Page 20 - Economy

Statistics ministry to begin work on 80th round of national sample survey

During the 79th round of the survey, questions were also included on Ayush to get insights on the expenditure incurred

Robust digital infrastructure helped govt save over $27 billion: DEA Secy

Economic Affairs Secretary Ajay Seth on Friday said digital public infrastructure (DPI) has led to savings of over USD 27 billion in government schemes, and achieve greater financial inclusion in a short period. The use of direct benefit transfer (DBT) in the last one decade has ensured money reached to targeted beneficiaries and bogus accounts are weeded out. This has helped in huge savings of taxpayers' money. Sharing India's success story on the financial inclusion front, Seth said India has achieved 80 per cent account opening penetration from 20 per cent within a span of 7-8 years with DPI, which would have taken 47 years in the normal course as per a study by the Bank of International Settlements. "We developed a solution approach for delivering best-in-class services to the last mile and even in the most remote parts of the country. Our achievements are well known in numbers. Since the launch of the digital identity number, Pradhan Mantri Jan Dhan Yojana PMJDY in 2014, over 5

UK recession risk deepens but consumers stay unfazed, factory output falls

A business survey, which the BoE factored into its decision to keep rates on hold, showed companies endured a much tougher September than feared, marked by growing unemployment

Upward revision: OECD raises India's FY24 GDP growth projection to 6.3%

Also revises inflation projection to 5.3% from 4.8%

Yet another hike smashes fuel prices record in Pakistan, prompts furore

Amid double-digit inflation, Pakistan's caretaker government has effected yet another hike in the prices of petrol and diesel taking them to a historic high over Rs 330 per litre prompting immediate protests and a legal challenge too. As on Saturday, USD 1 was equivalent to 296.41 Pakistani Rupee. The Ministry of Finance on Friday night announced the price hike of petrol by Rs 26.02 and diesel by Rs 17.34 per litre. After the hike, petrol and high-speed diesel (HSD) are costing over Rs 330 at the filling stations, a psychological barrier that has been crossed for the first time in the country's history, the Dawn newspaper wrote. The fuel price hike comes on the heels of over 27.4 per cent increase in the rate of inflation in August, putting an unbearable burden on the masses, as petrol and HSD are used by all private and public service vehicles. The caretaker government on September 1 jacking up the petrol and diesel prices by over Rs 14. The rise is on top of Rs 32.41 and Rs 3

Global debt fell as share of GDP in 2022, may resume rising trend: IMF

The IMF said in an update to its Global Debt Database that the world's total debt to-GDP ratio fell last year to 238 per cent from 248 per cent in 2021 and 258 per cent in 2020

Pakistan's debt servicing heads towards record PKR 8 trn as rate hike looms

Pakistan's entire debt servicing is on track to reach a historic high of Pakistan Rupee (PKR) 8 trillion, with the prospect of a minor increase in the policy rate

New Zealand's economy expected to remain sluggish for 2 years, figures show

New Zealand's economy is expected to remain sluggish for another two years, although the overall picture is rosier than many observers had feared, new figures released Tuesday indicate. The nation's Treasury released the projections ahead of an election next month. They showed a slight deterioration from earlier predictions, with tax takes lower than expected and high inflation causing ongoing headaches. Unemployment is expected to jump from a current rate of 3.6 per cent to 5.4 per cent in 2025 before falling again, while economic growth is expected to fall from 3.1 per cent this year to 1.3 per cent next year, before bouncing back to 3.3 per cent by 2026. Net debt as a percentage of the economy is expected to peak at 23 per cent in 2025. Treasury said subdued house price growth and a tougher labour market would dampen household wealth and incomes, and that exporters, including farmers, faced ongoing headwinds. A predicted return to the government running budget surpluses was pushe

Indian crypto companies welcome crypto push at G20, expect clear framework

On Saturday, a chunk of G20 member nations said they want to start an exchange of information on such non-financial assets by 2027

