The world's economic output will exceed $100 trillion for the first time in the year 2022. A London based think tank CEBR has predicted China will become world's top economy in dollar terms by the year 2030.

The world's economic output will exceed $100 Trillion dollars in the year 2022

US consumer confidence dropped to a nine-month low in November amid worries about the rising cost of living and pandemic fatigue, but that did not change expectations for stronger economic growth this quarter.

United States: Consumer Confidence index down to a nine-month low

Microsoft Corporation on Tuesday became the second US public company to hit $2 trillion in&nbsp; market value, briefly joining the league of Apple Inc. The company’s value was elevated due to its dominance in cloud computing and enterprise software, which is expected to keep improving in the post-Covid world.

In New York, Microsoft’s shares rose by as much as 1.2 per cent on Tuesday, allowing the company to sit on the elite table with Apple. But before closing, the company fell short of the mark at $265.51. In December 2019, Saudi Aramco almost touched that threshold and currently boasts a market value of $1.9 trillion.

Microsoft’s resurgence to glory has largely been credited to its Chief Executive Officer Satya Nadella who took over in 2014. Under his watch, the company has become the largest seller of cloud-computing software taking into account both is Office application and infrastructure cloud units.

Interestingly enough, Microsoft is perhaps the only giant technology company in the US to have escaped the watchful eye of American antitrust regulators, due to which the company has been able to acquire and expand on its own terms. This year, Microsoft has clocked in 19 per cent, much higher than Apple and Amazon (dot) com Inc.

Also read:&nbsp;<a href="http://13.235.153.162/technology/unable-to-travel-home-microsoft-staff-slept-in-data-centres-during-covid-19-lockdown-executive-391530" hreflang="en">Unable to travel home, Microsoft staff slept in data centres during COVID-19 lockdown: Executive</a>

Microsoft is doing it all - be it gaming through its Xbox offerings, cloud services, automation, artificial intelligence and even analytics.

The company was founded by Bill Gates and Paul Allen in 1975 and is largely credit for creating the computer software industry as we know today. But it has not always had a smooth sailing. In 1998, the company was hit with an antitrust lawsuit by the US government for bundling its product with Microsoft software in a bid to rival browsers like Netscape.&nbsp; In 2000, a federal judge found the company guilty.

To reach $1 trillion value, the company took 33 years from its IPO. For the next trillion, it only took two years! Apple, too made history by reaching $2 trillion last year. Amazon has a market cap of $1.8 trillion while Google’s parent company Alphabet has a valuation of $1.6 trillion.

Also read:&nbsp;<a href="http://13.235.153.162/technology/microsoft-names-ceo-satya-nadella-as-chairman-of-the-board-392058" hreflang="en">Microsoft names CEO Satya Nadella as chairman of the board</a>

Microsoft Corporation on Tuesday became the second US public company to hit $2 trillion in market value, briefly joining the league of Apple Inc. The company’s value was elevated due to its dominance in cloud computing and enterprise software, which is expected to keep improving in the post-Covid world.

Microsoft Corporation on Tuesday became the second US public company to hit $2 trillion in market value, briefly joining the league of Apple Inc. The company’s value was elevated due to its dominance in cloud computing and enterprise software, which is expected to keep improving in the post-Covid world. In New York, Microsoft’s shares rose by as much as 1.2 per cent on Tuesday, allowing the company to sit on the elite table with Apple. But before closing, the company fell short of the mark at $265.51. In December 2019, Saudi Aramco almost touched that threshold and currently boasts a market value of $1.9 trillion. Microsoft’s resurgence to glory has largely been credited to its Chief Executive Officer Satya Nadella who took over in 2014. Under his watch, the company has become the largest seller of cloud-computing software taking into account both is Office application and infrastructure cloud units. Interestingly enough, Microsoft is perhaps the only giant technology company in the US to have escaped the watchful eye of American antitrust regulators, due to which the company has been able to acquire and expand on its own terms. This year, Microsoft has clocked in 19 per cent, much higher than Apple and Amazon (dot) com Inc. Also read: Unable to travel home, Microsoft staff slept in data centres during COVID-19 lockdown: Executive Microsoft is doing it all - be it gaming through its Xbox offerings, cloud services, automation, artificial intelligence and even analytics. The company was founded by Bill Gates and Paul Allen in 1975 and is largely credit for creating the computer software industry as we know today. But it has not always had a smooth sailing. In 1998, the company was hit with an antitrust lawsuit by the US government for bundling its product with Microsoft software in a bid to rival browsers like Netscape. In 2000, a federal judge found the company guilty. To reach $1 trillion value, the company took 33 years from its IPO. For the next trillion, it only took two years! Apple, too made history by reaching $2 trillion last year. Amazon has a market cap of $1.8 trillion while Google’s parent company Alphabet has a valuation of $1.6 trillion. Also read: Microsoft names CEO Satya Nadella as chairman of the board

