'No finance minister has the capacity to put the economy in an ICCU just like no finance minister has the capacity to take it for 10% growth!'
Welcoming the latest round of stimulus announced by Finance Minister Nirmala Sitharaman on Thursday, experts said the measures will support the economic recovery boosting demand, job creation and by providing funds to the MSME and stressed sectors. The fiscal impact of the stimulus is likely to be around 0.25-0.6 per cent of GDP in the current fiscal, they said.
"Excellent meeting with Nobel Laureate Abhijit Banerjee. His passion towards human empowerment is clearly visible. We had a healthy and extensive interaction on various subjects. India is proud of his accomplishments. Wishing him the very best for his future endeavours," Modi said in a tweet, sharing a picture of their meeting at his official residence.
The agrarian crisis must be met with similarly speedy responses.
A day after the Congress brainstormed over its electoral reverses, senior leader M Veerappa Moily on Monday said Sonia Gandhi should take "full control" of the party with a free hand to change non-performing leaders, and asserted that a "mere culture of tweets and social media propaganda" would not take the organisation forward.
Businesses are still taking time to adjust in the new tax regime, which would weigh on growth rates for the financial year closing today.
It would be larger than even in the pandemic year of 2020-2021, notes Mahesh Vyas.
Mumbai is expected to see the fastest rise in UHNWIs followed by Delhi.
A recent study shows that more than 100 million people are excluded from the public distribution system because the central government insists on using 2011 population figures to calculate state-wise PDS coverage, which effectively leaves out 100 million people, reports Sanjeeb Mukherjee.
The Indian economy has "some bright spots and a number of very dark stains" and the government should target its spending "carefully" so that there are no huge deficits, noted economist and former RBI Governor Raghuram Rajan said on Sunday. Known for his frank views, Rajan also said the government needs to do more to prevent a K-shaped recovery of the economy hit by the coronavirus pandemic. Generally, a K-shaped recovery will reflect a situation where technology and large capital firms recover at a far faster rate than small businesses and industries that have been significantly impacted by the pandemic.
Ahead of India's annual budget presentation next week, IMF's chief economist Gita Gopinath has favoured the extension of the pandemic support measures, thrust on investment in infrastructure and expanding health sectors programmes like Ayushman Bharat, and a very credible divestment path for commercially viable companies. The Indian government has provided a lot of schemes for small and medium enterprises, most of which is in the form of liquidity support, Gopinath told PTI on Tuesday. "And you want to revisit it and see how effectively that is working and see whether additional support may need to be provided," she said while responding to a question on her recommendations to Finance Minister Nirmala Sitharaman, ahead of her presentation of the annual Union Budget on February 1. It would be a good time for banks and Non-Banking Financial Companies (NBFCs) to raise capital given the attractiveness of financing conditions at this point, she said.
'At a time when the economy is depressed, a pandemic is raging, and the Chinese are making noises on the border, the NRC could be resuscitated.'
The wholesale price index's annual rise compared with a 7 per cent jump forecast by economists in a Reuters poll.
'When you need to revive the economy, when you need to revive aggregate demand, you cut taxes.' 'But what's this government doing?' 'It's increasing taxes for the middle class and the vast majority of the poor on fuel, which has a ratchet effect on most other products.'
Rajeev Srinivasan on how Indians are satisfied with illusions, not reality.
While Bibek Debroy echoed his view in Twitter, Pronob Sen questioned Kumar's conclusion
The implication of a slowdown in the financial services sector are very different (eg, likely to affect fewer people directly, and even that affecting those at the top of the income distribution) from that of a slowdown in construction, one of the most employment intensive sectors in the Indian economy (that will affect aggregate demand much more).'
In the manufacturing sector, output is expected to decline by about 70 per cent as only food-processing, and drugs and pharma industries are allowed to operate while other segments, such as engineering and metals, have shut operations.
