ECONOMIC REFORMS
Rupee falls on month-end dollar demand; election results in focus
The Indian rupee declined on Friday, pressured by month-end dollar demand from importers, with investors awaiting the outcome of the country's general elections for fresh cues.
Yen's relentless slide revives Japan's interest in structural reforms
Japanese policymakers are focusing on structural economic factors driving persistent yen declines, as market intervention has limited impact on the currency's broader slide.
Ten yrs on, S&P outlook for India turns 'positive'
S&P Global Ratings has upgraded India's sovereign outlook to 'positive' after 10 years, citing improved public spending quality and expectations of continuity in reforms and fiscal policies. India's rating remains BBB- but could be upgraded if cautious fiscal and monetary policies reduce government debt and interest burden while boosting economic resilience. Finance Minister Nirmala Sitharaman welcomed the upgrade, attributing it to macroeconomic reforms since 2014. Economic Affairs Secretary Ajay Seth expressed confidence in India's economy, highlighting robust growth and improved credit metrics.
Upgrade of India's rating outlook reflects solid growth, promising outlook: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman praised S&P's upgrade of India's rating outlook to positive, citing solid growth and a promising future. She highlighted India's trajectory towards becoming the third-largest economy and achieving Viksit Bharat by 2047. S&P's first positive outlook for India, while retaining the 'BBB-' investment grade, reflects successful macroeconomic reforms since 2014, substantial capital expenditure, fiscal discipline, and visionary leadership. Sitharaman shared these comments in a post on X, emphasizing the significance of this development for India's economic prospects.
IMF revises China's GDP to 5% this year; growth may decelerate to 3.3 per cent by 2029, says Gita Gopinath
The 5 per cent growth revision by the International Monetary Fund (IMF) is in line with the target set by the Chinese government for the world's second-largest economy which is grappling with a slowdown triggered by the crippling property sector crisis and industrial overcapacity.
If Modi wins India's mammoth Lok Sabha elections, his third regime will need tough reforms to lure foreign firms
Lok Sabha Elections: As Modi gears up for a potential third term, global firms highlight challenges facing India's economy: policy inconsistencies, bureaucratic delays, and scarcity of land. Despite improved business sentiment, actual investment remains stagnant, with foreign direct investment dropping. Key priorities for the new government include policy coordination among states, labor law implementation, skills development, land reform, trade measures, and fulfilling BJP's promises for economic growth and global manufacturing hub status.
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India to stick to policy path even if Modi loses, says Raghuram Rajan
Former central bank Governor Raghuram Rajan addressed concerns about possible selloff in financial markets if the Bharatiya Janata Party loses support post-Indian elections. Rajan emphasized the need for economic reforms and infrastructure quality improvement.
In a ‘no-option’ election, despite absence of a Modi wave, he remains the central factor: Neerja Chowdhury
Neerja Chowdhury says: "While the voices of dissatisfaction against BJP government have increased, whether it is with unemployment, rising prices, Agniveers programme, exam leaks, a whole host of issues. But it did not look like an anger election, what is called dissatisfaction versus anger and that makes a lot of difference."
View: Your first 100 days to-do list, Gov
The upcoming government will have its work cut out for it as it steps into power following the conclusion of the 18th Lok Sabha polls. While the current administration has made strides in improving the business environment in India, there are key reforms that the new government must prioritize to fully capitalize on the country's growth potential.
Pakistan PM Shehbaz Sharif to visit China next month for formal launch of second phase of CPEC
Pakistan Prime Minister Shehbaz Sharif will visit China in the first week of next month to join the formal launching of the second phase of the USD 60 billion China-Pakistan Economic Corridor, according to a media report on Saturday. A source in the Prime Minister's Office told the Dawn newspaper that Prime Minister Sharif was scheduled to leave for China on June 4, but the date of the visit could slightly be changed.
Wanted to have an inter-caste marriage but girl and her family did not agree: CM Siddaramaiah
Karnataka Chief Minister Siddaramaiah shared his personal 'love story' experience at an event, highlighting the challenges of inter-caste marriage and emphasizing the importance of social equality inspired by Gautama Buddha's teachings.
Is India suffering from an unemployment issue? PM Modi says the country is generating jobs
Prime Minister Narendra Modi defended his government's job creation efforts, citing a significant increase in taxpayers and EPFO subscribers, and growth in the startup sector. Modi emphasised his vision of a 'Viksit Bharat,' where every Indian can dream big. He highlighted achievements in manufacturing, research, and self-reliance. He pledges to focus on infrastructure and development if re-elected for a third term.
'Have delivered on 2019 promise of putting corrupt behind bars, our govt leveraged technology to tackle corruption': PM Modi
Prime Minister Narendra Modi, currently vying for a third consecutive term, reaffirms his 2019 pledge to incarcerate corrupt individuals, asserting that he has fulfilled this promise. In an extensive discussion with ET, PM Modi addressed various topics. He reiterates the government's dedication to ensuring that the benefits of progress extend to all individuals in need, irrespective of their caste, creed, or geographical location.
India achieves $5 trillion market capitalization milestone, triples in a decade of economic progress
India's market capitalisation crossed $5 tn, tripling in a decade. Domestic ownership increased as foreign institutional ownership fell. GDP is expected to reach $5 tn in 3 years, $7 tn by 2030.