Microsoft becomes second US company after Apple to touch $2 trillion market value

US consumer confidence has raised this month to its highest level since the start of the COVID-19 pandemic, supporting views that economic growth will accelerate in the coming months, driven by more fiscal stimulus and an improving public health situation.

World Business Watch: US consumer confidence hits one-year high

China`s economy is still in the process of recovery, spokeswoman for the National Bureau of Statistics Liu Aihua said on Monday. 
 
Liu made the comments during a news briefing after the release of activity data for January and February which showed a further pickup in momentum. 
 
(More details awaited)

China`s economy is still in the process of recovery, spokeswoman for the National Bureau of Statistics Liu Aihua said on Monday. Liu made the comments during a news briefing after the release of activity data for January and February which showed a further pickup in momentum.

China`s economy is still in the process of recovery, spokeswoman for the National Bureau of Statistics Liu Aihua said on Monday. Liu made the comments during a news briefing after the release of activity data for January and February which showed a further pickup in momentum. (More details awaited)

China statistics bureau says economy still in recovery process

The current civil war-like situation in Pakistan may deal a blow to the execution of the ongoing China Pakistan Economic Corridor (CPEC), a collection of mega infrastructure projects, and thereby dent its economic revival process.

Opposition parties in the country led a joint rally protesting against Prime Minister Imran Khan's "puppet" government and the Army. Besides, the Financial Action Task Force (FATF) has also ruled against taking Pakistan off the 'grey list' and gave Islamabad time till February 2021 to comply with its 27-point action plan.

The move will further impact its already battered economy, even as the spread of the coronavirus pandemic was contained. Khan has repeatedly highlighted the need to complete the $60-billion CPEC saying that it would push socio-economic development.

Pakistan's GDP growth crashed to below 1 per cent in 2019. This year, the country's growth could even witness a contraction. Former Indian envoy to Pakistan, T.C.A. Raghavan told IndiaNarrative.com that the current political turmoil is likely to continue "for some time".

"It is true that the country is currently heading towards a political crisis and it seems that it will continue for some time," he said, adding that political turmoil would invariably impact economic growth though not immediately.

"Pakistan's economy has been in a critical state and this will further dent the situation, including the execution of CPEC. The CPEC has been slowing down for various reasons and the existing crisis will have its own implications on the projects," Raghavan said.

According to the US Institute of Peace, "political upheaval, a violent insurgency fed by the war in Afghanistan, and the inability of successive governments to carry out reforms are to blame for this decline".

"Today, a polarized political environment and elite intrigue among civilian, judicial, and military institutions has made sustainable economic growth and reforms that much more unlikely."

It further said that the global outbreak of the coronavirus pandemic has further made it challenging. Pakistan's headline inflation in September stood as 9 per cent.

"The current political turmoil will definitely dent the countries the economy. For any economy to grow, political stability is critical and there seems to be no solution in sight," Shakti Sinha, director at the Atal Bihari Vajpayee Institute of Policy Research and International Studies.

Some signs of revival before corona pandemic

When Khan took charge as the 22nd Prime Minister on August 18, 2018, Pakistan's economy was in a shambles with multiple macroeconomic challenges -- widening current account and fiscal deficits, dwindling foreign exchange reserves and unemployment among others.

However, after the initial turmoil, the Khan government's focus on the economy had started to show results. In January this year, Khan at the World Economic Forum said that Pakistan would see healthy growth in the year 2020.

At that time, some signs of economic progress were beginning to show. Khan had managed to reduce the current account deficit, the difference between inflow and outflow of foreign currencies, gap and foreign direct investments had begun to flow in.

Last December, Moody's Investor Service upgraded its outlook for Pakistan from negative to stable, while the World Bank acknowledged that Pakistan was among the top 10 "most improved" countries in terms of the Ease of Doing Business index.

