IMF's World Economic Outlook suggests growth slowdown in current year is concentrated in advanced economies, while emerging & developing economies are likely to lead global growth.
During the G20 summit, India is expected to drive discussions on time-bound debt resolution for countries in distress, reforming multilateral development banks & finalising crypto-regulation.
There are, however, also some incipient signs of stress in the form of shrinking net interest margins & build-up of bad loans in retail segment that need to be monitored.
Central govt's capital expenditure has seen strong growth. State finances present an encouraging picture with better tax revenue collections & improved capex spending.
Fitch downgraded US government’s credit rating. And while markets across the world, including India, slumped in response, volatility will likely be driven by other factors.
IMF has increased its growth projection by 0.2 percentage points, but tightening of monetary policy world over & rising debt distress among developing nations could drag down growth.
Moreover, India’s tight capital controls, management of the rupee and, importantly, a smaller share of global exports run counter to aspirations of making it an international currency.
With two hostile neighbours in the immediate vicinity and one in the greater region, it is imperative that New Delhi forge alliances that can offer some stability.
Recommendations appear in Niti Aayog’s Tax Policy Working Paper Series–II. It says there is a need to shift away from fear-based enforcement to trust-based governance.
In service with the British military since 2019, it is also known as the Martlet missile. Ukrainians have also deployed these missiles against Russian troops.
Education, reservations, govt jobs are meant to bring equality and dignity. That we are a long way from that is evident in the shoe thrown at the CJI and the suicide of Haryana IPS officer. The film Homebound has a lesson too.
COMMENTS