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India’s economy is now forecast to expand 7%, up from the 6.8% the IMF had projected in April, in part because of stronger consumer spending in rural areas. Overall, the IMF said Tuesday that it still expects the world economy to grow a lackluster 3.2% this year, unchanged from its previous forecast in April and down a tick from 3.3% growth in 2023. From 2000 through 2019, before the pandemic upended economic activity, global growth had averaged 3.8% a year.

Virginia Lt. Gov. Winsome Sears discusses the state's actions amid college protests, President Biden's remarks and negotiations between schools and protesters.

As India’s new government gets into its groove, it will inevitably be the recipient of a lot of advice on the economic agenda for a third term. Given the unfinished work on many fronts, it’s reasonable to expect policymakers to receive a laundry list of needed reforms across a multitude of sectors. But, in contrast to expansive lists, state capacity and political capital are typically much more limited.

Budget 2024 is eagerly awaited by various sectors of the economy, the Micro, Small, and Medium Enterprises (MSMEs) sector stands at the forefront for these expectations. MSMEs constitute the backbone of the Indian economy, contributing significantly to the GDP, to overall employment, and for exports. With the advent of the GST, MSMEs have had to navigate through new regulations and compliance requirements. In the past, the government introduced several initiatives, including introduction of quarterly returns and increase in turnover threshold to Rs 40 lakhs for supply of goods, aiming to boost MSMEs. Against the backdrop of some of the aforesaid relaxations, as per recent GST@7 survey conducted by Deloitte, 78% of MSMEs have endorsed GST. Tax compliance automation, e-invoicing and timely issuance of circulars/instructions on contentious tax issues, emerged as top performance areas for government in the survey. MSMEs demonstrate robust support (69%) for these initiatives compared with larger counterparts (which was around 60%)

₹7 lakh. Multiple rates and excessive rule variation by category cause taxpayer confusion, in addition to the financial burden of paying upfront for a tax adjustment with one’s actual dues much later—once returns for the fiscal year are filed and processed. In essence, TCS is an advance tax, with one’s money locked in for a period that could easily exceed a year.

JP Morgan bond index, but a senior Citi executive said that number may be topped as the US Federal Reserve is likely to start cutting rates soon, turning Indian debt into a favourite within the emerging markets (EM) pack. «The last US inflation reading was softer than what the market expected, so we actually think that the Fed might commence with the rate cut cycle from September and could maybe do three rate cuts this year itself,» Aditya Bagree, head, markets, Citi-India & Indian subcontinent, told ET. «What generally does happen with US rate cuts is that EM bond funds attract more investment. As investments increase in EM bond funds, a part of that — almost 10% — will now get allocated to India. So, this $2 billion number can increase because of that,» he said.

The Bank of Canada will get one final read of inflation figures this week before it has to make its next interest rate decision, with some economists predicting a return to cooling will fuel hopes for another cut.

Indian rupee weakened against the dollar as the greenback strengthened globally due to investors’ risk aversion after an assassination attempt on former US president Donand Trump and as weakness in the Chinese yuan weighed on Asian currencies, dealers said. The rupee closed at 83.59 against the US dollar on Monday, versus the previous close of 83.53, LSEG data showed. The dollar index touched a high of 104.32

Thailand’s prime minister has said that eligible businesses and individuals can register from August for digital cash handouts, a controversial program that will cost billions of dollars and is meant to boost the lagging economy

Goldman Sachs posted a massive 150% jump in its second quarter profits, helped by a general resurgence of dealmaking and underwriting that has revived investment banking after the slow down of the previous couple years

Three themes are set to dominate the investment environment in the months ahead according to a Wall Street stalwart.

Sri Lanka will cut power prices by 22.5% from Tuesday, the utilities regulator said, as the Indian Ocean nation attempts to ease the cost of living for millions of people amid its worst financial crisis in decades. After the crisis shrank its economy 7.8% in 2022, Sri Lanka boosted power prices by 75% that September, and by another 66% the following February, to meet the terms of a $2.9-billion bailout from the International Monetary Fund (IMF). Industries would also see a cut of about 33% in power tariffs, the regulator added, with poorer users getting a reduction of about 2,000 rupees ($7) in their bills.

A newly elected government affords India an opportunity to re-examine and update a fundamental building block for its fast-developing economy: its data and statistical system. A transparent, robust and credible data system is important for any country because it provides critical inputs to policymakers, investors, political parties, researchers and the media to conduct and critically evaluate progress. The more dependable and credible the system is, the greater the efficacy of policy and trust in potential outcomes.

Mid cap funds gave maximum returns over an investment horizon of 3-month, 6-months and 1-year period. Large cap funds gave minimum returns over an investment horizon of 1 month, 3 months, 6 months, 1 year, 3 years, 5 years and 10 years, according to ICRA Analytics. In the debt mutual fund category, long-duration funds gave maximum returns over an investment horizon of 1 month, 3 months, 6 months and 1 year. Credit risk funds gave maximum returns over an investment horizon of 3 years. Corporate Bond Fund and Gilt Fund with 10-year Constant Duration gave maximum returns over an investment horizon of 5-years and 10-years respectively

Asian shares began the week trading mixed as China reported that its economy expanded at a 4.7% annual pace in the last quarter

China says its economy expanded at a slower-than-forecast 4.7% annual rate in the last quarter

Donald Trump goes into the Republican National Convention with some bold promises about the U.S. economy, but he has sketched out notably few details about how his plans would actually work

China’s ruling Communist Party is starting a four-day meeting that is expected to lay out a strategy for self-sufficient economic growth in an era of heightened national security concerns and restrictions on access to American technology

₹1.6 trillion from ₹2.42 trillion during the corresponding period of 2023-24, show data from BSE and NSE. The total number of issues fell to 247 from 287. The total amount of corporate bonds raised through the EBP also saw a sharp decline sequentially.

Gold and copper are two of the oldest metals known to humans. They have now acquired a new sheen. In the case of gold, uncertainty in the global economy and instability in geopolitics have sent the price of the precious metal, an investment of safe resort, soaring. In the case of copper, the ongoing energy transition and move to Industry 4.0, which are highly mineral-intensive, has seen demand grow impressively with an upward pressure on prices. India is heavily import-dependent for both metals, importing more than 95% of demand for each. GoI can dent this trend. Indeed, security of mineral supply chains is already emerging as a priority. India's goal as a manufacturing hub can only be realised if there is a security of raw materials. So far, GoI has pursued a strategy of looking for resources overseas. It can look at home as well.

Lupin was shot there), even as Paris gears up for about 15 million visitors for the Olympics later this month. At home, Tamil Nadu introduced permits for tourists wanting to visit its overburdened, fragile towns in the Western Ghats, in Nilgiris and Kodaikanal. Goans have long demanded curbs on untrammelled tourism which impacts their environment and makes their cities and villages unliveable.