Page 6 - Global Economy

India to drive 20% of global economic growth in next decade: Amitabh Kant

India will be driving 20 per cent of the world's economic growth in the next decade as it continues its march to become the third largest economy globally, according to G20 Sherpa Amitabh Kant. Speaking at the AIMA convention here, he noted that India continues to be the fastest-growing large economy in the world and is the fifth-largest economy. "In the next three years, we will overtake Japan and Germany to be the third largest economy in the world. In a world which is starved for growth, India is an outlier and has emerged as a very resilient powerhouse driving growth," he stated. The country will be driving 20 per cent of the world's economic growth in the next decade, he added. "What we are witnessing today is a once-in-a-generation shift in our economic position. Just a few years back, we were in the fragile five, and from the fragile five, we moved to the top five in a decade," Kant said. He noted that the country needs to transform the lives of people living in rural areas

Canada's jobless rate at 6.6%, surges past 7-yr high excluding pandemic

Canada's economy had been losing steam under the pressure of high interest rates, and most of the growth seen earlier in the year was primarily led by increase in population

India's role in global economy offers opportunities for S'pore: SICCI chief

India's growing role in the global economy presents Singapore with opportunities for collaboration across economic, technological and geopolitical spheres, Singapore Indian Chamber of Commerce and Industry chairman Neil Parekh has said. The Indian-origin business leader's comments came as Singapore Prime Minister Lawrence Wong announced the elevation of the India-Singapore strategic partnership to comprehensive strategic partnership on Thursday. Parekh was speaking at the inaugural "Singapore India Forum The Next Phase" which was attended by some 350 members of the Singapore business community. By strengthening its relationship with India, Singapore can further solidify its position as a pivotal player in the evolving global landscape, given that the two countries have a long-standing partnership that has deepened over the years, Parekh said. "This strong relationship between both governments has fostered continuous engagement at multiple levels, between government entities and ..

RBI board reviews global, domestic economy, associated challenges

The central board of the Reserve Bank of India on Wednesday reviewed the global and domestic economic scenario and outlook, including associated challenges. The 610th meeting of the Central Board of Directors of the Reserve Bank of India was held here under the chairmanship of Governor Shaktikanta Das, it said in a statement. "The Board also reviewed various areas of operations of the Reserve Bank of India including the functioning of Local Boards and activities of select central office departments," the RBI said. Deputy governors Michael Debabrata Patra, M Rajeshwar Rao, and T Rabi Sankar attended the meeting. Other directors of the central board Satish K Marathe, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel and Ravindra H Dholakia also attended the meeting. Ajay Seth, Secretary, the Department of Economic Affairs and Nagaraju Maddirala, Secretary, the Department of Financial Services, too attended the meeting.

Bank of Canada cuts rates for third time to 4.25%, frets over weak growth

Wednesday marked the third consecutive cut, with the bank citing continued easing in broad inflationary pressures

Charting the global economy: Inflation pressure cools in US, Europe

Meantime, inflation in Tokyo - a leading indicator of the national data due in September - picked up speed in August, supporting the case for the Bank of Japan to continue raising rates

US Federal Reserve preferred price gauge is set to reinforce rate cuts

Economists see the personal consumption expenditures price index excluding food and energy - the Fed's preferred measure of underlying inflation - rising 0.2% in July for a second month

India leads as top origin country and destination for Hindu migrants: Pew

At 47%, Christians make up the largest share of migrant population across the world, according to Pew Research Centre's analysis of global migrant religious composition

US Fed officials worried about job market as they prepare for Jackson Hole

The trend began changing this year, and Fed officials have given increasing weight to the risks they feel they are running by keeping monetary policy too tight for too long

India to become third largest economy in two years, says V-P Dhankhar

Asserting that India's rise is unstoppable, Vice President Jagdeep Dhankhar on Wednesday said the country will become the third largest economy in the world in two years. Addressing on the occasion of the 10th National Handloom Day, he expressed confidence that the optimal utilisation will take place to promote handlooms, the need of the hour, the need of the country, and the need of the planet, if we think in terms of climate change. The "Be Vocal for Local" clarion call given by the Prime Minister has economic freedom at this core, with handloom products being one of its key elements, said the Vice President. Strongly advocating economic nationalism, Dhankhar said it is fundamental to the country's "spinal economic growth" and will lead to three key impacts including foreign exchange savings, employment generation and boosting entrepreneurship. "I want everyone to respect national interest. Can we sacrifice economic nationalism merely for fiscal gain? I have no doubt; no fiscal .

Oil prices settle at 8-month low after disappointing US job numbers

US job growth slowed more than expected in July and unemployment increased to 4.3 per cent, pointing to raising fears of a possible recession

Fed is about to nod at a interest rate cut as job growth moderates

US central bankers, who've kept interest rates at a more than two-decade high for a full year, are widely expected to leave them there again when their two-day meeting ends on Wednesday

HDFC Bank, JPMorgan Chase: Top 25 global banks' m-cap hits $4.11 trn in Q1

The combined market-capitalisation (market-cap) of the top 25 banks globally rose 5.4 per cent quarter-on-quarter (QoQ) in the April - June 2024 period (Q1-FY25)

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US factory activity slows for second month in May as new goods orders fall

The Institute for Supply Management's manufacturing purchasing managers index for May fell to 48.7 from 49.2 in April

Core sector growth accelerates to 6.2% in April, shows govt data

Eight key infrastructure sectors' growth rose to 6.2 per cent in April on healthy expansion in the production of natural gas, refinery products and electricity, according to official data released on Friday. The production of eight sectors grew by 6 per cent in March. The growth of these core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 4.6 per cent in April 2023. The official data showed that fertiliser output recorded negative growth in April. The production growth of coal, steel and cement slowed down to 7.5 per cent, 7.1 per cent and 0.6 per cent, respectively against 9.1 per cent, 16.6 per cent and 12.4 per cent in April 2023, respectively. The eight core sectors contribute 40.27 per cent to the country's Index of Industrial Production (IIP).

Global unemployment rate is expected to fall slightly to 4.9% in 2024: ILO

The International Monetary Fund in April raised its 2024 forecasts for global growth to 3.2% from the 3.1% estimated in January, largely due to an improvement in the U.S. outlook

IMF, Pakistan make considerable progress on extended loan facility

The IMF has opened discussions with Pakistan on a new loan programme after Islamabad last month completed a short-term $3 bn programme

Fed remained optimistic on disinflation despite doubts, shows minutes

Officials since that meeting have tamped down expectations for imminent interest rate cuts, which investors now see beginning in September

UK inflation falls to 2.3%, lowest in 3 years but still above BoE's target

Inflation in the UK fell sharply to its lowest level in nearly three years in April on the back of big declines in domestic bills, official figures showed on Wednesday. The Office for National Statistics said inflation, as measured by the consumer prices index, fell to 2.3 per cent in the year to April, down from 3.2 per cent in March. That is the lowest level since July 2021 when the global economy was still being held back by the coronavirus pandemic. The fall also takes inflation nearer to the Bank of England's target rate of 2 per cent and is likely to pile pressure on its nine-member rate-setting panel to cut interest rates from the current 16-year high of 5.25 per cent. The next rate meeting is on June 20 and many economists think the bank will cut borrowing costs. However, others think that ongoing concerns on the panel over the scale of price rises in the crucial services sector and the pace of wage increases, which raise the risks of an inflation rebound if interest rates a