Reserve Bank Governor D Subbarao on Thursday said the next fiscal is going to be more challenging than the current fiscal as the moderation in India's economic growth is likely to be worse than expected earlier.
The upcoming G-20 Summit in London is the first major international exposure of Barack Obama as the US President, wherein he is likely to discuss with the leaders the ways and means to counter the global economic crisis.
The crisis is the best thing to happen to the Chinese government in a long, long time.
In the midst of a global economic crisis, US President Barack Obama assured Americans on Monday that all his decisions are aimed at making sure that the economy starts moving again. Obama said neither he nor his team was surprised over the angry reaction from the people on the AIG bonuses issue. "I wasn't surprised by it. Our team wasn't surprised by it."
Prime Minister Manmohan Singh on Wednesday said the Indian economy has the resilience to sustain a growth momentum in the range of nine per cent in the medium-term though the short-term outlook looks "cloudy" due to the impact of global economic crisis.
'This prime minister thinks he knows everything.' 'He has to consult, he has to talk and he has to mobilise the best people, but having seen him function, I have no expectations from him.'
Cities with a strong presence in health care, education, law, energy, and the government will feel the impact of a downturn less.
The sole economic superpower does not want to dethrone the dollar, or for that matter practise Third World economics.
Republican presidential nominee John McCain on Wednesday decided to suspend his campaign to focus on the economic crisis looming over the United States. He has also sought postponement of Friday's presidential debate over the issue.
Nasscom, the premier trade body of the Indian IT-BPO industry, on Wednesday said the aggregate revenues of the sector are expected to reach $60 billion by FY09.
'With the big political job done, the time has come to pay attention to the economy, which is the main problem now,' argues T C A Srinivasa Raghavan.
Meeting in the midst of an economic crisis, which is said to be the worst-ever after the great depression of the last century, and during the crucial hase of the war against terrorism, US lawmakers are eager to get cracking from day one when the 111th Congress convenes next week.
So far in December, companies across the world have announced at least 115,000 job-cuts -- a figure which translates into an average of more than 8,200 people being laid off a day or about six every one minute (60 seconds).
A rebound in oil prices, FII outflows and concerns over current account deficit weighed on the domestic currency, pushing it to fresh life-time lows.
The world economy will consume in the next five years far less oil than previously assumed, the western countries' energy watchdog said on Friday in a further sign of the impact of the global economic crisis on commodities markets.
Honda pulled out of Formula One with immediate effect on Friday, feeling the bite of the global recession in a major blow to a sport itself looking to cut costs to survive.
Prime Minister Manmohan Singh on Monday said despite economic recession and the difficult situation in western countries, India's growth rate would be maintained at around 7.5 per cent in 2008-09.
DO: Whether or not your business has suffered losses, now is the time to optimise resources, cut back on unnecessary expenditure and spend every penny cautiously. DON'T: If there is a cash crunch, don't rush to fire staff. Instead, weigh in other options that will protect the interest of both the company and the employees. Must Read Advice from Apoorva Ranjan Sharma, MD, 9unicorn.
The United Nations World Tourism Organization, however, expects the sector to grow at a slower pace in the current year because of the economic crisis facing the world. Fluctuation in tourism demand will be contingent on 'how the economy evolves and consumers react, both of which are directly interrelated to oil and food prices,' said UNWTO Secretary-General Francesco Frangialli.
The ongoing Greece economic crisis poses a little threat to the rest of the world as the global economy has withstood the stress tests of the last two weeks fairly well.
Corporate tax, one of the main components of direct taxes, stood at Rs 2.13 lakh crore (Rs 2.13 trillion), woefully short of the revised estimates of Rs 2.22 lakh crore (Rs 2.22 trillion), while personal income tax beat expectations by ringing in Rs 1.24 lakh crore (Rs 1.24 trillion) against the target of Rs 1.23 lakh crore (Rs 1.23 trillion).
This permission was given some time late last month, before the Reserve Bank of India (RBI) on March 31 issued the indicative borrowing calendar for the states for April-June and the one for the Centre for April-September.
Praful Patel, Vice-President of the World Bank, visited Pakistan on a 3 day tour. He said the economic picture of Pakistan is not good and the country should carry out necessary reforms to avert an economic crisis. There has been robust growth over the past few years and there has been a significant reduction in poverty. However, the growth can only continue if Pakistan adjusts itself to the new global reality including high prices of oil, commodities & foodstuffs like wheat.
The government's Rs 20.97 lakh crore COVID-19 package lacks in addressing the immediate concerns of the economy as the actual fiscal impact of the additional stimulus is only about 1 per cent of the GDP as opposed to the claim of 10 per cent, Fitch Solutions said on Tuesday. Prime Minister Narendra Modi on May 12 announced a stimulus package of Rs 20 lakh crore, or nearly 10 per cent of GDP, to deal with the economic fallout of COVID-19. The contents of the package were broad-based and announced in five tranches.
'You can see that in Chinese behaviour in the Yellow Sea, you can see it in their behaviour towards Taiwan, you can see it in their behaviour towards Hong Kong, you can see it on our border as well.'
Many political detainees have been released but former chief ministers Farooq Abdullah, Omar Abdullah and Mehbooba Mufti, who were whisked into custody in the early hours of August 5, 2019, are still in preventive detention.
Unless we control the coronavirus, we are going to struggle to get our economy and country back on track. The spectre of the virus haunts recovery, warns Naushad Forbes.
The CWC meeting is being held in Gujarat after a gap of 58 years. It was last held in the state at Bhavnagar in 1961.
The implementation of the NRC as nothing but a political vendetta of the Bharatiya Janata Party-led central government, she told the assembly.
'Job opportunities will be available in pharma, retail, medical, virtual business operating sectors, IT sector, telecommunications, infrastructure development, healthcare sector and e-commerce.'
Trump also announced that the US will end special treatment of Hong Kong in response to Chinese imposition of new controls.
'Unless the State is a welfare State, unless the State has more welfare measures, it will not be able to deal with these kind of sudden situations.'
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The country has enough forex reserves to meet the demand.
Stalin has given due respect to seniority in the pecking order, but has also taken into consideration the demands of individual ministries and the suitability of individuals, observes N Sathiya Moorthy.
'A rag-tag coalition is more insecure and hence, more inclined to reform,' argues Devangshu Datta.
While accepting the Democratic presidential nomination on Thursday night, Biden said in Delaware that "united we can and will overcome this season of darkness in America."
'Pakistan has robust incentive to turn heat on LoC.'
'The Swedish government would consider who will live, who will not die, in rationing coronavirus healthcare!' 'This means the 'biological age' would supersede the patient's chronological age as a potential guideline,' notes Ambassador M K Bhadrakumar
'The government had a vaccine from January.' 'The government should have given the vaccine to all population above the age of 45, right from the start.' 'Each state has its own problems, but as far as vaccine coverage in India is concerned, there have been mistakes.'
If we don't take the fiscal deficit seriously, then it could easily widen and harm our future growth
