The Purchasing Management Index (PMI) data issued on Thursday revealed that India’s major services sector maintained its strong performance in July, as total sales increased at the fastest rate since June 2010, as per a report in the Economic Times.

S&amp;P Global’s index for India's services sector increased from 58.5 in June to&nbsp;62.3 in July. Analysts from Reuters had predicted a decline to 58.0. For two years, the services PMI for India has been above the 50-point threshold that separates growth from expansion.

Although the manufacturing sector PMI for India fell to 57.7 in July, the overall S&amp;P Global India Composite PMI Output Index reached a 13-year high of 61.9.

“The resilience of the service sector underscores its vital role in fuelling India's economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter,” the Economic Times quoted Pollyanna De Lima, the economics director at S&amp;P Global Market Intelligence, as saying.

With the overall demand remaining strong, the new-business sub-index indicated that the demand growth in July was at its highest since June 2010.&nbsp;The release further said that Bangladesh, Nepal, Sri Lanka and the UAE were key sources of international growth.

Operating costs increased at their quickest rate since June 2022, and businesses passed some of that cost on to consumers, although comparatively slower than in the previous three months due to their careful price setting.

De Lima was quoted as saying that&nbsp;competitive advantage continued to support demand for Indian services, as rise in output costs remained modest compared to other countries.&nbsp;

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The Purchasing Management Index (PMI) data issued on Thursday revealed that India’s major services sector maintained its strong performance in July, as total sales increased at the fastest rate since June 2010, as per a report in the Economic Times.

The Purchasing Management Index (PMI) data issued on Thursday revealed that India’s major services sector maintained its strong performance in July, as total sales increased at the fastest rate since June 2010, as per a report in the Economic Times. S&P Global’s index for India's services sector increased from 58.5 in June to 62.3 in July. Analysts from Reuters had predicted a decline to 58.0. For two years, the services PMI for India has been above the 50-point threshold that separates growth from expansion. Although the manufacturing sector PMI for India fell to 57.7 in July, the overall S&P Global India Composite PMI Output Index reached a 13-year high of 61.9. “The resilience of the service sector underscores its vital role in fuelling India's economy, with the PMI results for July so far pointing to a notable contribution from the sector to overall GDP for the second fiscal quarter,” the Economic Times quoted Pollyanna De Lima, the economics director at S&P Global Market Intelligence, as saying. With the overall demand remaining strong, the new-business sub-index indicated that the demand growth in July was at its highest since June 2010. The release further said that Bangladesh, Nepal, Sri Lanka and the UAE were key sources of international growth. Operating costs increased at their quickest rate since June 2022, and businesses passed some of that cost on to consumers, although comparatively slower than in the previous three months due to their careful price setting. De Lima was quoted as saying that competitive advantage continued to support demand for Indian services, as rise in output costs remained modest compared to other countries. WATCH WION LIVE HERE

India’s service sector grew at its fastest rate in 13 years: S&P Global Index 

China's household debt levels have reached record levels, a South China Morning Post report has said.

According to a report released by the National Institution for Finance and Development (NIFD), the country’s household debt increased from 61.9 per cent at the end of last year to 63.5 per cent in the second quarter of 2023. The debt rate is inching closer to the International Monetary Fund (IMF) warning point of 65 per cent, which indicates potential financial risks.

The rise in household debt comes amid an economic downturn and the Xi Jinping-led administration's push to increase consumption in order to stimulate the economy.

As on June 30, consumer loans, credit card debt, private borrowings, and loans used to fund business operations occupied the majority of China's household debt at 38.6 trillion yuan (US$5.38 trillion).

Given that consumer income growth has trailed behind economic recovery and that people are increasingly likely to save money for future expenses such as mortgage payments, energy bills, child care, and their own uncertain futures, analysts are now more concerned about consumers’ actual ability to spend.

The NIFD report noted that citizens are more inclined to use their savings to pay off debt in order to lower asset risks rather than to consume and invest due to the debt pressure due to their "pessimistic expectations of future economic growth". &nbsp;

Moreover, the Economist Intelligence Unit (EIU) has cautioned that the lack of decisive measures, such as household-focused fiscal transfers, could restrict the effectiveness of Beijing’s increase in big-budget expenditure.

China’s falling exports worries experts

While the primary cause of China’s dramatic decline in exports is thought to be the widespread impact of a global economic slowdown, economists and trade experts quoted by the South China Morning Post caution that the impact of developed countries’ “de-risking” activities should not be understated because “the worst is yet to come”.

After falling by 7.5 per cent in May, Chinese exports experienced their sharpest downturn since the early months of 2020 in June, falling by 12.4 per cent compared to a year earlier.

Except for Russia, where Chinese exports surged by 91 per cent year-on-year, the majority of China’s trading partners, including established and emerging economies, experienced a dip in June. Notably, only 3.4 per cent of China’s total exports were accounted for by Russia.

As per reports, one-fourth of all exports from China are shipped to the US and EU. But since late last year, consumer demand for Chinese goods has declined due to Western economies slowing down and rising prices.

There is also a strong and growing sentiment among fashion companies in the US to “reduce China exposure” due to worries about the risks of forced labour in the supply chain and escalating US-China tensions. South China Morning Post quoted Sheng Lu, an associate professor with the Department of Fashion and Apparel Studies at the University of Delaware, as saying that the impact of the “de-risk” movement on China’s exports should not be underestimated.

However, Phillip Maro from the Economist Intelligence Unit added that many businesses are realising how challenging it is to transition away from the fiercely competitive and sophisticated Chinese Chinese manufacturing ecosystem.

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China's household debt levels have reached record levels, a South China Morning Post report has said. According to a report released by the National Institution for Finance and Development (NIFD), the country’s household debt increased from 61.

