Page 2 - Economic Policy

Double engine of private investment, consumption derailed under Modi: Cong

The Congress on Sunday claimed that India was facing a "demand crisis" due to sustained income stagnation and said the 'double engine' of private investment and mass consumption that powered the UPA's decade of sustained GDP growth has been "derailed" in the last ten years of the Modi government. Congress general secretary in-charge communications Jairam Ramesh urged the government to accept what the Congress has been proposing - raising MGNREGA wages to a minimum of Rs. 400 per day, guaranteeing MSP and a loan waiver for farmers, and a monthly income support scheme for women - to kickstart income growth in rural India. He said that with each passing day, the tragedy of India's dying consumption story becomes more evident. Last week, several CEOs from India Inc raised the alarm over the 'shrinking' middle class and now, new data from NABARD's All India Rural Financial Inclusion Survey (NAFIS) 2021-22 adds to the evidence that India's demand crisis is a result of sustained income ...

SC overturns 1978 ruling, strikes down State's power to seize pvt property

The SC ruling, held by a majority of 8:1, adds that private property does not qualify as 'material resources of the community' as defined under Article 39(b) of the Indian Constitution

CM Naidu calls for 15% growth target, slams previous govt's policies

Naidu further stated that the government's primary responsibility is not only to provide welfare measures but also to increase the incomes of the people

In a first, PM Modi to address this year's Kautilya Economic Conclave

The Conclave will be inaugurated by Finance Minister Nirmala Sitharaman on October 4

Big, but not enough: China's stimulus package may not be effective

Raising wages, opening up the domestic consumer market to foreign goods, and enhancing the social welfare net are the usual recommendations of economists

Secrecy in IPEF talks raises concerns on protection of key interests: GTRI

The Indo-Pacific Economic Framework for Prosperity (IPEF) negotiations have mostly been conducted in secrecy with limited public input and it raises concerns whether the member countries, including India, were able to protect their key interests, think tank GTRI said on Sunday. The 14-member IPEF bloc was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 per cent of the world's economic output and 28 per cent of trade. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy. India has joined all the pillars except the trade. Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the US, and Vietnam are members of the bloc. The countries have signed pacts on supply chains, clean economy, and fair economy so far. India signed the clean and fair economy pacts on ...

Rupee has been among the least volatile currencies since 2023: RBI governor

Our stated policy is to prevent excessive volatility of the rupee, said Reserve Bank of India governor Shaktikanta Das

Human activity imperiling planet's critical life-support systems: Study

Looking at necessities of a livable Earth - including the climate, freshwater systems, biodiversity and soil nutrients - the researchers find almost all have crossed crucial thresholds

Does policy matter? Lessons from two elections and one ongoing campaign

Few elections have been defined by manifestos, but manifestos have often been seen as a guide to how the rival parties will govern

The PSU disconnect

Political calculations may have slowed privatisation, but economic policies to improve the public sector's performance brook no delay

Dhaka's next tasks

Stability and economic progress will have to be restored

Aramco reports lower half-yr profits as economic worries dampen energy rate

Saudi oil giant Aramco reported half-year profits Tuesday of USD 56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was USD 220.7 billion, up from USD 218.6 billion the year before. Profits in 2023 were USD 61.9 billion, nearly USD 5 billion higher. The decrease was primarily a result of lower crude oil volumes sold, weakening refining margins and lower finance and other income, Aramco said in a filing on Riyadh's Tadawul stock exchange. This was partially offset by higher crude oil prices and lower production royalties compared to the same period last year and lower income taxes and zakat, or Islamic charitable contributions. Saudi Arabia, a leader in the OPEC cartel, has allied with Russia and others outside of the group to try to keep production down to boost global oil prices. Benchmark Brent crude traded around USD 77 a barrel

News updates: One dead after flooding in UPSC coaching centre basement, rescue operations underway

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G7 nations commit to promoting India-Middle East-Europe Economic Corridor

The Group of Seven industrialised nations have committed to promoting concrete infrastructure initiatives such as the India-Middle East-Europe Economic Corridor (IMEC) in the G7 Summit Communique issued at the end of the three-day G7 Summit, attended by Prime Minister Narendra Modi. The Communique was issued on Friday evening after the customary family photo at the luxury resort of Borgo Egnazia, where the G7 also reiterated a commitment to a free and open Indo-Pacific based on the rule of law. Prime Minister Modi attended the G7 Summit at the invitation of Italian Prime Minister Giorgia Meloni, the host. We will further promote concrete G7 PGII (Partnership for Global Infrastructure and Investment) initiatives, flagship projects, and complementary initiatives to develop transformative economic corridors for quality infrastructure and investment, such as the deepening of our coordination and financing for the Lobito Corridor, the Luzon Corridor, the Middle Corridor, and the ...

India to stick to policy path whether PM Modi wins 3rd term or not: Rajan

The new govt will announce a budget shortly after it comes to power, which will likely focus on "all the good stuff that is happening while trying to see what other changes have to be made," he said

War minus shooting: Role of India in contemporary international trade

International trade right now is bringing back memories of the Cold War. What can be India's role in it?

Family and factory economics

Transitioning away from industrial norms, the 21st-century economy must prioritise work within families

Priorities for the next govt

It must deliver on policies required for equitable growth

RBI monetary policy highlights: Last mile of disinflation is always challenging, sticky, says Governor Das

RBI MPC highlights: Catch all the highlights related to RBI's Monetary Policy Committee announcements here

Mfg should contribute quarter to India's economic growth: M&M Group MD

The manufacturing sector needs to contribute a quarter to India's economic growth amid its ambition of becoming a USD 30-trillion economy by 2030 and a developed country (Viksit Bharat), M&M group Managing Director and CEO Anish Shah said on Friday. Sharing his perspective on the role industries and enterprises will have to play in accelerating national growth and economic prosperity at the third ABP Network's 'Ideas of India Summit 3.0' here, he also said over the next seven years, Indian GDP is expected to add as much to the global GDP as the entire European Union combined. The two-day event, which began here on Friday, has seen the participation of policymakers, cultural ambassadors, industry experts, celebrities, business leaders, economists, among others. "India envisions to be a 30-trillion economy by 2047 to be a Viksit Bharat. This means manufacturing should be 25 per cent of GDP... We should be more ambitious and make manufacturing grow 16 times and exports grow 11 ...