Economy Financial News

Also read | Household savings plummet to 5-year low in FY23: Where did young India’s savings go? Savings, debt, and consumption are key considerations for households. Given that households are the biggest savers in India—who help fund the government’s fiscal deficit, along with helping private firms to invest—and private consumption is the largest component of the GDP, the three variables mentioned above have much to reveal about the state of the economy.

Insurance Act, 1938, during the upcoming Budget session to achieve 'Insurance for All by 2047'. Some of the provisions, which could be part of the amendment bill, include composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries and allowing insurers to distribute other financial products, sources said. The move will enable the entry of differentiated insurance companies like in the banking sector. The banking sector is currently categorised as universal bank, small finance bank, and payments bank. The provision of composite licenses would allow life insurers to underwrite health insurance or general insurance policies.

Retail inflation, or the Consumer Price Index (CPI) in India, is expected to remain below or close to 5.0 percent in the remaining months of 2024-25, except for September, according to SBI Research. India's retail inflation rate increased in June, deviating from the moderation seen in previous months, driven by rising food prices. The year-on-year inflation rate based on the all-India Consumer Price Index (CPI) was 5.08 percent (provisional) for June 2024. The corresponding inflation rates for rural and urban areas were 5.66 percent and 4.39 percent, respectively.

Donald Trump's election rally raises his odds of winning back the White House, and trades betting on his victory will increase this coming week, investors said on Sunday. Trump was shot in the ear during the rally in Pennsylvania on Saturday in what the authorities were treating as an assassination attempt. Trump, his face spattered with blood, pumped his fist moments after the attack and his campaign said he was fine after the incident.

Naveen KR, smallcase Manager, Senior Director, Windmill Capital. He also warns that over indexing in one section of the market might lead to erosion of capital. Edited excerpts:

India will soon become the third largest economy, Prime Minister Narendra Modi said on Saturday. He was speaking after inaugurating INS Towers, the Indian Newspaper Society's secretariat in Mumbai's Bandra-Kurla Complex. Modi also spoke on how India has become the leader in digital payments. «There was a time when some politicians used to say that digital transactions were not for India. They had a preconceived notion that modern technology can't work in this country,» Modi said. «However, the world is witnessing the capabilities of the people of the country. Today, India is creating new records in digital transactions. Due to India's UPI and modern digital public infrastructure, the ease of living of people has improved, and it has become easier for them to send money across countries,» he said.

recently reported, Volodymyr Zelensky, Ukraine’s president, is still publicly claiming that Ukraine will recover all the territory the Russians conquered, even if he privately knows that this will not happen soon, if at all. His frustration with the lack of progress prompted him to reshuffle the leadership of the armed forces earlier in February. Our charts and maps below show where things stand two years into Russia’s full-scale invasion.

NITI Aayog is likely to hold its ninth governing council meeting on July 27 to deliberate on the government’s Vision 2047 for a Viksit Bharat. The meeting, to be chaired by Prime Minister Narendra Modi, is expected to be attended by chief ministers of all states and lieutenant governors of union territories besides the top minister of the Modi cabinet. Governing council is the apex body of NITI Aayog. The Aayog has been pursuing the policy of cooperative federalism and has regularly called upon all states to deliberate on important matters pertaining to the economic growth of the country as it feels India’s growth is closely linked with that of states. Prior to this, finance minister Nirmala Sitharaman is expected to lay out the blueprint for a Viksit Bharat while presenting the full Union Budget on July 23.

The Labor Department releases its latest snapshot of U.S. job openings Tuesday and its June tally of hiring by nonfarm employers Friday

Red Sea crisis and ongoing war between Ukraine-Russia and Israel-Hamas. E-commerce exports are growing rapidly and those done through the postal and courier routes are pegged at $1.5 billion. Here's a look at the challenges the export sector is facing and its budget wishlist. India's goods and services exports in FY24 were at an all-time high of $778.2 billion, up 0.23% from $776.4 billion in 2022-23 (goods USD 437.1 billion and services USD 341 billion). Key issues in India's export saga;

gig economy, tier-one cities led in short-term blue-collar employment opportunities, accounting for 67.1 per cent openings from June 2023 to June 2024, a report said on Saturday. These tier-I cities, which have a large concentration of gig working opportunities, saw 63.11 per cent job applications originating from these urban hubs, a report by tech-enabled blue-collar workforce recruitment platform WorkIndia said. Tier-II cities saw 26 per cent of such job openings and accounted for 25 per cent of applications, indicating balanced growth potential, the report said. However, tier-III cities exhibited a lower proportion of job openings (6.7 per cent) compared to 11 per cent applications, hinting at heightened competition amidst an oversupply of gig workers, the report stated.

By Dan McTeague

 KPMG chief economist Diane Swonk reacts to the Federal Reserve's decision to leave interest rates unchanged on 'The Claman Countdown.'

₹11.5 trillion, or 4.3% of the 2022-23 GDP, over the seven-year period. India’s informal sector consists of a vast network of small businesses, street vendors, and independent workers, operating outside the formal legal framework, and their sheer size—three-fourths of the workforce—means they play a critical role in job creation. The latest survey covered 458,938 informal sector enterprises between October 2022 and September 2023.

Republicans will gather for their convention in Milwaukee next week united behind presidential candidate Donald Trump but divided on what the party stands for. There are, of course, widely aired disagreements over abortion and the war in Ukraine. But a potentially more consequential division has opened over economics.

Inflation has throttled back significantly since peaking two years ago. The U.S. economy is even seeing some prices deflate for consumers.

The ballooning debt in East Africa’s economic hub of Kenya is expected to grow even more after deadly protests forced the rejection of a finance bill that President William Ruto said was needed to raise revenue

Japan’s Nikkei 225 benchmark has closed at a fresh record high of 40,913.65, pushing past its most recent record close set in March

The presidential residence of Gabriel Boric, the leftist millennial leader of Chile, shares a street in Santiago, the capital, with a homeless shelter that’s now at full capacity

A Maryland board led by Gov. Wes Moore has approved a $50.3 million emergency contract with a company that removed debris from the March collapse of the Francis Scott Key Bridge

Producer Price Index (PPI) to efficiently capture input prices in the economy and has shared it with the IMF, the Department of Promotion of Industry and Internal Trade (DPIIT) secretary Rajesh Kumar Singh said on Thursday. He also said the government is working towards changing the base year of the wholesale price index (WPI) from 2011-12 at present. India is planning to move from the WPI to PPI going ahead in sync with most G20 economies. Consultations with the ministry of statistic and programme implementation (MoSPI) have been done. “It has to go through a process, including National Statistical Commission (NSC) but we are on the job…The model from our side is final and we have shown it to the IMF,” Singh said.