Eco momentum remains intact: Finance ministry
India Business News: India maintains strong economic activity with a projected real GDP growth of 6.5-7% for FY25, even with erratic monsoon patterns. The finance ministry Key Points
Times Of IndiaMiddle-class Americans are falling behind
Middle-class income growth has lagged behind that of the upper class since 1970. The cost-of-living crisis is exacerbating that long-term squeeze. Key Points
CNNWall St rallies, Treasury yields steady ahead of holiday weekend
By Stephen Culp NEW YORK (Reuters) - Wall Street rebounded and Treasury yields paused in the wake of upbeat economic data on Friday as investors positioned themselves ahead of the long U.S. Memorial Key Points
ThePrintPakistan's economic woes deepen: World Bank issues stark warning, highlights challenges in months to come
The World Bank has also said that the country will be falling short of its primary budget target. It is expected to remain in deficit for three years in a row. Key Points
Business TodayA play on economic growth and transformation: 7 auto stocks from different segments with upside potential
Unlike the US and some other western countries, where a separate transportation index is watched very closely, in India we don't have a very popular transportation index. The reason why transportation index numbers are extremely important is because there is enough historical evidence to show that auto industry numbers lead indicators of what is happening in the economy. If one looks at the history of the stock market, the rallies which are led by the transportation and auto sector are more durable rallies. Especially the ones which are led by large commercial vehicles. The reason, sales of LCV and certain other auto segments is an indication of the economic situation on the ground. Demand for large commercial vehicles would only increase when there is higher economic growth as more goods get moved from one place to another when the economy is doing well. Key Points
Economic Times
The economic Times website is the only leader in business news. Period!
In January, The economic Times website maintained its leadership in digital news readership, recording 30.48 million unique visitors in India, outpacing competitors. Globally, the website attracted 5.77 million visitors from the USA alone. The economic Times expresses gratitude to readers for their support and trust in its quality business journalism. Key Points
Economic TimesIndia's entrepreneurial households set to drive economic surge with $8.8 trillion transaction value
A recent report by Praxis Global Alliance and Enmasse indicates that India is home to approximately 247 million entrepreneurial households, expected to drive the nation's economic surge with a transaction value of $8.8 trillion in FY23. The study introduces the concept of core transaction value (CTV), projecting a 12.7% YoY growth to $95.2 trillion by FY43. Key Points
Economic TimesNITI Aayog prepares plan for economic transformation of 4 cities, including Mumbai, Varanasi
The NITI Aayog has formulated an economic plan for the cities of Mumbai, Surat, Varanasi, and Vizag, aiming to transform them and help India become a developed economy by 2047. The Aayog plans to prepare economic planning for 20-25 more cities and is also working on a vision document for India to become a $30 trillion economy by 2047. The document will be released by Prime Minister Narendra Modi. Key Points
Economic TimesFrom Crisis to Confidence: Modi govt's 'White Paper' examines economic evolution since UPA tenure
The government releases a white paper scrutinizing economic challenges inherited from the previous UPA administration. Finance Minister Nirmala Sitharaman presents the document in Parliament, contrasting the purportedly non-performing economy under UPA rule with achievements made under the current leadership. The paper addresses past scandals and crises while highlighting progress in economic fundamentals and global engagements. Opposition parties like Congress issue a 'black paper' in response, signaling ongoing debate over economic performance ahead of the general election. Key Points
Economic TimesAfter Sidda, Kerala CM to hold Delhi protest; southern states allege economic discrimination
Kerala CM Pinarayi Vijayan and Cabinet colleagues, along with Left Democratic Front MPs, will stage a dharna at Jantar Mantar to protest against the Centre's economic discrimination against Kerala. The move follows a similar protest by Karnataka government representatives in New Delhi, alleging raw economic deals. Key Points
Economic Times
Budget session to be extended by a day till Feb 10