China's household debt levels have reached record levels, a South China Morning Post report has said. According to a report released by the National Institution for Finance and Development (NIFD), the country’s household debt increased from 61.9 per cent at the end of last year to 63.5 per cent in the second quarter of 2023. The debt rate is inching closer to the International Monetary Fund (IMF) warning point of 65 per cent, which indicates potential financial risks. The rise in household debt comes amid an economic downturn and the Xi Jinping-led administration's push to increase consumption in order to stimulate the economy. As on June 30, consumer loans, credit card debt, private borrowings, and loans used to fund business operations occupied the majority of China's household debt at 38.6 trillion yuan (US$5.38 trillion). Given that consumer income growth has trailed behind economic recovery and that people are increasingly likely to save money for future expenses such as mortgage payments, energy bills, child care, and their own uncertain futures, analysts are now more concerned about consumers’ actual ability to spend. The NIFD report noted that citizens are more inclined to use their savings to pay off debt in order to lower asset risks rather than to consume and invest due to the debt pressure due to their "pessimistic expectations of future economic growth". Moreover, the Economist Intelligence Unit (EIU) has cautioned that the lack of decisive measures, such as household-focused fiscal transfers, could restrict the effectiveness of Beijing’s increase in big-budget expenditure. China’s falling exports worries experts While the primary cause of China’s dramatic decline in exports is thought to be the widespread impact of a global economic slowdown, economists and trade experts quoted by the South China Morning Post caution that the impact of developed countries’ “de-risking” activities should not be understated because “the worst is yet to come”. After falling by 7.5 per cent in May, Chinese exports experienced their sharpest downturn since the early months of 2020 in June, falling by 12.4 per cent compared to a year earlier. Except for Russia, where Chinese exports surged by 91 per cent year-on-year, the majority of China’s trading partners, including established and emerging economies, experienced a dip in June. Notably, only 3.4 per cent of China’s total exports were accounted for by Russia. As per reports, one-fourth of all exports from China are shipped to the US and EU. But since late last year, consumer demand for Chinese goods has declined due to Western economies slowing down and rising prices. There is also a strong and growing sentiment among fashion companies in the US to “reduce China exposure” due to worries about the risks of forced labour in the supply chain and escalating US-China tensions. South China Morning Post quoted Sheng Lu, an associate professor with the Department of Fashion and Apparel Studies at the University of Delaware, as saying that the impact of the “de-risk” movement on China’s exports should not be underestimated. However, Phillip Maro from the Economist Intelligence Unit added that many businesses are realising how challenging it is to transition away from the fiercely competitive and sophisticated Chinese Chinese manufacturing ecosystem. WATCH WION LIVE HERE

More economic trouble for China?: Household debt rate inches closer to the IMF warning line

India’s crude oil imports from Saudi Arabia declined by 34 per cent in July, according to energy cargo tracker Vortexa. A Moneycontrol report said that India imported 484,000 barrels of crude oil per day in July, compared to 734,000 barrels per day (bpd) in June.

The decline in India's imports came after the West Asian kingdom announced supply cuts of one million bpd in July.

Saudi Arabia and a number of other oil-producing nations have cut oil supply in a bid to stabilise the global oil prices, Apart from Saudi Arabia, Iraq had decided to lower its oil supply by over 200,000 bpd through the end of the year. In May, Russia and the Organization of the Petroleum Exporting Countries announced a cut in oil production by 1.6 million bpd for the rest of the year.

Increase in crude oil imports from Russia

In the meantime, Russia continued to be India’s top crude oil supplier in July. According to Viktor Katona,&nbsp;head of crude analysis at&nbsp;Kpler's, daily volumes increased for the tenth straight month in June, reaching 2.2 million barrels per day. The data reveals that India received more crude oil from Moscow than it did from Saudi Arabia and Iraq, its usual suppliers, put together.

Following the invasion of Ukraine, India became a prime consumer of Russian oil, but due to infrastructural problems and the need to maintain good relations with other suppliers, the country’s oil purchase may have reached its limit.

Kpler however predicted that due to a decline in Russian oil production, imports may fall next month. According to a Bloomberg report, Reliance Industries Ltd. is the second-largest consumer of Russian crude after state-owned Indian Oil Corporation.

India, the third-largest consumer and importer of oil in the world, purchases more than 80 per cent of its oil from foreign markets.

&nbsp;

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India’s crude oil imports from Saudi Arabia declined by 34 per cent in July, according to energy cargo tracker Vortexa. A Moneycontrol report said that India imported 484,000 barrels of crude oil per day in July, compared to 734,000 barrels per day (bpd) in June.

India’s crude oil imports from Saudi Arabia declined by 34 per cent in July, according to energy cargo tracker Vortexa. A Moneycontrol report said that India imported 484,000 barrels of crude oil per day in July, compared to 734,000 barrels per day (bpd) in June. The decline in India's imports came after the West Asian kingdom announced supply cuts of one million bpd in July. Saudi Arabia and a number of other oil-producing nations have cut oil supply in a bid to stabilise the global oil prices, Apart from Saudi Arabia, Iraq had decided to lower its oil supply by over 200,000 bpd through the end of the year. In May, Russia and the Organization of the Petroleum Exporting Countries announced a cut in oil production by 1.6 million bpd for the rest of the year. Increase in crude oil imports from Russia In the meantime, Russia continued to be India’s top crude oil supplier in July. According to Viktor Katona, head of crude analysis at Kpler's, daily volumes increased for the tenth straight month in June, reaching 2.2 million barrels per day. The data reveals that India received more crude oil from Moscow than it did from Saudi Arabia and Iraq, its usual suppliers, put together. Following the invasion of Ukraine, India became a prime consumer of Russian oil, but due to infrastructural problems and the need to maintain good relations with other suppliers, the country’s oil purchase may have reached its limit. Kpler however predicted that due to a decline in Russian oil production, imports may fall next month. According to a Bloomberg report, Reliance Industries Ltd. is the second-largest consumer of Russian crude after state-owned Indian Oil Corporation. India, the third-largest consumer and importer of oil in the world, purchases more than 80 per cent of its oil from foreign markets. WATCH WION LIVE HERE

India sees 34 per cent fall in oil imports from Saudi Arabia; supplies from Russia increase

When India's Prime Minister Narendra Modi addressed the World Economic Forum last year, he delivered the iconic punch line “Make in India, Make for the World”, which according to reports indicated&nbsp;India’s ambition to become and promote itself as a global manufacturing and export hub.

A recent Economic Times report said that India is actively pursuing the 'plus-one' strategy. Only India’s labour force and domestic market are comparable to those of China. India is seen as a natural partner for Western nations, with the Indian government working towards making it easier for businesses to set up their manufacturing units in India.

