It will be Putin's first participation in a multilateral summit after a mercenary group launched a short-lived armed rebellion last week that rocked Moscow.
Private investment will respond only to sustainable reform.
The Reserve Bank of India's (RBI's) recent decision to allow credit cards for payments through the Unified Payments Interface (UPI) is likely to attract a merchant discount rate (MDR), said a top payment industry source. For smaller merchants, a subsidy for MDR could be provided. "With credit card-UPI linkage, UPI will not only be a payment instrument but also a lending platform. "How can banks lend without a commercial model? Also, the government has said MDR will be zero for payment products but not for lending products," the source said, indicating the MDR regime for credit card-linked UPI payments.
India's macroeconomic situation is improving fast and the country's GDP growth will turn positive in the third and fourth quarters of the current financial year, eminent economist Ashima Goyal said on Sunday. Goyal in an interview to PTI said the management of the COVID-19 pandemic and gradual unlocks announced by the government have helped in avoiding multiple COVID-19 peaks. The growth estimates by different agencies are being continuously revised, she said.
'The anti-Digital India campaign is a vindictive hatchet job rather than a fact based, rationally sound appraisal; a personal attack rather than issue based criticism; an ideological assault rather than altruistic effort. It must be called out for what it is,' says Vivek Gumaste.
On Pakistan, the publication quoted him as saying that India wants "normal and neighborly relations."
The rise in consumer price index (CPI) inflation could see the Reserve Bank of India (RBI) in an extended pause mode as regards interest rates, and in turn, keep the market rally in check, believe analysts. Signs of inflation cooling off in the US, however, is likely to provide some cushion as the expectations of a change in stance by the US Fed as regards interest rates is likely to aid sentiment. Back home, CPI inflation surged for the first time in five months to 4.81 per cent in June 2023, and was higher than the street's expectations of 4.58 per cent.
'It has also saved the government about $ 9 billion in fraud and wastage because by having that unique number you eliminate fakes and duplicates from your beneficiary and employee list,' Nilekani said at an event on the sidelines of the annual meeting of the International Monetary Fund and the World Bank.
The double whammy saw the Bombay Stock Exchange's benchmark Sensex fall 3 per cent or 456.39 to close at 13,469.85 even as global rating agency Standard and Poor's suggested it might lower India's sovereign rating of BBB- (investment-grade status) due to the country's deteriorating credit profile over the last 12 months.
The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said.
Adapting to an inevitable digital intervention is India's only hope at beating a long-standing job crisis. To do so, focus on quality education and better skill development is fundamental, says Dr Yogesh Kumar Bhatt.
Hosabale blamed the "faulty' economic policies of the earlier governments for the "ills" in the economy.
Fresh guidelines issued by the Union home ministry on Wednesday permit industries operating in rural areas to run from April 30 with strict social distancing norms.
'Given that the market is now demanding disciplined growth, well-run companies should be able to demonstrate profitability with the cash on hand.'
Digital payments firm Paytm has earmarked Rs 50 crore for rolling out a cashback program for consumers and merchants to celebrate six years of Digital India, the company said on Friday. Under the offer, Paytm has announced cashbacks for merchants and consumers in India, for every transaction made through the Paytm app. The program will be rolled out in 200 districts across the country with special drives in Karnataka, Kerala, Tamil Nadu, Andhra Pradesh and Telangana.
Indian-American Pichai was awarded the Padma Bhushan for 2022 in the Trade and Industry category.
A smartly executed reform-recap will be the best booster for the economy, says Ajay Chhibber.
Unprecedented rains and floods in the northern region in the past few days have not only caused extensive damage to lives and property but have also impacted business and commercial establishments. Vegetable prices have gone through the roof in the national capital and many other parts of the country since rains started pouring earlier this month. Traders say vegetable prices would come down only after roads open and skies clear, even as water in the fields will take time to recede.
E-commerce giant Amazon and Infosys co-founder N R Narayana Murthy's Catamaran Ventures have "mutually decided" to not continue their joint venture (JV) beyond the end of its current term. The JV, Prione Business Services, which has been running successfully for the past seven years, was coming up for renewal on May 19, 2022. The JV enabled over 300,000 sellers and entrepreneurs to go online. It also enabled 4 million merchants with digital payment capabilities, providing these small and medium-sized businesses (SMBs) and merchants access to millions of customers across the country.
It forecast a growth of 9 per cent for 2011-12.
