Page 246 - Indian Economy

Indian forex reserves rise by $1.88 bn to record high of $611.89 bn

The country's foreign exchange reserves increased by $1.883 billion to touch a record high of $611.895 billion in the week ended July 9, RBI data showed on Friday.

India's economic growth to start hitting 6.5-7% from FY23 onwards: CEA

The country's economy will start witnessing a growth of 6.5 to 7 per cent from fiscal 2023 onwards, helped by various reforms undertaken by the government so far and also as COVID-19 vaccination drive progresses, Chief Economic Advisor Krishnamurthy Subramanian said. He expects the impact of the second wave not to be very significant. The country's economy contracted by 7.3 per cent in fiscal 2020-21. Together with the reforms and focus on vaccination, I expect growth to start hitting close 6.5 to 7 per cent from FY23 onwards and accelerate from there on, Subramanian said at a virtual event organised by Dun & Bradstreet. Given the significant reforms that have been done over the last one and a half years, I have no hesitation in saying that I look forward to a decade of high growth for India. He said the momentum in recovery that was seen in the fourth quarter of FY21 and overall in the second half of FY21 got impacted to some extent by the second wave of COVID-19. While the ...

Fuel price surge: What India can learn from Biden and Sunak's tax policies

When the times change, policy has to adapt. Why then is New Delhi so determined to not raise rates on under-taxed forms of income and wealth, questions T N Ninan

Union minister Jitendra Singh lauds DoPT for reducing wasteful expenditure

Union minister Jitendra Singh Friday lauded the Department of Personnel and Training (DoPT) for reducing wasteful expenditure.

Time to be brave, stretch fiscal deficit targets to aid growth: Kamath

Veteran banker K V Kamath on Friday said it is "time to be brave" for the government, and it should stretch the fiscal deficit target set in the budget if need be, to push growth.

India's new industrial policy doomed to fail, to cost the country billions

India's haphazard foray into industrial policy is going to fail, just as "Make in India" did

RBI must sacrifice inflation aim to aid growth: Ex-Guv Rangarajan

India will miss its fiscal deficit target of 6.8% of GDP by at least 1 percentage point, he said

India's economy may have grown 22.1% in Q1, but demand is still low: RBI

The RBI, in its state of the economy report, cited a mathematical model that suggested, in the best and normal course, the third wave could just be a ripple and life would return to normalcy by August

GDP to grow in double digits in the first quarter, says ICRA report

The Indian economy will grow in double digits for the April-June period on the low base of 2020-21 but will still be short of the levels observed in the first quarter of FY20, it said.

Exports see nearly 50% jump to $33 bn in June; trade deficit at $9.37 bn

India was a net importer, with trade deficit of $9.4 bn vs $710-mn surplus last yr

Uptick in inflation driven by supply shocks, should ease over the year: RBI

The tapering of the second wave, coupled with an aggressive vaccination push, has brightened near-term prospects for the Indian economy, the central bank said in its monthly bulletin for July

Wholesale inflation eases to 12.07% in June despite spike in fuel price

Wholesale inflation came in at (-)1.81% in June 2020, due to the implementation of a stringent nationwide lockdown

India's microfinance sector hit as defaults surge in Covid pandemic

Loan collection efficiency across the total loan pool has fallen to about 70% from a peak of nearly 95% in March, analysts say, indicating a potential build up in stress.

India's June WPI inflation eases to 12.07% despite rise in fuel prices

India's annual wholesale price inflation eased to 12.07% in June from the previous month's record of 12.94%, despite a spike in costs of fuel and manufactured goods

Milk to pork: How the rising cost of food is sweeping around the world

Food prices have always been cyclical, and most agricultural futures are now off their peaks from early May

Govt may extend scheme for investment promotion to attract investors

The government may extend the scheme for investment promotion 2017-20, with an aim to attract investors and promote economic growth of the country, an official said.

Disproportionate fall in urban male jobs

Arguably, urban male jobs are the better quality jobs and their disproportionate loss could imply a greater fall in income than witnessed so far

Interest rates and asset prices

Low interest rates in a downturn tend to push up asset prices (and high interest rates in a boom can lower asset prices).

Retail inflation eases slightly to 6.26%, remains above RBI's comfort level

Retail inflation remained elevated due to soaring fuel prices and costlier items in the food basket.

Recovery tracker: Office visits at 78% of pre-Covid days as cases fall

Roads see more traffic and power generation a brighter week