Budget session of Parliament extended till Saturday, alongside plans to present a 'white paper' analyzing Indian economy pre and post-2014. Finance Minister Nirmala Sitharaman hints at economic progress since 2014, emphasizing the need to learn from past mismanagement. Extension reflects government's commitment to transparent economic evaluation. Key Points
Economic TimesIndian Chamber of Commerce appoints Sharad Bhandari as UAE chief representative
The Indian Chamber of Commerce (ICC) has appointed Finance professional Sharad Bhandari as its Chief Representative for the United Arab Emirates (UAE), in a bid to enhance economic ties. With an impressive career spanning over 40 years, Bhandari brings extensive expertise in advising businesses in the UAE, Middle East, and the UK. As the Managing Partner of ARDENT Advisory & Accounting, he has advised leading corporations. Key Points
Economic TimesView: Interim Budget balances fiscal discipline, welfare & growth
This year's interim budget, presented by Finance Minister Nirmala Sitharaman, takes place in a turbulent global economic environment. Despite this, the budget maintains a balance between economic growth and fiscal consolidation, with a fiscal deficit of 5.1% of GDP. The budget also supports capital expenditure and rural infrastructure, promotes investment in post-harvest infrastructure, and establishes a corpus for interest-free loans to support research and innovation. Key Points
The Economic TimesIndia to sustain exports growth despite global challenges, Budget provides strong foundation: Piyush Goyal
India sustains export growth despite global challenges arising from conflicts like the Israel-Hamas war. The Budget lays a strong foundation for economic growth. Geopolitical complexities and conflicts reshape globalization. Wars and crises disrupt global supply chains, impacting India's exports and logistics. The Budget focuses on every section of society, with announcements on e-mobility promotion and increased infrastructure spending, providing more opportunities for business and domestic industry. Finance Minister Sitharaman's priority is economic policies that foster growth and contribute to India becoming a developed country by 2047. Key Points
Economic TimesIndia flags four challenges as it embarks on $7 trillion economy path
The Finance Ministry has highlighted four challenges facing the Indian economy: AI's threat to the services sector, the trade-off between energy security and economic growth, the impact of global developments, and the availability of a skilled workforce. The Interim Budget announcement is separate from the economic Survey, which will be released before the full budget after the general elections. Key Points
Economic Times
Empowering India & the world: The economic Times remains the undisputed leader in business & financial new
In December 2023, The economic Times website emerged as the top choice for business, markets, personal finance, and economy news, with 32.86 million unique visitors in India and the USA, according to Comscore data. Key Points
Economic TimesWall St ends lower, Treasury yields gain as strong data cools rate-cut hopes
By Stephen Culp NEW YORK (Reuters) -U.S. stocks followed their European counterparts to a lower close on Wednesday and U.S. Treasury yields resumed their uphill climb as robust economic data chilled Key Points
ThePrintGDP growth in most countries neither sustainable, not inclusive: WEF study
A new report by the World economic Forum has suggested that most economies are growing in ways that are neither sustainable nor inclusive, and are limited in their ability to absorb or generate innovation. The report, called the Future of Growth Report, calls for a new approach to economic growth that balances efficiency with long-term sustainability and equity, examining speed and quality together. Key Points
Economic TimesFitch affirms 'BBB-' rating for India with a stable outlook amid strong growth
Fitch emphasized that India's investment landscape is expected to be a key driver of economic growth, citing the continuation of the government's capital expenditure drive and a gradual acceleration of private investment. Despite the positive outlook, Fitch points out that beyond the fiscal year 2024, there is increased uncertainty regarding the fiscal path. Key Points
Economic TimesRate of rupee depreciation coming down: Piyush Goyal
Commerce and Industry Minister Piyush Goyal has stated that the rate of rupee depreciation has decreased, expressing optimism that in 8-10 years, the rupee will start appreciating against the US dollar, contributing to faster economic growth. Goyal highlighted collaborative efforts between the Reserve Bank of India and the finance ministry to spur economic growth. Key Points