CEA rejects 'statistical discrepancy' criticism on Q1 growth numbers

Chief Economic Advisor V Anantha Nageswaran has rejected criticism of 'statistical discrepancy' in the first quarter GDP data, saying when the same statistical authority reported the severest contraction in the first quarter of 2020, the naysayers had called it credible as it suited their narrative. "In Q1 of 2023-24, the discrepancy of 2.8 per cent has a plus sign. This indicates that the expenditure side has explained only 97.2 per cent of the income side. It does not mean that the 2.8 per cent that has yet to be explained does not exist," Nageswaran said in an op-ed article. "It exists and lends itself to being explained in subsequent quarters. Similarly, the preceding eight quarters have shown negative discrepancies. It means that the expenditure side has been over-explained and needs to be reconciled," the article co-authored by senior government economist Rajiv Mishra said. Over a long period, the negatives and positives offset each other, it said, adding that between 1Q FY12

Delhi's business landscape braves impact as G20 summit takes centre stage

Shuttered for security reasons, markets to miss weekend crowds

Mohali to Manila: Rice economy faces turmoil as El Nino turns up heat

The agriculture department is coordinating with the state's irrigation and energy departments to ensure optimum supply of water and electricity

Supreme Court stays Karnataka HC order on Gameskraft tax evasion case

The high court had quashed the Directorate General of GST Intelligence's order alleging tax evasion of Rs 21,000 crore in May this year

Aug inflation number likely to remain high, moderation expected from Sept

Having touched 15-month high of 7.4 per cent in July, retail inflation is expected to remain elevated in August as well, due to rising prices of cereals, sources said. The August inflation print is scheduled to be announced on September 12. However, sources said, it is expected to start moderating from September onwards due to fall in prices of vegetables like tomatoes, restrictions imposed on the export of non-basmati rice and cut in the prices of domestic LPG cylinders. Last week, RBI Governor Shaktikanta Das also said that the central bank expects inflation to moderate from September onwards. "We expect overall inflation to start moderating from September onwards. August inflation will be again very high, but we expect from September onwards inflation to go down," he had said. Das had said that prices of tomatoes have already fallen and retail prices of other vegetables are also expected to come down from this month. The RBI Governor had said that the government has taken seve

Inflation to remain elevated in near-term, govt policies to prevent it: S&P

In July, the consumer price index based retail inflation spiked to 15-month high of 7.44 per cent in July, with specific food commodities mainly driving the increase

Edible oil prices may not rise during festive season due to good supply

The prices of edible oils, however, may increase from December through April-May next year due to the impact of El Nino in oil-producing countries

China planning to create new agency to promote private sector growth

The private economy development bureau will be responsible for tracking and analyzing the state of the industry, along with coordinating and drafting policies

UAE space sector enhances global competitiveness, contributes to economy

The UAE has achieved continuous accomplishments in the space economy sector, which enhances its global competitiveness and contributes to diversifying its economy

India will have no place for corruption, casteism, communalism: PM Modi

Prime Minister Narendra Modi in exclusive interview to PTI: Many positive impacts from India's G20 Presidency, some "very close to my heart".

Moody's ups GDP projection to 6.7% for CY2023 on robust economic momentum

Moody's Investors Service on Friday raised India's growth projection for 2023 calendar year to 6.7 per cent on account of robust economic momentum. "Strong services expansion and capital expenditures propelled India's 7.8 per cent real GDP growth in the second (April-June) quarter from a year ago. We have accordingly raised our 2023 calendar year growth forecast for India from 5.5 per cent to 6.7 per cent," Moody's said in its Global Macro Outlook. "Given the robust underlying economic momentum, we also recognise further upside risk to India's economic growth performance," it added Moody's said since the second quarter outperformance creates a high base in 2023, "we have lowered our 2024 growth forecast from 6.5 per cent to 6.1 per cent". India's monsoon season which runs from June to October could also see below average rainfall, resulting in higher food prices. So far, as of August 29, the India Meteorological Department has estimated a 9 per cent rain deficiency across the ...