World Bank chief economist for the South Asia Region Hans Timmer told PTI here that when one looks at the high frequency data, they see that as a result of the second wave of the COVID-19 pandemic, the recovery paused, and some indicate that the recovery actually declined briefly. "We project for this fiscal year 8.3 per cent (growth rate for Indian economy) that is less than we projected early in the year before the health crisis caused by the second wave. "Given the sharp contraction of the economy last year, it might not look like a lot, but in my view, that is actually very positive news, given the violent second wave and the severity of the health crisis," he said on Thursday.
"Any patriotic person should discuss Indian politics within India. It does not suit the leader of any party to go abroad and discuss the country's politics and criticise the country. Rahul baba, you must remember that people of the country are watching it closely," Shah said.
'The government should act proactively to instil confidence in the private investors, and also boost the purchasing power of people directly or indirectly by ensuring minimum wages.'
'...to address the serious faultlines that had got exposed during the pandemic.' 'If the economy is looking up this year, we could have been allocated an increase of at least 20%.'
India should engage the world on the basis of its confidence in its identity rather than trying to please the global community as their "pale imitation", External Affairs Minister S Jaishankar said on Wednesday amid increasing Western pressure on the country to oppose the Russian invasion of Ukraine.
History would indicate that a recession is not that far off.
"But I am not talking about any competition -- about more than them, less than them," the RSS chief added quickly.
'This incident offers ammunition to those inside the US government and elsewhere who question the wisdom of trusting India, so it will have a lasting consequence no matter how it is managed.'
India's economic growth is expected to improve to 6.3 per cent in 2016 with the country leading economic recovery in South Asia, according to a United Nations report.
'You peel one layer, then another layer, then another, but in the end, you will see that there is no onion inside.' 'This package has been packaged well, but there is nothing much inside the package!'
India has not yet condemned the Russian invasion of Ukraine and it has been maintaining that the crisis must be resolved through diplomacy and dialogue.
While India's GDP is pegged at 7.7%, China is projected to grow at 7%.
The growth in employment has lagged far behind the world economic growth last year. Experts say this situation is not politically, socially or economically sustainable.
'India will want a lot of help from the US, but it's not going to want US troops.'
A new era of Indian equity market outperformance compared to China "appears to be dawning", according to Morgan Stanley. The firm has upgraded India to overweight in its Asia Pacific-excluding Japan (APxJ) list, making it their most preferred market not only in the region but also in the global emerging market (GEM) pack. India now holds the top position in this category, with an overweight of 75 basis points, a significant increase from nil previously.
India will see a gradual growth acceleration with its GDP expected to reach 5.9 per cent this year.
Reserve Bank will have to constantly re-assess the "dynamic and fast changing situation" and tailor its actions accordingly, Governor Shaktikanta Das said during the recent meeting of the Monetary Policy Committee (MPC) which decided to maintain status quo on key interest rate. According to the minutes of the six-member MPC meet released by Reserve Bank of India (RBI) on Friday, the five other members had also expressed a similar opinion amid the ongoing Russia-Ukraine conflict's impact on the global and domestic economies. MPC, which held its meeting from April 6-8, unanimously decided to keep the borrowing costs unchanged at a record low for the 11th time in a row in a bid to continue supporting economic growth despite inflation edging higher in the aftermath of Russia-Ukraine conflict.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
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