Economy

Krishnamurthy Venkata Subramanian, India’s executive director at the International Monetary Fund (IMF), underscored the imperative of sustained 8% growth to effectively address poverty and inequality by generating sufficient employment opportunities. Subramanian’s remarks emphasize the critical link between economic growth and social development. India’s economy exhibited robust performance in the final quarter of 2023, surpassing expectations … Read more

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Amidst a significant market downturn, the Nifty Smallcap 250 index has witnessed a substantial decline of over 8 percent, while the Nifty Midcap 150 index has also experienced a downturn of 5 percent over the past month, reflecting a pronounced selloff across the broader market. The recent market correction has instilled apprehension among retail investors, … Read more

Japan’s central bank made a historic move on Tuesday by abandoning its long-standing negative interest rate policy, signaling the start of a gradual retreat from one of the globe’s most assertive monetary easing initiatives. In a significant shift, the Bank of Japan opted to elevate the policy short-term rate from its previous level of -0.1 … Read more

In January, Russia upheld its status as India’s leading crude oil supplier, contributing to almost a third of the country’s total crude imports, according to recent data from the commerce ministry. With a surge of 41% year-on-year, the value of crude oil imports from Russia reached a significant $4.47 billion. Sequentially, these imports rose by … Read more

Morgan Stanley’s chief Asia economist has expressed reservations regarding India’s ability to match China’s remarkable 8%-10% economic growth rates over the long term, despite maintaining optimism about India’s prospects. In an interview with Bloomberg Television, Chetan Ahya indicated that India’s economy is expected to sustain a steady growth rate of 6.5%-7% over the long term. … Read more

Despite facing global headwinds, India reported a robust 12% annualized growth in merchandise exports, totaling $41.4 billion for the month of February. This impressive performance has contributed to narrowing the contraction in the country’s exports during the first 11 months of the fiscal year 2023-24 by 3.6%, amounting to $395 billion. The update was provided … Read more

India’s Wholesale Price Index (WPI)-based inflation experienced a slight easing to 0.2% in February, down from 0.27% in January, aligning with market expectations. This marginal decline comes amidst varying price movements across essential commodities, with fuel, power, and manufactured products witnessing reductions, while food prices and crude oil registered slight upticks compared to the previous … Read more

Despite retail inflation in February meeting expectations at 5.09%, the surge in vegetable prices, particularly driven by soaring onion prices, has led to a substantial increase in food inflation, reaching 8.66%. Analysts now predict that the Reserve Bank of India (RBI), which has been focused on achieving a 4% inflation target, will likely maintain the … Read more

According to the recent findings of the ManpowerGroup Employment Outlook Survey, there’s been a notable deceleration in global hiring activities, with a net employment outlook of 22% projected for the second quarter of 2024. This downward trend underscores the prevailing cautious sentiment among employers, who are navigating through economic and geopolitical uncertainties with prudence. Jonas … Read more

The latest data from the Labor Department’s Bureau of Labor Statistics indicates a notable increase in inflation for February, reinforcing the Federal Reserve’s stance to postpone any interest rate adjustments until at least the summer. Consumer prices, as measured by the consumer price index (CPI), surged by 0.4% during the month, with a year-over-year increase … Read more

In the latest data for February, the Consumer Price Index (CPI) reveals that retail inflation has continued to exceed the 5% mark. Notably, prices of essential food items, particularly vegetables, have witnessed a resurgence, driving up overall inflation. Tomatoes and pulses, in particular, have experienced notable price hikes, contributing to the upward trajectory in food … Read more

Indian Rupee Gains Momentum as More Countries Embrace Trading in Domestic Currency, Piyush Goyal Highlights. In a significant development, Commerce and Industry Minister Piyush Goyal has revealed that several developed and developing nations are keen on trading in the Indian Rupee to reduce transaction costs, amid a global shift away from the dollar. Goyal stated, … Read more

India and EFTA Sign Agreement; Ratification Process Underway. India and the European Free Trade Association (EFTA) have reached an agreement, with Switzerland aiming to ratify the deal by next year. The agreement includes commitments of $100 billion (€91 billion) in investments and the creation of one million direct jobs in India over the next 15 … Read more

India formally signed a free trade agreement with the European Free Trade Association (EFTA) consisting of Iceland, Norway, Switzerland, and Liechtenstein on Sunday in New Delhi. The agreement was signed in the presence of Union Commerce and Industry Minister Piyush Goyal, and Prime Minister Narendra Modi hailed it as a “new turn” and a “watershed … Read more

Nomura Report: Rural Consumption Grows at Slower Rate, Urban Consumption Declines Compared to Previous Years. A recent report from Nomura highlights how economic shocks such as demonetisation, goods and services tax (GST) implementation, and the COVID-19 pandemic have significantly influenced the growth of consumption expenditure over the past decade. According to Business Standard, which cited … Read more

Despite numerous initiatives by both the government and private sector to empower women, addressing the gender pay gap remains a pressing issue. According to a recent World Bank report, only 35 out of 98 economies worldwide have implemented measures or enforcement mechanisms to tackle this gap. In India, the COVID-19 pandemic has disproportionately impacted women, … Read more

Sources familiar with the matter revealed that the Union cabinet is poised to discuss the draft agreement with the European Free Trade Association (EFTA) today, potentially paving the way for an announcement on Sunday. This development marks a crucial step in India’s ongoing trade negotiations and could signify the first formally signed free trade agreement … Read more

The report attributed this subdued growth in the FMCG sector to several factors, including a worldwide economic slowdown, minimal influence from the forthcoming general elections, and enduring repercussions of unforeseen weather patterns on the agricultural industry. A study suggests that Fast-moving consumer goods (FMCG) are poised to experience a slowdown until the September quarter of … Read more

On Monday, Karnataka Minister MB Patil revealed the state’s ambitious goal to achieve a USD one trillion economy by 2032, aiming for sustained growth at a rate of 18 percent. Karnataka’s Large and Medium Industries Minister MB Patil declared on Monday the state’s objective of reaching a USD one trillion economy by 2032, targeting a … Read more