"My warmest congratulations to Joe Biden on his assumption of office as President of the United States of America. I look forward to working with him to strengthen India-US strategic partnership," Modi said.
While banks are not as exposed as the corporate sector during the initial stage of the pandemic, the strain on lenders could ultimately be profound. Banks face a second-order hit compared with the corporate and household sectors.
Equity benchmarks extended their decline for the fourth straight session on Wednesday, with the Sensex falling 214.85 points after the Reserve Bank raised the key interest rate by 50 basis points. Continuous foreign fund outflows and surging crude oil prices also weighed on markets. The 30-share BSE benchmark dropped 214.85 points or 0.39 per cent to settle at 54,892.49.
Australian Foreign Minister Marise Payne and Defence Minister Peter Dutton from the Australian side will meet with External Affairs Minister (EAM) S Jaishankar and Defence Minister Rajnath Singh.
Talking about dealing with the border issue faced by India, Jaishankar, without naming any country or going into details, said, "You know again we did what we had to do. There was a very active debate which still continues to this day. It is natural for people to offer advice, often on matters which they may not have particular knowledge of, that are a human trait. But again if there was what came through it was that we were resolute, we were strong about protecting our interests."
The Reserve Bank of India on Wednesday retained the economic growth projection for the current financial year at 10.5 per cent, while cautioning that the recent surge in COVID-19 infections has created uncertainty over the economic growth recovery. In its last policy review, the RBI had projected a GDP growth rate of 10.5 pc for FY'22. Taking various factors into consideration, it said, "the projection of real GDP growth for 2021-22 is retained at 10.5 per cent consisting of 26.2 per cent in Q1, 8.3 per cent in Q2, 5.4 per cent in Q3 and 6.2 per cent in Q4."
Since October, FPIs have sold over $26 billion worth of stocks, which is the largest selling ever seen in India, observes Akash Prakash.
India has been ranked a low 119 out of 130 countries on an index that measures business resilience.
Supreme Court judge Justice DY Chandrachud has said that the decriminalisation of Section 377 of IPC by the apex court has enabled queer people to emerge as legally empowered citizens.
Titan was the top gainer in the Sensex pack, rising 3.5 per cent, followed by Kotak Bank, SBI, Maruti Suzuki, Bajaj Finance, HUL, Axis Bank and Sun Pharma. On the other hand, NTPC, Tech Mahindra, PowerGrid and Infosys were the laggards.
For Indians, Sri Lanka is one of the favourite venues for destination weddings. But last month, when a family from Delhi chartered a Vistara Airbus A320 to Colombo, it packed much more than the standard paraphernalia of clothes, gifts and jewellery. The family ferried meals from Delhi for all the guests and to cover their entire stay in Colombo due to the food and fuel shortages in the island nation.
Jairam Ramesh said the Congress has to be the "fulcrum" of any Opposition alliance to take on the BJP in the 2024 general elections as it is the only political force with a pan-India presence.
The pandemic has led to the International Finance Corporation massively ramping up its impact investment in the country - its largest client nation globally - at $1.7 billion as of June, a 51 per cent rise over the past 12 months, the largest developmental lender into third world private sector said on Tuesday. This is nearly half of its investment in the whole of South Asia since the pandemic, which touched $3.8 billion as of June 2021, it said. "Our total commitment to India, which is our largest client country globally, at the end of June stood at $1.7 billion representing an increase of over 51 per cent from last year," IFC vice-president for Asia and the Pacific region Alfonso Garcia Mora said in a statement.
'We expect the bull run to continue until economic growth continues.'
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
SBI economists on Tuesday sharply slashed their FY22 GDP growth estimates to 7.9 per cent - the lowest among all analysts - from the earlier projection of 10.4 per cent growth. The economists at the state-run lender seemed to attribute the impact of the second wave of COVID-19 infections as a key factor for the revision in the growth estimate, and pitched for faster vaccination. "... our analysis shows a disproportionately larger impact on the economy this time and given that rural is not as resilient as urban, the pick-up in pent-up demand is unlikely to make a large difference in FY22 GDP estimates, and hence it could only be a modest pick-up," they said.
Speaking at the forum, Suzuki Motor Corporation (SMC) representative director and president Toshihiro Suzuki said, "Suzuki's future mission is to achieve carbon neutrality with small cars. "We will continue active investment in India to realise Self-reliant India (Atma-nirbhar Bharat)." Under the MoU, the company's wholly-owned arm Suzuki Motor Gujarat Pvt Ltd (SMG) will invest Rs 7,300 crore for the construction of a plant for BEV batteries at a land neighboring to SMG's existing plant by 2026.
'The markets have corrected almost 8-9 per cent from their highs, so one can accumulate quality stocks at reasonable prices.'
Many years during which monsoons were poor saw high returns, while normal or excess rainfall has also coincided with poor calendar year gains.
