Finance Minister Arun Jaitley said government would continue reforms by taking executive actions.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
American businesses are lobbying with political parties here to build a consensus on stalled economic reforms such as liberalisation of foreign direct investment (FDI) in sectors like multi-brand retail, aviation and insurance, and for expeditious introduction of a Goods and Services Tax (GST).
Unveiling a three-pronged strategy to create more jobs, Prime Minister Atal Bihari Vajpayee on Friday promised to speed up economic reforms and growth, besides hastening infrastructure development.
A report on South Asian countries released by the World Bank on Wednesday said that India's continuing slowdown is broad- based across sectors.
Hints at taking support from Opposition if allies continue to show reservations
It is time for Mr Modi to be a little more reasonable and rational.
India supports dialogue and diplomacy and not war, Prime Minister Narendra Modi said at the Brazil, Russia, India, China, South Africa (BRICS) Summit in Kazan, Russia on Wednesday, in an unambiguous message calling for resolution of the Russia-Ukraine conflict through peaceful negotiations.
India's opposition parties have sharply criticized the Union Budget, calling it inadequate to address the country's economic woes and accusing the BJP-led government of using it to woo voters in Bihar and Delhi ahead of upcoming elections. Leaders from the Congress, TMC, DMK, SP, and CPI(M) voiced their disapproval, highlighting concerns over inflation, unemployment, and the lack of substantial measures to support the agricultural sector and the poor. They also criticized the tax cuts for the middle class as insufficient and coming too late after years of high taxes and rising prices.
'In the new coalition government, India's reform agenda may prioritise job creation and factor market reforms.'
The Union government is expecting to rake in Rs 100-200 crore in additional revenue from Pillar Two, only under specific circumstances, a senior finance ministry official said requesting anonymity. It is proceeding cautiously, and is unlikely to implement rules anytime soon, the source said.
Reserve Bank Governor Shaktikanta Das on Thursday said the fundamental drivers of the Indian economy are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at FIBAC 2024, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts.
Bibek Debroy was one of the very few economists not bound by any single area of expertise and was simultaneously curious about economics and politics, myths and maths, chess and chemistry, and what not, remembers Laveesh Bhandari.
In a statement issued after its Article IV Consultation with India, the IMF said that Reserve Bank of India should be ready to increase rates to check any further rise in inflation.
US President Barack Obama remains committed to economic reforms and recovery, says White House.
'Is the Agniveer scheme or their post-retirement re-employment in paramilitary forces or in the state governments the BJP's answer to the crying need on the job front?' 'Or, even Finance Minister Sitharaman's one-year internship scheme in the public and private sector, is it a permanent solution, either?', asks N Sathiya Moorthy.
The external affairs minister also recalled how Pandit Nehru was hesitant in taking assistance from the United States following the 1962 war with China as he was unsure how it would be seen.
'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.'
Union Finance Minister Arun Jaitley said despite a global slowdown and its impact on countries, India remains insulated from the economic fallout.
Dr T V Somanathan is the first finance secretary to be appointed Cabinet secretary since 1985. His appointment at this juncture seems to carry much meaning for the forthcoming trajectory of reforms and restructuring of India's steel frame.
The government has only taken a pause and more measures will be announced in the days to come to help sectors hit by the coronavirus outbreak and also to make India 'Atmanirbhar Bharat', Minister of State for Finance Anurag Thakur said. Since the outbreak of the pandemic, the government has taken several steps to mitigate the hardships of the people due to lockdown and support growth, Thakur told PTI in an interview.
The prime minister was responding to a question that many of his admirers are disappointed about the slow pace of economic reforms in India.
The outlook is improving and that mostly reflects the fact that the new government has pledged to prioritise economic reforms.
If India grows at 6% per annum, it will take 14 years to reach the per capita income level of China and 104 years to reach the US levels. So more and speedy reforms are needed.
He stressed that reform for him was just a way station on the long journey to the destination and the destination is the transformation of India.
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
Ruling out early elections, the minister said the government would last for 13 months more and would continue to take small but significant steps to ensure that the country achieves its potential growth rate of 8 per cent.
United States President-elect Donald Trump's plan to overhaul the government with a new department headed by tech billionaire Elon Musk and Indian-origin entrepreneur Vivek Ramaswamy will be a biggest threat for China as it has to compete with far more efficient US political system, a policy advisor to the Chinese government said.
Opposition as well as UPA allies are in a mood to declare war on the Congress-led government on the FDI and fuel price issue, reports Renu Mittal
The outcome may determine whether Macron's centrist coalition retains power or if France faces a period of political cohabitation with the far-right National Rally, led by Marine Le Pen.
'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.'
'By his words, actions, and body language during their joint press appearance wanted to convey his personal respect and, more broadly, his desire to work closely with India.'
International Monetary Fund (IMF) Deputy Managing Director (MD) Gita Gopinath has condemned the "terrible and disturbing" incident of rape and murder of a trainee doctor in Kolkata. "Personally, it is terrible to have any event of this kind. It is disturbing," she told Business Standard in New Delhi.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
India's budget for the fiscal beginning April focuses on giving a boost to the ongoing economic recovery through a sharp increase in capex spending but is short on major growth-enhancing structural reform announcements, Fitch Ratings said Wednesday. The deficit targets present in the Union budget 2022-23 by Finance Minister Nirmala Sitharaman on Tuesday "are a bit higher than our forecasts when we affirmed India's 'BBB'/Negative sovereign rating in November," said Jeremy Zook, director and primary sovereign analyst for India, Fitch Ratings. While it was widely expected that the fiscal deficit will be lower than the targeted 6.8 per cent of the GDP in the current fiscal year ending March 31, 2022, Sitharaman put the number at 6.9 per cent.
'While on the one hand, terrorism continues to be a serious threat to global peace and security, on the other hand, areas such as cyber, maritime and space, are emerging as new theatres of conflict'
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