India is expected to overtake Germany to become fourth-largest economy in 2026 and Japan to become third largest in 2034, according a recent report by the UK-based Centre for Economics and Business Research (CEBR).
India's economy is expected to rebound in 2020 on the back of measures taken by the government and the RBI coupled with easing of global trade tensions, industry body CII said on Sunday.
Finance Minister Nirmala Sitharaman on Saturday will hold a meeting with heads of public sector banks to discuss various issues including the recently announced government measures to prop up the economy
The Washington-based lender, after the first review, posed trust on continuity of IMF-backed reforms needed to bring Pakistan's economy on the stability path. But, it cautioned against fiscal slippages with risks to reforms remaining elevated. The growth was projected to further slide to 2.4 per cent in the current fiscal year from 3.3 percent in the last fiscal of 2018/19, The News International reported.
The International Monetary Fund (IMF) has said that India's high growth rate in recent years did not lead to a matching increase in formal sector jobs and labour market participation has declined. The IMF's report on its annual consultations with India released in Washington on Monday said that while India has lifted millions out of poverty as one of the world's fastest-growing economies, "recent labour market data suggests that unemployment is high while labour force participation has decreased, particularly for females."
Just over 47 per cent of Indians feel that the Indian Constitution had been violated by the recently-passed Citizenship Amendment Act but nearly the same number differs on this issue, according to an IANS-CVoter survey.
The Congress accused Prime Minister Narendra Modi on Friday of making boastful claims that were far from the reality and being in the denial mode as it challenged him for a debate. Congress's senior spokesperson Anand Sharma said the country's economy was in shambles and warned of a grave crisis next year if urgent steps were not taken to nurse it.
India is facing a "Great Slowdown" with its economy headed for intensive care unit primarily due to a "second wave" of the twin balance sheet crisis at banks, former Chief Economic Adviser Arvind Subramanian has said.
Congress Secretary Priyanka Gandhi on Saturday slammed the government during the 'Bharat Bachao' rally. She attacked the Modi government over several issues including GDP, citizenship act, women safety and economy.
Congress General Secretary Priyanka Gandhi on Friday questioned the ruling Bharatiya Janata Party (BJP) for its economic policies and thus keeping it's pressure on the economy even in the face of a discourse dominated by the Citizenship (Amendment) Bill, 2019.
Former Reserve Bank of India (RBI) governor Raghuram Rajan said India is in the midst of a "growth recession" with signs of deep malaise in the Indian economy that is being run through extreme centralisation of power in Prime Minister's Office and powerless ministers.
Finance Minister Nirmala Sitharaman on Saturday said the government is working on more steps, including rationalisation of personal income tax rates, to revive the sagging economy.
Cash-strapped Pakistan received a USD 1.3-billion loan from the Asian Development Bank (ADB) on Friday to support the country's public finances and shore up the slowing economy.
"ADB is committed to providing wide-ranging support to strengthen Pakistan's economy and reduce the risk of external economic shocks," said ADB Director General for Central and West Asia Werner Liepach. While USD 1 billion has been extended to Pakistan to improve its current account deficit, strengthen its revenue base, USD 300 million has been extended for the energy program, another ADB press release said.
On the apprehensions of industrialists, who are afraid of raids by Central agencies like the Central Bureau of Investigation, Enforcement Directorate and Income Tax department, she refered to Bajaj Group chairman Rahul Bajaj speaking out about the government's alleged intolerance of criticism.
In a first press conference after his release from the Tihar jail, former finance minister P. Chidambaram on Thursday ripped into the government on the state of the economy and said the problem lies in the government's assumption that problems faced by the economy are cyclical.
In October, the RBI's MPC stuck to its "accommodative stance" by reducing its key lending rate to 5.15 per cent, the lowest in around a decade. The record low repo was set at 4.75 per cent in April 2009 as a result of the global financial crisis.
Terming the decision of All India Muslim Personal Law Board and the Jamiat-Ulema-e-Hind to seek a review of the recent Ayodhya verdict as double standard, spiritual leader Sri Sri Ravi Shankar said Hindus and Muslims should move on and work towards strengthening the economy.
Home Minister Amit Shah on Saturday expressed hope that by 2024, India would become USD 5 trillion economy and be placed among the top five global economies.
Finance Minister Nirmala Sitharaman said on Saturday that several significant steps in structural reforms have been taken in the past few months and responses/interventions addressing the needs of the economy will continue, indicating more relief measures could be on the anvil, if so needed.
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