PTI India and China on Thursday held “constructive” diplomatic talks on proposals to resolve the remaining issues and achieve complete disengagement in eastern Ladakh, but there was no clear indications of any major breakthrough. The Ministry of External Affairs (MEA) said both sides decided to hold the next round of senior commanders’ meeting at the earliest to achieve the “objective” and that it was agreed on the need to ensure a stable situation on the ground and avoid any untoward incident. It said the two sides reviewed the situation and engaged in an “open, constructive and in-depth” discussion on proposals…
Author: Amit Bhanot
BS Indian economy is likely to continue its strong growth in the quarter to end of September, helped by a solid urban consumption and government spending, outpacing a slowing global economy squeezed by elevated interest rates and higher energy prices. Asia’s third-largest economy is expected to grow at 6.8 in the July-September quarter compared with a year earlier, according to a Reuters poll. India will release the quarterly gross domestic product figures at 1200 GMT on Thursday. India’s is seen as the bright spot globally as some Western countries are flirting with the possibility of recession, while China, the world’s…
FE To curb the rise in prices, the government has offloaded 4.1 million tonne (MT) of wheat under the open market sale scheme (OMSS) by the Food Corporation of India (FCI) to bulk buyers this fiscal. On Wednesday, the FCI sold 0.28 MT of wheat to 2,420 bidders in the weekly e-auction, which commenced in June, against 0.3 MT offered on sale for the flour millers and processors. According to a food ministry official, the weighted average selling price of wheat under OMSS on Wednesday’s auction was Rsb2,278.58/quintal against the reserve price of Rs 2,127.87/quintal. The minimum support price of…
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Terms of Reference for the Sixteenth Finance Commission. The Terms of Reference for the Sixteenth Finance Commission will be notified in due course of time. The 16th Finance Commission’s recommendations, upon the acceptance by the government, would cover the period of five (5) years commencing April 1, 2026. Article 280(1) of the Constitutions lays down that the modalities for setting up of a Finance Commission to make recommendation on the distribution of net proceeds of taxes between the Union and the States, allocation between the States…
PTI In a major relief to debt-ridden Pakistan’s struggling economy, Saudi Arabia has extended the term of its USD 3 billion deposit with the country’s central bank for another year, according to an official announcement. The State Bank of Pakistan (SBP), which is also known as Pakistan’s central bank, said that the decision by the Saudi Fund for Development (SFD) was taken just prior to the maturing date of the USD 3 billion deposit that was due on December 5, 2023. “The Kingdom of Saudi Arabia extends term for a USD 3 billion deposit placed with Pakistan to support Pakistan’s…
PTI The Net Apprenticeship Outlook (NAO) metric could see a 75 per cent jump in the second half of the fiscal year, as per a report. According to the Teamlease Degree Apprenticeship’s 2023 Outlook Report, the NAO increased to 56 per cent and 66 per cent in the same period in the past two years, respectively. It is now projected to rise 75 per cent in the October-March period. A Compound Annual Growth Rate (CAGR) of nearly 30 per cent showcases that organisations view apprenticeships as a talent development strategy that drives skill enhancement and workforce development, the report said. TeamLease…
The Indian Express A pickup in services, strong government-led capital expenditure and an uptick in consumption-oriented sectors, especially high-end consumption, has supported growth in the July-September quarter, with economists pegging Gross Domestic Product (GDP) growth rate at 6.7-7 per cent. Though growth rate is seen slowing down sequentially from the first quarter’s (April-June) growth rate of 7.8 percent amid concerns over external demand, domestic consumption demand and services in totality are likely to have contributed the maximum share to the growth for the second quarter. Closer to the data release of the Q2 GDP data, which is slated on November…
FE India’s continued systemic reforms and participation in the global value chains will accelerate its path to a $7-trillion economy, finance minister Nirmala Sitharaman said on Monday, stressing the importance of the India-Middle East-Europe Economic Corridor (IMEC) for international trade. “(We) will look at (making) Indian economy a lot more open and transparent to ensure manufacturing and exports. Global value chain participation is important for India to reach a $7-trillion economy,” Sitharaman said in a virtual address to the India Global Forum annual event at Dubai. In October, S&P Global Market Intelligence said India will likely overtake Japan and Germany to become the world’s third-largest economy with a…
PTI India, South Africa and Egypt have introduced a paper regarding ongoing discussions on the reforms of the World Trade Organisation’s (WTO) dispute settlement body, an official said. The paper – Reflections on the Reform of the WTO Dispute Settlement System – was introduced in a meeting of the body in Geneva. In the meeting, “India took the floor to introduce the joint communication from Egypt, India and South Africa,” the Geneva-based official said, without disclosing details of the paper.
PTI Finance Minister Nirmala Sitharaman on Monday said that Prime Minister Narendra Modi will come back to power in 2024 with a “good majority” and global investors need not be “jittery”. She also said the government is committed to systemic reforms to accelerate the pace of growth. Participating in a debate virtually organised by India Global Forum, she said, investors “need not be jittery at all” about the outcome of general elections due in April-May 2024.