Page 18 - Economy

Rajasthan's financial, economic landscape resembles a desert mirage

Gehlot needs to remember that while needs and wants are unlimited, resources are scarce

No decision yet on India joining trade pillar of IPEF, says official

The government has not yet taken any decision on the issue of India joining the trade pillar of the Indo-Pacific Economic Framework (IPEF), a 14-member grouping, a senior official said. The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 in Tokyo. The 14 IPEF partners represent 40 per cent of global GDP and 28 per cent of global goods and services trade. The framework is structured around four pillars relating to trade, supply chains, clean economy, and fair economy (issues like tax and anti-corruption). India has joined the three pillars except the trade part. The member countries are holding negotiations to sign separate agreements on these subjects. Talks are already concluded on the supply chain resilience and the process for domestic approval in India for this agreement is underway. The member nations are holding talks on clean economy, and fair economy pillars under the sixth negotiating round, which is undergoing in Kuala

India is high on list for prestige beauty brands: Shiseido Apac CEO

The market is better placed now with organised retail, which provides accessibility and reach

S Africa to topple Nigeria to regain mantle as continent's biggest economy

The IMF's World Economic Outlook envisions South Africa's gross domestic product reaching $401 billion based on current prices in 2024, compared with Nigeria's $395 billion

Pakistan's annual expenditure on public servants over PKR 8 trn: Study

Despite this extensive expenditure, little is known about the overall contribution, outcomes, and impact of these public servants on taxpayers

Rupee ends at record closing low on intensifying geopolitical worries

The rupee closed at 83.2775 against the U.S. dollar, little changed from its previous close of 83.2625. The currency hit its previous record closing low of 83.2675 on Sept. 18

Share of women in wage work declined to 15.9% in 2022-23, says PLFS

At the national level, the share of women in regular wage work has declined sharply to 15.9 per cent in 2022-23, from 21.9 per cent in the pre-pandemic period of 2018-19

Major US banks report rising profits, cautious on economic outlook

JPMorgan's profit jumped 35 per cent on the year-ago quarter, while Wells Fargo profit surged 60 per cent. Citigroup reported a more modest year-on-year 2 per cent gain

In economic shift, smaller cities keep consumption engine running

Non-essential spending has increased more in non-metro segment as incomes rise

Rajasthan's ARTIA calls to include demands of industry in poll manifestos

According to ARTIA, these are important from the point of view of the economy and employment

Managing expectations

Sustained higher inflation can affect outlook

States borrowing cost soars to highest so far this fiscal at 7.68%

States have been forced to pay through their nose at the weekly auction of their debt on Tuesday with the weighted average interest rate payable soaring to the highest so far this fiscal at 7.68 per cent, 12 basis points (bps) more than the previous peak at the last auction. The prices shot up reflecting the overall higher risk averseness of investors with the rising interest rates along with higher demand, which rose by 14 per cent at the auction in spite of a jump in the average tenor to 15 years from 13 years last week. Eight states raised Rs 9,600 crore through state government securities (SGS) on Tuesday, which is 13.6 per cent higher than the amount indicated for this week in the auction calendar, according to Aditi Nayar, the chief economist at Icra Ratings. The sharp increase in the cutoffs of the 10-year and above issuances in the auction pushed the weighted average cut-off to 7.68 per cent, the highest in FY24 so far, up from 7.56 per cent last week, she said. The weighte

Bank of Israel to sell up to $30 billion of forex to stabilise shekel

The shekel fell 2.8% versus the dollar to 3.95 - its weakest level since February 2016 - after the announcement and matching its biggest one-day move since March 2020

Black market, smuggling cost Pakistan's economy $23 bn annually: Report

Illegal activities such as black market currency trade, gold smuggling, and oil smuggling among others are costing Pakistan's economy a whopping USD 23 billion per year, according to a UK-based financial service company. ACE Money Transfer, the UK-based money transfer company, in its recent report said that the black market and smuggling of US dollars in key sectors are draining Pakistan's economy of a staggering USD 23 billion per year, The Express Tribune newspaper reported on Saturday. These clandestine operations, encompassing black market currency trade, oil smuggling, gold smuggling, and import controls, have detrimental effects on Pakistan's economic stability, it said. They distort exchange rates, leading to currency devaluation, which, in turn, can fuel inflation as imported goods become costlier. Moreover, such activities undermine the efficacy of monetary policies and erode confidence in the financial system. This not only leads to a loss of government revenue but also

