Page 2 - Economic Systems

Integrated framework

India needs a medium-term economic strategy

Key indicators suggest economy remains buoyant at end of FY24: NCAER

Indian economy shows resilience with PMI growth, strong GST collections, and bank credit growth

Need to cut our expenditures, take Pak towards self-reliance: PM Shehbaz

Pakistan Prime Minister Shehbaz Sharif on Saturday vowed to transform the country's economic landscape as he said he has shared the broad parameters of a five-year plan with all the ministries, the state media reported. Sharif, who earlier this month took oath as the prime minister for a second time since 2022 amidst staggering economic and security challenges, chaired a Cabinet meeting in which he shared the five-year plan with all the ministries specifying their targets, reported Radio Pakistan. He emphasised that the ministries would have to devise strategies to achieve these targets and the progress would be reviewed regularly. We have to cut our expenditures and take the country towards self-reliance, he said. Expressing determination to uplift various sectors such as agriculture and information technology, Sharif said We have to take the country on the growth trajectory and create employment opportunities. He was confident that the Ministry of Commerce would take the requisit

Economic stability key selling point as Putin gears up for reelection

Russians are finding a few imported staples, like fruit, coffee and olive oil, have shot way up in price. Most global brands have disappeared or been reincarnated as Russian equivalents under new, Kremlin-friendly ownership. A lot more Chinese cars are zipping around the streets. Those who want a particular luxury cosmetic may be out of luck. Other than that, not much has changed economically for most people in President Vladimir Putin's Russia, more than two years after he sent troops into Ukraine. That's despite the sweeping sanctions that have cut off much of Russia's trade with Europe, the U.S. and their allies. That sense of stability is a key asset for Putin as he orchestrates his foreordained victory in the March 15-17 presidential election for a fifth, six-year term. Inflation is higher than most people would like, at over 7% above the central bank's goal of 4%. But unemployment is low, and the economy is expected to grow 2.6% this year, according to the International ...

PM Modi brought social, economic changes, says LS Speaker Om Birla

Birla, four Union ministers and a paralympian are among the 15 candidates from Rajasthan named in the first list of candidates released by the BJP on Saturday

No of educated jobless youth soar 7 times in Assam in 2022: Eco Survey

The latest Economic Survey Assam has stated that nearly 10 lakh fresh educated youths have registered in employment exchanges in the state in 2022 compared to just 1.4 lakh in the previous year. Terming it a huge challenge before the state, the Economic Survey, Assam for 2023-24 stated that the size of the educated job seekers is considerably high with new registration jumping by a whopping over seven times in just a single year. "From the records of the live register of Employment Exchanges, the registered educated job seekers stood at 9,83,093 in 2022 as against 1,37,865 during 2021," it added. The report, which was tabled in the Assam Assembly during the Budget Session this month, stressed that the number of educated job seekers has increased at all levels of education in 2022 over 2021. It said that the overall number of educated job seekers stood at 18,05,441 as per registrations at Employment Exchanges in 2021 as against 17,46,671 during 2020, thereby showing an increase of 3

India's economic growth may exceed 6% for rest of the decade: Goldman Sachs

India's demographics, strong government-led spending and healthy domestic demand makes it a "favorable destination for investments going forward," he said

Updating India's rituals

Particularly economic ones

SL achieved economic recovery due to citizens' support: Wickremesinghe

President Ranil Wickremesinghe on Sunday said Sri Lanka has achieved progress in its economic recovery process due to the steadfast support of citizens to a comprehensive long-term national rebuilding programme despite facing hardships. Addressing the 75th anniversary of independence celebrations held here, Wickremesinghe said when the country marked Independence Day last year it was labelled bankrupt. He said progress had been achieved in the economic recovery bid owing to the steadfast support of our citizens who endured hardships in keeping with a comprehensive long-term national rebuilding programme. If we go on this road, the difficulties will fade away. The cost of living will become lighter. The economy will become stronger," Wickremesinghe stressed. Sri Lanka in April 2022 declared its first ever sovereign default since gaining independence from Britain in 1948. The crisis led Wickremesinghe's predecessor Gotabaya Rajapaksa out of office through a campaign of public agitat

Govt continues to be bright spot of world despite challenges: Piyush Goyal

The global economic uncertainties have impacted foreign direct investment (FDI) but despite these challenges, India will continue to be the bright spot of the world for overseas players, says Commerce and Industry Minister Piyush Goyal. While signing free trade agreements (FTAs) or bilateral investment treaties (BITs), the government always ensures the terms are best for India, Goyal told PTI in a post-budget interaction. Finance Minister Nirmala Sitharaman in her budget speech on Thursday said India is negotiating BITs with different countries in the spirit of 'first develop India'. She said that geopolitically, global affairs are becoming more complex and challenging with wars and conflicts. "The global uncertainty has certainly impacted FDI, particulary considering that the interest rates in the US and other developed countries have massively seen a spike," Goyal told PTI. He said that because of the high interest rates, there was a reverse flow of capital towards developed ...

