Citing faster-than-expected recovery, rising consumer confidence and the resultant spending spike, Swiss brokerage UBS Securities has revised upwards its growth forecast for the current fiscal to 9.5 per cent from 8.9 per cent in September. The brokerage also sees the economy clipping at 7.7 per cent in FY23 but moderating to 6 per cent in FY24, as it expects the benefit of the low-interest rate regime to end by the end of FY23, and it sees the central bank hiking policy rates by 50 bps in the second half of the next fiscal. The Reserve Bank also forecasts 9.5 per cent GDP growth this fiscal while the average projection ranges from 8.5 to 10 per cent.
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Pay cuts for employees with fixed compensation of up to Rs 8 lakh have been reversed from August 1, while the rest will see restoration in a phased manner from October 2020.
Chief Economic Advisor (CEA) K V Subramanian will be leaving the finance ministry and returning to academia on completion of his three-year term. The government had appointed Subramanian, an ISB Hyderabad professor, as the CEA in December 2018. He had succeeded Arvind Subramanian, who quit the position close to a year ahead of his extended tenure. Subramanian's three-year term would have come up for renewal in December but he decided to return to academia.
More people seemed to be returning to their workplaces towards the end of the year, even as railway and electricity numbers disappointed. Most other indicators held on to their gains.
'What the RBI is doing is trying to catch the mouse when they have to catch the tiger.'
Thousands of farmers, especially from Punjab and Haryana, have been camping at various border of Delhi for almost four weeks now as formal talks between the government and representatives of farmers' unions remained deadlocked with protesting peasants refusing to accept anything less than a repeal of the newly enacted laws.
Bir Singh Yadav, from Bahlolpur village in Noida, enacted the "symbolic suicide" at the Dalit Prerna Sthal where he has been camping along with scores of protestors belonging to the Bharatiya Kisan Union (Lok Shakti).
Projections suggest online food delivery market should grow to $22 billion by 2025.
In a gross violation of a Supreme Court order, people in several cities burst firecrackers until at least midnight, two hours after the 10 pm deadline. Loud bangs rent the air in New Delhi.
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The findings of the report showed consumer spending falling for the first time in over four decades in 2017-18.
This is the highest number of cases since December 13 when 1,984 people tested positive for the virus, according to official data.
For eight days in a row, the active cases of COVID-19 remained below 9 lakh.
Plasma is separated from the blood of donors using a plasmapheresis machine. ILBS has 10 of these machines at present, and two more are expected to arrive soon, the senior doctor at ILBS said.
India has the lowest labour force participation rate in South Asia and one of the lowest in the world, points out Aakar Patel.
The International Olympic Committee (IOC) last year suspended AIBA, the International Boxing Association, over issues surrounding its finances and governance and took over the boxing competition and qualification for the 2020 Olympics.
The nation recorded a spike of 80,472 new cases and 1,179 deaths reported in the last 24 hours.
'Only then will we withdraw the agitation.'
What some of us think are strong, bold and firm decisions are cruel, harsh and unwanted for others. This is what we need to consider when we look at what has happened with the farm laws, asserts Aakar Patel.
Food delivery platform Zomato's initial public offering was oversubscribed on the opening day on Wednesday with retail investors bidding for 2.7 times the number of shares reserved for them. The offer received bids for 75.60 crore equity shares against an IPO size of 71.92 crore, stock exchange data showed. Retail investors sought 2.69 times the portion reserved for them. Against 12.95 crore shares reserved for retail individual investors, 34.88 crore shares were bid by 1700 hours.
The group of journalists also passed a joint resolution seeking justice for the victims.
Roads are becoming smarter even if the people driving on it are not. A set of smart technologies is making construction, maintenance, and traffic management much more efficient.
United States polls, coronavirus lockdowns and protests... Here's a look at the best images from October.
The investment climate is going well in India and the private sector should skill their workforce in the interest of its business, Chief Economic Advisor K V Subramanian said on Thursday asserting that he does not foresee any difficulty in demand and supply of the workforce. Addressing 'Times Network India Economic Conclave', Subramanian further said job creation is part of the virtuous cycle that starts with private investments flowing into the country resulting in production, growth, job creation and increase in aggregate demand which in turn leads to more investments in the economy. The investment climate is going well in India. Other things will follow, though with a lag...it is for the private sector to start recognising that it is in their own business interest that they should skill their workforce. This, in turn, will raise the average level of skills in India," he said.
'The immune protection may well wane somewhat, and that's what we have to monitor.' 'Should it wane to the point where vaccinated individuals are getting severe disease, then we really will need to give them booster shots and that'll apply regardless of what vaccine they've got the first time.'
Women and members from the queer and transgender communities took out a protest march from Mandi House to Jantar Mantar here against the Citizenship (Amendment) Act on Friday. Cries of 'Halla Bol' and 'Azaadi' rent the air as they voiced their dissent against the law.
Ahead of her arrival, Delhi Chief Minister Arvind Kejriwal had tweeted to welcome her. "@FLOTUS will attend happiness class in our school today. Great day for our teachers, students and Delhiites. For centuries, India has taught spirituality to the world. Am happy that she will take back the msg of happiness from our school," Kejriwal said.
A Central Pollution Control Board official said the AQI entered the "severe plus" or "emergency" category late on Thursday night, the first time since January this year.
Zostel could get upwards of $600 million if arbitration goes through.
On the 20th anniversary of the first flight of the Tejas, we must congratulate the entire team who made sure that the LCA flew and returned safely on January 4, 2001, sowing the seed for development of a state-of-the-art fighter airplane that our country so badly needed, says IAF veteran Air Commodore Nitin Sathe.
Clean toilets, colour-coded dustbins, comfortable beds, oxygen cylinders and all amenities one can expect in a top class hospital -- the first inmates of the train coaches converted into isolation wards have come away praising Indian Railways for providing a unique solution to care for suspected COVID-19 patients.
The COVID-19 case fatality rate stood at 1.44 per cent.
Budget has already bombed at the box office and passing it without a revisit will be a mockery of the exercise though any modification may be short lived and perfunctory, observes V Ranganathan.
Finance Minister Nirmala Sitharaman on Tuesday said the upcoming Budget for 2021-22 will sustain the momentum of public spending on infrastructure and have a "vibrancy" to ensure the economic revival continues. She also said the pace of divestment, which has been hit by the COVID-19 pandemic, will pick up in the coming months. "We shall definitely sustain the momentum of public spending in infrastructure. Because that is the one way we assure that the multipliers will work and the economy's revival will be sustainable.... "I am conscious that the forthcoming Budget will have a vibrancy that is so required for the economy's revival, sustainable revival," she said at the Assocham Foundation Week. The Budget for the 2021-22 fiscal is expected to be tabled in Parliament on February 1.
On a continuous upward trajectory, India's recovery rate has touched 78 per cent.
Critics who cannot stop gloating, pronouncing Modi to be a lame-duck prime minister, may be making a huge mistake, predicts Virendra Kapoor.
The parties also said that the decision has come in late and had the Modi government shed its 'arrogance earlier' and repealed the laws opposed by farmers, a number of precious lives lost during the nearly year-long agitation could have been saved.
In a business friendly move, the Reserve Bank of India on Friday said that Real Time Gross Settlement System (RTGS), used for large value transactions, will be made available round-the-clock from December. In December 2019, the National Electronic Funds Transfer (NEFT) system was made available on a 24x7x365 basis. Currently, RTGS is available for customers from 7.00 am to 6.00 pm on all working days of a week, except second and fourth Saturdays of every month.
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