The Asian Development Bank (ADB) on Wednesday slashed India's GDP growth forecast for FY23 to 7 per cent from the earlier estimate of 7.2 per cent mainly on account of higher inflation and a tight monetary policy. India's economy grew 13.5 per cent year-on-year in the first quarter of 2022-23, reflecting strong growth in services, ADB said in its second supplement to Asian Development Outlook Report 2022 (ADO 2022). "However, GDP growth is revised down from ADO 2022's forecasts to 7 per cent for FY2022 (ending March 2023) and 7.2 per cent for FY2023 (ending March 2024) as price pressures are expected to adversely impact domestic consumption, and sluggish global demand and elevated oil prices will likely be a drag on net exports," ADB said.
India has so many relationships, such an ability to communicate and find touch points with different countries and regions.
'There is only one common feature between Gorbachev and Putin.' 'They are both patriots, and both try to save Russia and make it great.' 'But in very, very, different ways.'
She also took a swipe at the Bharatiya Janata Party over its defeat in the just-concluded Himachal Pradesh assembly elections, saying the ruling party's president could not hold on to his home state. "Who is the Pappu now?" she asked.
Modi invoked the epics of Ramayana and Mahabharata to assert that it is in Indian tradition to avoid war be it in Lanka or Kurukshetra and the country stands for world peace.
China on Thursday voiced its opposition to India's reported plans to hold the next year's meeting of G-20 leaders in Jammu and Kashmir.
'In India, a deadly wave of infection with the Delta variant stole 240,000 lives between April and June and disrupted economic recovery. Similar episodes could take place in the near term,' said the report.
'The Ruble is now down 50 per cent and worth less than one American penny since Putin announced his war'
'Our advice is to put money into equities now rather than staying away.'
'It would be a huge mistake to think that Gorbachev's reforms did not achieve anything.' 'We all live in the world, which is in many respects a result of Glasnost and Perestroika.'
The Indian economy is rapidly normalising towards pre-pandemic activity levels, even as uncertainty exists about coronavirus mutations and repeated infection waves, industrialist Kumar Mangalam Birla said on Wednesday. Vaccination is picking up pace, which would improve India's resilience against a potential third wave, the chairman of Aditya Birla Group said while virtually addressing shareholders at the AGM of group firm UltraTech Cement Ltd. Moreover, various steps taken by the RBI and the government have helped in containing the economic disruptions of the pandemic, Birla added.
With domestic retail fuel prices jumping to record high on rising international oil rates, India on Thursday pressed oil cartel OPEC for 'affordable' oil price within a 'reasonable band' and that the producers should phase out production cuts. OPEC nations such as Saudi Arabia have traditionally been India's principal oil source. But, OPEC and its allies, called OPEC+, ignoring its call for ease supply curbs had led to the world's third-biggest oil importer tap newer sources to diversify its crude oil imports. As a result, OPEC's share in India's oil imports has dropped to about 60 per cent in May from 74 per cent in the previous month.
The employment situation remains dire. Whatever can be done to promote greater low-skill employment should be pursued aggressively, advises former chief economic adviser Shankar Acharya.
'No one in Sri Lanka could afford to stay at home, everyone came onto the street.'
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.
The Sensex was mainly dragged by Tata Motors, ICICI Bank, Bharti Airtel and Reliance Industries -- shedding as much as 4.60 per cent.
Given the impact Covid-19 pandemic had over the world economy, analysts expect global central banks, especially the US Fed, to keep the liquidity tap open, which, in turn, is likely to keep the equity markets, especially those in the emerging markets, buoyant.
'For someone who wants to invest for the future or his family, diversification is necessary.' 'Diversify across asset classes -- equities, gold, real estate, fixed income, commodities, and even cryptocurrency.'
'The big power struggle in faraway Europe erupted at a most critical juncture when India has been increasingly sceptical about American policies and statesmanship,' argues Ambassador M K Bhadrakumar.