If Modi is re-elected, these sectors will get his most attention
Prime Minister Narendra Modi has pledged to propel India to become the world's third-largest economy if re-elected for a third term. His ambitious 100-day agenda post-election includes prioritizing manufacturing, new-age technology, infrastructure development, and clean energy sectors. The government aims to implement reforms to boost economic growth and attract foreign investment.
IMF asks Pakistan to 'impose' tax on monthly pensions, says 'new bailout programme' will require reforms
The International Monetary Fund (IMF) has requested Pakistan to impose a tax on monthly pensions exceeding Rs 100,000 as part of a new bailout program. The IMF's demand is expected to gain legislative support to tax wealthy pensioners. Pakistan remains committed to the IMF loan program and must exercise fiscal discipline to qualify. The IMF also demanded an increase in general sales tax (GST) to 18% on commodities and services, and the end of GST exemption.
"ISRO aims to explore human space flight activities, build space stations": Chairman Somnath
Indian Space Research Organisation (ISRO) Chairman Sreedhara Panicker Somanath on Sunday attended a programme at a school and said that the space agency aims to explore human space flight activities and build space stations.
Expect good response on EV policy, FDI reforms in new govt; prepare for low tariff regime: DPIIT Secretary
India anticipates a positive response from numerous automobile companies to its electric vehicle (EV) policy, according to Rajesh Kumar Singh, DPIIT secretary. He noted that the government has adjusted tariffs to attract manufacturers without direct spending. Additionally, he stated that India might further liberalize FDI norms in select areas under the new government.
CEA Anantha Nageswaran bats for fresh round of capital market reforms
The CEA pushed for macro and financial stability, stressing that "sometimes it may be necessary to forgo rapid growth opportunities in favour of stability". This will ensure that the country remains on the high growth orbit for a longer period, he indicated. He pointed at the massive spurt in credit in the early part of this century and the subsequent spike in bad loans in the banking assets, which weighed down growth in the second decade of this century.
Need to think about capital markets reforms 2.0 to meet needs of growing economy: CEA
Chief Economic Adviser V Anantha Nageswaran called for capital market reforms 2.0 at the CII Annual Business Summit, emphasizing India's upcoming inclusion in JP Morgan and Bloomberg bond indices and the importance of managing foreign flows.
India stocks set for biggest monthly FII outflows in a year on election risks, China appeal
Global investors have pulled a net $3.5 billion from India’s stock markets so far in May, on course for the biggest withdrawal since June 2023, according to data compiled by Bloomberg.
India needs to reduce trade tariffs, simplify procedures and remove protectionism: NITI Aayog CEO BVR Subrahmanyam
Speaking at Confederation of Indian Industry’s Annual Business Summit 2024, Subrahmanyam listed out the need for fundamental reforms in education and skilling, need for intervention to enhance the women labour force participation rate and plethora of policy measures in agriculture along with greater private sector investment in infrastructure and governance reforms.
Downsides of coalition govt are as exaggerated as virtues of single-party rule
Most people equate a government by a single party that enjoys a majority in Parliament with political stability, efficient decision-making and living happily ever after. In this view, coalitions carry the risk of instability, erratic policy and economic woes. India's own recent history shows that such views are unfounded.
Indian investors have reason to cheer with Kazakhstan initiating major economic reforms
Indian private investors are looking for a liberalized economic environment with fair competition in the Central Asian region. Kazakhstan being the biggest and modern economy in the region provides a platform to expand business. Kazakhstan is India’s largest trade and investment partner in Central Asia. F
Uzbekistan positions itself as a regional investment hub
Uzbekistan positions itself as a regional investment hub amid reforms and a focus on the market economy, attracting foreign investments, including from India. The Third Tashkent International Investment Forum, held on May 2-3, aimed to boost investments. President Shavkat Mirziyoyev participated, along with representatives from various countries. The forum has become a platform for bilateral and multilateral investment cooperation.
Congress started economic reforms in 1991; don’t make us out to be some sort of Marxists: Shashi Tharoor
Shashi Tharoor defends Congress's economic approach, emphasizing fair revenue distribution to marginalized groups, clarifying the party's stance on economic policies, and highlighting the commitment to economic growth and social justice without stifling business growth.
Record GST mop-up reflects robust eco, audit efficacy; raises hope for further reforms: Experts
Tax experts hailed the record-breaking GST collection of Rs 2.10 lakh crore in April, attributing it to a robust economy and effective audit and scrutiny by the tax department. They anticipate this achievement to pave the way for further tax reforms after the formation of the new government. The surge in collection is seen as a result of higher self-compliance, better enforcement measures, and increased consumer spending on items like air conditioners and beverages to combat the summer heat.
Restoration of Indian Economy since 2014 a case study for Harvard, says Nirmala Sitharaman
The restoration of the Indian economy, especially banks since 2014 is actually a lesson for the Harvard Business School said Nirmala Sitharaman finance minister of India, while addressing the gathering Gujarat Chambers of Commerce and Industry (GCCI), in Ahmedabad on Saturday. The finance minister was speaking on the topic Vikshit Bharat 2047.
Countries should undertake process reforms to improve economic and policy efficiency: Sanjeev Sanyal
Sanjeev Sanyal, member of the Economic Advisory Council to the PM, emphasized the need for governments worldwide to assess processes under various regulations periodically. In a joint working paper, he highlighted the importance of process reforms, defining them as microeconomic changes aimed at enhancing efficiency in specific sectors or issues.
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