India's gold demand increased by 19.2 per cent to 76.1 tonne during the April-June quarter this year, largely due to low base effect, owing to the nationwide lockdown that hit economic activity last year, the World Gold Council (WGC) said in a report. The overall gold demand during the second quarter of 2020 calendar year stood at 63.8 tonnes, according to the WGC's 'Gold Demand Trends Q2 2021' report. In value terms, India's gold demand witnessed 23 per cent growth during April-June quarter at Rs 32,810 crore, compared to Rs 26,600 crore during the corresponding period of 2020.
The Quad has come of age and its agenda covering areas like vaccines, climate change and emerging technologies makes it a force for global good, Prime Minister Narendra Modi said at the first summit of the coalition. In his opening remarks, he also talked about shared values and promoting a secure, stable and prosperous Indo-Pacific.
The Reserve Bank on Friday retained the GDP forecast for the current financial year at 9.5 per cent and flagged global semiconductor shortages, elevated commodity prices and potential global financial market volatility as downside risks to economic growth. In his address after the three-day meeting of the rate-setting panel, RBI Governor Shaktikanta Das said recovery in aggregate demand gathered pace in August-September, and it is reflected in high-frequency indicators, like railway freight traffic; port cargo; cement production; electricity demand; e-way bills; GST and toll collections. "The ebbing of infections, together with improving consumer confidence, has been supporting private consumption," he said, and added the pent-up demand and the festival season should give further fillip to urban demand in the second half of the financial year.
'The classic thing we need as a country is the virtuous cycle where you have robust demand which leads to more capital spending which in turn leads to more job creation and more money in the hands of people.'
FY22 will be the year to rebuild with the IMF projecting output growth at 11.5 per cent, economic survey at 11.0 per cent and the RBI's Monetary Policy Committee at 10.5 per cent.
If there was one event that made the month of August stand out, it was a strengthening of the dollar index to levels last seen only 20 years ago, as the Federal Reserve dispelled all doubts about its intention to continue raising interest rates. Predictably, most currencies suffered against the US unit, with the bulk of the losers belonging to the emerging markets pack. Amid the volatility, the rupee, however, has displayed significant resilience and fared much better than most of its peer currencies.
Immigration has contributed immensely to America's economic success, making it a global leader in tech, and also Google the company it is today, Pichai said in a tweet.
When Parag Agrawal was appointed CEO of Twitter in November 2021, the IIT graduate joined a steadily growing club of executives from India rising to the top of global corporations, but the 38-year-old executive's brief tenure at the helm of the social media giant was challenging and chaotic.
Prime Minister Narendra Modi on Tuesday asked the Bharatiya Janata Party-ruled states to carve a niche for their governments in some or other sector of governance and called for giving topmost priority to 'ease of living' of people.
Warehousing and logistics segment has been among the most resilient asset classes in the pandemic.
'Health will continue to be at the centre of the government's attention as it underpins economic recovery and our collective well being.'
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell from 58.9 in October to a three-month low of 56.3 in November, indicating that the manufacturing sector growth remained strong, despite losing traction.
India's services sector activities eased to a three-month low in April, as the rise in business activity was constrained by the pandemic and sentiment towards growth prospects faded, a monthly survey said on Wednesday. The seasonally adjusted India Services Business Activity Index fell to 54 in April from 54.6 in March, the slowest increase in output in three months. In PMI parlance, a print above 50 means expansion while a score below 50 denotes contraction.
'Our advice is to put money into equities now rather than staying away.'
India's equity markets are on a roller-coaster ride, after delivering spectacular returns for two consecutive years - in 2020 and 2021. The benchmark National Stock Exchange's (NSE's) Nifty50 is down 1.5 per cent in the first nine months of the current calendar year 2022 (CY22) as foreign portfolio investors sold Indian stocks due to rising bond yields in the US and across global markets, including India. The sell-off in the Indian equity markets has, however, not been broad-based and largely limited to sectors facing earnings headwinds from rising interest rates, lower commodity and energy prices, and likely economic recession in advanced economies.
Among the bank groups, under the baseline scenario, public sector banks' gross NPA ratios may increase to 13.2 per cent by September 2020 from 12.7 per cent in September 2019.
The 30-share BSE Sensex surged by 477.24 points or 0.83 per cent to close at more than one-week high of 57,897.48. As many as 28 of its constituents closed with gains while two declined. The broad-based Nifty of the National Stock Exchange rose by 147.20 points or 0.86 per cent to settle 17,233.45, tracking gains in Sun Pharma, Asian Paints, and Reliance Industries.
Gandhi said around 400 Congress members will be attending the Chintan Shivir in Udaipur from May 13 to 15 and stressed on the message of every leader holding one party post.
Despite the large economic impact of the Covid-19 pandemic, the markets have recovered sharply even though the performance among individual stocks has been quite polarised.
Every crisis throws up opportunities, and one should be resilient enough to focus on the opportunities rather than let the crisis overpower you, says Aditya Mohan Jadhav.
Harvinder Singh snatched India's first ever archery medal at the Paralympics, holding his nerve to down Kim Min Su of Korea in a thrilling shoot-off for the men's individual recurve bronze in Tokyo, on Friday.
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