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inflation data from the world's largest economy and India for further cues on interest rates. The benchmark 10-year yield ended at 6.7171%, compared with its previous close of 6.7073%.

India must strive to become an economic powerhouse and for that, the country needs to work towards developing the newest sector of its economy: the digital world, Prime Minister Modi said on Wednesday. While addressing the Smart India Hackathon 2024 virtually, Modi stressed on the need for the country to pivot towards the enhancement of its digital possibilities. «If we want to become an economic superpower, then we must work on the enhancement of digital world, the newest economic sector.

«We do need to make a distinction between regulation with respect to financial sector and regulation with respect to non-financial sector of the economy,» Nageswaran said at the CII Global Economic Policy Forum 2024. «In non financial sectors, excepting natural monopolies or utilities where you have to have a regulator to protect customer interest, you can expect competition to take care of much of the roles that regulators are expected to perform. So as long as you create a competitive environment as close to the theoretical perfect competition, then you are fine,» said the Chief Economic Advisor to Government of India.

Axis Bank's latest report warns that inflation in India is unlikely to ease quickly, as both core and food price indices are expected to remain closely linked. Despite food prices and vegetable costs being at cyclical highs, the report highlights that supply responses may lag the demand boost driven by income-transfer schemes. «In India, we do not see inflation easing quickly: over the long term, core and food price indices move together. Though food relative to core, and vegetables relative to food, are both at cyclical highs, the supply response may lag the demand boost from income-transfer schemes,» said the report titled " India Economic and Market Outlook 2025 ". ALSO READ: India's CPI inflation likely to ease to 5.5% in Nov from 6.2% in Oct: Morgan Stanley

Subscribe to enjoy similar stories. Amid the recent maelstrom of political news was an important development for the future of technology-enabled public money.

Asian Development Bank (ADB) on Wednesday lowered India's economic growth forecast to 6.5 per cent for the current financial year from its earlier estimate of 7 per cent due to lower-than-expected growth in private investment and housing demand. The multilateral development bank has also lowered India's growth forecast for 2025-26 financial year. Changes in US trade, fiscal, and immigration policies could dent growth and add to inflation in developing Asia and the Pacific, according to the latest edition of Asian Development Outlook (ADO). The report also said Asia and the Pacific's economies are projected to grow 4.9 per cent in 2024, slightly below ADB's September forecast of 5 per cent.

«Primarily, I would believe that that would continue going forward with whoever is the governor and with Governor Malhotra there, I think we are in very good hands because he brings several, I would say, set of experiences,» says KV Kamath, Chairman, NABFID & Veteran Banker In your understanding we are looking at end of an era, Shaktikanta Das. He has been rated as the best central banker for three years on the trot now and everyone will miss him. KV Kamath: Yes, I think indeed. He had to manage multiple challenges. Admirable. So, we all owe a big thank you to Mr Das.

inflation that could provide clues on the pace of Federal Reserve interest rate cuts. The Australian dollar sagged near a four-month low after a dovish tilt to the central bank's policy outlook a day earlier. That also weighed on New Zealand's kiwi, which languished near a one-year trough.

Oil prices rose slightly early on Wednesday, with market participants expecting to see demand rising in China next year after Beijing announced a looser monetary policy to stimulate economic growth. Brent crude futures gained 10 cents, or 0.14%, to $72.29 a barrel by 0131 GMT, while U.S. West Texas Intermediate crude futures rose 9 cents, or 0.13%, to $68.68.

Nifty IT Index hit an all-time high on Tuesday after brokerage HSBC said that it expects growth to rise to 6-7% in FY26 — from 3-4% in the past two years — led by a recovery in the US market. The IT index gained 0.8% and closed at record levels while the benchmark Nifty closed marginally lower. LTI Mindtree and Mphasis gained 3% and 2.4% respectively. Persistent Systems, HCL Technologies, Wipro and Infosys advanced over 1% each. Out of the 10 stocks in the IT Index, 8 advanced while 2 declined on Tuesday.

