Outlook for India seems better than for most others, but growth forecasts are being tempered while inflation picture has got worse. Production numbers are modest, dip in business mood.
Material costs for industry will go up, pandemic recovery will take longer. But question is how long oil prices will stay high, with West avoiding sanctions on Russia’s energy sector.
Modi govt’s approach in Budget may bring growth for few years, despite slowing world economy, rising rates. But problems in areas including education won’t just vanish automatically.
Modi govt had in early 2018 announced vision to achieve $5 trillion economy level by the 2025 fiscal, but the domestic economy started losing momentum because of the Covid pandemic in 2020.
With both GDP and inflation rising, central banks around the world may hike interest rates leading to instability in financial markets. But it’s not all bad news.
Strong demand is keeping India on track to achieving world’s fastest growth in the year to March, with new weekly infections dropping to lowest in more than 6 months.
Steep jump in medium-term growth rates, of the kind projected, needs strong private & govt investment, domestic demand & exports. Govt has bet on growth in own investment, while exports are doing well.
There are some early signs of moderation in inflation and a pick-up in growth, but RBI is likely to monitor growth and inflation before a decision on changing rates.
In ‘Redesign the World’, Sam Pitroda argues that hyperconnectivity and Covid-19 have offered a unique opportunity to redesign the world to meet future challenges.
The US could have used its coercive resources to compel Pakistan to shut down the Taliban’s transborder sanctuaries. It chose not to—costing its victory.
The government will permit purchases of 2 million tons each of the two vegetable oils per annum this fiscal year and the next, according to a notification by the finance ministry.
India is 35th member of the maritime counterterrorism partnership that also includes Pakistan, Australia, Bahrain, Denmark, Egypt, France, Germany and Greece, among others.
That temples were destroyed and mosques built is undisputed history. The past can’t be changed, but we can’t deny the wrongs of the past either before we consider reconciliation.