Page 9 - Economy

Strong economic base to help new govt make India a developed nation by 2047

India's world record beating economic growth rate together with robust tax revenues, a fast expanding digital and financial infrastructure and a strong manufacturing sector will give the new government a base for unleashing next generation reforms that may make the country a developed nation by 2047. The new government will however have to tackle with problems like unemployment and rural distress, which seemed to have played a major role in voting pattern in states like Uttar Pradesh, while also keeping inflation under control. Given that no party, including BJP, have a clear majority of its own, tough reforms like big ticket privatisation and labour law reforms may take a backseat. As per the available trends, BJP is likely to win about 240 seats in a 543- member Lok Sabha. It would have to rely on its allies like TDP and JDU to form the next government. The new government will have to build upon the 8.2 per cent GDP growth recorded in 2023-24 and carry on with the reforms to make

Sri Lanka holds rates to control inflation, foster economic stability

Incoming data suggests that headline inflation is likely to be below the targeted level of 5 per cent in the upcoming months

RBI's surplus transfer sparks hope for reduced govt borrowing by Rs 1 trn

Bond market participants are now focusing on the upcoming monetary policy meeting in June to assess the central bank's liquidity stance

Here's how Taylor Swift's 'Eras Tour' is boosting the British economy

Singer Taylor Swift's concerts witnessed a lightning-fast sell-out, with ticket sales soaring within minutes of their release

Explained: How is Taylor Swift boosting the European economy?

Taylor Swift's 'Eras Tour' is not just a musical sensation; it's also a powerful economic engine for Europe. With sold-out shows across multiple cities, her concerts are drawing in thousands of fans

Singapore economy grows 2.7%, fastest in 18 months as outlook improves

Separate data showed annual core inflation came in at 3.1 per cent in April, matching the rate in March

Household savings likely to rise in FY24, liabilities to moderate: CRISIL

Household savings are likely to rise in fiscal 2023-24, an arm of a domestic rating agency said on Tuesday. Crisil Market Intelligence and Analytics said there are "early indicators", which show that household savings would have revived in FY24, while growth in household liabilities would have moderated. "Proxy data suggest a rebound in the overall savings rate in FY24, with contribution from households," it said in a note, adding that household savings constitute 60 per cent of the total savings in the economy. It can be noted that official data released last year showed a dramatic fall in India's net financial household savings rate to a 47-year-low of 5.3 per cent from 7.3 per cent in FY22. The Crisil report explained that households have been borrowing at a faster pace than they have been saving since the pandemic, due to which the net household financial savings, which was arrived at by adjusting financial savings for liabilities. Factors like retail credit push by banks and

Pakistan's GDP grows 2.09% in Q3 supported by higher growth in agriculture

The bureau revised the first and second quarter GDP estimates for financial year 2023-2024 to 2.71 per cent and 1.79 per cent respectively, compared to earlier estimates of 2.5 per cent and 1 per cent

Alibaba Q4 results: Profit declines by 86%, beats revenue estimates

Consumers in China have been spending carefully after the Covid-19 pandemic amid an economic slowdown and property slump

UK exits recession with better-than-expected forecast 0.6% GDP growth

The Office for National Statistics said gross domestic product expanded by 0.6 per cent in the three months to March, the strongest expansion since the fourth quarter of 2021

UAE top destination for India migrants, hosts 3.47 million: UN report

India received more than $111 bn in remittances in 2022, the largest such amount

Pvt sector investment in FY23 fell to Covid-year levels, govt's share up

Public non-finance corporations' (PSUs) share in investment continued to decline, registering at 9.4 per cent in FY23, according to government data

Air India reduces cabin baggage allowance to 15 kg for lowest fare segment

Loss-making Air India has reduced the free cabin baggage allowance to 15 kilogram from 20 kilogram for the lowest economy fare segment on domestic flights. The changes have been made in the menu-based pricing model fare families that were introduced by the Tata Group-owned Air India last August, with the airline saying that a one-size-fits-all approach is no longer ideal. There are three fare families -- Comfort, Comfort Plus and Flex -- that offer different levels of benefits and fare restrictions at various price points, an airline spokesperson said on Saturday. With effect from May 2, the free cabin baggage allowance for the 'Comfort' and 'Comfort Plus' categories has been reduced to 15 kg from 20 kg and 25 kg, respectively. Prior to the introduction of the fare families concept, passengers on Air India's domestic flights were allowed to carry 25 kilograms of cabin baggage free of any additional charge. "On domestic routes in Economy Class, both 'Comfort' and 'Comfort Plus' far

Pension plan for unorganised sector sees only 5 mn subscribers in 5 years

Experts attribute the slow offtake under the scheme to high inflation and rise in cost of living

Intellectual property and competition law: Two sides of the same coin

The two codes are crucial for safeguarding public interest and fostering economic growth with innovation

DMRC vs DAMEPL: SC broadens scope of court intervention in arbitral awards

A perusal of the judgment in DMRC vs DAMEPL would show that the SC has interpreted the terms of the contract and that too, in its curative jurisdiction

Climate crisis cooks up costly meals: Why your 'thaali' could be on fire

As the climate blows cold and hot, it puts wheat, milk, coffee, and even Hilsa in peril

India will be able navigate even if global tensions increase: Hardeep Puri

Union minister Hardeep Singh Puri discusses India's oil economy management amid escalating West Asia tensions and affirms BJP's strategic electoral stance in Punjab

IPEF to organise clean economy investor forum in Singapore in June

The department has invited applications from domestic climate and tech entrepreneurs for participation in the meeting

Pak's Finance Minister Aurangzeb leaves banker life behind to fix economy

Aurangzeb was one of the highest paid corporate leaders in Pakistan before joining the government. Now, in line with other cabinet members, he's not drawing a salary