Amid fears of a third wave of coronavirus pandemic and hardening of retail inflation, the Reserve Bank is likely to maintain status quo on interest rate and watch the developing macroeconomic situation for some more time before taking any decisive action on monetary policy. The RBI is scheduled to announce its bi-monthly monetary policy review on August 6 at the end of the three-day meeting -- August 4-6 -- of the Monetary Policy Committee (MPC). The RBI Governor-headed six-member MPC decides on the key policy rates.
There was no clear winner between former chancellor Rishi Sunak and Foreign Secretary Liz Truss on Tuesday after the UK's prime ministerial candidates went head-to-head in their first television debate as finalists and clashed fiercely on their economic policies and tax plans.
The Supreme Court Monday posed searching questions to the Centre on the COVID-19 vaccine procurement policy and need for mandatory registration on the CoWIN app for people to get vaccinated without keeping in mind the real 'digital India' situation, observing that the policy makers must have an ear to the ground.
India is much better placed today to deal with future waves of the pandemic relative to the first wave, RBI deputy governor Michael Patra said.
'Investors should hold equity assets for 3 to 5 years.'
Forex dealers said besides selling of the American currency by exporters and banks, gains in other Asian currencies against the dollar and a higher opening in the domestic stock market also supported the rupee.
Economist Abhijit Sen, a former Planning Commission member and one of the country's foremost experts on rural economy, died on Monday night. He was 72.
Rishi Sunak tightened his grip on the race to replace Boris Johnson as Conservative Party leader and British prime minister as he bagged 101 votes to again emerge as the winner of the latest voting round on Thursday.
Eighteen months after the economy was battered by the Covid-induced lockdown, employment has not recovered to its pre-pandemic levels, points out Mahesh Vyas.
'With 87 per cent of the votes counted, Ardern's center-left Labour Party has won 48.9 per cent of the vote, meaning her party looks likely to score the highest result that any party has achieved since the current political system was introduced in 1996,' CNN reported.
'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.'
'The cracks I saw yesterday were the largest I have seen in my life. We are scared.'
Nearly 25 million jobs could be lost worldwide due to the coronavirus pandemic, but an internationally coordinated policy response can help lower the impact on global unemployment, according to a UN agency. In its preliminary assessment report titled 'COVID-19 and world of work: Impacts and responses', the International Labour Organization (ILO) calls for urgent, large-scale and coordinated measures across three pillars -- protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.
How soon can India reach a point when there is no hidden underemployment and all who want work can find it at a fair wage and decent work conditions, asks Nitin Desai.
Banking operations across the country may be impacted on Thursday as some bank unions would be joining the one-day nationwide strike called by central trade unions. Ten central trade unions, except Bharatiya Mazdoor Sangh, will observe the nationwide general strike to protest against various policies of the central government. Many lenders, including IDBI Bank and Bank of Maharashtra, in regulatory filings on Wednesday said their normal working could be affected at the branches and offices.
Modi govt must bring about reforms to kick-start big-ticket infra projects.
There is no sign of it losing popularity with a significant section of the voting population, which appears to be attracted to the party for identity reasons, observes Aakar Patel.
The Survey noted that while women account for almost half of India's population, their participation in labour market is almost one-third and has been declining.
'India is not so distant from years of high and entrenched inflationary expectations that it should start trying to play games with the economy the way the West's central bankers think they are entitled to,' argues Mihir S Sharma.
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
The post-mortem reports of the two Dalit minor sisters who were found hanging from a tree in Uttar Pradesh's Lakhimpur Kheri district confirmed that they were raped and strangulated, the police said on Thursday.
Rationalisation of income tax slabs, infrastructure status for digital services and incentives to hydrogen storage as well as fuel cell development were some of the suggestions made by various stakeholders at the pre-Budget consultation meeting convened by Finance Minister Nirmala Sitharaman. The customary pre-Budget consultation meetings were held with the finance minister virtually between December 15 and December 22, as per the finance ministry statement. More than 120 invitees representing seven stakeholder groups participated in eight meetings, scheduled during this period, it said.
Eminent economist Arvind Panagariya has said India is on the cusp of returning to a high growth trajectory and voiced confidence that the country will become the world's third-largest economy by 2027-28. Currently, India is the fifth largest economy "so it's another five years.We are already in (the year) 2023. "So 2027-28, India should be the third-largest economy," Panagariya, Columbia University Professor and former Vice Chairman of NITI Aayog, told PTI in an interview in New York.
HR Guru Mayank Rautela offers practical advice.
'Such big falls are quite frequent these days, so do not try to time this market.' 'Use big dips to accumulate quality stocks.'
India's services sector activities improved further and expanded at strongest rate in over 11 years in May, supported by a substantial pick-up in new business growth, even as input cost inflation climbed to a record high, a monthly survey said on Friday. The seasonally adjusted S&P Global India Services PMI Business Activity Index jumped to 58.9 in May, up from 57.9 in April, amid better underlying demand and strong inflows of new work. For the tenth straight month, the services sector witnessed an expansion in output.
'From the time India liberalised in the 1990s, the government has policies are for facilitating the growth of the manufacturing sector.' 'The policies were put in the hope that growth of the manufacturing sector will lead to increased employment,' points out Chidambaran G Iyer, Senior Fellow, Pahle India Foundation.
A survey, with over 3,700 respondents across digital platforms, found that transparent taxation has been one of the most significant initiatives of the government followed by the production-linked incentives (PLI) scheme, equalisation levy and new labour codes.
If India wants to become a globally competitive manufacturing hub, it will have to rethink the notion that the traditional SMEs will form the manufacturing backbone, argues Prosenjit Datta.
'Life has been full of rewards, full of sadness.'
'While we note the very strong cyclical recovery in the economy, we believe there is still uncertainty over medium-term prospects.'
Speaking at the RSS's annual Vijayadashami rally in Nagpur which was broadcast online and attended 50 swayamsevaks (volunteers) due to the COVID-19 guidelines, Bhagwat said when the Sangh says Hindustan is 'Hindu Rashtra', it does not have any political or power-centered concept in its mind.
Most brokerages have maintained their Sensex and Nifty targets as they believe there is little room for further re-rating in the backdrop of weak earnings.
The central government has asked public sector undertakings to dissuade their employees from participating in the bandh.
HR Guru Mayank Rautela offers practical advice.
Every patriot should learn from our history and recognise that celebrating size will neither negate nor obscure the huge economic challenges that India faces, asserts Rathin Roy.
'Political parties are following the Divide and Rule policy to break the unity of farmers.'
While all indicators pointed to economy drastically slowing down due to lack of demand, the government continued to steer its policies in the name of 'ease of doing business', aggravating widespread impoverishment and deepening the crisis further, the unions alleged.
Shankar Prajapati, a 57-year-old potter in Dharavi, has given up hope of getting a bigger house for his family. He lives cheek by jowl in a hutment measuring 200 square (sq.) feet (ft) in the nondescript shanty town. "We have surrendered to our fate. We cannot wait forever for better accommodation. "Perhaps we are not meant to dream big," despairs Prajapati. Raju Korde, president, Dharavi Redevelopment Committee, and a local resident, agrees with Prajapati.
The 8.1 per cent interest rate was recommended by the Central Board of Trustees after its meeting in Guwahati under the chairmanship of Union Labour and Employment Minister Bhupendra Yadav, a labour ministry press statement said.
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