In an exclusive interview with Mark Mobius, the founder of the Mobius Capital Partners, in November 2022, The Print reported that there is a growing trend of manufacturing shifting from China to India, despite New Delhi’s growing trade deficit with Beijing.

The report went on to say that China’s strict Covid-19 lockdowns and the continuing ‘technological war’ with the US has motivated manufacturers, especially those in the technological hardware industry, to shift their manufacturing units to India.

What does manufacturing in India offer to the world?

India’s manufacturing potential, according to a Times of India report, stems from benefits like a sizable-trainable workforce, digital infrastructure facilitating efficient operations, investments in logistics infrastructure, proximity to different countries for supply chain diversification, a strategic location for accessing emerging markets, and cost advantages in low-cost and economical manufacturing, supported by a strong legal system and patent protection.

According to a CNBC report, US aircraft manufacturer, Boeing is looking to begin production in India. Boeing’s $34 billion deal with Air India for the supply of aircraft will be seen as a test for both businesses and the south Asian economic powerhouse, which is making every effort to draw foreign firms in an effort to establish itself as a major manufacturing base as Western businesses strive to reduce their reliance on China, the de facto global factory.

“As a company with over seven decades of presence in India, Boeing continues to support the development of indigenous aerospace and defense capabilities in the country,” CNBC quoted Dave Schulte, the commercial airplanes managing regional director of marketing for Boeing’s Asia Pacific and India region, as saying.

On the other hand, as per a Forbes report, Apple has been striving to diversify production away from China while it looks for a backup amidst the US-China trade war. Apple started manufacturing older models of phones in 2017. Now, their flagship iPhone 14 models are also manufactured in India.

Forbes quoted Upasana Joshi, the principal analyst for mobile devices research at International Data Corporation (IDC) as saying, "More than 70 per cent iPhones in India were locally manufactured in 2022, up from less than 40 per cent in 2020. While it will be immensely challenging for Apple to move its entire value chain from China to India, we can say that gradually India is getting ready to enter the critical parts of value chain related to the electronics manufacturing."

What are the challenges of manufacturing in India? &nbsp;

As identified by another Forbes report, the main issues when manufacturing in India are high tariffs, outdated labour regulations, fragile policy frameworks, regulatory uncertainty, and unfavorable growth conditions in a foreign country. The acquisition of land with clear titles, the high amount of import duties, and a price-sensitive market are other such challenges identified.

A recent Times of India report stated that unskilled labour and inadequate infrastructure are the key factors that businesses consider before setting up its manufacturing hubs. According to businesses, labour shortage is raising its ugly head in India’s manufacturing centres. This is because, in contrast to China, many workers are hesitant to move a great distance in search of employment. Additionally, obtaining land and necessary permits in India can take a significant amount of time. Issuing visas for foreign engineers, managers, and technicians can also take time.

Even if businesses are able to successfully set up their manufacturing units in India, cracking the Indian market becomes another challenge. For instance, Ford and Hyundai Motors, both businesses established operations in India at the same time. While Ford sold vehicles made for the western market, Hyundai concentrated on introducing vehicles that catered to the wants and demands of local customers. Today, Hyundai is the second-largest automaker in India in terms of market share, but Ford left the country on a bitter note decades later.

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When India's Prime Minister Narendra Modi addressed the World Economic Forum last year, he delivered the iconic punch line “Make in India, Make for the World”, which according to reports indicated India’s ambition to become and promote itself as a global manufacturing and export hub.

When India's Prime Minister Narendra Modi addressed the World Economic Forum last year, he delivered the iconic punch line “Make in India, Make for the World”, which according to reports indicated India’s ambition to become and promote itself as a global manufacturing and export hub. A recent Economic Times report said that India is actively pursuing the 'plus-one' strategy. Only India’s labour force and domestic market are comparable to those of China. India is seen as a natural partner for Western nations, with the Indian government working towards making it easier for businesses to set up their manufacturing units in India. In an exclusive interview with Mark Mobius, the founder of the Mobius Capital Partners, in November 2022, The Print reported that there is a growing trend of manufacturing shifting from China to India, despite New Delhi’s growing trade deficit with Beijing. The report went on to say that China’s strict Covid-19 lockdowns and the continuing ‘technological war’ with the US has motivated manufacturers, especially those in the technological hardware industry, to shift their manufacturing units to India. What does manufacturing in India offer to the world? India’s manufacturing potential, according to a Times of India report, stems from benefits like a sizable-trainable workforce, digital infrastructure facilitating efficient operations, investments in logistics infrastructure, proximity to different countries for supply chain diversification, a strategic location for accessing emerging markets, and cost advantages in low-cost and economical manufacturing, supported by a strong legal system and patent protection. According to a CNBC report, US aircraft manufacturer, Boeing is looking to begin production in India. Boeing’s $34 billion deal with Air India for the supply of aircraft will be seen as a test for both businesses and the south Asian economic powerhouse, which is making every effort to draw foreign firms in an effort to establish itself as a major manufacturing base as Western businesses strive to reduce their reliance on China, the de facto global factory. “As a company with over seven decades of presence in India, Boeing continues to support the development of indigenous aerospace and defense capabilities in the country,” CNBC quoted Dave Schulte, the commercial airplanes managing regional director of marketing for Boeing’s Asia Pacific and India region, as saying. On the other hand, as per a Forbes report, Apple has been striving to diversify production away from China while it looks for a backup amidst the US-China trade war. Apple started manufacturing older models of phones in 2017. Now, their flagship iPhone 14 models are also manufactured in India. Forbes quoted Upasana Joshi, the principal analyst for mobile devices research at International Data Corporation (IDC) as saying, "More than 70 per cent iPhones in India were locally manufactured in 2022, up from less than 40 per cent in 2020. While it will be immensely challenging for Apple to move its entire value chain from China to India, we can say that gradually India is getting ready to enter the critical parts of value chain related to the electronics manufacturing." What are the challenges of manufacturing in India? As identified by another Forbes report, the main issues when manufacturing in India are high tariffs, outdated labour regulations, fragile policy frameworks, regulatory uncertainty, and unfavorable growth conditions in a foreign country. The acquisition of land with clear titles, the high amount of import duties, and a price-sensitive market are other such challenges identified. A recent Times of India report stated that unskilled labour and inadequate infrastructure are the key factors that businesses consider before setting up its manufacturing hubs. According to businesses, labour shortage is raising its ugly head in India’s manufacturing centres. This is because, in contrast to China, many workers are hesitant to move a great distance in search of employment. Additionally, obtaining land and necessary permits in India can take a significant amount of time. Issuing visas for foreign engineers, managers, and technicians can also take time. Even if businesses are able to successfully set up their manufacturing units in India, cracking the Indian market becomes another challenge. For instance, Ford and Hyundai Motors, both businesses established operations in India at the same time. While Ford sold vehicles made for the western market, Hyundai concentrated on introducing vehicles that catered to the wants and demands of local customers. Today, Hyundai is the second-largest automaker in India in terms of market share, but Ford left the country on a bitter note decades later. WATCH WION LIVE HERE

