Page 145 - Indian Economy

Can't expect inflation to drop faster by raising rates: Jayanth R Varma

I think we can bring inflation down to 5 per cent in a couple of quarters, says MPC member Varma

140 million pulled out of poverty in India since 2015-16, says UNDP

Incidence of multidimensional poverty declined from 55.1% in 2005-06 to 16.4% in 2019-21

Headline inflation might have peaked in September, says RBI report

But cautions that fight against price rise will be 'dogged and prolonged'

58% of CEOs in India expect a recession to be mild and short: KPMG survey

66 per cent CEOs in India compared to 86 per cent globally anticipating a recession to hit over the next year

Wait for India-UK free trade agreement likely to extend until mid-2023

One of the officials said that the trade deal between India and the UK is at the last stage

India may attract $475 bn in FDI over next five years: CII-EY survey

The study says 71% of MNCs see the country as a key destination for their global expansion

A big step towards 'ease of living': PM Modi opens 75 digital banking units

The DBUs will help banks that are now looking to reduce their physical footprint with fewer brick-and-mortar branches, with a 'light' banking approach.

Rupee is not sliding, dollar is strengthening, says FM Sitharaman in US

Finance Minister Nirmala Sitharaman has said that the rupee has not weakened but it is the dollar that has strengthened, as she defended the 8 per cent slide in the value of Indian currency against the greenback this year. Speaking to reporters after attending the annual meetings of the International Monetary Fund (IMF) and the World Bank, she asserted that the fundamentals of the Indian economy were strong and that inflation was low compared to other parts of the world. "First of all I would look at it as not rupee sliding, I would look at it as dollar strengthening, dollar strengthening incessantly," she said in reply to a question on weakening rupee. All other currencies around the world are performing against a strengthening dollar, she said. "And I'm not talking technicalities, but it is a matter of fact that India's rupee probably has withstood this dollar rate going up, the exchange rate in favour of dollar strengthening is there and I think Indian rupee has performed much .

Statsguru: Six charts explain IMF's warning on the global economy

The cost of borrowing is going up for emerging markets and budget constraints are increasingly making their effects felt

Reform to boost FDI opportunities to $475 bn in 5 years: EY-CII report

India's focus on reforms and economic growth will give rise to foreign direct investment (FDI) opportunities of USD 475 billion in the next five years, a report said. As per the 'Vision 'Developed India' Opportunities and Expectations of MNCs' survey conducted jointly by EY and CII, 71 per cent of MNCs considered India to be an attractive investment destination for their global expansion, while an overwhelming 96 per cent of the respondents were positive about the Indian economy in the long run. The multinational companies (MNCs) appreciate the impact of GST, the government's digital push in various spheres, and transparency in taxation, amongst other reforms. As per the survey, the optimism is driven by both the short-term prospects, where a majority of MNCs feel that the Indian economy will perform significantly better in 3-5 years. "India's reforms focus and economic growth gives rise to FDI opportunity of USD 475 billion in the next five years," the EY-CII report said. FDI i

Inflation 'manageable' at 7.4%, love to see it down to 4%, says Sitharaman

However, anticipating critics, Sitharaman added that the government is working to bring it down under 6% and would like to bring it down under 6% and "ideally" to 4%

Global Hunger Index ranking: An effort to taint India's image, says govt

India's ranking at 107 in the Global Hunger Index is part of a consistent effort to taint the country's image as "a nation that does not fulfil the food security and nutritional requirements of its population, the Centre said on Saturday and added the index suffers from serious methodological issues and is "erroneous measure of hunger". The Women and Child Development Ministry, in a statement, said the matter was taken up with the Food and Agriculture Organization (FAO) not to use such estimates based on FIES (Food Insecurity Experience Scale) survey module data in July 2022 as the statistical output of the same will not be based on merit. "Though an assurance was forthcoming that there will be further engagement on this issue, the publication of the Global Hunger Index report irrespective of such factual considerations is regrettable, the ministry said. India ranked 107 out of 121 countries in the Global Hunger Index 2022 with its child wasting rate at 19.3 per cent, being the ...

