Top management should tighten its belt before it starts asking others to do so.
Making a case for an optimal fiscal stance, the Economic Survey on Friday said growth leads to debt sustainability and not necessarily vice-versa. "This is because debt sustainability depends on the 'Interest Rate Growth Rate Differential' (IRGD) i.e. the difference between the interest rate and the growth rate in an economy. "With the Indian context of potential high growth, the interest rate on debt paid by the Indian government has been less than India's growth rate by norm, not by exception," it said.
Prime Minister Rishi Sunak on Wednesday held his first Cabinet meeting with the new team as he prepares for his debut at Prime Minister's Questions, the first big test of Britain's Indian-origin premier's leadership.
Pakistan's newly-elected President Asif Ali Zardari on Tuesday announced that he would not draw any salary during his tenure as part of his bid to help the cash-strapped country face the challenging economic hardship.
Pakistan's deputy Prime Minister and Foreign Minister Ishaq Dar, who is in China on a four-day visit, and Chinese Foreign Minister Wang Yi co-chaired the fifth round of the foreign minister-level China-Pakistan Strategic Dialogue.
The southern deep-sea port of Hambantota is considered strategically important for its location.
The global economic crisis of 2008-09 has triggered much soul searching in the economics profession. How come only a few economists saw it coming? Was it because the profession was blind to the very possibility of catastrophic failures in a market economy, as Nobel laureate Paul Krugman put it?
The plunging global economy is an even bigger threat to the United States' national security than the al Qaeda terrorist network or proliferation of weapons of mass destruction, according to America's new intelligence czar.Traditionally, US intelligence chiefs always preface their opening remarks with either terrorist or nuclear proliferation threats, but DenisBlair's first sentences in his testimony before the US Senate Select Committee on Intelligence was about the economy.
The violence occurred following reports on Monday that Mahinda Rajapksa may offer to stand down as Prime Minister.
Anti-government protesters in Sri Lanka on Tuesday set up a checkpoint on the road leading to the Bandaranaike International Airport in Colombo to prevent the Rajapaksa family loyalists from fleeing the country, as violence and widespread protest continued against the regime over the country's worst economic crisis in decades.
According to analysts, everyone across the globe has learnt several important lessons from the financial turmoil during the past year or two, which has made them highly risk averse.
Obama has been talking with the world leaders in the past few weeks in this regard, and this would be his agenda at the upcoming G-20 summit at London next month, which among others would also be attended by the Indian Prime Minister Manmohan Singh.
As the momentum for upcoming G-20 Summit in London gains ground, the White House has said that world should act together to prevent reoccurrence of the global economic downturn being experienced now.
Angry protests in Colombo as Sri Lanka grapples with its worst ever economic crisis.
Watch all the action from both House of the Parliament.
Latest Messi tribute in Argentina recycles the joy from icon's big win
"This year, at the Planning Commission, we expect growth rate will be around 8 per cent. We are not expecting 9 per cent in the year 2011-12," Ahluwalia said while speaking at the convocation ceremony at Vijna Jyothy Institute of Management.
It is common knowledge that the Indian economy has not just been doing badly for over a year but is actually stumbling towards a major economic crisis.
The 73-year-old United National Party was appointed as the prime minister by President Gotabaya Rajapaksa after they held closed-door discussions on Wednesday.
The move is aimed at preventing masses from gathering in Colombo to protest the government's failure to provide relief to the public suffering from shortages of food, essentials, fuel and medicine amidst hours-long power cuts, the Colombo Page newspaper reported.
Sri Lanka is facing its worst economic crisis since gaining independence from the UK in 1948.
The WEF said its annual meeting is taking place at a time when multiple crises have deepened divisions and fragmented the geopolitical landscape.
Global unemployment in 2009 could increase over 2007 by a range of 18 million to 30 million workers, and more than 50 million with the situation likely to deteriorate, the International Labour Organization said in its annual Global Employment Trends report released on Wednesday. Based on new developments in the labour market, the report said some 200 million workers, mostly in developing economies, could be pushed into extreme poverty if the situation worsened.
Sri Lankan Prime Minister Mahinda Rajapaksa resigned on Monday, hours after his supporters attacked anti-government protesters outside embattled President Gotabaya Rajapaksa's office, leaving at least 78 people injured and prompting authorities to impose a nationwide curfew and deploy army troops in the capital.
Prime Minister Manmohan Singh on Thursday expressed confidence that India would emerge the least affected country of the world from the current global economic meltdown.
Sri Lankans queued up to apply for fresh passports outside the department of immigration and emigration office in Colombo.
Dr Manmohan Singh, the architect of India's economic reforms, had to literally face a trial-by-fire to ensure widespread acceptance of his path-breaking Union Budget of 1991 that saw the nation rise from its darkest financial crises.
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
Prime Minister Manmohan Singh is among the top world leaders who have been invited for the Second G20 Summit to be held in London in April, which will discuss ways and means to reinvigorate growth in the wake of the global economic crisis.
Gandhi said Modi's top priority now is to get his Speaker in Parliament and is not bothered about NEET .
Glimpses of the protests in Colombo against the worsening economic crisis
My view is that they can probably muddle through for another two-three years by piling up the fiscal deficit or printing more money. I do not know when it will happen in 2012 or in 2018, but the next crisis will be worse than the one in 2008.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
'I had to persuade him. I think he was a sceptic to begin with, but later on he was convinced that what we were doing was the right thing to do, that there was no other way out.'
'The economic crisis hit us from nowhere. No one saw it coming.'
Manmohan Singh, the former Prime Minister of India, faced financial difficulties during his time studying at Cambridge University in the mid-1950s, according to his daughter Daman Singh's book "Strictly Personal: Manmohan and Gursharan". The book details how Singh, who was on a scholarship, often had to skip meals or live on a sixpence bar of Cadbury's chocolate to make ends meet. The book also offers insights into Singh's personal life, including his fondness for singing, his quirky sense of humor, and his habit of giving nicknames to people. Daman Singh describes her father as a man who was careful with money, had a good sense of humor, and was a loving husband and father.
'Of the 20 trading days of January till January 28, FIIs have been selling for 19 trading days'. 'When did FIIs withdraw money with this kind of intensity?' 'It never happened. It's the first. It did not happen even during the 2008-2009 financial crisis when Lehman went under.' 'Even then you did not have like a 19-day selling spree from the FIIs.'
'It is only natural that in such a national crisis, we should lend a helping hand to the less privileged members of our communities.'
'It took us 75 years to reach a per capita income of $2,730.' 'According to IMF projections, it will take only five years to add another $2,000.'
Sri Lankan police on Monday came under pressure to arrest the Rajapaksa family loyalists involved in attacks on peaceful protesters last week, even as it arrested over 200 people on various charges following the violence that left nine people dead.
