The World Bank has projected a five percent growth rate for India in 2019-2020 fiscal but said it was likely to recover to 5.8 percent in the following financial year.
Finance Minister Nirmala Sitharaman on Saturday will hold a meeting with heads of public sector banks to discuss various issues including the recently announced government measures to prop up the economy
The Washington-based lender, after the first review, posed trust on continuity of IMF-backed reforms needed to bring Pakistan's economy on the stability path. But, it cautioned against fiscal slippages with risks to reforms remaining elevated. The growth was projected to further slide to 2.4 per cent in the current fiscal year from 3.3 percent in the last fiscal of 2018/19, The News International reported.
The International Monetary Fund (IMF) has said that India's high growth rate in recent years did not lead to a matching increase in formal sector jobs and labour market participation has declined. The IMF's report on its annual consultations with India released in Washington on Monday said that while India has lifted millions out of poverty as one of the world's fastest-growing economies, "recent labour market data suggests that unemployment is high while labour force participation has decreased, particularly for females."
Just over 47 per cent of Indians feel that the Indian Constitution had been violated by the recently-passed Citizenship Amendment Act but nearly the same number differs on this issue, according to an IANS-CVoter survey.
Congress Secretary Priyanka Gandhi on Saturday slammed the government during the 'Bharat Bachao' rally. She attacked the Modi government over several issues including GDP, citizenship act, women safety and economy.
Congress General Secretary Priyanka Gandhi on Friday questioned the ruling Bharatiya Janata Party (BJP) for its economic policies and thus keeping it's pressure on the economy even in the face of a discourse dominated by the Citizenship (Amendment) Bill, 2019.
Finance Minister Nirmala Sitharaman on Saturday said the government is working on more steps, including rationalisation of personal income tax rates, to revive the sagging economy.
Cash-strapped Pakistan received a USD 1.3-billion loan from the Asian Development Bank (ADB) on Friday to support the country's public finances and shore up the slowing economy.
"ADB is committed to providing wide-ranging support to strengthen Pakistan's economy and reduce the risk of external economic shocks," said ADB Director General for Central and West Asia Werner Liepach. While USD 1 billion has been extended to Pakistan to improve its current account deficit, strengthen its revenue base, USD 300 million has been extended for the energy program, another ADB press release said.
In October, the RBI's MPC stuck to its "accommodative stance" by reducing its key lending rate to 5.15 per cent, the lowest in around a decade. The record low repo was set at 4.75 per cent in April 2009 as a result of the global financial crisis.
Finance Minister Nirmala Sitharaman said on Saturday that several significant steps in structural reforms have been taken in the past few months and responses/interventions addressing the needs of the economy will continue, indicating more relief measures could be on the anvil, if so needed.
Wells emphasised the CPEC was not an aid to Pakistan but a form of financing that guaranteed profits for Chinese enterprises, with little benefits for Islamabad.
Senior Congress leader P Chidambaram on Monday said his party must lead the Opposition in Parliament to expose the "utter mismanagement" of the economy by the Modi government.
"I thank the President of Brazil for deciding the visa free entry to Indians. We five countries should also consider mutual social security agreement," Modi said. Prime minister Modi is in Brazil for the 11th BRICS Summit which will focus on building mechanisms for counter-terrorism cooperation and strengthen India's ties with the world's five major economies.
"3 years since Demonetisation and every claim made by the government and those hailing it as a slayer of all evils has been turned on its head. It proved to be a disaster that has all but destroyed our economy," Priyanka Gandhi said in a tweet.
The country is being pushed towards "financial emergency" because of the Centre's "wrong" economic policies, the Congress said on Thursday. Even three years after the demonetisation exercise, the country is still facing its after-effects, the party said on the eve of the Modi government's November 8, 2016 decision to scrap high-value notes.
Collectively, power from all non-coal sources grew by about 24,000 gigawatt hour or 8.4 per cent to the end of October 2019 with hydro, solar and nuclear energies adding substantially to their generation levels and continuing upwards.
The study, which was published by Gallup and Gilani Pakistan on Tuesday, said 53 per cent of respondents believe the country's economy, specifically increasing inflation, is the biggest problem facing the country.
The clarification comes amidst media report indicating the government move to launch amnesty scheme that will allow individuals and entities to declare their unaccounted gold holding without risk of being prosecuted.
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