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Subscribe to enjoy similar stories. As India strides toward the vision of a Viksit Bharat or developed India, education emerges as the cornerstone of this transformation. It is not merely a means for individual advancement, but a foundational force that drives economic growth, social progress and national development.

Subscribe to enjoy similar stories. Sales of small and mid-sized cars have long served as a barometer of middle-income consumption and economic health. When these numbers shift, they often reflect deeper trends rippling through the broader economy.

When libertarian President Javier Milei assumed office one year ago, Argentine supermarkets were marking price increases almost daily

That has, quietly, changed. While few believe Indian statisticians are actively working to make growth numbers look better than they are, less and less data is publicly available, methods are less transparent, and the GDP figures in particular sometimes diverge puzzlingly from independent data. The minister in charge of statistics recently told Parliament that the government planned to ask a new committee to recommend how it should update its national accounts. Official statisticians should seize this opportunity to overhaul how India’s GDP is calculated in order to win back trust.

China's top leaders have pledged to loosen monetary policy and provide more support for the slowing economy

The U.S. job market has been stagnant of late, a dynamic that contains both good and bad news for U.S. workers.

Prime Minister Narendra Modi said, while asserting that a large manufacturing base is important as the world needs an economy that continues to function strongly even during the biggest crises. Addressing the Rising Rajasthan Summit on Monday, Modi said development, led by the mantra of 'Reform, Perform and Transform,' is visible in every sector, and that every expert and investor in the world is very excited about India. He said the role of the PLI scheme — increasing manufacturing in India — is also expanding.

Indian Administrative Services (IAS) officer Sanjay Malhotra as the next governor of the Reserve Bank of India (RBI) for a three-year term, succeeding Shaktikanta Das, whose tenure ends Tuesday. Malhotra takes over at a time of high inflation and slowing growth amid calls for rate cuts to bolster the economy. The IAS officer, currently secretary, department of revenue, is from the 1990 batch and belongs to the Rajasthan cadre. «The Appointments Committee of the Cabinet has approved the appointment of Sanjay Malhotra as governor, RBI, for a period of three years starting from December 11, 2024,» the government announced Monday. The department of financial services in the finance ministry later issued a notification on Malhotra's appointment by the central government.

RBI since Chakravarthy Rangarajan had to firefight from day one. Sanjay Malhotra may be an exception. As Malhotra walks into Mint Street as the 26th guv, he doesn't face challenges like his predecessors did — a currency crisis, or a ruptured relationship with GoI. Instead, what lies before him are a stable economy that requires some fuel, a fit banking system that's looking to fly, and a financial market that's impatient to grow. After deft handling of the Covid crisis, surge in money supply led to spiralling of prices, forcing it to raise interest rates. But the dual mandate of growth and inflation needs MPC to consider lowering policy rates, as there are signs of inflation cooling and also because of the negative impact of high real interest rates. Malhotra has the ground laid out by the departing Shaktikanta Das, who has signalled that the next move could be a cut in rates. That the two external members of MPC have already voted for a reduction could make his job easier. While monetary policy and interest rates may keep RBI in limelight, its full-service nature — by which it regulates banking, NBFCs and currency markets — has even broader implications for the economy.

Proximate causes for the slowdown are on the demand side. For several quarters now, growth in private consumption, the biggest component of GDP, has been sluggish. Private investment, the most important driver of GDP, hasn't taken off. Exports have done reasonably well, but are unlikely to be a major engine given the global context of slowdown and trade aversion in the advanced economies. Essentially, the economy was being driven by public investment, which has been pared back a little in the interest of fiscal consolidation. Was that a mistake? No. The public investment-led strategy has been in place for a few years now. It became the prime driver of growth when the banking and corporate sectors were under stress after a period of excess in the late 2000s-early 2010s. Banks needed time to reduce NPAs. Corporate balance sheets had to be deleveraged. That process is complete. The 'shock' effects of Covid and outbreak of the Russia-Ukraine war have also abated.

Subscribe to enjoy similar stories. The war on inflation has a new general leading the charge, as India's top revenue officer Sanjay Malhotra moves from North Block to Mint Road. On Monday, the Union cabinet's appointments committee named the 1990 batch IAS officer to lead the Reserve Bank of India, a day before governor Shaktikanta Das leaves at the end of six years at its helm.