However, things have changed rapidly since then.

On the one hand, Khan has strengthened bilateral relations with China. He has alienated Pakistan from other major forces, including the old allies US and Saudi Arabia.

Recently, Islamabad repeatedly nudged the Saudis to convene a meeting of the Organization of Islamic Co-operation (OIC) to discuss the issue of Jammu and Kashmir as India abrogated Article 370 last year but Riyadh refused to oblige the cricketer-turned-politician.

The global outbreak of the coronavirus has impacted Pakistan too though Islamabad managed to contain its spread. In fact, the current crisis has impacted almost every corner of the world.

"With the global economy going through a crisis-like situation, Pakistan may just fall into a debt trap much like other countries," another analyst said.

The current civil war-like situation in Pakistan may deal a blow to the execution of the ongoing China Pakistan Economic Corridor (CPEC), a collection of mega infrastructure projects, and thereby dent its economic revival process.

The current civil war-like situation in Pakistan may deal a blow to the execution of the ongoing China Pakistan Economic Corridor (CPEC), a collection of mega infrastructure projects, and thereby dent its economic revival process. Opposition parties in the country led a joint rally protesting against Prime Minister Imran Khan's "puppet" government and the Army. Besides, the Financial Action Task Force (FATF) has also ruled against taking Pakistan off the 'grey list' and gave Islamabad time till February 2021 to comply with its 27-point action plan. The move will further impact its already battered economy, even as the spread of the coronavirus pandemic was contained. Khan has repeatedly highlighted the need to complete the $60-billion CPEC saying that it would push socio-economic development. Pakistan's GDP growth crashed to below 1 per cent in 2019. This year, the country's growth could even witness a contraction. Former Indian envoy to Pakistan, T.C.A. Raghavan told IndiaNarrative.com that the current political turmoil is likely to continue "for some time". "It is true that the country is currently heading towards a political crisis and it seems that it will continue for some time," he said, adding that political turmoil would invariably impact economic growth though not immediately. "Pakistan's economy has been in a critical state and this will further dent the situation, including the execution of CPEC. The CPEC has been slowing down for various reasons and the existing crisis will have its own implications on the projects," Raghavan said. According to the US Institute of Peace, "political upheaval, a violent insurgency fed by the war in Afghanistan, and the inability of successive governments to carry out reforms are to blame for this decline". "Today, a polarized political environment and elite intrigue among civilian, judicial, and military institutions has made sustainable economic growth and reforms that much more unlikely." It further said that the global outbreak of the coronavirus pandemic has further made it challenging. Pakistan's headline inflation in September stood as 9 per cent. "The current political turmoil will definitely dent the countries the economy. For any economy to grow, political stability is critical and there seems to be no solution in sight," Shakti Sinha, director at the Atal Bihari Vajpayee Institute of Policy Research and International Studies. Some signs of revival before corona pandemic When Khan took charge as the 22nd Prime Minister on August 18, 2018, Pakistan's economy was in a shambles with multiple macroeconomic challenges -- widening current account and fiscal deficits, dwindling foreign exchange reserves and unemployment among others. However, after the initial turmoil, the Khan government's focus on the economy had started to show results. In January this year, Khan at the World Economic Forum said that Pakistan would see healthy growth in the year 2020. At that time, some signs of economic progress were beginning to show. Khan had managed to reduce the current account deficit, the difference between inflow and outflow of foreign currencies, gap and foreign direct investments had begun to flow in. Last December, Moody's Investor Service upgraded its outlook for Pakistan from negative to stable, while the World Bank acknowledged that Pakistan was among the top 10 "most improved" countries in terms of the Ease of Doing Business index. However, things have changed rapidly since then. On the one hand, Khan has strengthened bilateral relations with China. He has alienated Pakistan from other major forces, including the old allies US and Saudi Arabia. Recently, Islamabad repeatedly nudged the Saudis to convene a meeting of the Organization of Islamic Co-operation (OIC) to discuss the issue of Jammu and Kashmir as India abrogated Article 370 last year but Riyadh refused to oblige the cricketer-turned-politician. The global outbreak of the coronavirus has impacted Pakistan too though Islamabad managed to contain its spread. In fact, the current crisis has impacted almost every corner of the world. "With the global economy going through a crisis-like situation, Pakistan may just fall into a debt trap much like other countries," another analyst said.