India poised to become new growth engine of world, says RBI Governor

India is poised to become the new growth engine of the world, Reserve Bank of India Governor Shaktikanta Das said on Friday as the central bank retained the country's GDP growth forecast at 6.5 per cent for 2023-24, notwithstanding the slowing global economy. Invoking Kautilya's Arthashastra, Das said macroeconomic stability and inclusive growth are the fundamental principles underlying a country's progress. "The policy mix that we have pursued during the recent years of multiple and unparalleled shocks has fostered macroeconomic and financial stability," he said, while unveiling the bi-monthly monetary policy review. He said the external sector also remains eminently manageable. Das further said the twin balance sheet stress that was encountered a decade ago has now been replaced by a twin balance sheet advantage with healthier balance sheets of both banks and the corporate. "India is poised to become the new growth engine of the world," he said, observing the global economy is ..

World Bank slashes 2023 growth forecast for East Asia and Pacific to 5%

World Bank said that while China is expected to grow at 5.1% this year, up from 3% in 2022, the rest of the countries in the region are expected to see a slowdown

India to clock GDP growth of 6.5% in FY24: NITI Aayog Ex-VC Rajiv Kumar

On the domestic side, Kumar said inflation is beginning to come down to the target levels and the government tax revenues have shown a good 16 per cent increase over last year

India 'big hub' for blue collar economy, says Fountain CEO Sean Behr

Fountain, a provider of hiring automation software for frontline workforces, considers India as one of the "big hubs" in this space, a top company official said. The company is present in the US, Western Europe - UK, France, Germany as well as in South Africa, India, New Zealand and a few other countries. "The big hubs are India, UK and France," Founder and CEO of the company Sean Behr told PTI. "Fountain focuses exclusively on the blue collar and gray collar workforce. A vast majority of people ... don't ...do PowerPoint or Excel, they do things on the frontlines of our economy," Behr said, adding that hiring and retaining workers in the blue and grey collar economy has never been more difficult. India is the "most natural place" to invest, and to expand as there is a huge opportunity and growth rate in the blue/grey collar market, Behr noted. "China has some similar dynamics, but obviously there's geopolitical challenges, while in India you have a bigger population and a very goo

Odisha's GST collections rose by 12.85% to Rs 4,249 cr in September

Odisha's GST collections increased by 12.85 per cent to Rs 4,249.12 crore in September, officials said on Sunday. The state had collected a gross GST revenue of Rs 3,765.17 crore in the same month last year, they said. The collection to be retained by the state (OGST+IGST settlement) was Rs 1,651.58 crore, against 1,157.08 crore in September 2022, a growth of 42.74 percent, they added. The state generated 20.66 lakh waybills in September, as compared to 17.66 lakh waybills during the corresponding period of last year. Helped by improved compliance, overall GST collections in the country increased by 10 per cent to over Rs 1.62 lakh crore in September, crossing the Rs 1.6 lakh crore mark for the fourth time during the current financial year.

Indian economy poised to grow at average 6.5% per annum over 2023-30: CEA

The Indian economy is poised to grow at an average of 6.5 per cent annually between 2023 and 2030, Chief Economic Advisor V Anantha Nageswaran said on Friday. Speaking at the BCC&I Indo-Pacific Economic Conclave, Nageswaran said the global economy is going to witness a period of uncertainty, and India has to plug into the global supply chain and make itself attractive for the China-plus one strategy. "We have had 9.1 per cent growth in FY22 and 7.2 per cent in FY23. We are poised to grow 6.5 per cent per annum on average for this year and the remainder of the decade. Why I am talking about 6.5 per cent and not 7.5-8 per cent? It is because we are not experiencing the kind of global growth that we experienced between 2003 and 2008," the CEA said. India has made progress in the last eight years as it has now become the fifth largest economy from the 10th rank globally in 2014, and within the end of this decade, it will become the third largest economy in the world, he ...