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NEW DELHI : India's economy likely expanded at 8% through fiscal year 2024 (FY24), and growth in the current year is projected at 7%, V Anantha Nageswaran, chief economic adviser to the government, said on Wednesday. Speaking at an event organized by think tank National Council of Applied Economic Research (NCAER), Nageswaran said that for the Indian economy to register 7% or higher growth for the fourth consecutive year in FY25, “a lot would depend on the monsoons." "Right now, the expectations are that we will have an above-normal monsoon. But, spatial and temporal distribution (of rainfall) will matter," he said.

Surging rents across many developed economies are proving to be a stubborn hurdle for central banks as they struggle to nail down inflation once and for all this tightening cycle. 

Gulf Cooperation Council (GCC) has announced a new unified tourist visa called "GCC Grand Tours," allowing travelers to visit all six Gulf countries and stay for over 30 days. This initiative, unveiled by the United Arab Emirates Minister of Economy, Abdulla bin Touq Al Marri, at the Arabian Travel Mar ket (ATM), aims to boost tourism and make travel across the GCC region more convenient. The Gulf Cooperation Council, also called the Cooperation Council for the Arab States of the Gulf, includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The GCC Grand Tours visa is designed to attract a higher number of tourists by simplifying the process of visiting multiple countries in the region, similar to the European Union's Schengen visa. This new unified visa is expected to significantly contribute to the growth of the tourism sector in the Gulf and increase the number of hotel guests, ultimately establishing the region as a leading destination for regional and international tourists.

Reserve Bank of India will likely enforce a rule that could dampen the spirits of India’s capital expenditure momentum, a highlight of the Narendra Modi government’s tenure at the Centre. RBI has issued draft guidelines asking lenders in India to increase their provisioning for infrastructure projects which are under construction and has asked them to ensure strict monitoring of any emerging stress. In essence, provisioning entails lenders allocating a specific portion of their balance sheets as reserves to cover expected future losses.

wealth tax in the country. Speaking to ANI, he said such a move could drive India's wealthiest individuals to relocate their businesses to tax-friendly destinations such as Dubai. On the potential repercussions of such a tax policy, he said the wealthiest Indians, such as the Ambanis, and Adanis, might choose to emigrate to tax havens, leading to a substantial loss of wealth for the country.

India needs 8-10% growth over next decade to reap demographic dividend: RBI However, April's RBI bulletin warned that extreme weather events and prolonged geopolitical tensions could lead to volatile crude oil prices and pose inflation risks. In an event hosted by the National Council of Applied Economic Research in New Delhi, the CEA said, "The omens are good for us to continue the steady growth rate".

Indian Americans favour a third term for Prime Minister Narendra Modi as his government's policies are transforming India, an influential community leader has said. Indians are part of the deep economic growth of the United States and they've been working hard to contribute to the economic growth, Indian-American Democratic fundraiser Ajay Jain Bhaturia said, underling that when they see similar economic growth happening back in India, they feel very proud of it. «I think the majority of Indian Americans want Prime Minister Modi to come back. It's a sense of pride for them that when India shines, they shine,» Bhaturia told PTI in an interview.

Narendra Modi is doing a phenomenal job in making India rise again and make a mark on the global stage, a Silicon Valley-based tech entrepreneur has said. «Objectively speaking, when you look at the sentiment in India or the sentiment globally about India, the only observation you have is that Mr Modi is doing a phenomenal job of making India rise again on the world stage,» Sandeep Bhat, the co-founder of Devicethread, a startup aimed at revolutionising the hospitality industry by connecting digital and physical infrastructure, told PTI in an interview. «That's my personal sentiment for sure. I cannot speak for TiE, but I am a big fan of Modi at a personal level, and I hope that his leadership takes India to the next stage in the coming years,» said Bhat, a board member of TiE Silicon Valley. Noting that India has witnessed a lot of development in the last 10 years, he said one «cannot deny» that India is making progress by leaps and bounds.

dollar was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the yen eased towards the 155 per dollar level and kept intervention risks from Tokyo high. The offshore yuan further retreated from a more than three-month high hit last week, helped by hopes of further policy stimulus from Beijing to shore up its economy. It last stood at 7.2247 per dollar.

We find it rather incredible that the Bank of Canada is so nonchalant when it comes to the state of the Canadian economy. The degree of excess capacity is expanding by the month, inflation has swung to disinflation and the economy (in real output per-capita terms) is contracting at a two per cent annual rate. Yet the folks in Ottawa fiddle as the macro landscape burns.

economy is expected to emerge as the world's third largest consumer market by 2026. In 2023, India’s consumption grew at a faster pace than that of China, US and Germany. But consumption growth lagged investment growth, post pandemic since mid-2022, said a report by UBS Securities.

Some internet activists are calling for a boycott of Loblaw for the month of May over the grocer’s prices, which are said to be too high. The boycott is not notable for its logic. On the one hand, if the boycotters are not Loblaw customers to begin with, it’s meaningless. On the other hand, if they are current customers, it must be because they have decided Loblaw’s offering — its combination of price, quality, selection, convenience and other factors that determine shoppers’ choice of grocer — is better than all the other alternatives. Which makes Loblaw an odd target for a boycott over its prices.

Headwinds are mounting for the Canadian dollar with the greenback on a tear and the Bank of Canada looking set to cut rates before the Federal Reserve.

Thailand has extended its visa exemption program for tourists from India and Taiwan for another six months, allowing these travelers to enter the country without a visa until November 11, 2024. The move aims to attract more foreign visitors to boost Thailand's economy, which relies heavily on tourism. According to a Bloomberg report, Prime Minister Srettha Thavisin announced the extension following a cabinet meeting on Tuesday, indicating that travelers from India and Taiwan can stay for a maximum of 30 days without a visa. This extension comes after the success of the initial waiver implemented last November. Previously, tourists from India and Taiwan were allowed to stay in Thailand for only 15 days under a visa-on-arrival scheme. By extending the exemption, Thailand hopes to encourage longer stays and more frequent visits from these countries.

consumer business. Reliance Industries Ltd (RIL) is entering the consumer electronics and home appliances market with a new made-in-India brand Wyzr. RIL's retail unit, Reliance Retail, has just launched Wyzr air coolers and plans to extend the range to categories such as televisions, washing machines, refrigerators, air conditioners, small appliances and LED bulbs. Reliance Consumer Products (RCPL) has already been growing rapidly.

Stocks saw their best three-day rally since November, fueled by speculation the Federal Reserve will be able to cut interest rates this year.

The go-broke dates for benefit programs Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report

Chinese leader Xi Jinping will spend most of his five-day tour in Europe this week in two small countries at the continent’s eastern half

Asian markets are mostly higher, although Chinese shares faltered

EU countries have approved a plan worth 6 billion euros ($6.45 billion) to support Western Balkan states aimed at accelerating reforms and economic growth in the region, as they seek future membership in the bloc

S Jaishankar on Tuesday said India today is not only seen across the globe as "friendly and fair" but also as a "firm and fiery" nation that cares for its people and fends for them in crisis situations. Jaishankar made the remarks while speaking on the topic "Viksit Bharat @2047-The Voice of the Youth" at an event at the Delhi University's Hansraj college.