Pakistan political crisis could impact CPEC, economic growth

The impact of the coronavirus outbreak will exacerbate the material slowdown in India's economic growth, with the country expected to see 0% expansion in the current fiscal year, analysts at Moody's said on Friday.

Moody's report: India may see 0% GDP growth this fiscal year

<a href="https://www.wionews.com/india-news/twitter-war-rages-after-microsoft-ceo-satya-nadella-calls-citizenship-amendment-act-sad-274162">Microsoft</a>'s CEO <a href="https://www.wionews.com/videos/microsoft-ceo-satya-nadella-raises-concern-over-caa-274178">Satya Nadella</a>&nbsp;speaking at a conference in Davos said that he is concerned that the lack of trust between the <a href="https://www.wionews.com/world/trump-tears-into-environmental-doom-mongers-at-davos-forum-275841">US </a>and <a href="https://www.wionews.com/india-news/china-coronavirus-viral-outbreak-forces-india-to-strengthen-airport-safety-laws-275899">China </a>will adversely affect economic growth and increase technology costs.

''The two leading economies of the world need to reconcile rather than create&nbsp;separate supply chains for every country,'' he said in <a href="https://www.wionews.com/world/trump-rejects-climate-prophets-of-doom-as-thunberg-warns-davos-275777">Davos.</a>

Also read:&nbsp;<a href="Trump rejects climate 'prophets of doom' as Thunberg warns Davos">Trump rejects climate 'prophets of doom' as Thunberg warns Davos</a>

He gave the example of $470 billion semiconductor industry to substantiate his views.

According to him, ''it is a cause of big concern as the world is on the verge of a revolution in technology and artificial intelligence''.

He termed the <a href="https://www.wionews.com/world/china-virus-us-confirms-first-case-of-coronavirus-death-toll-reaches-nine-275853">US-China </a>'phase one' <a href="https://www.wionews.com/business-economy/oil-ends-higher-as-trade-deal-progresses-spurs-energy-demand-hopes-275526">trade deal</a> as ''insufficient''.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/oil-ends-higher-as-trade-deal-progresses-spurs-energy-demand-hopes-275526">Oil ends higher as trade deals progress; spurs energy demand hopes</a>

The US administration is contemplating to constrict the ability of countries to trade with&nbsp;<a href="https://www.wionews.com/videos/huawei-cfo-faces-extradition-trial-hearing-starts-in-vancouver-275634">Huawei </a>which is one of the biggest tech company in China.

Additionally, the US has also been pressuring other countries across the globe not to use 5G mobile networks.

Nadella also said:&nbsp;''Countries need to realise that they will benefit more from a unified internet system rather than a bifurcated one''.

Microsoft's CEO Satya Nadella speaking at a conference in Davos said that he is concerned that the lack of trust between the US and China will adversely affect economic growth and increase technology costs.

Microsoft's CEO Satya Nadella speaking at a conference in Davos said that he is concerned that the lack of trust between the US and China will adversely affect economic growth and increase technology costs. ''The two leading economies of the world need to reconcile rather than create separate supply chains for every country,'' he said in Davos. Also read: Trump rejects climate 'prophets of doom' as Thunberg warns Davos He gave the example of $470 billion semiconductor industry to substantiate his views. According to him, ''it is a cause of big concern as the world is on the verge of a revolution in technology and artificial intelligence''. He termed the US-China 'phase one' trade deal as ''insufficient''. Also read: Oil ends higher as trade deals progress; spurs energy demand hopes The US administration is contemplating to constrict the ability of countries to trade with Huawei which is one of the biggest tech company in China. Additionally, the US has also been pressuring other countries across the globe not to use 5G mobile networks. Nadella also said: ''Countries need to realise that they will benefit more from a unified internet system rather than a bifurcated one''.

US, China should reconcile rather than create separate supply chains: Microsoft CEO Satya Nadella at Davos

Investors in India's equity markets have a reason to cheer today. The benchmark indices scaled new peaks. But the economy is sputtering. Palki Sharma summarises the state of the Indian economy with five key indicators.

