Economists at the country's largest lender SBI today attributed the sharp dip in unemployment to government efforts at pushing job creation in rural areas through the MGNREGA scheme.
For India's cash-reliant economy, Prime Minister Narendra Modi's decision in November to outlaw old 500 and 1,000 rupee banknotes came as a big shock.
Armed with the latest GDP figures, Prime Minister Narendra Modi today mocked the economists and made a veiled attack on his predecessor Manmohan Singh, saying "hard work" proved to be more powerful than "Harvard".
Mocking economists, Prime Minister Narendra Modi today said "hard work is more powerful than Harvard" as the latest GDP data shows demonetisation did not affect growth rate, rather the figures improved.
The Ministry of Statistics on Tuesday released GDP numbers that seemed to suggest that the Indian economy had entirely sidestepped the disruption caused by the invalidation of 500 and 1,000 rupee notes constituting 86 percent of currency in November.
The Finance Ministers, in their Budget speeches, have often quoted famous economists, poets, ministers and even litteratures to give a political and economic context.
The Markit/Nikkei Japan Flash Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 52.8 in January from a final 52.4 in the previous month.
Simplification and reduction in personal income tax rates and harmonisation of customs duties to global levels in a bid to boost economic activities were favoured by economists at a meeting chaired by Prime Minister Narendra Modi at Niti Aayog.
In an interview to the Business Standard, HDFC Bank Managing Director Aditya Puri said that demonetisation shouldn't be looked at as a single, standalone event, but should be put in the context of overall measures that will drive India towards a cashless economy.
Two out of three economists Moneycontrol spoke to believe the demonetisation drive by the government won‘t immediately force The Reserve Bank to cut its key policy rate in its December policy review. But a February rate cut is not ruled out, they say.
Akhilesh also said that whichever government had troubled the poor, it was shown the door by the masses. "This government has caused immense pain to commoners," he said.
The data compared with a 3.75 percent annual rise forecast by economists in a Reuters poll. In September, prices rose a provisional 3.57 percent.
Labor market conditions remained "tight," with "modest" employment and wage gains, according to the survey, which is prepared in advance of a November 1-2 monetary policy meeting.
Till the Government appoints a replacement for Patel as the Deputy Governor, it will have to appoint one among the three DG --- R Gandhi, SS Mundra and NS Vishwanathan --- to oversee the critical monetary policy aspect in the interim.
"It is a brilliant choice. Urjit Patel is the architect of the new monetary policy agreed upon by the Finance Minister and the RBI. He has a sharp mind and lots of experience in the bank. I congratulate the government on such an excellent choice," Indian-origin British politician and economist Meghnad Desai told PTI.
Other central banks have been loosening policy but with inflation above its target - and expected to run higher - the Reserve Bank of India kept its key repo rate on hold at outgoing Governor Raghuram Rajan's final meeting on Tuesday.
Although the US economy is not booming, it is on a growth path and is likely to pave way for rate hikes from Federal Reserve but only by Q12017, said Tim Condon, Head of Research-Asia, ING Bank.
Calling RBI Governor Raghuram Rajan's exit a 'bad omen' for the Indian economy, eminent economists and former policymakers today said it will be seen by the world as India's non-approval to a policy against inflation and bad loans.
Here is CNBC-TV18's Ritu Singh who polled treasury heads and economists from across India's top banks with this report on what we can expect from Governor Raghuram Rajan this credit policy.
Hundreds of economists are urging world leaders to end the era of tax havens, arguing they only benefit rich individuals and multinational corporations and serve to increase inequality.
The core consumer price index, which includes oil products but excludes fresh food prices, was less than economists' median estimate for a 0.1 percent annual gain.
Manishi Raychaudhuri of BNP Paribas says economists were initially of the view that the US Federal Reserve will raise rates thrice in 2016, but now they feel that it may not raise rates even once in 2016 and 2017
The 2008 financial meltdown started a conversation among mainstream economists about what’s ailing the free market system. It sent ...
Doubts about the accuracy of India's gross domestic product figures persist a year after its statisticians unveiled new readings they say better capture value addition down the goods and services supply chain.
The customary pre-Budget consultations are considered important as it helps the government in formulating policies