Shaktikanta Das concludes his tenure as the 25th Governor of the Reserve Bank of India (RBI), he leaves behind a legacy characterised by deft crisis management, steady policymaking, and an unflinching focus on India’s economic stability. Appointed in December 2018, Das took charge of the central bank at a critical juncture, navigating challenges ranging from the aftermath of demonetisation to a global pandemic that upended economies worldwide. He is set to demit office on December 10, 2024 as Sanjay Malhotra is set to succeed him as the 26th RBI boss on December 11, 2024 for a period of three years.

Just a week ago it was a coin toss whether the Bank of Canada would cut 25 basis points or 50 off its benchmark interest rate on Wednesday.

Shaktikanta Das, another finance ministry bureaucrat has been appointed as the governor of the Reserve Bank of India (RBI). Revenue Secretary Sanjay Malhotra will replace Das. Economists were speculating over the future of Das in the wake of data showing the South Asian economy expanded 5.4% from July to September, a seven-quarter low and far below the Reserve Bank of India’s 7% projection, Bloomberg reported. When Shaktikanta Das joined the central bank six years ago, he had waded into a government-RBI rift. A deft bureaucrat like his predecessors Duvvuri Subbarao and YV Reddy, Das had a tough job: to clean the mess left by high-profile economists Raghuram Rajan and Urjit Patel whose tenure at the helm of the RBI was marked by spats with the government, erosion of confidence and high uncertainty. Now, when expectations for a rate cut have spiked after a long rate pause and the GDP dip, Malhotra will be heading the Monetary Policy Committee (MPC) when it considers a rate cut in its February meeting.

UAE government announced a partnership with UiPath, a leading enterprise automation and AI company, to advance Agentic Automation — a transformative approach to automation powered by AI. This collaboration will focus on developing AI-powered automation solutions across government entities while equipping UAE talent with critical AI skills. The Memorandum of Understanding, aligned with the UAE National Strategy for AI and supporting the UAE's vision to become a global leader in AI by 2031, was signed by Omar Sultan Al Olama, minister of state for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Daniel Dines, founder and CEO of UiPath, along with the UiPath team

Navin Ramgoolam announced the audit days after his coalition won a resounding election victory in November, alleging the previous government had manipulated data to put a positive spin on the country's economic prospects. The former finance minister, Renganaden Padayachy, has not responded to requests for comment about Ramgoolam's allegations since the launch of the audit. Padayachy did not respond to further calls and a message seeking comment on Monday.

Subscribe to enjoy similar stories. Earlier this year, Singapore’s government noted with alarm that the country’s total fertility rate (TFR) in 2023 had fallen to a record 0.97. TFR is the average number of children born to a woman during her lifetime.

Indian startups are redefining the ecommerce landscape, previously dominated by foreign players, through innovative instant delivery models, said Dilsher Singh Malhi, founder and chief executive officer (CEO) of Zupee. Speaking at the India Internet Governance Forum (IIGF) 2024, held at Bharat Mandapam in Delhi on Monday, Malhi emphasized the transformative role of Indian enterprises in the digital economy. «First the Indian ecommerce was driven and controlled by the foreign players primarily, but the instant delivery model of Indian companies is disrupting the ecommerce business,» he remarked.

Shares are mostly lower in Asia, with South Korea's benchmark down 2.3%, after U.S. stocks rose to records on Friday

RBI guidelines and the rates at which they are able to lend in foreign currency,” says Bhavik Thakkar, CEO Abans Investment Managers. In an interview with ETMarkets, Thakkar said: “For NRIs since rates have gone down in global major economies, India FCNR rates relatively becomes attractive, if it further goes up, it may benefit them more,” Edited excerpts:

Subscribe to enjoy similar stories. In 1914, Henry Ford startled his industrialist peers in the US. He raised the wages that Ford Motor Company paid its workers to $5-a-day, twice the market rate, on the rationale (or at least rhetoric) that they too should be able to afford the $440 Model-T cars they rolled off its assembly lines—a factory innovation that crushed unit production cost, cracked open a mass market and whose later adoption for military hardware gave the US an edge in warfare that made it the world’s top power.