Economic Times
India-UAE launch CEPA council to push business partnership
The UAE-India Business Summit, themed Two Nations, One Vision, occurred at the Vibrant Gujarat Global Summit 2024, marking a pivotal moment in their economic partnership. The event featured the ceremonial launch of the UAE-India CEPA Council (UICC), aiming to enhance strategic cooperation, particularly in industries like startups, women entrepreneurs, and MSMEs. Driven by a shared commitment to economic growth, the summit emphasized sustainable development and prosperity, with focused sessions on trade finance and investment facilitation. Key Points
Economic TimesPredictions for 2024: Revival of private capex to be the defining trend, says Kumar Mangalam Birla
At its core, private investment is a vote of confidence in the economy. It drives innovation, creates employment, and stimulates economic activity. In 2024, as private investments gain momentum, we will see a ripple effect across various sectors — from manufacturing to technology, from infrastructure to renewables, says Kumar Mangalam Birla. Key Points
Economic TimesPredictions for 2024: A $4 trillion economy, creative philanthropy and boost in capital expenditure
ET asked a galaxy of experts to make one prediction each for 2024, the early part of which will be dominated by the general elections. But its also a year when the Indian economy is set to cross the $4 trillion mark. Not too surprisingly, in our 24 Predictions For 2024, the most dominant theme was the impact of Artificial Intelligence on businesses and lives, but Indias economic potential figured as strongly. Key Points
Economic TimesWorld starts welcoming New Year with fireworks, prayers and some stark words
New Zealand celebrated 2024 with a fireworks display in Auckland, marking the 50th anniversary of its Opera House. Other countries celebrated the New Year with dazzling displays, while Russian President Vladimir Putin made only passing references to his war in Ukraine. China's President Xi Jinping announced its economic recovery in 2024, while North Korea pledged to launch spy satellites, build drones, and boost its nuclear arsenal. Key Points
Economic TimesIndia's economic growth sparks optimism as corporates anticipate profit surge
Fitch Ratings predicts a significant boost in the profitability of Indian corporates in FY25, driven by robust economic growth despite challenges in overseas markets. With a projected GDP growth of 6.5% in FY25, India is poised to be among the fastest-growing sovereigns, fueling demand across sectors. Fitch anticipates a 290 basis points improvement in profitability compared to FY23, providing corporates with rating headroom. Key Points
Economic Times
Risk of oil price spike impacting FY25 growth is low: CEA V Anantha Nageswaran
Speaking at an SBI-organized economic conclave, Nageswaran expressed optimism, suggesting that a cooling off of economic activity would precede a decline in global interest rates. He emphasized that potential spikes in oil prices in 2024 would likely be countered by a decrease in economic activities. Key Points
Economic TimesGlobal economic resilience: Navigating challenges, charting optimistic course into 2024
In the year 2023, the financial landscape faced significant challenges, causing many to worry about a potential severe recession, especially in the United States, the world's largest economy. However, despite the odds, most major economies managed to avoid a recession amidst a global economic slowdown, except for a few in Europe. Key Points
Economic TimesCentre needs to extend policy focus beyond 'roti, kapda, makaan', says the office of CEA
As per the document, Indian witnessed a decline in inequality of consumption in the decade before the LPG reforms of 1991 due to regulatory distortions and state interference, while the rise in inequality after the 1991 reforms were an outcome of market incentives for entrepreneurship and innovation. The impact of Covid-19 on inequality has been transitory, with the public distribution system and rise in food subsidy substantially curbing a rise in distress levels, it said. Key Points
Economic TimesSeventh economic Census yet to receive approval from majority of states: MoSPI
Approval is pending from a majority of states for the finalization of nationwide results of the seventh economic census, according to the Ministry of Statistics Planning and Programme Implementation. Out of the 35 states and UTs participating in the census, 22 are yet to grant approval. Key Points
Economic TimesWith 8% weekly gains, Indian IT stocks shrug off US slowdown fears
