'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Passenger vehicle wholesales in India touched a record high of 42,18,746 units in the financial year 2023-24, registering a year-on-year growth of 8.4 per cent on the back of robust demand for utility vehicles, industry body SIAM said on Friday. As per the latest data issued by the Society of Indian Automobile Manufacturers (SIAM), the overall passenger vehicle dispatches stood at 38,90,114 units in fiscal year 2022-23. Two-wheeler sales were up 13.3 per cent last fiscal at 1,79,74,365 units, as compared to 1,58,62,771 units in the financial year 2022-23.
Jaishankar also made it clear that it is in nobody's interest to see a country get into severe economic difficulties, and that too a neighbour.
Finance Minister Nirmala Sitharaman on Monday said the government has begun an exercise to assess the impact of the pandemic on the economy and likely contraction in GDP, even as she did not rule out the possibility of another stimulus to boost growth.
'The coronavirus epidemic highlights the need to start thinking more actively about multilateral coordination, including, but not confined to, health emergencies and climate uncertainties,' says Rathin Roy.
Market participants attribute the stability to the Reserve Bank of India's timely intervention in the foreign exchange market, both in terms of selling and buying dollars.
'We believe there will be a full shutdown for four weeks and a partial shutdown for eight weeks.' 'Hence, economic activity is unlikely to normalise before the end of May.'
In a recent note, the global brokerage firm said India now commands a weight of 19 per cent in the above-mentioned portfolio as compared to 18.2 per cent in September 2023. India, it said, is a large liquid market and remains a counter-weight to North Asia if a slowdown in the West occurs and China's recovery disappoints.
Apart from the human body, human food will bear direct repercussions. From staples such as wheat, to coffee, dairy, and even the great Hilsa face the threat of reduced supply due to the extreme heat.
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The country has slipped two positions to sixth to tie with Germany, the survey by research firm Ipsos said.
Retail inflation crossed the RBI's comfort level and rose to 5.21 per cent in December on increase in prices of food items.
'It is not simply demonetisation or GST, it is this government's failure to manage the financial sector crisis.'
The 55 basis point (bps) spike in the US 10-year bond yield, triggered by a combination of FOMC's hawkish commentary and BOJ's relaxation of the yield control curve (YCC) has made analysts cautious on Asian equities and expect them to trade sideways in the short-to-medium term.
'If people don't see you, they might be hesitant, but once they see you, they are confident that this is the person they will vote for,' says political debutant Shambhavi Choudhury, 25, alumnus of the Lady Sriram College and the Delhi School of Economics.
According to the QNB Group report, the growth in emerging markets -- from Brazil to Indonesia, Russia and South Africa -- is slowing down, partly reflecting the tightening of domestic policies by these countries last year to stabilise foreign exchange rates.
Most economists expect the global economy to weaken in the coming year amid political and financial volatility, but a large majority of over 90 per cent are confident of moderate or strong growth in South Asia, notably India, a survey showed on Friday. At the same time, the outlook for China has dimmed following signs of deflationary pressures and fragility in the country's real estate market, the World Economic Forum's latest 'Chief Economists Outlook' report said. As the world grapples with political and financial volatility, almost six in 10 believe the global economic outlook will undermine progress towards meeting the UN Sustainable Development Goals (SDGs), with 74 per cent saying geopolitical tensions will have the same effect.
However, the countries did not take up the issue of proposed withdrawal of export incentives by the US to Indian exporters under Generalized System of Preference.
'Like Nehru, too, Modi has found dealing with Beijing more and more difficult and has adopted an increasingly assertive approach towards managing India's northern neighbour.'
"A significant decline in the growth number for this quarter is highly likely, but for the fiscal year as a whole the decline may still be relatively moderate," Fitch Asia-Pacific Sovereigns Group Director Thomas Rookmaaker said.
Is the unfolding Bhagwati-Sen debate likely to have the same impact on economic policy in India as Hayek versus Keynes had on the West?