Decoded: Will global manufacturing gradually shift from China to India?

As Tesla considers constructing a manufacturing plant in India, officials have requested the company to follow Apple’s lead in finding Indian companies to collaborate with any Chinese suppliers involved.

Tesla has been in talks with the Indian government over the past few weeks about building a facility to manufacture economically affordable electric vehicles (EVs) for both the domestic market and exports.

Tesla CEO Elon Musk wants to expand the company’s activities outside of China, where regulatory approvals for expansion are slow.

But Tesla’s plans to work with Chinese suppliers may be halted due to tense relations between China and India, according to Reuters.

Chinese suppliers may be crucial if Tesla were to open a facility in India and control prices to produce a low-cost EV. Even India’s largest EV manufacturer, Tata Motors, imports battery cells from China since the country has limited local producers for such components.

According to a report published in The Print, Tesla executives told the Indian government that it wanted some of its Chinese vendors to establish local bases to strengthen its supply chain.

In response, officials informed Tesla that approving wholly-owned Chinese corporations in India could be complex as Chinese companies have been subject to severe scrutiny after a border dispute between the two nations in 2020.

Reports suggest that Indian officials asked Tesla to adopt Apple’s strategy. The world’s largest manufacturer of smartphones recently received permits to bring Chinese suppliers to India after locating local joint-venture (JV) partners. With a rapidly expanding supply chain, Apple assembles its iPhones in India using Taiwan’s tech giant, Foxconn.

According to one of the government sources, New Delhi has recently approved certain JV arrangements between Chinese suppliers and Indian businesses on a case-to-case basis. However, India is still reluctant to let Chinese businesses, particularly involved with automobiles, to operate in the country.

(With inputs from Reuters)

&nbsp;

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As Tesla considers constructing a manufacturing plant in India, officials have requested the company to follow Apple’s lead in finding Indian companies to collaborate with any Chinese suppliers involved.

As Tesla considers constructing a manufacturing plant in India, officials have requested the company to follow Apple’s lead in finding Indian companies to collaborate with any Chinese suppliers involved. Tesla has been in talks with the Indian government over the past few weeks about building a facility to manufacture economically affordable electric vehicles (EVs) for both the domestic market and exports. Tesla CEO Elon Musk wants to expand the company’s activities outside of China, where regulatory approvals for expansion are slow. But Tesla’s plans to work with Chinese suppliers may be halted due to tense relations between China and India, according to Reuters. Chinese suppliers may be crucial if Tesla were to open a facility in India and control prices to produce a low-cost EV. Even India’s largest EV manufacturer, Tata Motors, imports battery cells from China since the country has limited local producers for such components. According to a report published in The Print, Tesla executives told the Indian government that it wanted some of its Chinese vendors to establish local bases to strengthen its supply chain. In response, officials informed Tesla that approving wholly-owned Chinese corporations in India could be complex as Chinese companies have been subject to severe scrutiny after a border dispute between the two nations in 2020. Reports suggest that Indian officials asked Tesla to adopt Apple’s strategy. The world’s largest manufacturer of smartphones recently received permits to bring Chinese suppliers to India after locating local joint-venture (JV) partners. With a rapidly expanding supply chain, Apple assembles its iPhones in India using Taiwan’s tech giant, Foxconn. According to one of the government sources, New Delhi has recently approved certain JV arrangements between Chinese suppliers and Indian businesses on a case-to-case basis. However, India is still reluctant to let Chinese businesses, particularly involved with automobiles, to operate in the country. (With inputs from Reuters) WATCH WION LIVE HERE

Govt asks Tesla to copy Apple’s strategy to make in India: Report  

Argentina&nbsp;would not use “a single dollar” of its own reserves to repay the International Monetary Fund (IMF), a&nbsp;Reuters report quoted&nbsp;economy minister Sergio Massa&nbsp;as saying on Monday.&nbsp;

As per reports, the South American nation has to repay $2.7 billion to the IMF this week.

In a speech, Massa, who is also running for presidency this October, claimed that the prolonged swap agreement with China and the new loan from the Development Bank of Latin America (CAF) will make it possible.

Reuters quoted Massa as saying, “I want to bring you peace of mind - Argentina is not going to use a single dollar of its reserves to pay today's maturity."&nbsp;

Massa stated that the payback will be completed with a $1.7 billion second tranche of a swap with China and a $1 billion bridge loan from CAF, a step recently taken by Buenos Aires to complete a portion of its June payment to the IMF.

The move is being seen as an attempt to 'de-dollarise'. Already, countries such as Brazil, Argentina, Bangladesh, and India are using Chinese Yuan and bitcoin for international trade and payments.

According to reports from February this year, Brazil and Argentina were in talks to launch a joint currency, called the “sur”. Officials from Argentina and Brazil stated that the true goal of the initiative is to create a new unit of account (a synthetic currency similar to the International Monetary Fund’s Special Drawing Rights) for denominating bilateral trade and financial flows as an alternative to the US dollar.

Despite the near-universal rejection of the idea, the goal at its core—a reduced reliance on the US dollar—is worth considering, as per experts.&nbsp;A push for broader economic union in South America may spur much-needed economic growth, a Centre for International &amp; Strategic Studies report said.&nbsp;

Argentina, which has been struggling with severe economic crisis with sky-high inflation and declining central bank reserves, has been trying to prevent a debt default with the IMF.&nbsp;

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Argentina would not use “a single dollar” of its own reserves to repay the International Monetary Fund (IMF), a Reuters report quoted economy minister Sergio Massa as saying on Monday.

