Page 35 - Economy

Germany enters recession: What went wrong with Europe's largest economy?

According to Germany's statistics agency, the economy contracted by 0.3 per cent in the first quarter of the year, following a 0.5 per cent contraction in the final three months of 2022

India to be a developed country by 2047, economists agree on roadmap: SKOCH

/ -- Dr Bibek Debroy, Chairman, Economic Advisory Council to Prime Minister Narendra Modi, projects that India will grow comfortably at a real rate of 7.5% to pass through the upper-income category and approach the high-income status by 2047. Dr C Rangarajan, former Chairman, Economic Advisory Council to Prime Minister, calculates that India would need to grow at a real rate of 6.18-6.74% to achieve the status of a higher-income country by 2047. Both economists arrive at similar numbers though they take different starting figures and currencies to project their calculations in their papers on macro-economic essentials. Twenty-three renowned economists have detailed their roadmap to India 2047 in the book 'India 2047 High Income with Equity', put together by Mr Sameer Kochhar, Chairman, SKOCH Group, Reforms Historian and Author of ModiNomics. Mr Sameer Kochhar says, "It has always been my attempt to grasp the full magnitude of the direction given by the Prime Minister and translate i

There are downside risks to growth due to external sectors, weather: FinMin

There are downside risks to growth and upside risks to inflation, partly channelled through the external sector and partially originating from weather uncertainties, the finance ministry said in a report on Monday. Consumption has shown steady and broad-based growth, while investment in capacity creation and real estate is finding traction, said the April edition of the Finance Ministry's Monthly Economic Review. "April is too early to forecast the economic outcomes for the entire year. A good beginning, though, is a harbinger of positive outcomes," it said. Observing that the FY24 for the Indian economy opened on the back of strong activity witnessed in the last quarter of the previous fiscal, the report said GST collections in April, which marked the commercial activity of the last month, underwent a level shift pushed up by the widening of the tax base and heightened economic activity. Index of Industrial Production (IIP) and Eight Core Industries Index (ECI) averaged steady gro

Economy likely to see downside risks to growth, upside risks to inflation

Economy is likely to see downside risks to growth and upside risks to inflation, partly due to challenges in country's external sector as well as weather-related uncertainties, finance ministry said

El Ninos cost trillions of dollars with lasting economic scars: Study

The natural burst of El Nino warming that changes weather worldwide is far costlier with longer-lasting expenses than experts had thought, averaging trillions of dollars in damage, a new study found. An El Nino is brewing now and it might be a big and therefore costly one, scientists said. El Nino is a temporary and natural warming of parts of the equatorial Pacific, that causes droughts, floods and heat waves in different parts of the world. It also adds an extra boost to human-caused warming. The study in Thursday's journal Science totals global damage with an emphasis on lasting economic scars. It runs counter to previous research that found, at least in the United States, that El Ninos overall aren't too costly and can even be beneficial. And some but not all outside economists have issues with the new research out of Dartmouth College, saying its damage estimates are too big. Study authors said the average El Nino costs the global economy about $3.4 trillion. The strong ...

Current account deficit to narrow to $53 billion in FY24: Acuite Ratings

Credit rating agency Acuite Ratings & Research said it expects India's current account deficit to narrow to $53 billion in FY24.

Here's how much wealth you need to join the richest 1% across globe

Switzerland and Australia have the next highest entry points to the 1%, requiring net worth of $6.6 million and $5.5 million, respectively, according to data released Wednesday

India to be Sri Lanka's key partner as Colombo looks at economic growth

India was Sri Lanka's main partner in helping it deal with the economic crisis last year and the country will remain a key ally as Colombo looks at a growth path, island nation's envoy Milinda Moragoda said on Tuesday. On China's attempts to expand influence over Colombo, Moragoda said India-Sri Lanka relationship is too important to be measured in the context of a third country. "We have to get back to the growth path. Growth is the key aspect. For that, India becomes a key partner. India was our main partner last year in helping stabilisation of our economy with different instruments," he said. "For the revival of the economy too, India will be an important partner. We have to diversify our sources of income when it comes to exports and foreign exchange earnings," the envoy said. Moragoda made the remarks during a media interaction at the Foreign Correspondents' Club Of South Asia here. India extended financial assistance worth around USD 4 billion to Sri Lanka, including lines