S&P Global Ratings on Tuesday raised India's growth projection for the current fiscal to -7.7 per cent from -9 per cent estimated earlier on rising demand and falling COVID infection rates. "Rising demand and falling infection rates have tempered our expectation of COVID's hit on the Indian economy. S&P Global Ratings has revised real GDP growth to negative 7.7 per cent for the year ending March 2021, from negative 9 per cent previously," S&P said in a statement. The US-based rating agency said its revision in growth forecast reflects a faster-than-expected recovery in the quarter through September. For the next fiscal, it projected India's growth to rebound to 10 per cent.
The share of total health expenditure as part of the gross domestic product (GDP) went down to 3.3 per cent in 2017-18 from 3.8 per cent in the previous two years, according to the national health account data released on Monday by the health ministry. The share of government expenditure as part of total expenditure as well as GDP has gone up from from 3.78 per cent to 5.12 per cent between 2013-14 and 2017-18, which could also explain a decline seen in out of pocket expenditure in 2017-18. Health ministry also emphasised the increase in the government health expenditure as part of the total GDP from 1.15 per cent in 2013-14 to 1.35 per cent in 2017-18.
World Bank's wrongful depiction of Indian territories as part of Pakistan and China in a map has prompted an Indian lawmaker to lodge a strong protest.
Fresh investments are constrained by tepid demand.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
The Planning Commission has not been central to the policy making process since the mid-1960s, says Nitin Desai.
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
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New York Stock Exchange President 38-year-old Tom Farley (ranked 7) and Twitter co-founder and CEO 37-year-old Jack Dorsey.
The oil crisis could not have come at a worse time for the Modi government as its tax collection has fallen short of its 2020-2021 target by Rs 5.2 lakh crore.
The seasonally adjusted India Services Business Activity Index rose sharply from 34.2 in July to 41.8 in August, the highest since March, before the escalation of the pandemic.
Since 2012, 44 Indians have been anointed as grandmasters -- the highest achievement in chess, points out Arvind Subramanian, economist and former chief economic adviser to the government.
Retail sales of cars are back to January 2018 levels in August 2021. Two-wheeler retail sales are 22 per cent lower, nearly four years down the line.
India added three unicorns per month in 2021 to nearly double the overall number to about 85 at last count. And there are many gazelles and cheetahs in the pipeline. All gunning to be unicorns (and then decacorns) soon thereafter, notes Sandeep Goyal.
Leasing of office spaces witnessed a sharp uptick in the July-September period at 12.5 million square feet across top eight cities on better demand, especially from the IT sector, with economy coming back to normalcy and corporate workforces slowly returning to work from office, according to Knight Frank India. The gross absorption of office space stood at 4.7 million square feet in the corresponding period of the previous year and 3.6 million square feet in the previous quarter, according to Knight Frank's India Real Estate Update - Q3 2021 that was released on Monday through a video conference. The consultant noted that the total office transactions of the eight India markets in Q3 2021 have improved and reached 83 per cent of the 2019 quarterly average level.
The stress in the banking sector, which mirrors the stress in the corporate sector, has to be dealt with in order to revive credit growth.
Panagariya also stressed that India must continue the liberalisation of its top tariff rates and the country should not revert back to import substitution.
While some visible signs of recovery have emerged, Modi has not announced any sweeping market reforms, with critics saying he has scored high on oratory but low on delivery of his election campaign promises.
The lawmakers seem as uninterested as those who use the railways.
Gokarn was the first Indian central banker who regularised warnings to the government, through the monetary policy statement, on the need to reduce fiscal deficit.
Credit growth has slowed down from around 32 per cent (year-on-year) in July 2006 to around 23 per cent in August. Anecdotal evidence suggests that much of the deceleration in growth has come on the back of softer retail credit off-take.
India's economic growth may slow down to a little over 8 per cent while inflation is likely to be above the comfort level at 6.6 per cent with an upward bias next fiscal, a senior economist from global banking major HSBC said on Wednesday.
Thimpu apparently didn't think it necessary to take Delhi into confidence. Bhutan is loathe to getting dragged into the geopolitical rivalry between India and China. And for Beijing, this was too good an opportunity to be missed to thumb its nose at the powers-that-be in Delhi, points out Ambassador M K Bhadrakumar.
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