Gravitas: Summarising the state of the Indian economy

Amidst the economic slowdown, car sales have dropped sharply in India. Two days ago, Tesla launched a car in India, but traditional car makers are a worried lot. Meanwhile, PM Modi met members of India Inc. to address the slowdown, but FM Nirmala Sitharaman was missing in action. WION's Palki Sharma explains. #Gravitas #India #EconomicGrowthIndia #CarSales

Gravitas: India's economic growth slowdown, Bumpy ride ahead

Gold firmed on Thursday, edging back towards the three-month peak it reached earlier in the week on the back of dollar weakness, with the market focusing on minutes of the US&nbsp;Federal Reserve's December policy meeting.

Spot gold was up 0.4 per cent&nbsp;to $1,523.12 per ounce as of 1248 GMT, having touched its highest since Sept. 25 at $1,525.20 on Tuesday. The US&nbsp;gold futures were up 0.2 per cent&nbsp;at $1,525.80.

"We are seeing a bit of a bounce-back&nbsp;in the dollar but if you look at the movements that we saw (in the past few days), it is probably supporting gold in the interim," said OANDA analyst Craig Erlam.

The negative correlation between the <a href="https://www.wionews.com/business-economy/dollar-snaps-six-day-losing-streak-a-flat-start-for-2020-271653">dollar</a> and bullion is what really propelled gold from $1,480 to $1,520, he said, but further upside in the US&nbsp;currency could put pressure on gold.

Against key rivals, the dollar was up 0.3 per cent&nbsp;this session but was trading not far from the six-month low it touched on Tuesday.

Beijing's decision to ease monetary policy further supported bullion, <a href="https://www.wionews.com/business-economy/sterling-rebounds-on-eve-of-uk-election-267749">Erlam</a> added.

China's central bank on Wednesday said it was cutting the amount of cash that all banks must hold as reserves, releasing funds to shore up the slowing economy.

Bullion prices posted their biggest annual rise in nearly a decade in 2019, boosted by the drawn-out trade war between the <a href="https://www.wionews.com/world/china-halts-british-stock-link-over-political-tensions-sources-271591">United States and China</a> that dragged on global economic growth.

Many analysts said prices were likely to rise further in 2020, with shaky growth and global stock markets potentially looking unsustainable at record highs.

"A key thing to look out for is stock markets, which have been setting new highs," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. "In case there is some correction, we (could) see some capital flows into gold."

<a href="https://www.wionews.com/world/united-kingdoms-new-government-increases-minimum-wage-to-ps872-271242">Brexit</a>, the US&nbsp;presidential election, <a href="https://www.wionews.com/world/hong-kong-protests-severely-challenged-one-country-two-systems-principle-xi-in-his-new-year-address-271325">protests in Hong Kong</a> and <a href="https://www.wionews.com/world/kim-says-north-korea-to-show-new-strategic-weapon-leaves-room-for-talks-271331">tensions with North Korea</a> would be the other key factors for the market this year, he said.

Investor focus has now turned to the minutes of the <a href="https://www.wionews.com/business-economy/gold-climbs-to-three-month-high-poised-for-best-year-since-2010-271231">Federal Reserve's</a> December&nbsp;10-11 policy meeting, due at 1900 GMT on Friday. Lower interest rates encourage the buying of non-interest-paying bullion.

"Friday's US&nbsp;manufacturing ISM and the December <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-buoyed-by-wall-st-rally-but-china-worry-caps-gains-267070">Federal Open Market Committee</a> (FOMC) minutes could provide an impulse," <a href="https://www.wionews.com/business-economy/oil-prices-surge-after-us-strike-kills-iranian-general-271775">Stephen Innes</a>, a market strategist at AxiTrader said in a note.

Among other precious metals, silver gained 0.5 per cent&nbsp;to $17.92 per ounce, while platinum rose 1.7 per cent&nbsp;to $979.65 and palladium edged up 0.4 per cent&nbsp;to $1,947.37 per ounce.

Gold firmed on Thursday, edging back towards the three-month peak it reached earlier in the week on the back of dollar weakness, with the market focusing on minutes of the US Federal Reserve's December policy meeting.