The economy is projected to clock 7.4 per cent growth.
Ahead of the Union Budget for 2023-24, Budget makers have welcomed the global consensus view that India will remain one of the bright spots in calendar year 2023. But there is some alarm over the grim global situation and how that might impact the Centre's projections and assessments for next financial year. The big global headwinds include a deep and sustained recession in the West, including India's biggest trading partners in North America and Europe, continuing volatility in commodity markets, and renewed Covid-19 fears, as lifting of strict curbs by China could potentially lead to a massive spread again.
Addressing an event in New Delhi, Gen Pande also said the recent global developments have underscored that the security of the nation can neither be outsourced nor be dependent on the largesse of others.
Any correction in Indian equities is an opportunity for investors to put in money for the long term
Anybody who's plugged in to the modern, globalised world will understand why, says Kanika Datta.
Indian economy is expected to clock an average growth rate of 6.7 per cent till 2026-27 fiscal driven by domestic consumption, S&P Global Ratings senior Economist (Asia Pacific) Vishrut Rana said on Wednesday. He said the economic growth in the current fiscal is expected to come in around 6 per cent, lower than 7.2 per cent clocked in 2022-23. "We are seeing some headwinds from the trade side which is affecting activity and that is one of the factors that is affecting growth this year," Rana said at a webinar.
'The clubbing of policy announcements in the Budget speech creates policy surprises.' 'Economic actors dislike policy surprises because they throw their plans off track,' points out Alok Tiwari.
This will, of course, go a long way in meeting the promised fiscal deficit target of 3.6 per cent of GDP in 2015-16.
'We will see a lot of investments from the private sector.' 'As long as we are not impacted by some global events, I think we will be in a strong place.'
The recent US-India friction over trade is being driven by Big Pharma.
India should become a middle-income country and then push to make INR (rupee) a hard currency, and till then, it must promote the settlement of global trade in the local currency, think tank GTRI said on Sunday. Global Trade Research Initiative (GTRI) said that transforming a currency into a hard currency is a complex process that hinges on several pivotal factors. Firstly, economic stability is paramount; a country must exhibit low and stable inflation, consistent growth, and a balanced trade environment.
Emphasising the importance of sustaining food and energy security, the G20 leaders called for the "cessation of military destruction or other attacks on relevant infrastructure".
Containing high food prices is a dominant policy concern, the Reserve Bank said on Tuesday, amid expectations that it may raise short-term borrowing and lending rates next month.
Monetary policies worldwide has to deal with issues like controlling inflation, promoting growth and financial stability.
The RBI's Monetary Policy Committee brainstormed the impact of any future shocks on the inflation trajectory and stressed monitoring the cumulative effect of monetary policy actions over the past one year, which is still unfolding, revealed minutes of the rate-setting panel released on Thursday. The minutes of the meeting of the Monetary Policy Committee (MPC), headed by Reserve Bank Governor Shaktikanta Das, also indicated it would be premature to declare an end to the monetary tightening cycle, which started in May 2022 to check high inflation following the outbreak of the Russia-Ukraine war. The central bank, which effected six back-to-back hikes in the key short-term lending rate (repo) since May 2022 to check high inflation, decided to take a pause early this month.
'Once the Hon'ble Supreme Court has declared the law, we are obliged to accept it. However, it is necessary to point out that the majority has not upheld the wisdom of the decision; nor has the majority concluded that the stated objectives were achieved,' the senior Congress leader said in a tweet.
Moody's Investors Service on Thursday slashed India's economic growth projection for 2022 to 7.7 per cent, saying that rising interest rates, uneven monsoon, and slowing global growth will dampen economic momentum on a sequential basis.
Finance Minister Nirmala Sitharaman on Tuesday met IMF managing director Kristalina Georgieva and discussed a range of issues, including impact of geopolitical situation on global growth.
Economists praise Das for his pragmatism and willingness to face challenges head on. And in doing so with the finesse of an able administrator.