Axis Bank was the top gainer in the Sensex pack, soaring over 6 per cent, followed by Bajaj Finserv, HDFC, Bajaj Finance, ITC, IndusInd Bank, SBI, ICICI Bank and Reliance Industries.
India's economy has bounced back amazingly from the Covid-19 pandemic and nationwide lockdown over the last one year, but it is not out of the woods yet, according to the World Bank, which in its latest report has predicted that the country's real GDP growth for fiscal year 21/22 could range from 7.5 to 12.5 per cent.
Chief of Defence Staff Gen Bipin Rawat on Wednesday asserted that any possible terrorist activity flowing out of Taliban-controlled Afghanistan and finding its way into India will be firmly dealt with, and suggested that the Quad nations should boost cooperation in the global war on terrorism.
'In May 2020-2021, nearly 10 crores (100 million) lost jobs. 'Covid is not the reason for the present crisis. It aggravated the crisis.'
In his address to the nation on the eve of 73rd Republic Day, President Kovind noted that democracy, justice, liberty, equality and fraternity form the bedrock of India and stressed that the observance of Fundamental Duties mentioned in the Constitution creates the proper environment for the enjoyment of Fundamental Rights.
Taking a dig at China, Defence Minister Rajnath Singh on Sunday said 'some irresponsible nations' with their narrow partisan interests and hegemonic tendencies are coming up with wrong definitions of the UN Convention on the Law of the Sea.
NTPC, Maruti, SBI, PowerGrid, Bajaj Auto, UltraTech Cement and Axis Bank rose up to 2.95 per cent.
IOC President Thomas Bach has said the Games would have to be scrapped if the event cannot be held next year but Takahashi said cancelling them would have major financial implications.
Intense volatility remained amid a global selloff led by concerns over the impact China's coronavirus on world economies, analysts said. Market participants are also jittery ahead of January derivatives expiry this week, they added.
Speaking at a defence industry outreach seminar, PM Modi said India's self-reliance on defence capabilities will boost its standing of being a net security provider in the Indian Ocean and make it a defence supplier for many friendly countries, depending on strategic ties.
Since 2014, many of Mohan Bhagwat's speeches have acted as cues for government policy.
Many in the US establishment must hope that the crisis would put the brakes on China's growing military might. Well, it ain't gonna happen, says T T Ram Mohan, who was appointed a member of the prime minister's economic advisory council on Wednesday, October 28, 2021.
Trump has repeatedly blamed China for the coronavirus pandemic which originated in the central Chinese city of Wuhan in December last year and accused Beijing of suppressing the details of the contagion.
Asian Paints, HUL, TCS, Tech Mahindra, Reliance Industries, UltraTech Cement were among the top laggards in the Sensex pack.
Reliance Industries was the biggest loser in the Sensex pack, falling 2.62 per cent, followed by Nestle India, IndusInd Bank, UltraTech Cement, M&M and SBI.
Here's the full text of address to the nation by President Ram Nath Kovind on the eve of the Republic Day 2022.
India will have to show more willingness to import, and since Biden will not encourage sale of oil and gas to bridge the gap, it means there has to be more meaningful duty reduction in other areas even if Delhi baulks at a Free Trade Agreement so soon after walking out of RCEP.
Modi hits out at trade protectionism and calls for a rule-based, transparent, anti-discriminatory, open and all inclusive WTO-centred multilateral trading system focused so that the interests of every country specially the developing ones can be taken care of.
'There will be massive differences in sectors and stocks over the next few years.'
IMF Chief Economist Gita Gopinath also said the pickup in global growth for 2020 remains highly uncertain as it relies on improved growth outcomes for stressed economies like Argentina, Iran, and Turkey and for under-performing emerging and developing economies such as Brazil, India, and Mexico.
The RBI governor, who made a presentation about the state of the economy as well about the world economy to the 31-member Parliamentary Standing Committee on Finance, stayed clear of controversial questions like government invoking special powers.
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