Argentina would not use “a single dollar” of its own reserves to repay the International Monetary Fund (IMF), a Reuters report quoted economy minister Sergio Massa as saying on Monday. As per reports, the South American nation has to repay $2.7 billion to the IMF this week. In a speech, Massa, who is also running for presidency this October, claimed that the prolonged swap agreement with China and the new loan from the Development Bank of Latin America (CAF) will make it possible. Reuters quoted Massa as saying, “I want to bring you peace of mind - Argentina is not going to use a single dollar of its reserves to pay today's maturity." Massa stated that the payback will be completed with a $1.7 billion second tranche of a swap with China and a $1 billion bridge loan from CAF, a step recently taken by Buenos Aires to complete a portion of its June payment to the IMF. The move is being seen as an attempt to 'de-dollarise'. Already, countries such as Brazil, Argentina, Bangladesh, and India are using Chinese Yuan and bitcoin for international trade and payments. According to reports from February this year, Brazil and Argentina were in talks to launch a joint currency, called the “sur”. Officials from Argentina and Brazil stated that the true goal of the initiative is to create a new unit of account (a synthetic currency similar to the International Monetary Fund’s Special Drawing Rights) for denominating bilateral trade and financial flows as an alternative to the US dollar. Despite the near-universal rejection of the idea, the goal at its core—a reduced reliance on the US dollar—is worth considering, as per experts. A push for broader economic union in South America may spur much-needed economic growth, a Centre for International & Strategic Studies report said. Argentina, which has been struggling with severe economic crisis with sky-high inflation and declining central bank reserves, has been trying to prevent a debt default with the IMF. WATCH WION LIVE HERE

Argentina won't use 'one dollar' of reserves to repay IMF, says economy minister 

After facing its worst financial crisis since Independence, Sri Lanka has recorded single-digit inflation for the first time in&nbsp;two years.&nbsp;

According to a statement from the Census and Statistics Office, the Colombo Consumer Price Index, which the Sri Lankan government uses to monitor inflation, showed a year-over-year rate of 6.3 per cent in July 2023, down from 12 per cent in June this year.

“The overall rate of inflation as measured by the Colombo Consumer Price Index on a year-on-year basis is 6.3 per cent in July 2023. This was down from the 12 per cent recorded in June," the&nbsp;statement said.&nbsp;

Sri Lanka last recorded single-digit inflation in September 2021, when it stood at 5.8 per cent. As the island nation entered its worst economic crisis, the inflation rate rose to a whopping 69.8 per cent in September 2022.&nbsp;

According to the PTI report, the government statement noted that lower inflation was a result of a decline in the cost of food commodities. Based on the index, food prices decreased 1.4 per cent in absolute terms during the previous 12 months.

Due to the currency crisis, Sri Lanka reduced imports, which resulted in shortages and high costs. However, after the $2.9 billion IMF bailout in March this year, the government tried to resolve the recurring power crisis and lifted import restrictions. These actions significantly improved the economy situation.&nbsp;

PTI quoted Nandalal Weerasinghe, the Governor of the Central Bank, as saying that the country will record&nbsp;inflation in single-digits in the third quarter of this financial year too.

(With inputs from agencies)

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After facing its worst financial crisis since Independence, Sri Lanka has recorded single-digit inflation for the first time in two years. According to a statement from the Census and Statistics Office, the Colombo Consumer Price Index, which the Sri Lankan government uses to monitor inflation, showed a year-over-year rate of 6.

After facing its worst financial crisis since Independence, Sri Lanka has recorded single-digit inflation for the first time in two years. According to a statement from the Census and Statistics Office, the Colombo Consumer Price Index, which the Sri Lankan government uses to monitor inflation, showed a year-over-year rate of 6.3 per cent in July 2023, down from 12 per cent in June this year. “The overall rate of inflation as measured by the Colombo Consumer Price Index on a year-on-year basis is 6.3 per cent in July 2023. This was down from the 12 per cent recorded in June," the statement said. Sri Lanka last recorded single-digit inflation in September 2021, when it stood at 5.8 per cent. As the island nation entered its worst economic crisis, the inflation rate rose to a whopping 69.8 per cent in September 2022. According to the PTI report, the government statement noted that lower inflation was a result of a decline in the cost of food commodities. Based on the index, food prices decreased 1.4 per cent in absolute terms during the previous 12 months. Due to the currency crisis, Sri Lanka reduced imports, which resulted in shortages and high costs. However, after the $2.9 billion IMF bailout in March this year, the government tried to resolve the recurring power crisis and lifted import restrictions. These actions significantly improved the economy situation. PTI quoted Nandalal Weerasinghe, the Governor of the Central Bank, as saying that the country will record inflation in single-digits in the third quarter of this financial year too. (With inputs from agencies) WATCH WION LIVE HERE

Sri Lanka records single-digit inflation after 2 years: Report  

Manufacturing activity in China has contracted for a fourth straight month in July, according to Monday’s data, as the country’s leading economic engines progressively struggle with weak demand and limited private spending.

According to the data&nbsp;obtained from the National Bureau of Statistics, the official manufacturing purchasing manager’s index (PMI) was at 49.3 in July, higher than the expected 49.2 and last month’s reading which was at 49.0, media reports quoted.

A PMI below 50 indicates contraction, as manufacturing activity has constantly shrunk for four months. Despite this, the reading indicates an improvement in comparison to the past few months.

&nbsp;Despite the removal of anti-COVID regulations in January, industrial activity, one of the main drivers of the China’s economy, has remained weak this year.

Due to the sluggish international demand, the sector is dealing with a significant slowdown in worldwide demand. Local demand has also be affected due to declining capital and retail expenditure.

The demand for manufactured goods has been hindered by weaknesses in China’s real estate market, which has also had an impact on the country’s overall economy.

This was reflected in the non-manufacturing PMI, which dropped from 53.2 in the previous month to 51.5 in July, and the composite PMI, which dropped from 52.5 to 51.1.

July’s PMI readings were weak as the data released in the previous month indicated that economic growth in China had significantly slowed down in the second quarter.