Reserve Bank of India (RBI), its outgoing governor Shaktikanta Das said Tuesday, while underscoring the 'excellent' rapport between the Centre and its money manager and alignment of objectives. Sanjay Malhotra, revenue secretary in the finance ministry, takes charge as the 26th governor Wednesday. «Restoring the inflation-growth (balance) is the most important task ahead for the RBI,» Das said in his last interaction with the media as the 25th governor of the nine-decade-old central bank. «I am sure Team RBI, under the leadership of the new governor, will take it forward,» said Das, who has had the longest tenure as Mint Road boss after India began unshackling its economy in 1991. As Das completes his second three-year term, India's consumer inflation gauge has touched a 14-month high of 6.2% in October. Murmurs are increasingly audible within the all-powerful rate-setting panel, too, for a cut in policy rates after the pace of economic growth unexpectedly slumped to a seven-quarter low of 5.4% in the three months to September.

Reserve Bank of India (RBI) governors have, in the past, acted according to the prevailing economic conditions and the monetary policy objectives in their first policy review. Y V Reddy and Duvvuri Subbarao had kept policy rates unchanged in their first policy review, while Urjit Patel and Shaktikanta Das had reduced rates in their first policy actions.

The Bank of Canada is set to make its final policy rate decision of the year on Wednesday, with markets now betting the central bank will make another outsized cut of 50 basis points, bringing the rate down to 3.25 per cent.

A flurry of satirical articles and angry comebacks followed U.S. president-elect Donald Trump’s recent crack about making Canada the 51st state.

Tamil Nadu was faring better in its contribution to national economy and the state's industries and services sectors played a pivotal role in increasing the Gross State Domestic Product (GSDP) by 14 per cent in 2022-2023 amounting to Rs 23,64,514 crore, Principal Accountant General (Audit-I), Tamil Nadu, D Jaishankar said on Tuesday. As regards the resources of the state government, he said the revenue receipts increased by 17.47 per cent during 2022-2023 when compared to the previous year because of an increase in both tax revenue and non-tax revenue. Briefing reporters on the State Finances Audit report of the Comptroller and Auditor General of India for the year ended March 2023, tabled in the Assembly earlier in the day, he said the state GDP in 2022-2023 was Rs 23,64,514 crore, an increase by 14 per cent over the previous year. «Industries and services sectors were the main contributors and the per capita income of the state is nearly 56 per cent higher than the national average. TN's per capita income is Rs 3.08 lakh whereas the national average is Rs 1.96 lakh. We are doing a better contribution to the economy,» he said.

China’s exports slowed in November and its imports declined, falling below forecasts and underscoring potential weakness in trade at a time when its leaders are striving to boost domestic business activity

Subscribe to enjoy similar stories. In recent months, Chinese stock markets have been whipsawing between hope and uncertainty, as the market attempts to read Beijing’s tea leaves for signs of an economic lifeline. While new hopes are emerging, investors should be careful not to get carried away.

With the Bank of Canada gearing up for its final interest rate decision of 2024, experts warn the flagging Canadian dollar could well have further to fall if the central bank delivers the sizeable cut that markets expect.

Revenue Deficit: The shortage of enough funds with government to maintain its day-to-day affairs is known as revenue deficit. This happens when total revenue expenditure crosses total revenue receipts, leading to a revenue deficit. To work through the revenue deficit, the government typically resorts to borrowing, divestments, and may also introduce new taxes or raise existing ones to bridge the gap in revenue. Fiscal Deficit When the Centre spends more money than it receives, the negative balance is known as fiscal deficit. The number is one of the most important figure that is observed during the Budget. The size of the deficit may affect growth, price stability, cost of production, and inflation. Additionally, in case of high fiscal deficit, a country's rating is also impacted. On the other hand, when there is an increase in the fiscal deficit, there is a boost to a sluggish economy by giving more money to people who can then buy and invest more.

Canada the «51st state» of the US. This time, Trump dubbed Justin Trudeau as «Governor», a post referring to the executive head of a US state. He made the remarks on Truth Social, a social media network he owns, over a week after he attended a dinner with Trudeau at his Mar-a-Lago estate in Florida. «It was a pleasure to have dinner the other night with Governor Justin Trudeau of the Great State of Canada. I look forward to seeing the Governor again soon so that we may continue our in-depth talks on Tariffs and Trade, the results of which will be truly spectacular for all,» said the Republican leader.

Subscribe to enjoy similar stories. Between 2017-18 and 2023-24, the number of Indians working in agriculture rose by 68 million. As Himanshu, an associate professor at the Jawaharlal Nehru University, pointed out in a recent Mint column, this is a reversal of the trend between 2004-05 and 2017-18, when this number declined by 66 million.