Former Prime Minister Dr. Manmohan Singh has joined the big debate centring around economic slowdown. Addressing a press conference in Mumbai, Manmohan Singh took on the BJP-led government in Centre and Maharashtra and blamed it for the current scenario in the country. Dr. Singh said, "From being No 1 in investment, Maharashtra has become No 1 in farmers' suicide."
It is important for India to keep fiscal deficit in check, even though its revenue projections look optimistic, Chief Economist of the International Monetary Fund (IMF) Gita Gopinath has said.
The Indian economy is expected to start its recovery from later part of this fiscal thanks to the initiatives taken by the Reserve Bank for policy rate transmission and steps by the government to boost growth, says a report.
However, the governor was quick to add that there is little fiscal space for the government to unveil any countercyclical measures to boost the sagging growth and the only way to revive the growth engine is to front-load the budgeted capex, hinting that only an easy money policy can help salvage the situation.
Crude oil benchmark, Brent futures, surged by almost 20 per cent to USD 71.95 per barrel (intra-day) on Monday after twin drone attacks on Saturday wiped out more than half of Saudi Arabia's crude supply.
Growth of eight core industries dropped to 2.1 per cent in July, mainly due to contraction in coal, crude oil and natural gas production, according to a government data released on Monday.
The IHS Markit India Manufacturing Purchasing Managers' Index (PMI), fell to 51.4 in August, its lowest mark since May 2018, from 52.5 in July, as most survey indicators fell since July to signal a widespread loss of momentum. This is the 25th consecutive month that the manufacturing PMI has remained above the 50-point mark. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.
Prime Minister Narendra Modi met Union Finance Minister Nirmala Sitharaman today amid reports of a slowdown in various sectors. PM Modi is likely to announce a series of measures to infuse more energy in the economy, news agency IANS reports.
Tata Consultancy Services (TCS), Infosys and ICICI Bank were the only companies in the top-10 list which suffered losses in their market capitalisation (m-cap) for the week ended Friday.
FPIs invested a net Rs 10,384.54 crore in June, Rs 9,031.15 crore in May, Rs 16,093 crore in April, Rs 45,981 crore in March and Rs 11,182 crore in February into the Indian capital markets.
The study from 1961 to 2010, global warming decreased the wealth per person in the world's poorest countries by 17 to 30 per cent.
"India is the world's fastest-growing major economy and the government is committed to reforms that will further propel it," he said today.
The growth rate can be easily increased by 1 per cent by addressing structural problems through reforms, the council observed during its meeting Friday.
In 2017, India became the sixth largest economy with a GDP of USD 2.59 trillion while China was the second larges with a GDP of USD 12.23 trillion, as per World Bank data.
"Today, we have great opportunity to increase exports. There are disruptions taking place in the world and India should take advantage of it," he said.
Jaitley said it was a challenging year, with world's largest economy not playing a stabilising factor, policies of some countries resulting in a trade war with no resolution in sight and the direct adverse impact of high oil prices on currency and trade deficit.
According to government data released on Friday, the Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 per cent in July-September quarter of the last fiscal.
The IMF pointed out that the growth reflected a rebound from transitory shocks including the currency exchange initiative and implementation of GST.
The Union home minister further stressed that the time was right for global investors to make investments in India.
Jaitley said the new insolvency law, indirect tax regime and demonetization will help drive India's growth rate and sustain it at 8 per cent.
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