Remain steadfast on principles of common responsibilities: FM to World Bank

Nirmala Sitharaman urged the World Bank to avoid a unidimensional view of subsidies and not to lose focus on the internationally agreed basic principle of common but differentiated responsibilities

India has been a leader in digitalisation over last few years: IMF official

India has been a leader in digitalisation over the last few years and has overcome some of the administrative bottlenecks through increased innovation, a senior International Monetary Fund official said. Digitalisation has taken on added importance as the world exits the COVID-19 pandemic, Anner-Marie Gulde-Wolfe, deputy director at the IMF's Asia Pacific Department, told reporters at a news conference here on Friday. "As is well known by now, India has been a leader in digitalisation over the last couple of years, particularly with the provision of digital infrastructure... this has increased innovation and it has overcome some of the administrative bottlenecks that there were before," she said. "Under Covid, there has been significant scarring in Asia and elsewhere and digitalisation promises to be one of the avenues to increase productivity of firms," she said in response to a question. "We do have some empirical evidence for that. Our forthcoming Regional Economic Outlook will

Despite global headwinds, Indian economy will stay on course: Sitharaman

The Indian economy will stay on course despite global headwinds and is projected to grow at seven per cent in fiscal 2022-23, Finance Minister Nirmala Sitharaman has said, attributing this to the conducive domestic policy environment and focus on key structural reforms. Sitharaman's remarks came during her intervention at the plenary session of the international Monetary Finance Committee (IMFC) on Friday. The meeting itself, she said, is being held at a juncture when the global economic outlook is clouded by key downside risks: growth slowdown in major economies, cross-border effects due to the ongoing geopolitical situation, inflationary pressures led by escalating food and energy prices that have adversely impacted vulnerable economies. Despite global headwinds, the Indian economy will stay on course and is projected to grow at seven per cent in FY 2022-23. This is an outcome of the conducive domestic policy environment and the government's focus on key structural reforms to boos

India among very few standout performers in a world of uncertainties: FM

In a world of uncertainties, India is one of the very few standout performers, Union Finance Minister Nirmala Sitharaman said on Friday, a day after the International Monetary Fund described the country as a bright spot in a global economy which is facing an imminent recession. Sitharaman was addressing the International Monetary Finance Committee during the ongoing annual meeting of the World Bank and the IMF. "In a world of uncertainties, India is one of the very few standout performers," the minister said. She said India's National Statistical Organisation (NSO) has now placed the GDP growth for Q1 of the current financial year 2022-23 at 13.5 per cent on a year-on-year basis the highest among the large economies. Sitharaman said this was achieved despite the fact that India started the monetary normalisation process quite early: surplus liquidity is being absorbed with the Standing Deposit Facility instituted in April 2022 and interest rate hikes from May this year. The centr

India unlikely to be hit hard by global recession, says SBI chairman

The impact of a global recession, which is increasingly being feared by the International Monetary Fund and the World Bank, is unlikely to be as pronounced in India as compared to other countries, State Bank of India Chairman Dinesh Khara said. With a projected growth rate of 6.8 per cent and inflation "much under control", India is doing reasonably well, Khara told PTI in an interview on the sidelines of the annual meeting of the International Monetary Fund and the World Bank here on Friday. "Majorly, it (India) is an inward-looking economy in terms of demand because a significant component of the GDP is essentially addressed to the domestic economy. So, from that point of view, I think it (global recession) will have an impact but it won't be as pronounced as perhaps (it will be on) other economies which are fully coupled with the globe," he said. "If we look at the beta factor, perhaps the Indian economy's beta factor would be much lower as compared to some of the other larger ..

Exports up 4.8% to $35.45 billion days after initial data showed a dip

The World Trade Organization (WTO) has also painted a grim picture for the outlook of global trade next year amid fears of a recession

WPI inflation eases to 18-month low of 10.7% as pricing pressure softens

The data released on Wednesday showed CPI-based inflation again shot up to 7.6 per cent in September, up from 7 per cent in August

Inflation will not come below RBI's tolerance level in FY23: IMF's Choueiri

India relative bright spot in the world; 6.8 per cent growth rate 'really a good number': Senior executive