'Limited spillovers' to Asia's third-largest economy, even as world 'perilously close' to recession.
Sharma proposes to pass on the 'handover note' to his successor, which as per the poll projections is likely to be from Bharatiya Janata Party-led National Democratic Alliance.
The rupee on Tuesday recovered from its all-time intra day low of 77.79 to close higher by 7 paise on a stellar rally in domestic stock markets. After opening lower at 77.67, the local unit plunged further to its all-time intra-day low of 77.79 due to a spike in crude oil prices and disappointing macroeconomic data. However, a strong rally in domestic equities helped the rupee rebound and close at 77.48 (provisional), showing net gains of 7 paise over the last close of 77.55. The forex market was closed on Monday on account of Buddha Purnima.
India may not be prepared to meet US demands, say experts
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
'She delivers on promises, especially on security issues which is a core concern for India.'
India's unabated tryst with Russian crude oil is slowly coming to an end. The time has come for Indian refiners to navigate, creatively, the choppy waters of the post-honeymoon period, and for Indian policymakers to take cognisance of the broader impact on India from the spillover of the Russian crisis - after Washington's warning to transgressors last week. Shipments from Russia to India have averaged over 1.8 million barrels a day since February, according to data from Paris-based market analytics firm Kpler. But much of the crude shipped to India was non-sanctioned because it traded below a price cap set by the US led G-7 nations in December.
In a written interview with Chinese media based in Delhi, Singh said India faces an unsustainable imbalance in its trade with China and one of the ways of overcoming the trade deficit is for India to attract larger flows of foreign direct investment from China.
India on Monday said it could consider imposing "some kind of safeguard duties' on Chinese imports to bridge the huge trade gap as it cannot be sustained in the long run.
Balance of payment stood at a surplus of $30.1 billion during January-March
The Indian rupee may remain under depreciation pressure on account of plateauing of exports and subsequent widening of the current account deficit, said the Economic Survey 2022-23 tabled in Parliament on Tuesday. It said the "risks to the current account balance stem from multiple sources". The country's current account deficit (CAD) widened to 4.4 per cent of the GDP in the quarter ended September from 2.2 per cent in April-June due to higher trade gap, as per latest data of the Reserve Bank of India.
The eight years and more since 2004-05 have seen a continuous non-oil trade deficit, the first such period since the 1980s.
The declining exports would have implications for the job market.
The rupee breached the 80-mark against the dollar on Tuesday. The steady depreciation in the value of the rupee against the US dollar is likely to prove expensive for corporate India. The listed companies' revenue expenses in foreign currency or imports exceed their export revenues or revenue earnings in forex. In their latest financial year, BSE500 companies, excluding banks and non-banking finance companies and insurance (BFSI), reported combined forex expenses of Rs 12.31 trillion against forex earnings of around Rs 10 trillion.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
Problem of a huge trade imbalance against India even as both exports and imports declined in 2012-13 year-on-year still remains a severe challenge even to this day.
The 30-share Sensex rose 265.65 points to end at 20,249.26 and the 50-share Nifty gained 79.05 points at 6,007.45 levels.
Markets end marginally higher supported by IT shares as Infosys's Q3FY14 results boosted sentiment.
Asian Paints was the top loser in the Sensex pack, shedding 2.66 per cent, followed by Axis Bank, HUL, Wipro, M&M, HDFC and Bharti Airtel. On the other hand, TCS, Infosys, L&T, Tech Mahindra and HDFC Bank were among the gainers.
Economic recovery is well under way in some advanced economies.
India and China ties are likely to enter into a "new age of cooperation" especially in trade in view of Prime Minister Narendra Modi's knowledge of Chinese investment promotion and his plans for economic reforms, according to an official think-tank in Beijing.
Gold prices have been on an uptrend in the last few months, rising nearly 28 per cent to $2387 per ounce now. This rise in gold price, according to Christopher Wood, global head of equity strategy at Jefferies, is attributed to the demand from China amid lack of investor euphoria as regards the yellow metal. "Recent developments show a distinct lack of investor euphoria as regards gold, the question remains what is driving the current rally.
Congress spokesperson Supriya Shrinate also alleged that foreign policy has been reduced to photo-ops and a chest-thumping exercise and is being used to secure contracts for a businessman.
'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.'
Instead of boosting growth, policy should focus on addressing the current account and budget deficits.
Even to the more jaded India hands inured to the tricks of the country's fiscal trade, an overwhelming element of jugaad - that desperate bid to somehow put the decades-old family Ambassador together for that one final ride - is apparent.
'A lack of strategic trust and the 'persistent security dilemma' prevails between India and China,' points out Dr Rup Narayan Das.
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India's trade deficit widened to $20.1 billion in May because of high gold imports while exports declined by over a per cent, raising concerns about economic recovery.
"China creeps towards hegemony in Asia, threatens India's borders, and treats other countries as junior partners, Indian-American Congressman Ro Khanna said.
He said countries should work for promoting open and inclusive cooperation for win-win outcomes.
However, independent economists are not as gung-ho as the finance ministry over the likelihood of deficit target being met this time around, says Indivjal Dhasmana.
The trade deficit narrowed to $10.84 billion, from $12.23 billion in July.
The sharp and sudden fall in the exchange rate of the Indian currency in relation to the American greenback has taken many by surprise.
The country's exports for the first time crossed the $400 billion mark in a fiscal on healthy performance by sectors such as petroleum products, engineering, gems and jewellery, and chemicals, according to the commerce ministry's data released on Wednesday. The merchandise exports rose by by 37 per cent to $400.8 billion in 2021-22 until March 21 against $292 billion in 2020-21. Previously, the outbound shipments had touched a record of $330.07 billion in 2018-19.
The Sensex and the Nifty had touched a low of 27,921 and 8,349 respectively.
The country's gross domestic product (GDP) growth is likely to be 8.8 to 9 per cent in the current financial year, driven by agriculture and industry sectors, Care Ratings said in a report. The country's economy had contracted by 7.3 per cent in fiscal 2020-21. The agency said the outlook for the Indian economy on almost all counts in FY22 would look seemingly better than FY21 on account of the negative base effect.
The trade deficit widened to $12.8 billion last month
The initiatives announced by Commerce and Industry Minister Anand Sharma as part of the annual supplement to the Foreign Trade Policy are aimed at pushing exports which declined by 1.76 per cent to $300.6 billion during 2012-13 and pushed up the trade deficit to $190.91 billion.
India's exports during 2012-13 declined 1.76 per cent to $300.6 billion mainly on account of slowdown in the global economy, Commerce and Industry Minister Anand Sharma said.