The rally helped IT stocks shed the tag of underperformers as the Nifty IT indexs 1-year gains jumped to 24%, outclassing all its sectoral peers. The broader Niftys 12-month gains stand at 16%. Key Points
Economic Times
Sri Lanka sees positive economic turnaround after bankruptcy
The year-on-year GDP growth rate for the third quarter has been reported as 1.6 per cent of positive growth rate, the Department of Census and Statistics (DCS) said in a press release on Friday. Key Points
Business TodayFitch 'neutral' on China, flags realty risks
China's economic growth will moderate to 4.6% next year from 5.3% in 2023, the ratings agency said in a Wednesday report titled Greater China Outlook 2024. While a greater usage of fiscal policy will limit downside risks, Fitch noted such supports may keep fiscal deficits wide at a time when the country's fiscal metrics have already eroded compared to peers with similar sovereign ratings. Key Points
Economic TimesJob creation single most important pressure point: former RBI Guv Raghuram Rajan
The former RBI Governor Raghuram G Ranjan emphasizes the urgency to create jobs in India, pointing to the critical need to improve human capital through skill development. Ranjan, co-author of 'Breaking the Mould: Reimagining India's economic Future' with Rohit Lamba, stresses the importance of job creation at various levels and the enhancement of the nation's workforce quality to attract businesses. He advocates for governance reforms, emphasizing decentralization and stronger democratic institutions to address key social needs and economic inclusivity. Key Points
Economic TimesRussia-Ukraine & Israel-Hamas conflicts: A fallout on India is inevitable but tailor-made policy measures
A deft handling of these two situations has helped India stay neutral and even gain some dividends, but the harsh reality is that these two wars have aggravated global economic uncertainty. Their fallout on the Indian economy is inevitable even though some economists whom ET spoke to argue that tailor-made policy measures can limit the damage. Key Points
Economic TimesJack Ma's family trust to sell Alibaba shares amid US export curbs
US News: Alibaba Group Holding reported a 9% increase in revenue for Q3, reaching 224.8 billion yuan ($31 billion), in line with market expectations. However, Key Points
Times Of India
CEA Nageswaran sees RBI holding fire if Fed hikes again
The Reserve Bank of India, is not under pressure to raise interest rates in response to potential moves by the US Federal Reserve, according to V Anantha Nageswaran, India's Chief economic Adviser. He stated that the RBI's policy decisions are less closely tied to the Fed's actions due to India's improved external finances and financial stability. Key Points
Economic TimesIsrael-Hamas conflict, FOMC outcome to challenge gold traders' resilience this week
The US dollar saw a boost from a combination of lackluster corporate earnings, safe-haven demand, and signs of the US economy's resilience. Notably, the US economy posted robust annualized growth of 4.9% in Q3 2023, despite higher interest rates. Core PCE prices and personal spending further reinforced the notion of sustained economic strength. Key Points
Economic TimesNeed to keep eye on geopolitical situation: CEA V Anantha Nageswaran
The Chief economic Advisor of India, V Anantha Nageswaran, has stated that private investment is taking place in the country and inflation is not a major concern. However, he highlighted that crude oil prices and tightening global monetary conditions pose risks. Nageswaran also mentioned that the geopolitical situation needs to be closely monitored, although it is not currently expected to have a significant economic impact. He expressed optimism about India's economic growth, citing a rebound in private sector capital investments. Key Points
Economic TimesMultilateral action needed to fight against economic coercion by China: Report
China continues to ban seafood imports from Japan as part of its economic sanctions against the country. The ban was imposed after the release of treated wastewater from the Fukushima Daiichi nuclear power plant. China aims to use the wastewater as a bargaining chip to gain an advantage over Japan and prevent it from siding with the US on issues like Taiwan. The ban poses a serious threat to Japan, as China accounted for nearly 20% of its seafood exports. China has a history of using economic coercion to intimidate other nations, with over 120 cases identified since 2010. Key Points
Economic TimesClosing gender gap will solve global economic crises. But at this rate, it could take a century
Raising female participation in the workforce by 5.9 percentage points could help emerging markets grow their economies by around 8 per cent. Key Points
