Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers
'If we truly wish to understand and apply Marx's insights today, we must reject the rigid dogmas that later 'Marxists' imposed in his name.'
Delivering a thinly veiled message to Pakistan from its soil, External Affairs Minister S Jaishankar on Wednesday said activities across borders characterised by the 'three evils' of terrorism, extremism and separatism are unlikely to encourage trade, energy flows and connectivity.
'If the period between 1991 and 2014 was about laying the foundations and building the runway, the period from 2014 to 2024 has been about the aircraft taking off.'
Finance Minister Nirmala Sitharaman's Budget proposals lay out a comprehensive road map for transforming India into a developed nation, focusing on key priorities that aim to generate ample opportunities for all citizens in "Viksit Bharat". It sets the stage for sustained economic growth, social development, and technological advancement.
'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.'
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
With these four, the strength of the members -- all equivalent to ministers -- in the interim government's advisory council rose to 21.
Condolences have poured in from across the globe, including from the United States, Canada and Sri Lanka following the demise of former Prime Minister Manmohan Singh.
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
Modi said laws which divide the country on communal lines and become a reason for inequality have no place in a modern society.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
The Indian economy recovered from the Covid-induced downturn during 2022 and is poised for further improvement in the coming quarters though downside risks emanating from geopolitical tensions, strengthening dollar and elevated inflation will continue. The positive trajectory in the growth trend and improved fundamentals will help the nation in neutralising the impact of global headwinds which are expected to have a bearing on the country's exports in the months to come. The challenges before the government and the Reserve Bank in the new year would be to arrest inflation, check declining value of rupee against US dollar and promote private investment and growth, with a view to ensure that the country remains one the fastest growing major economies of the world.
IMF policymakers have said they will come up with ideas on how to push ahead with reform by mid-December.
'The critical event signalling a new era for India was Dr Singh's 1991 Budget in which he quoted Victor Hugo to say that no power on earth could stop an idea whose time has come,' recalls T N Ninan.
Market hopes govt will hike capital expenditure.
The International Boxing Association (IBA) urged its national federations on Monday to join legal action in Switzerland against what it called the "abusive behaviour" of Olympic organisers.
S&P Global Ratings on Wednesday upgraded India's sovereign rating outlook to positive from stable while retaining the rating at 'BBB-' on robust growth and improved quality of government expenditure. S&P said it could upgrade India's sovereign rating in the next 2 years if the country adopts a cautious fiscal and monetary policy that diminishes the government's elevated debt and interest burden while bolstering economic resilience.
The boxing competition at the Paris Olympics is being run by the IOC after it stripped the International Boxing Association (IBA) of recognition last year over its failure to implement reforms on governance and finance.
These self-appointed well-wishers of AMU are basically for the control or police model of university governance. They have no faith whatsoever in the democratic functioning of the universities, observes Faizan Mustafa, former dean, Faculty of Law, and Registrar, Aligarh Muslim University.
The IMF believes the farm laws passed by the Indian government have the potential to represent a significant step forward for agricultural reforms, but a social safety net is needed to protect those who might be adversely impacted during the transition to the new system, a spokesperson of the global lender said in Washington.
'I am optimistic about the Budget because of the fiscal discipline the government has committed to.'
FIFA is set to confirm the hosts of the 2030 and 2034 men's World Cups on Wednesday, with a three-continent, six-nation bid led by Morocco, Spain and Portugal to be awarded the former and the latter going to Saudi Arabia.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
RBI said more monetary transmission to support growth continues to be critical.
Prime Minister Narendra Modi and Congress leaders Sonia Gandhi and Mallikarjun Kharge were among the top leaders who paid homage to former prime minister Manmohan Singh at his home in New Delhi on Friday.
'Challenge is basically near-term growth as the outlook has turned a bit adverse.'
'If you look at the order books of capital equipment companies or money deployed on the ground, there is forward movement in terms of actual investment by the private sector.'
Defence Minister Rajnath Singh on Friday praised the Indian Army as one of the most trusted and inspiring organisations in the country, highlighting its significant role in safeguarding borders, combating terrorism and assisting civil administration in times of need.
China, which is building numerous villages in Tibet close to its borders with India and Bhutan, has held several celebratory events to mark its takeover of Tibet in the new border villages with a mix of border troops and the local population, the official media in Beijing reported.
In the morning, school students in uniform were seen going to their institutions, many accompanied by guardians, the Daily Star reported.
The Asian Boxing Confederation last month decided to stay with the IBA.
Bankers seem to be pleased with the government for keeping its promise of not interfering in operational matters, but are apprehensive about the intense scrutiny of their functioning.
The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
The BJP-led National Democratic Alliance's (NDA) slim majority in Lok Sabha may delay more far-reaching economic and fiscal reforms that could impede progress on fiscal consolidation, Moody's Ratings said on Wednesday. NDA securing a majority in the general elections will give a historic third term for Narendra Modi as Prime Minister of India. "We expect policy continuity, especially with regards to budgetary emphasis on infrastructure spending and boosting domestic manufacturing, to support robust economic growth.
'For experienced and risk-taking investors, now may be the time to go all in.' 'By 'experienced and risk-taking', I refer to those who remained net buyers in equities during the early stages of the 2020 pandemic.' 'On the other hand, those who exited the markets during the pandemic may go the SIP way.'
BRICS countries - Brazil, Russia, India, China and South Africa - should combine their "huge potential" to better coordinate on issues such as the world economy, the democratic and equitable world order and global governance reform, Singh told China's Xinhua news agency.
'A rag-tag coalition is more insecure and hence, more inclined to reform,' argues Devangshu Datta.
'Any finality in such matters requires political views. We will review it closer to the full Budget.'
