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China rejects Fitch's ratings of its fiscal outlook, says economy 'stable'

Wed, 04/10/2024 - 06:11
China's Finance Ministry denounced a report by Fitch Ratings that kept its sovereign debt rated at A+ but downgraded its outlook to negative, saying Wednesday that China's deficit is at a moderate and reasonable level and risks are under control. Risks to China's public finances are rising, Fitch said, as Beijing works to resolve mounting local and regional government debts and to shift away from heavy reliance on its troubled property industry to drive economic growth. But while slower growth is adding to the challenges of coping with heavy borrowing, Fitch said it kept China's A+ rating due to its large and diversified economy, its vital role in global trade and its huge foreign exchange reserves. The Finance Ministry said it was a pity that Fitch had downgraded its sovereign debt and faulted its methods, saying it had failed to take into account Beijing's moves toward appropriately intensifying, improving quality and efficiency of its government spending. In the long run, ...

Indians spending more on packaged food, eating out as home cooking declines

Wed, 04/10/2024 - 02:39
Spending on processed food by the urban elite consumer more than doubled in FY23; it surged more than threefold for middle-income consumers

As India's GDP growth speeds up, can it drive the global economy?

Wed, 04/10/2024 - 02:11
With China's growth slowing, India could become the new engine of global economic growth, but it will take strategic investments, increased labour participation, and more to achieve its ambitions

Road ministry capex utilisation in FY24 closes at record high 99.93%

Tue, 04/09/2024 - 12:30
As against the budgetary outlay of Rs 2.645 trillion in FY24, the road ministry has spent Rs 2.643 trillion. By including private investments, the capex goes up to Rs 3.01 trillion

IPEF to organise clean economy investor forum in Singapore in June

Tue, 04/09/2024 - 11:16
The department has invited applications from domestic climate and tech entrepreneurs for participation in the meeting

USISPF appoints ex-revenue secy Bajaj as chair of US-India Tax Forum

Tue, 04/09/2024 - 10:45
The US-India Strategic and Partnership Forum (USISPF) has appointed former Revenue Secretary and ex-Secretary of Economic Affairs Tarun Bajaj as the head of the US-India Tax Forum. Bajaj, 61, joined the USISPF as an advisor to the Board of Directors in January and will now spearhead the US-India Tax Forum, an official announcement said on Tuesday. With his extensive experience and profound expertise in finance and taxation, Tarun stands as an ideal candidate to steer our efforts forward. His adept leadership in shaping fiscal and tax policies and navigating intricate economic terrains will fortify our mission of nurturing strong economic bonds between the United States and India, said Mukesh Aghi, president and CEO of USISPF. A 1988-batch Haryana Cadre IAS officer, Bajaj served as Revenue Secretary. During his tenure with the Indian government, he played a pivotal role in shaping fiscal policies and promoting economic growth. Bajaj managed both the direct and indirect tax revenues

Household debt registered new high by Q3FY24, savings plummeted: Report

Tue, 04/09/2024 - 05:34
A report by Motilal Oswal said that households' net savings plummeted to a six-year low level of 18.4 per cent of GDP

India likely to get normal monsoon this year: Private forecaster Skymet

Tue, 04/09/2024 - 02:52
Seasonal rains expected to be 102% of the long-period average of 868.6 mm for four-month period, it say

Consumer price inflation likely eased to 5-month low of 4.91% in March

Mon, 04/08/2024 - 23:01
RBI Governor Shaktikanta Das said last week that food price volatility remains a concern

Centre appoints Manoj Panda as member of 16th Finance Commission

Mon, 04/08/2024 - 11:02
Panda's research areas span monitoring and analysis of macro-economic trends and prospects, evaluation of alternative trade and fiscal policy options from the point of view of growth and distribution

India's consumer price inflation likely eased to 4.91% in Mar: Reuters poll

Mon, 04/08/2024 - 11:00
Inflation was expected to return to the RBI's target next quarter but be above it in subsequent quarters, according to a separate Reuters survey on the longer-term outlook