ThePrint
JPMorgan profit jumps 35%, but CEO says geopolitics and gov't inaction have led to 'dangerous time'
JPMorgan Chase's third quarter profit increased by 35% due to rising interest rates. However, CEO Jamie Dimon warned of the current global economic instability, citing issues such as the Russia-Ukraine War, high government debt, inflation, and labor market strikes. Despite these concerns, JPMorgan reported a profit of $13.15 billion, beating analysts' forecasts. The bank's revenues also rose to $39.87 billion, primarily driven by higher interest rates. Key Points
Economic TimesIsrael-Hamas conflict may pose hurdles to IMEEC timelines: GTRI
The ongoing Israel-Hamas conflict could potentially impact the India Middle East Europe economic Corridor (IMEEC) project, according to the Global Trade Research Initiative (GTRI). While the immediate consequences of the conflict are limited to Israel and Gaza, the ripple effects throughout the Middle East could have significant implications. Key Points
Economic TimesADB joins hand with Bengal govt to undertake study for development of economic corridors
The Asian Development Bank (ADB) has partnered with the West Bengal government to conduct a study on the development of economic corridors in the state. The ADB will provide technical expertise and funding for the projects. The study aims to strategize economic development in various nodes and growth centers across West Bengal. Key Points
Economic TimesIndian economic policy always centred on producer interests: CUTS International
CUTS International, a global NGO, celebrated its 40th anniversary with a panel discussion on India's economic progress. The discussion highlighted the transformation of the Indian economy over the past four decades and its future prospects and challenges. The successful G20 Summit, India's commitment to the Global South, and the re-emergence of industrial policy were also discussed. Key Points
Economic TimesDollar hits new high on upbeat data, yen teeters near intervention line
By Brigid Riley TOKYO (Reuters) - The dollar held on to fresh highs on Tuesday, pushing the yen down closer to an intervention zone, after strong U.S. economic data bolstered the view that the Federal Key Points
ThePrint
China economic outlook: Govt says all is well, but there’s gloom on the ground
A gulf has emerged between the Chinese economy as many Chinese are experiencing it, and Beijings narrative of it — and that gulf is only widening. For many ordinary Chinese, one of the worst economic slowdowns the country has faced in decades has translated into widespread pessiYouth at a job fair in Wuhan mism and resignation. Key Points
Economic TimesGold might trade with a bearish bias next week as short-term macro headwinds persist
Gold prices started the week negatively as mixed US data and weak European economic data increased the strength of the greenback. Although the dollar index started to ease on Tuesday, it recovered during the first half of the week due to positive Chinese sentiment and an upcoming FOMC meeting. Key Points
Economic TimesU.S. leading indicators point to recession starting soon
The Conference Board on Thursday said its Leading economic Index, a measure that anticipates future economic activity, declined by 0.7% in June to 106. Key Points
Business TodayWeak loans of banks to fall to 3-3.5% of gross advances by March 2025: S&P
S&P Global Ratings predicts that India's banking sector will see a decrease in weak loans to 3-3.5% of gross advances by March 2025. This decline is based on structural progress and good economic prospects supporting the financial institutions' resilience. The report estimates India's GDP will increase 6-7.1% annually in fiscal years 2024-2026, making it the fastest-growing economy in Asia-Pacific and globally. Key Points
Economic TimesIndia, Germany to strengthen bilateral ties, increase investments: German Vice Chancellor
India and Germany are looking to strengthen bilateral cooperation and increase investments and collaboration, according to Robert Habeck, Germany's Vice Chancellor and Minister of economic Affairs and Climate Action. While China remains Germany's biggest trading partner, there is concern about being too reliant on a single market, and Habeck said de-risking and diversification is important. He noted that other partnerships, such as the Indo-German partnership, are gaining importance. Key Points
Economic Times
26 opposition parties' joint resolution pitches for conducting caste census