Rajeev Chandrasekhar discusses five issues pivotal for the success of Digital India
Under Urjit Patel, the then RBI Governor, the central bank had a habit of making complete about-turns on various issues, including electoral bonds and digital payments, former finance secretary Subash Chandra Garg said in his book titled 'We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.' Citing some instances of about-turns by the then RBI Governor Patel, Garg in his book said, RBI had done so on the electoral bond issue and it had so in case of setting up of Payments Regulatory Board (PRB). RBI also made unilateral decisions like ordering complete data localization for participation in the payment system, Garg wrote in the book which will hit the stands on October 1.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
India's upbeat outlook contrasts with neighbouring China, where growth slipped to 6.7 in the first quarter
In the midst of third wave of COVID-19, Finance Minister Nirmala Sitharaman has come up with an impactful Budget which is balanced, fiscally prudent and growth-oriented, the USA India Chamber of Commerce has said. President of the Boston-based USA India Chamber of Commerce (USAIC) Karun Rishi, however, said it is a matter of concern that the budget lacks tangible measures to increase revenue generation. "Opting to keep the fiscal deficit at 6.9 per cent and increase capital expenditure by 35 per cent is a masterstroke. "The annual budget estimates the effective capital expenditure of Rs 10.68 lakh crore in 2022-23, making up about 4.1 per cent of the GDP," he said. "A phenomenal increase in the government's capital expenditure is likely to facilitate the expenditures on infrastructure and create jobs.
Ajit Balakrishnan on how to arrest a worldwide decline.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
Unified Payments Interface (UPI) clocked over 6 billion transactions in July: the highest ever by India's flagship digital payments platform since its inception in 2016. UPI reported 6.28 billion transactions amounting to Rs 10.62 trillion, according to data released by the National Payments Corporation of India (NPCI), which operates the platform. Month-on-month, the volume of transactions was up 7.16 per cent and value increased 4.76 per cent.
The Reserve Bank on Wednesday hiked key benchmark policy rate by 25 basis points to 6.5 per cent, citing sticky core inflation. This is the sixth time interest rate has been hiked by the Reserve Bank of India (RBI) since May last year, taking the total quantum of hike to 250 basis points. Announcing the bi-monthly monetary policy, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) by a majority decided to raise the policy repo rate by 25 basis points and keep a 'strong vigil' on inflation outlook.
IT major Accenture's second straight cut in its revenue growth forecast for FY23 suggests there is more pain ahead for the Indian IT sector, say analysts. Accenture has lowered the top end of its FY23 growth guidance in constant currency (CC) to 9 per cent from 10 per cent earlier. The firm, which follows a September-August fiscal cycle, expects a 2-6 per cent CC growth in Q4 of FY23 (June-August 2023) versus the 6-10 per cent prior guidance.
Linking businesses with account aggregator (AA) network -- a financial data sharing platform -- will help small entrepreneurs get easy access to credit and create millions of jobs, Infosys Technologies co-founder and chairman Nandan Nilekani said on Tuesday. He made the remarks during a session at the 'GSV + Emeritus India Summit' event in Gurugram. In the Budget for FY24, the government said that the GST system could join the account aggregator network, which means that every company in the GST system can ask for its data back which includes their tax filings and invoices, Nilekani said.
India on track to be third largest consumer economy by 2025.
The US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
The coronavirus pandemic has not impacted India's long-term growth trajectory although it has delayed it and in this decade, the country will lead the global growth rates, Tata group chairman N Chandrasekaran said on Tuesday. Speaking at tech giant Microsoft's annual flagship event, Future Ready, he said it should be a national priority to enable access to healthcare and education using digital infrastructure for all in the country, considering how the acceleration of digital adoption during the pandemic has created a divide as many people, who do not have the means and access, have been left behind. "There are many things going for India. I think as the economy fully opens up post the pandemic, I believe that our growth will continue to get stronger.
'You will see more and more people working independently -- starting beauty parlours, driving cars, etc.' This is what we call the gig economy.' 'The same people who have been laid off in India or are unable to get visas to work in the US may be part of this gig economy.' 'India needs billions of jobs, and it can only be created by self-employment or the gig economy.'
Emphasising that various issues are on agenda at the G20 under India's leadership.
The government should use interest rates for more than administrative measures to handle economic growth in the long term.
Earnings growth, attractive valuations and change in FPI flows from negative to positive over the next 12 months are some of the key triggers for an upside. "A poor monsoon, high inflation and further rate hike are some of the key risks
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