Gold firmed on Thursday, edging back towards the three-month peak it reached earlier in the week on the back of dollar weakness, with the market focusing on minutes of the US Federal Reserve's December policy meeting. Spot gold was up 0.4 per cent to $1,523.12 per ounce as of 1248 GMT, having touched its highest since Sept. 25 at $1,525.20 on Tuesday. The US gold futures were up 0.2 per cent at $1,525.80. "We are seeing a bit of a bounce-back in the dollar but if you look at the movements that we saw (in the past few days), it is probably supporting gold in the interim," said OANDA analyst Craig Erlam. The negative correlation between the dollar and bullion is what really propelled gold from $1,480 to $1,520, he said, but further upside in the US currency could put pressure on gold. Against key rivals, the dollar was up 0.3 per cent this session but was trading not far from the six-month low it touched on Tuesday. Beijing's decision to ease monetary policy further supported bullion, Erlam added. China's central bank on Wednesday said it was cutting the amount of cash that all banks must hold as reserves, releasing funds to shore up the slowing economy. Bullion prices posted their biggest annual rise in nearly a decade in 2019, boosted by the drawn-out trade war between the United States and China that dragged on global economic growth. Many analysts said prices were likely to rise further in 2020, with shaky growth and global stock markets potentially looking unsustainable at record highs. "A key thing to look out for is stock markets, which have been setting new highs," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. "In case there is some correction, we (could) see some capital flows into gold." Brexit, the US presidential election, protests in Hong Kong and tensions with North Korea would be the other key factors for the market this year, he said. Investor focus has now turned to the minutes of the Federal Reserve's December 10-11 policy meeting, due at 1900 GMT on Friday. Lower interest rates encourage the buying of non-interest-paying bullion. "Friday's US manufacturing ISM and the December Federal Open Market Committee (FOMC) minutes could provide an impulse," Stephen Innes, a market strategist at AxiTrader said in a note. Among other precious metals, silver gained 0.5 per cent to $17.92 per ounce, while platinum rose 1.7 per cent to $979.65 and palladium edged up 0.4 per cent to $1,947.37 per ounce.

Gold rises back towards three-month high, markets eye Fed minutes

The Reserve Bank of India on Friday released its 'Financial Stability Report' and said that despite weakening domestic growth, India's financial system remains stable, news agency ANI reported.&nbsp;

The RBI stated that the banking sector's resilience has improved, however, "risks from global/domestic economic uncertainties and geopolitical developments persist".&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet">
RBI releases Financial Stability Report. It states 'India’s financial system remains stable notwithstanding weakening domestic growth; resilience of banking sector has improved. Risks from global/domestic economic uncertainties &amp; geopolitical developments, however, persist' <a href="https://t.co/rUtFozRUUU">pic.twitter.com/rUtFozRUUU</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1210544432627347457?ref_src=twsrc%5Etfw">December 27, 2019</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Meanwhile, Union Home Minister Amit Shah on Friday said that India is witnessing the "<a href="https://www.wionews.com/india-news/india-is-witnessing-temporary-effects-of-global-slowdown-amit-shah-270648">temporary effects of a global slowdown</a>" and that Finance Minister Nirmala Sitharaman is working day and night to fight it.&nbsp;

"I believe the Indian economy will be the first to be free from the slowdown in the world," Shah said at an event today.&nbsp;

Shah's comments came while he was addressing investors at the first groundbreaking ceremony of Himachal Pradesh Global Investors Meet-2019 in Shimla, Himachal Pradesh.

Shah said the government was working to deal with the effect of the slowdown.

The minister said Finance Minister Nirmala Sitharaman and her deputy Anurag Thakur were working on working are on various plans to fight with this global slowdown under the leadership of Prime Minister Narendra Modi.

(With inputs from ANI)&nbsp;

The Reserve Bank of India on Friday released its 'Financial Stability Report' and said that despite weakening domestic growth, India's financial system remains stable, news agency ANI reported.

The Reserve Bank of India on Friday released its 'Financial Stability Report' and said that despite weakening domestic growth, India's financial system remains stable, news agency ANI reported. The RBI stated that the banking sector's resilience has improved, however, "risks from global/domestic economic uncertainties and geopolitical developments persist". RBI releases Financial Stability Report. It states 'India’s financial system remains stable notwithstanding weakening domestic growth; resilience of banking sector has improved. Risks from global/domestic economic uncertainties & geopolitical developments, however, persist' pic.twitter.com/rUtFozRUUU — ANI (@ANI) December 27, 2019 × Meanwhile, Union Home Minister Amit Shah on Friday said that India is witnessing the "temporary effects of a global slowdown" and that Finance Minister Nirmala Sitharaman is working day and night to fight it. "I believe the Indian economy will be the first to be free from the slowdown in the world," Shah said at an event today. Shah's comments came while he was addressing investors at the first groundbreaking ceremony of Himachal Pradesh Global Investors Meet-2019 in Shimla, Himachal Pradesh. Shah said the government was working to deal with the effect of the slowdown. The minister said Finance Minister Nirmala Sitharaman and her deputy Anurag Thakur were working on working are on various plans to fight with this global slowdown under the leadership of Prime Minister Narendra Modi. (With inputs from ANI)