Himachal govt taking prudent measures to boost rural economy: CM Sukhu

Chief Minister Sukhu said that the state government had started to fulfil the election promises made by the Congress party during state elections

Australian consumer confidence hits lowest since April 2020: Report

The report underlined that -39 is the biggest net negative on this question in the history of the survey

European Union's carbon emissions fall in climate boost as economy grows

Emissions in the EU fell by 4% in the fourth quarter compared with a year earlier, according to Eurostat data published Monday. Gross domestic product climbed 1.5% over the same timeframe

WPI enters deflation in April first time in 3 yrs as mfg item prices dip

WPI declines to 34-month low of -0.92% on the back of high base effect

Microsoft freezes salaries of full-time workers due to economic uncertainty

The company will, however, consider raising rates for hourly workers while maintaining a bonus and stock award program without "overfunding" it, Nadella said without elaborating

Apex court verdict on pre-import conditions gives relief to exporters

Any claim for refund/credit shall be examined on its merits and on a case-by-case basis: SC

Centre to come up with creditor-led insolvency resolution framework: Report

The creditors and debtors will be allowed to reach an informal agreement to resolve the bankruptcy case and later approach the NCLT to admit cases

IMF team flags risks to Bangladesh economy as reserves fall further

The IMF will conduct the first review of its Extended Credit Facility, Extended Fund Facility and Resilience and Sustainability Facility arrangements later this year, the press release said

GSTN defers implementation of e-invoice reporting time limit by 3 months

GSTN has deferred by 3 months the implementation of time limit for businesses with turnover of over Rs 100 crore to upload their old e-invoices. Last month the GST Network had imposed a timeline for businesses with turnover of Rs 100 crore and above for uploading e-invoices on the Invoice Registration Portal (IRP) within 7 days of the issue of such invoices beginning May 1. Previously, there was no such restriction for businesses to upload the invoices on the IRP. As per GST law, businesses cannot avail input tax credit (ITC) if invoices are not uploaded on the IRP. In an advisory to taxpayers on May 6, GST Network said it has been decided by the competent authority to defer the imposition of time limit of 7 days on reporting old e-invoices on the e-invoice IRP portals for taxpayers with aggregate turnover greater than or equal to Rs 100 crore by three months. AMRG & Associates Senior Partner Rajat Mohan said in the last few days, even large businesses have been perplexed over ...

IMF negates cash-strapped Pakistan govt's claim of meeting loan conditions

The IMF has rejected the cash-strapped Pakistan government's claim that it has met all the conditions to reach an agreement with the global financial body to release funds under an already agreed loan facility, according to a media report. The International Monetary Fund signed a deal in 2019 to provide USD 6 billion to Pakistan on fulfilment of certain conditions. The plan was derailed several times and the full reimbursement is still pending due to insistence by the donor that Pakistan should complete all formalities. Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar have repeatedly claimed that Pakistan met all the prior conditions agreed for reaching a staff-level agreement and there was no reason for holding back the agreement. The Express Tribune newspaper reported that it got a statement from the fund on Friday, negating the claim made by the government with respect to meeting all prior actions necessary to complete the 9th review. The IMF continues to work with

Pernod Ricard India and NSDC to provide skill training to 240 transpersons

It will be a placement-linked skill training programme where candidates will get skill training across job roles

India to become 50% non-cash economy in consumption in 3 years: Report

India is expected to become a 50 per cent non-cash economy in consumption in the next three years, with person-to-merchant digital transactions reaching over $1.5 trillion by FY26