However, this downward growth pattern has raised hopes for additional government motivated programs to provide incentives to boost growth.

Despite the unfavourable PMI results, Chinese markets rose on Monday and the Yuan strengthened as well.

Markets were mostly focused on the country's upcoming announcement of additional incentive programs, which are scheduled for Monday. Over the past week, Chinese markets have sharply risen on expectations of increased policy assistance from Beijing.

&nbsp;

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Manufacturing activity in China has contracted for a fourth straight month in July, according to Monday’s data, as the country’s leading economic engines progressively struggle with weak demand and limited private spending.

Manufacturing activity in China has contracted for a fourth straight month in July, according to Monday’s data, as the country’s leading economic engines progressively struggle with weak demand and limited private spending. According to the data obtained from the National Bureau of Statistics, the official manufacturing purchasing manager’s index (PMI) was at 49.3 in July, higher than the expected 49.2 and last month’s reading which was at 49.0, media reports quoted. A PMI below 50 indicates contraction, as manufacturing activity has constantly shrunk for four months. Despite this, the reading indicates an improvement in comparison to the past few months. Despite the removal of anti-COVID regulations in January, industrial activity, one of the main drivers of the China’s economy, has remained weak this year. Due to the sluggish international demand, the sector is dealing with a significant slowdown in worldwide demand. Local demand has also be affected due to declining capital and retail expenditure. The demand for manufactured goods has been hindered by weaknesses in China’s real estate market, which has also had an impact on the country’s overall economy. This was reflected in the non-manufacturing PMI, which dropped from 53.2 in the previous month to 51.5 in July, and the composite PMI, which dropped from 52.5 to 51.1. July’s PMI readings were weak as the data released in the previous month indicated that economic growth in China had significantly slowed down in the second quarter. However, this downward growth pattern has raised hopes for additional government motivated programs to provide incentives to boost growth. Despite the unfavourable PMI results, Chinese markets rose on Monday and the Yuan strengthened as well. Markets were mostly focused on the country's upcoming announcement of additional incentive programs, which are scheduled for Monday. Over the past week, Chinese markets have sharply risen on expectations of increased policy assistance from Beijing. WATCH WION LIVE HERE

Chinese Manufacturing activity contracts for 4th straight month in July  

The National Stock Exchange (NSE) in consultation with its broker members is considering a gradual extension of the trade timings, which is currently set at six hours and 15 minutes of the regular market, Mint reported quoting a top official of India’s largest stock market.

"We have already started the consultation with broker members on how to increase trade timings at least in a more convenient way for office-goers in the evening," Mint quoted&nbsp;Ashishkumar Chauhan, Managing Director and Chief Executive Officer of the NSE,&nbsp;as saying.&nbsp;

The report added that the SEBI, India's capital markets regulator, must accept the idea before it can be expanded to include derivatives transactions.

There is currently a pre-open session from 9am to 9:15am, followed by the normal trade timing period for stocks on NSE and BSE from 9:15am to 3:30pm.&nbsp;

The trading hours for commodity derivatives on the exchanges are 9 am to 11:30 pm and 11:55 pm (in winters), as many commodities are mirror contracts of those traded on the US CME bourse.&nbsp;

The trading hours for currency derivatives on the exchanges are 9 am to 5 pm.

But an increase in trade timings would mean an additional cost burden on small brokers, reports said.&nbsp;

Derivatives markets - key focus of time change

According to the report in Mint, In order to boost interest in its derivatives business, the Bombay Stock Exchange switched the expiration day of its Sensex and Bankex derivatives contracts from Thursday to Friday in mid-May.&nbsp;

The modification was made in order to avoid competing with its larger rival, NSE, whose weekly and monthly derivatives contracts for the Nifty and Bank Nifty expire on Thursday.&nbsp;

But soon after BSE’s action, NSE declared that it would keep Thursday for Nifty expiration while moving its weekly and monthly Bank Nifty expiration to Friday. This was seen as an attempt to restrict competition.

In late June, NSE changed its decision following negotiations between the two parties. The Bank Nifty expiry has now been requested to be moved to Wednesday. This gave rise to market rumors that SEBI was pressuring NSE to reverse its decision to avoid concentration risk.

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The National Stock Exchange (NSE) in consultation with its broker members is considering a gradual extension of the trade timings, which is currently set at six hours and 15 minutes of the regular market, Mint reported quoting a top official of India’s largest stock market.

The National Stock Exchange (NSE) in consultation with its broker members is considering a gradual extension of the trade timings, which is currently set at six hours and 15 minutes of the regular market, Mint reported quoting a top official of India’s largest stock market. "We have already started the consultation with broker members on how to increase trade timings at least in a more convenient way for office-goers in the evening," Mint quoted Ashishkumar Chauhan, Managing Director and Chief Executive Officer of the NSE, as saying. The report added that the SEBI, India's capital markets regulator, must accept the idea before it can be expanded to include derivatives transactions. There is currently a pre-open session from 9am to 9:15am, followed by the normal trade timing period for stocks on NSE and BSE from 9:15am to 3:30pm. The trading hours for commodity derivatives on the exchanges are 9 am to 11:30 pm and 11:55 pm (in winters), as many commodities are mirror contracts of those traded on the US CME bourse. The trading hours for currency derivatives on the exchanges are 9 am to 5 pm. But an increase in trade timings would mean an additional cost burden on small brokers, reports said. Derivatives markets - key focus of time change According to the report in Mint, In order to boost interest in its derivatives business, the Bombay Stock Exchange switched the expiration day of its Sensex and Bankex derivatives contracts from Thursday to Friday in mid-May. The modification was made in order to avoid competing with its larger rival, NSE, whose weekly and monthly derivatives contracts for the Nifty and Bank Nifty expire on Thursday. But soon after BSE’s action, NSE declared that it would keep Thursday for Nifty expiration while moving its weekly and monthly Bank Nifty expiration to Friday. This was seen as an attempt to restrict competition. In late June, NSE changed its decision following negotiations between the two parties. The Bank Nifty expiry has now been requested to be moved to Wednesday. This gave rise to market rumors that SEBI was pressuring NSE to reverse its decision to avoid concentration risk. WATCH WION LIVE HERE

NSE considers gradual extension of trade timings: Report 

Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying.