IMF lowers Pakistan's economic growth forecast to 2% for FY2024: Report

The IMF's growth forecast is significantly lower than the Pakistan government's 3.5 per cent GDP growth target for current year

UNDP report indicates worsening economic insecurity in Afghanistan

According to the UNDP report, currently, seven out of 10 people in Afghanistan are not able to meet their basic life requirements and face economic insecurity

China's economy expanded 5.2% in 2023, though recovery seems uneven

China's economy for the October-December quarter grew at a quicker rate, allowing the Chinese government to hit its target of about 5 per cent annual growth for 2023 even though trade data and the economic recovery remain uneven. Official data released on Wednesday showed that the Chinese economy grew 5.2 per cent for 2023, surpassing the target of about 5 per cent that the government had set. The growth for 2023 is likely helped by 2022's GDP of just 3 per cent as China's economy slowed due to COVID-19 and nationwide lockdowns during the pandemic. For the fourth quarter, China's gross domestic product also grew at 5.2 per cent compared to the same time last year. On a quarterly basis, the economy rose 1 per cent in Q4, slowing from the expansion of 1.3 per cent in July-September. Officials from China's National Bureau of Statistics said that measures including strengthened macro regulation, and redoubled efforts to expand domestic demand, optimize structure, boost confidence and .

The Economics of Stupidity: Understanding Irrationality in Finance

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Argentina's unions protest president's cutbacks, deregulation and austerity

Thousands of union members and activists took to the streets of Argentina's capital on Wednesday to protest a decree from President Javier Milei that imposes sweeping deregulation and austerity measures meant to revive the country's struggling economy. Unions had asked a court for a prior injunction to block measures lifting some labour protections, but a judge rejected the appeal, noting the decree had not yet entered into effect. It does so on Friday. Argentine labour activists question whether Milei, a self-described anarcho-capitalist who has long railed against the country's political caste, can impose the measures by way of an emergency decree bypassing the legislature where his party has few seats. We do not question the president's legitimacy ... but we want a president who respects the division of powers, who understands that workers have the need to defend themselves individually and within the framework of justice when there is unconstitutionality, said Gerardo Martnez, .

2023 Rewind: India helps Sri Lanka reel out of its debt-trapped economy

As Sri Lanka and India marked their 75th anniversary of diplomatic relations in 2023, New Delhi has again emerged as a steadfast ally of Colombo, playing a pivotal role in the debt-trapped island nation's steady economic recovery. When the unprecedented economic turmoil struck Sri Lanka last year, India swiftly extended a lifeline to the country with assistance of over USD 4 billion, surpassing the International Monetary Fund's 48-month bailout of about USD 3 billion. The timely financial support from India was a testament to the strong bond between the two countries. Sri Lanka, acknowledging India's role, successfully navigated the IMF negotiations in March this year, crediting India's Finance Minister Nirmala Sitharaman for her role during the early stages of discussions with the global lender. A significant development was Sri Lanka's decision to utilise the first tranche of USD 330 million of the IMF bailout to repay Indian loans. This underscored India's patience and generosity

50 elections globally amid wars cast doubt on 2024 economic outlook

Next year could see increasing volatility as persistent military conflicts and economic uncertainty influence voting in national elections across the globe

UK economy shrinks in Q3 as GDP contracts 0.1%, shows signs of recession

The medium-term outlook for the UK economy is far more optimistic than these numbers suggest," Hunt said in a statement

MUFG looking to expand India operations amid economic slowdown in China

Japan's largest lender has been building up its operations in India in recent years. In August last year, it opened a branch in the Gujarat International Finance Tec-City

BoE set to hold interest rates at 15-year high amid economic concerns

The Bank of England is set to join its peers in the U.S. and Europe in keeping borrowing rates unchanged at its policy meeting Thursday despite mounting worries over the state of the British economy. The central bank is expected to keep its main interest rate at a 15-year high of 5.25 per cent, where it has stood since August. Holding that high rate follows two years of hikes that targeted a surge in inflation, first stoked by supply chain issues during the coronavirus pandemic and then Russia's invasion of Ukraine, which pushed up food and energy costs. Its decision comes during a busy pre-Christmas bout of central bank activity, with the U.S. Federal Reserve and the European Central Bank also set to keep their main borrowing rates on hold at multi-year highs. The Bank of England is widely thought to be further away from cutting rates than the Fed or the ECB, with inflation in the UK higher than in the US or across the 20 European Union countries that use the Euro currency. The Ba