The UN World Economic Situation and Prospects 2024 report says while India will remain fastest-growing big economy, it faces risks from erratic monsoons & possible oil price spike.
RBI’s monetary policy committee voted to keep interest rates unchanged at 6.5%, says RBI Governor Shaktikanta Das. Adds, inflation is set to ease further to 5.2% by end of financial year.
While indicators of urban demand are growing at a sharp pace, rural consumption is in slow lane. However, manufacturing, mining and construction have all seen double-digit growth.
RBI has hiked interest rates by 250 basis points since May 2022 to combat inflation. Study by central bank says growth might have been ‘sacrificed’ by 65 basis points due to this.
The sharp fall in year-on-year growth rate is also partly due to a fading of pandemic-induced base effects which had contributed towards higher growth figures in fiscal 2021/22.
Last week, Fitch Ratings had slashed the country's GDP projection to 7% for current fiscal year citing elevated inflationary levels and higher interest rates.
“This is a downward revision from our 8.5% forecast in March as inflationary impacts of global commodity price shock are dampening some of the positive growth momentum,” the ratings agency said.
Canada faces serious foreign interference issues, but these challenges must not be weaponized to unfairly target friendly and important allies like India.
In Episode 1544 of CutTheClutter, Editor-in-Chief Shekhar Gupta looks at some top economists pointing to the pitfalls of ‘currency nationalism’ with data from 1991 to 2004.
The decorated Naga officer from Manipur also served as envoy to Myanmar & Nagaland chief secy. Defence Minister Rajnath Singh inaugurated a museum dedicated to the Tawang hero Thursday.
While we talk much about our military, we don’t put our national wallet where our mouth is. Nobody is saying we should double our defence spending, but current declining trend must be reversed.
Too many assumptions to support ideological narrative.