India's financial system stable despite weakening domestic growth: RBI

Credit growth at Indian banks has dropped to its lowest level in nearly two years, <a href="https://www.wionews.com/india-news/reserve-bank-of-india-increases-withdrawal-limit-for-punjab-and-maharashtra-cooperative-bank-to-rs-40000-255916">the latest Reserve Bank of India (RBI)</a> data shows, as slowing domestic consumption weighs on demand.

This adds to the challenges facing Narendra Modi as he begins his second term as prime minister with India's economy at its weakest levels in six years.

"The slowdown in credit growth this time is a result of both reduced demand and supply," Madan Sabnavis, chief economist at CARE ratings, said.

Lending growth by banks had nearly halved to 8.8 per cent&nbsp;at the end-September from the start of the year.

The RBI data includes all banks in India, which is dominated by state-run lenders Bank of Baroda, Punjab National Bank&nbsp;and Union Bank of India as well as private ones such as HDFC Bank&nbsp;and ICICI Bank.

While retail lending has driven growth, banks are taking a more cautious approach on some consumer loans.

"In certain retail loans we're seeing customers delaying the payments by a few days over the due date," said the head of consumer banking segment of a private bank, adding that this does not bode well when corporate lending has plunged.

A report last month by India Ratings predicts "further moderation" retail lending in 2020 "given the consumption slowdown across segments including housing and auto".

"Even the unsecured loans, which include credit cards, education loans and other personal loans have seen a moderation in growth," the report said.

India's lending problems have been compounded by a drying up of liquidity in the shadow banking sector last year after the collapse of infrastructure lending group IL&amp;FS.

While some major non-banking financial companies (NBFCs) have been going slow on lending, others stopped completely.

However, banks have not used this opportunity to win market share from NBFCs, which accounted for 30 per cent&nbsp;of auto loans and more than 40 per cent&nbsp;of home loans until the end of last year.

The weak growth in lending comes at a time when banks have been cutting interest rates and making it cheaper to borrow.

So far in 2019, the RBI has reduced the repo rate by 135 basis points. Even though banks have not matched this, the pace of cuts has picked up in the last few months.

A high credit-deposit ratio has been one of the key reasons why banks have struggled to cut interest rates. But with credit growth falling faster than deposit growth, banks may have a bit more room to transmit rate cuts.

A credit-deposit ratio above 75 per cent&nbsp;indicates pressure on banks' resources as they have to set aside funds to maintain a cash reserve ratio of 4% and a statutory liquidity ratio of 18.5 per cent.

In an attempt to push banks to pass rate cuts on to their customers, the RBI has required them to link all loans to an external benchmark such as the repo rate since the start of this month. While this is expected to push rates down, economists are not sure this will help spur credit demand.

"Credit growth is expected to remain sub 10 per cent," Sabnavis said.

Credit growth at Indian banks has dropped to its lowest level in nearly two years, the latest Reserve Bank of India (RBI) data shows, as slowing domestic consumption weighs on demand.