Climate change poses challenges for policy, risks to growth: RBI report

Mon, 04/08/2024 - 10:16
Frequent weather shocks caused by climate change pose challenges for the monetary policy as well as downside risks to economic growth, a Reserve Bank report said. Global average temperatures are on a rise, with accompanying increase in extreme weather events (EWE), and the economic and social impact of global warming is becoming increasingly evident, said RBI's Monetary Policy Report April 2024. The report said that climate change has increased the frequency and ferocity of weather shocks, posing challenges for monetary policy. It said there are different channels through which climate change can affect monetary policy. Climate change directly impacts inflation through adverse weather events affecting agricultural production and global supply chains, climate change could impact the natural rate of interest, and the after-effects of climate change might weaken the transmission of monetary policy actions to financing conditions faced by households and firms. "For these reasons, cen

Govt bond yield rises to a two-month high, tracking US Treasury yields

Mon, 04/08/2024 - 09:48
New 10-year bond becomes the second most traded

Delhi electricity demand to cross 8GW this summer, discoms brace up

Mon, 04/08/2024 - 09:35
Both TPDDL and BSES stated they are fully geared to provide uninterrupted power supply

India's fuel consumption shrinks 0.6% in March as petcoke use falls

Mon, 04/08/2024 - 08:26
Total consumption however rose 4.6% to a record 233.3 million tonnes in FY24

India's fuel demand up by 5% y-o-y in FY24, a new financial year record

Mon, 04/08/2024 - 05:06
Fuel demand for FY24 reached a record high of 233.276 million tonnes, up from 223.021 million tonnes the previous year

Mobile wallet payments in India to surpass Rs 531 trn in 2028: GlobalData

Mon, 04/08/2024 - 00:42
The value of mobile wallet payments in India, as per a GlobalData report, grew at a CAGR of 72.1 per cent between 2019 and 2023 to reach Rs 202.8 trillion in 2023

Consumer confidence for year ahead improves further: RBI survey

Sun, 04/07/2024 - 10:23
Households' sentiments on the general economic situation and employment prospects recorded notable improvements for both the current period as well as the upcoming year

PMO asks commerce min to examine model text of bilateral investment treaty

Sun, 04/07/2024 - 02:04
The Prime Minister's Office (PMO) has asked the commerce ministry to examine the model text of the bilateral investment treaty (BIT) and suggest modifications to further improve the ease of doing business, according to sources. The exercise assumes significance as only seven countries have accepted the existing model text treaty, and most of the developed nations have expressed their reservations on the text with regard to provisions like the resolution of disputes. These investment treaties help in protecting and promoting investments in each other's countries. These pacts are important as India has earlier lost two international arbitration cases against British telecom giant Vodafone and Cairn Energy plc of the UK over the retrospective levy of taxes. Sources said an internal discussion will be held on the model text of the treaty on Monday in the commerce ministry with experts and lawyers. "There will be a presentation in the meeting. We are having an internal discussion on th

Creating adequate fiscal space important to give impetus to growth: Kovind

Sat, 04/06/2024 - 12:59
Creating adequate fiscal space is important to give impetus to the current growth trajectory, said former President Ram Nath Kovind on Saturday. Speaking at an event organised by TIOL here, the former president said no nation can prosper without predictability and certainty in the tax architecture. The fiscal architecture is one of its most important pillars, he said. Sound fiscal management attracts both public and private capital and improves the quality of the public-private partnership. "Over the years, we have made great progress in streamlining our taxation policy. The complex tax regimes themselves have been simplified beyond recognition" he said. Now there are fewer tax slabs, processes have been streamlined. taxation policy has become more predictable and investor confidence improved while ease of doing business has enhanced, he said. All this has been made possible by leveraging technology and going forward faceless tax assessment will be the norm, he said. Speaking at