The report said that the deal has brought the e-commerce company’s valuation to $35 billion from about $38 billion, when the company sold its shares to Japan’s SoftBank, American retailer Walmart, and other investors in 2021.

Tiger Global had invested in Flipkart when Sachin and Binny Bansal launched it in 2007. Additionally, the report noted that Flipkart’s present CEO, Kalyan Krishnamurthy, had served as the mangling director at Tiger Global.&nbsp;&nbsp;

According to a letter sent to the investors, Tiger Global invested approximately $1.2 billion in Flipkart between 2010 and 2015, and has since earned $3.5 billion in profits.

In 2018, Walmart completed its $16-bilion acquisition of Flipkart, raising its total stakes to 77 per cent. &nbsp;

The private equity companies, Accel and Tiger Global, two of the company’s early backers, were reportedly in talks to sell their remaining ownership to Walmart earlier this year, according to a report by the Economic Times.

A Business Today report quoted Walmart's Chief Financial Officer, John David Rainey, as saying that Flipkart has the potential to turn into a $100 billion business due to its strong growth.&nbsp;

He added that Walmart’s ambition of tripling its gross merchandise volume (GMV) in the overseas markets to $200 billion within five years would not be possible without the success of Flipkart and PhonePe's payments business.

(With inputs from agencies)

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Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying.

Walmart has bought out hedge fund Tiger Global’s stake for $1.4 billion in the Indian e-commerce company Flipkart, a Reuters report quoted a Wall Street Journal report as saying. The report said that the deal has brought the e-commerce company’s valuation to $35 billion from about $38 billion, when the company sold its shares to Japan’s SoftBank, American retailer Walmart, and other investors in 2021. Tiger Global had invested in Flipkart when Sachin and Binny Bansal launched it in 2007. Additionally, the report noted that Flipkart’s present CEO, Kalyan Krishnamurthy, had served as the mangling director at Tiger Global. According to a letter sent to the investors, Tiger Global invested approximately $1.2 billion in Flipkart between 2010 and 2015, and has since earned $3.5 billion in profits. In 2018, Walmart completed its $16-bilion acquisition of Flipkart, raising its total stakes to 77 per cent. The private equity companies, Accel and Tiger Global, two of the company’s early backers, were reportedly in talks to sell their remaining ownership to Walmart earlier this year, according to a report by the Economic Times. A Business Today report quoted Walmart's Chief Financial Officer, John David Rainey, as saying that Flipkart has the potential to turn into a $100 billion business due to its strong growth. He added that Walmart’s ambition of tripling its gross merchandise volume (GMV) in the overseas markets to $200 billion within five years would not be possible without the success of Flipkart and PhonePe's payments business. (With inputs from agencies) WATCH WION LIVE HERE

Walmart purchases Tiger Global's stake in Flipkart for $1.4 billion: Wall Street Journal

A research report projects that India’s average income is to rise by 70 per cent to $4,000 by fiscal year 2030 from $2,450 in fiscal year 2023. This will make India a middle-income economy with a $6 trillion gross domestic product (GDP) with about half coming from household consumption.

The per capita income/GDP has increased from $460 in fiscal year 2001 to $1,413 in fiscal year 2011 and then to $2,150 in fiscal year 2021.

According to a weekend report by Standard Chartered Bank, the nominal GDP is forecast to grow by 10 per cent annually. The main growth driver is external trade, which may double to $2.1 trillion by 2030 from $1.2 trillion in fiscal year 2023.

Household consumption is said to be the second-biggest growth driver, according to the report. By fiscal year 2030, consumption is expected to jump from the present $2.1 trillion to $3.4 trillion, which is as big as the GDP for fiscal year 2023.

In a statement made last week, Prime Minister Narendra Modi said that he would ensure that India's economy is brought to $5 trillion during his next term in office, making it the third-largest behind the US and China. Japan is now ranked third, while Germany is fourth.

The report predicts that nine states, rather than just one, will eventually reach the upper middle-income country category with a per capita income of $4,000 or more. Telangana currently holds the top spot in the league table for per capita income, with Rs 2,75,443 ($3,360) in FY23. Karnataka is next with Rs 2,65,623, Tamil Nadu with Rs 2,41,131, Kerala with Rs 2,30,601, and Andhra Pradesh with Rs 2,07,771.

Telangana, Delhi, Karnataka, Haryana, Gujarat, and Andhra Pradesh together make up 20 per cent of the country’s GDP now, and by fiscal 2030, each of these states will have a per-capita GDP of $6,000 or more.

However, big states like UP and Bihar, which together account for 25 per cent of the population, will still have per capita income below $2,000 in fiscal year 2030.

The consumer market will still be the same size as the economy today even if household consumption expenditures fall by 1% from their current proportion of GDP, which accounts for 57 per cent of the GDP.

The large percentage of people who are of working age will continue to be primary growth enablers. In 2020, 64.2 per cent of the population in the country was of working age. This percentage will increase to 64.8 per cent, but it could also slightly decline to 63.6 percent in 2040 and 61.1 percent in 2050.

As a result, the economy will gain from increased capital investment, labour productivity, and the population growth of those who are working age. However, a continually declining employment rate is a barrier to the expansion of real GDP per capita.

Other growth accelerators mentioned in the paper include macro stability, a sound financial system, corporate sector deleveraging, and public capex initiatives.

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A research report projects that India’s average income is to rise by 70 per cent to $4,000 by fiscal year 2030 from $2,450 in fiscal year 2023. This will make India a middle-income economy with a $6 trillion gross domestic product (GDP) with about half coming from household consumption.