The character of our republic is being severely assaulted in a systematic manner by the BJP. We are at a most crucial juncture in our nation's history. The foundational pillars of the Indian Constitution - secular democracy, economic sovereignty, social justice and federalism - are being methodically and menacingly undermined, they alleged. Key Points
Economic TimesAdani-Hindenburg Case: Sebi defends 2019 rule change affecting offshore investors
“Instead, the issue primarily arose from the existence of thresholds for determination of BOs(beneficial owners) In fact, the thresholds were only lowered (i.e., made tighter) between 2014 and 2019,” Sebi said in its affidavit filed before the Supreme Court. Key Points
Economic TimesWall Street rallies, dollar softens after solid economic data
By Stephen Culp NEW YORK (Reuters) - U.S. stocks moved sharply higher in a broad rally on Tuesday, and the dollar softened as robust economic data eased recession fears and stoked investors' risk Key Points
ThePrintGreater Indian presence in the Suez region welcome: Israeli expert on PM Modi’s Egypt visit
Prime Minister Modi is scheduled to land in Cairo on June 24 afternoon and will hold a round table with the Prime Minister of Egypt, Mostafa Madbouly. He will also interact with the Grand Mufti of Egypt and leading Egyptian intellectuals. Key Points
The HinduB'luru court declares Ramachandran Vishwanathan as 'Fugitive economic Offender'
The matter pertains to the alleged offences committed under the Fugitive economic Offenders Act, 2018 in the Devas Multimedia Pvt. Ltd. Case. | Bengaluru News Key Points
Hindustan Times
Pakistan PM Sharif hopes to strike IMF deal as 'all conditions met' despite economic hardship
Sharif also expressed satisfaction that the current deficit in 10 months was reduced to USD 3.3 billion and hoped that the agriculture sector would boost. Dar has declared a 3.5 per cent GDP growth target for the next year. The government has spun into action to put brakes on the undesirable outflow of foreign currency from Pakistan and promote transparency in foreign currency transactions conducted by exchange companies. Key Points
Economic TimesDelhi High Court refuses to interfere with Bank of Baroda’s plan to sell majority stake in Nainital Bank
The Delhi High Court has refused to interfere with state-owned Bank of Barodas (BoB) plan to sell its majority stake in Nainital Bank. The court stated the decision of divestment based on economic expediencies is a policy decision involving complex eco-factors that could not be overturned by the courts. Key Points
Economic TimesCEA sees risks to 6.5% growth forecast more evenly balanced
Chief economic adviser V Anantha Nageswaran on Wednesday predicted another year of solid economic performance by India in FY24, stressing that risks to the forecast of 6.5% growth are now more evenly balanced than what we thought four months ago . Key Points
Economic TimesEnergy insecurity biggest threat to sustaining India’s elevated growth rates in longer term, says CEA
Energy security is the single-biggest worry for India's sustained economic growth, says chief economic adviser V Anantha Nageswaran. He called on global lenders not to entirely abandon fossil-fuel projects in the name of Green economy, as developing countries must ensure affordable, sufficient energy for economic growth. He said private investment would unfold gradually with several sectors, including steel and cement, already picking up. The Indian economy grew 9.1% in FY22, helped by a favourable base, and is expected to have grown 7% or more in the last fiscal year. Key Points
Economic TimesIndia, Australia free trade pact talks in June, July: FS Vinay Kwatra
The India-Australia economic Cooperation and Trade Agreement (IndAusECTA) came into effect on December 29, 2022. The ECTA was signed on April 2, 2022, and ratified on November 21, written notifications were exchanged on November 29 and after 30 days, the Agreement came into force. Key Points
Economic Times
Two million killed, $4.3 trillion in damages from extreme weather over past half-century: World Meteorological Organisation
According to a UN report, extreme weather, climate and water-related events over the past half-century around the globe have killed more than 2 million people and caused economic damage of $4.3 trillion. Key Points
The Hindu5 logistics & transportation companies with 'strong buy' and 'buy' ratings that can offer up to 48% return
Decline in oil prices, increased economic activity are tailwinds. Will the step taken by RBI to control inflation show an impact on overall economic growth this quarter and that is what may turn out to be a headwind. The list of the logistic companies is based on upside estimated by the analysts, with the highest potential stock coming on the top of the list. Key Points
Economic Times