India's GDP is estimated to contract by a record 7.7 per cent during 2020-21 as the COVID-19 pandemic severely hit the key manufacturing and services segments, as per government projections released on Thursday. Amid overall decline in economic activities, some respite was provided by the agriculture sector and utility services like power and gas supply, which have been projected to post positive growth during the current fiscal ending March 2021.
Japan also reported that five of those missiles landed in its exclusive economic zone, understandably causing grave concern.
India has much to be proud of and celebrate. But there is also much that is wrong, much that looks dangerous. Employment, current account deficit, rural distress, agricultural productivity are all in deep crisis, points out Shekhar Gupta.
The fault line between the West and Russia has widened into a deep chasm and this is likely to endure in the foreseeable future. Far from forcing its way into the European tent, Russia may be reduced to the status of an even more sullen and weakened bystander on its periphery. The US appears to have won this hand with little cost to itself, observes former foreign secretary Shyam Saran.
Johnson's first visit to India as United Kingdom prime minister will begin on April 21 with a trip to Ahmedabad in Gujarat, which is Prime Minister Modi's home state.
The government has hiked gold import duty to 15 per cent from 10.75 per cent to check the current account deficit (CAD) and rising import of the yellow metal. The duty changes came into effect on June 30. Earlier, the basic customs duty on gold was 7.5 per cent, now it will be 12.5 per cent.
'Our automakers export 50 per cent of what they manufacture and once the policy comes into play, which is in the next 2-3 years, we would become a Rs 10 trillion industry.'
Biden welcomed Prime Minister Modi at the Summit and said "it is wonderful to see you again in person".
The challenge of cleaning up the taxation system and introducing the goods and services tax (GST) regime cannot be underestimated.
India's economy is expected to grow 7.5-8 per cent this fiscal year with exports playing a key role in the country's success story, CII president TV Narendran said on Monday. However, he said the country needs to remain prepared for any fallout of next wave of COVID-19 pandemic, and the impact of the ongoing Russia-Ukraine war. "We are confident that the economy can retain a high growth trajectory this year. "So, we are very optimistic on the export front. "Exports will be a key component of India's success story going forward," Narendran said.
'This is about children caring for their parents and helping them with assistance.'
Monetary policy easing in India puts it out of step with the United States, the world's largest economy, where interest rates are expected to rise later this year
'The prospects for both India and the global economy is that we are headed towards a very difficult time.' 'I see very uncertain at least 8-10 months for both India and the rest of the world.'
'The roadmap ahead seems very difficult especially in the rural areas where there is very poor infrastructure, vaccine reach and hesitancy.' 'These are a deadly cocktail for the next wave.'
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.
Economy showing mixed signals, outlook challenging: FinMin
The virtual meeting comes in the midst of some disquiet in Washington over India's position on the Ukraine crisis as well as its decision to procure discounted Russian oil.
Modi had also said recently that there is a need to administer "bitter medicine" to revive the ailing economy.
We have a government with an extremely weak economic team advising a PM who hardly pays attention to their thoughts, says Jayanta Roy.
RBI projects GDP growth in FY16 at 7.8 per cent, 30 bps higher than FY15. However, this comes with a downward bias.
Illustrious international thinkers met at the Milken Institute Global Conference 2021 and many discussions addressed the impact of the COVID-19 pandemic on the world at large.
Australia limited-overs captain Aaron Finch hopes his team can bring some joy to cricket fans in Sri Lanka amid the island nation's worst financial crisis in over seven decades.
US President Joe Biden and his Chinese counterpart Xi Jinping on Monday held their first in-person meeting in Bali, with both leaders underscoring the need to manage their differences and prevent a conflict, amid Beijing's coercive military posturing against Taiwan and in the strategic Indo-Pacific region.
The extra 1.3 billion pounds comes from the Reserve, funds the UK government said it has set aside for the most pressing emergencies.
Prime Minister Narendra Modi has accepted US President Barack Obama's invitation for a meeting in late September and the dates are being finalised.
Given the economic trends, it might make sense to allocate some savings to gold.
We have our own problems for sure and they are not trivial, but for now, our economy is in not too bad a shape, our politics is as personality-driven and authoritarian as that of most countries in the world. We must make the best of what we have and not be excessively unhappy looking at the grass on the other side of the septic tank which may not be greener after all!, observes Shreekant Sambrani.
Yashwant Sinha explains where the Modi government has gone wrong in its handling of the economy.
In the past, India strongly rejected references made to Jammu and Kashmir in a previous joint statement by Pakistan and China.
Humiliation and uncertainty are the words to describe the situation, says one of the many Twitter India staff who was handed a pink slip on Friday. That the laying off was perhaps on expected lines or that the microblogging platform itself erupted in support from 'Tweeple' or emphatic outsiders did not make things less painful, says another ex-employee. For scores of Twitter India staff, the grim reality of large scale firings -- that also coincides with the dreaded layoff winter -- is just about 'sinking in', days after popular platform was taken over by the world's richest man Elon Musk.
A yellow glow is likely to stand out amid grey geopolitical clouds in 2023, with gold price projected to touch Rs 60,000 per 10 grams in the Indian market as more investors veer towards safe-haven assets. In a year where volatility was more a norm than an exception, gold prices in the international market oscillated from a peak of $2,070 per ounce in March to a low of $1,616 per ounce in November and is steadily recovering since then, according to market experts. At the beginning of 2022, gold prices were around $1,800 an ounce.
The protests brought home the fact that the Sri Lankan public is in no mood for halfway measures, as voices against Rajapaksa 'family rule' and 'securitisation' of the civilian administration began sidestepping the more critical economic crisis, affecting the nation and afflicting the individual, observes Sri Lanka watcher N Sathiya Moorthy.
As per the findings, CEOs are less optimistic about prospects this year.
The Chinese mainland on Thursday reported 3,472 locally transmitted confirmed COVID-19 cases, besides 20,782 asymptomatic cases, according to the National Health Commission.
'When fund managers talk of being bullish for the long term, they assume strong economic growth.' 'That is what they have assumed every year, naively believing the pronouncements and promises of ministers.' 'Unfortunately, they have been wrong year after year,' observes Debashis Basu, editor, www.moneylife.in.
Climate and sustainable development financing, multilateral institution reforms, regulation of digital assets, the spillover effect on developing economies from actions of western central banks, energy and food security in the backdrop of war in Europe, and sanctions on Russia and their impact on the global economy are some of the agenda items that India will take up as President of G-20, Finance Minister Nirmala Sitharaman said on Tuesday. India will take over as President of the powerful international grouping on December 1 for a year. There will be around 200 meetings throughout the country, with the summit Heads of State meeting expected to be held in New Delhi next September.
India imported goods worth $4.23 billion in June from sanctions-hit Russia, up 6.8 times as compared to last year, as demand for shipments of crude oil grew at the fastest pace during the month. Crude oil worth $3.02 billion was imported in June, which translates into a share of 71 per cent of the total imports from Russia, commerce and industry ministry data showed. Similarly, during the April-June quarter, India's imports from Russia were valued at $9.27 billion, up 369 per cent on year.
'Unless India ups the ante, Beijing will continue to believe its transgressions are cost free and will feel encouraged to do more of the same.'
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