A research report projects that India’s average income is to rise by 70 per cent to $4,000 by fiscal year 2030 from $2,450 in fiscal year 2023. This will make India a middle-income economy with a $6 trillion gross domestic product (GDP) with about half coming from household consumption. The per capita income/GDP has increased from $460 in fiscal year 2001 to $1,413 in fiscal year 2011 and then to $2,150 in fiscal year 2021. According to a weekend report by Standard Chartered Bank, the nominal GDP is forecast to grow by 10 per cent annually. The main growth driver is external trade, which may double to $2.1 trillion by 2030 from $1.2 trillion in fiscal year 2023. Household consumption is said to be the second-biggest growth driver, according to the report. By fiscal year 2030, consumption is expected to jump from the present $2.1 trillion to $3.4 trillion, which is as big as the GDP for fiscal year 2023. In a statement made last week, Prime Minister Narendra Modi said that he would ensure that India's economy is brought to $5 trillion during his next term in office, making it the third-largest behind the US and China. Japan is now ranked third, while Germany is fourth. The report predicts that nine states, rather than just one, will eventually reach the upper middle-income country category with a per capita income of $4,000 or more. Telangana currently holds the top spot in the league table for per capita income, with Rs 2,75,443 ($3,360) in FY23. Karnataka is next with Rs 2,65,623, Tamil Nadu with Rs 2,41,131, Kerala with Rs 2,30,601, and Andhra Pradesh with Rs 2,07,771. Telangana, Delhi, Karnataka, Haryana, Gujarat, and Andhra Pradesh together make up 20 per cent of the country’s GDP now, and by fiscal 2030, each of these states will have a per-capita GDP of $6,000 or more. However, big states like UP and Bihar, which together account for 25 per cent of the population, will still have per capita income below $2,000 in fiscal year 2030. The consumer market will still be the same size as the economy today even if household consumption expenditures fall by 1% from their current proportion of GDP, which accounts for 57 per cent of the GDP. The large percentage of people who are of working age will continue to be primary growth enablers. In 2020, 64.2 per cent of the population in the country was of working age. This percentage will increase to 64.8 per cent, but it could also slightly decline to 63.6 percent in 2040 and 61.1 percent in 2050. As a result, the economy will gain from increased capital investment, labour productivity, and the population growth of those who are working age. However, a continually declining employment rate is a barrier to the expansion of real GDP per capita. Other growth accelerators mentioned in the paper include macro stability, a sound financial system, corporate sector deleveraging, and public capex initiatives. WATCH WION LIVE HERE

India’s average income projected to increase by 70% to $4,000 by FY30: Report

A recent Economic Times report said that the Maharajah will no longer serve as Air India's mascot as the Tata Group is planning to re-vamp and redesign the airline. The report indicated that a large number of international passengers may not be able to connect with Maharajah, who wears a turban and has a large moustache. &nbsp;

Sources also said that as a part of its rebranding exercise, the Air India is developing a new colour palette consisting of red, white and purple instead of its former red and white. The addition of purple comes from Vistara's palette which is said to merge with Air India.

Initially designed for an in-flight memo pad, Air India's iconic mascot was inspired by the image of Syed Wajid Ali, an industrialist from Pakistan. It was conceived by the airline's Commercial Director, Bobby Kooka, the airline's art director and publicity head Jal Cowasji, and illustrator Umesh Rao of the Bombay-based advertising firm J Walter Thompson.

As the Maharajah took to the skies, the mascot instantly became a highly recognised symbol of Indian luxury and hospitality with his potbelly, an enormous curling moustache, a striped turban and a closed-eye calm look on his face.

The Maharajah was later featured on posters made by a group of designers at Air India's in-house art studio. In later years, foreign artists and designers were also commissioned, which increased the Maharajah's visual appeal. The most recognisable travel posters created by the airline between 1946 and 1972 were included in Rogue's Gallery, a collection released by Air India in 1977. Some witty ones that even piqued politicians were included in this collection.

A few iconic posters feature the Maharaja laying down his jacket to welcome a pretty passenger onboard and rescuing a mermaid from the sea in Sydney. A few other notable ones include the Maharajah joining a line of capuchin friars in Rome and playing the tabla among the Beatles in London.

“He can be a lover boy in Paris, a sumo wrestler in Tokyo, a pavement artist, a Red Indian, a monk... he can effortlessly flirt with the beauties of the world. And most importantly, he can get away with it all. Simply because he is the Maharajah," Forbes India quoted the late Kooka as saying.

Even though the airline battled with rising debts and countless inefficiencies, the Maharajah continued to make his appearances with grace. However, it is now time for him to leave.

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A recent Economic Times report said that the Maharajah will no longer serve as Air India's mascot as the Tata Group is planning to re-vamp and redesign the airline.

A recent Economic Times report said that the Maharajah will no longer serve as Air India's mascot as the Tata Group is planning to re-vamp and redesign the airline. The report indicated that a large number of international passengers may not be able to connect with Maharajah, who wears a turban and has a large moustache. Sources also said that as a part of its rebranding exercise, the Air India is developing a new colour palette consisting of red, white and purple instead of its former red and white. The addition of purple comes from Vistara's palette which is said to merge with Air India. Initially designed for an in-flight memo pad, Air India's iconic mascot was inspired by the image of Syed Wajid Ali, an industrialist from Pakistan. It was conceived by the airline's Commercial Director, Bobby Kooka, the airline's art director and publicity head Jal Cowasji, and illustrator Umesh Rao of the Bombay-based advertising firm J Walter Thompson. As the Maharajah took to the skies, the mascot instantly became a highly recognised symbol of Indian luxury and hospitality with his potbelly, an enormous curling moustache, a striped turban and a closed-eye calm look on his face. The Maharajah was later featured on posters made by a group of designers at Air India's in-house art studio. In later years, foreign artists and designers were also commissioned, which increased the Maharajah's visual appeal. The most recognisable travel posters created by the airline between 1946 and 1972 were included in Rogue's Gallery, a collection released by Air India in 1977. Some witty ones that even piqued politicians were included in this collection. A few iconic posters feature the Maharaja laying down his jacket to welcome a pretty passenger onboard and rescuing a mermaid from the sea in Sydney. A few other notable ones include the Maharajah joining a line of capuchin friars in Rome and playing the tabla among the Beatles in London. “He can be a lover boy in Paris, a sumo wrestler in Tokyo, a pavement artist, a Red Indian, a monk... he can effortlessly flirt with the beauties of the world. And most importantly, he can get away with it all. Simply because he is the Maharajah," Forbes India quoted the late Kooka as saying. Even though the airline battled with rising debts and countless inefficiencies, the Maharajah continued to make his appearances with grace. However, it is now time for him to leave. WATCH WION LIVE HERE

Flashback Friday: Looking back at the 'flying Maharajah'  

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