Credit growth at Indian banks has dropped to its lowest level in nearly two years, the latest Reserve Bank of India (RBI) data shows, as slowing domestic consumption weighs on demand. This adds to the challenges facing Narendra Modi as he begins his second term as prime minister with India's economy at its weakest levels in six years. "The slowdown in credit growth this time is a result of both reduced demand and supply," Madan Sabnavis, chief economist at CARE ratings, said. Lending growth by banks had nearly halved to 8.8 per cent at the end-September from the start of the year. The RBI data includes all banks in India, which is dominated by state-run lenders Bank of Baroda, Punjab National Bank and Union Bank of India as well as private ones such as HDFC Bank and ICICI Bank. While retail lending has driven growth, banks are taking a more cautious approach on some consumer loans. "In certain retail loans we're seeing customers delaying the payments by a few days over the due date," said the head of consumer banking segment of a private bank, adding that this does not bode well when corporate lending has plunged. A report last month by India Ratings predicts "further moderation" retail lending in 2020 "given the consumption slowdown across segments including housing and auto". "Even the unsecured loans, which include credit cards, education loans and other personal loans have seen a moderation in growth," the report said. India's lending problems have been compounded by a drying up of liquidity in the shadow banking sector last year after the collapse of infrastructure lending group IL&FS. While some major non-banking financial companies (NBFCs) have been going slow on lending, others stopped completely. However, banks have not used this opportunity to win market share from NBFCs, which accounted for 30 per cent of auto loans and more than 40 per cent of home loans until the end of last year. The weak growth in lending comes at a time when banks have been cutting interest rates and making it cheaper to borrow. So far in 2019, the RBI has reduced the repo rate by 135 basis points. Even though banks have not matched this, the pace of cuts has picked up in the last few months. A high credit-deposit ratio has been one of the key reasons why banks have struggled to cut interest rates. But with credit growth falling faster than deposit growth, banks may have a bit more room to transmit rate cuts. A credit-deposit ratio above 75 per cent indicates pressure on banks' resources as they have to set aside funds to maintain a cash reserve ratio of 4% and a statutory liquidity ratio of 18.5 per cent. In an attempt to push banks to pass rate cuts on to their customers, the RBI has required them to link all loans to an external benchmark such as the repo rate since the start of this month. While this is expected to push rates down, economists are not sure this will help spur credit demand. "Credit growth is expected to remain sub 10 per cent," Sabnavis said.

Slowing Indian bank lending overshadows economic rebound hopes

The RBI's monetary policy committee on October 4, 2019, i.e. Friday announced the fifth consecutive rate cut this year to support government measures for boosting economic activity amid benign inflation. Watch this video to know more.

RBI Credit Policy: Central bank cuts rate by 25 bps to 5.15%

Italy&nbsp;will&nbsp;cut&nbsp;its&nbsp;target&nbsp;for economic&nbsp;growth&nbsp;next year to&nbsp;around&nbsp;0.6 per cent, three&nbsp;sources&nbsp;close to the matter told Reuters on Monday, as the government prepares its&nbsp;2020&nbsp;budget to be presented to parliament later this month.

The previous&nbsp;target, issued in April, envisaged&nbsp;growth&nbsp;of 0.8 per cent.&nbsp;Growth&nbsp;this year is now seen at just 0.1 per cent, compared with an April projection of 0.2 per cent.

Under an unchanged policy scenario, the gross domestic product next year would be&nbsp;around&nbsp;0.4 per cent, which will be bolstered slightly by&nbsp;growth-enhancing measures in the budget, said two of the&nbsp;sources&nbsp;who asked not to be named.

The new&nbsp;targets, which will form the framework of the budget, must be formally published by Friday.

The budget deficit will be&nbsp;targeted at close to 2.2 per cent of gross domestic product, two of the&nbsp;sources&nbsp;said, though they added that marginal last-minute changes were possible due to ongoing negotiations with the European Commission.

The 2.2 per cent target&nbsp;pencilled in is more likely to be reduced than raised, they said.

This year's deficit is currently officially&nbsp;targeted at 2.04 per cent, but the&nbsp;sources&nbsp;said it would come in somewhat lower.

Brussel's main request is that the so-called "structural" deficit, stripped of the effects of the business cycle and one-off items, should not increase next year, one of the sources said.

The Treasury declined to comment.

Italy will cut its target for economic growth next year to around 0.6 per cent, three sources close to the matter told Reuters on Monday, as the government prepares its 2020 budget to be presented to parliament later this month.

Italy will cut its target for economic growth next year to around 0.6 per cent, three sources close to the matter told Reuters on Monday, as the government prepares its 2020 budget to be presented to parliament later this month. The previous target, issued in April, envisaged growth of 0.8 per cent. Growth this year is now seen at just 0.1 per cent, compared with an April projection of 0.2 per cent. Under an unchanged policy scenario, the gross domestic product next year would be around 0.4 per cent, which will be bolstered slightly by growth-enhancing measures in the budget, said two of the sources who asked not to be named. The new targets, which will form the framework of the budget, must be formally published by Friday. The budget deficit will be targeted at close to 2.2 per cent of gross domestic product, two of the sources said, though they added that marginal last-minute changes were possible due to ongoing negotiations with the European Commission. The 2.2 per cent target pencilled in is more likely to be reduced than raised, they said. This year's deficit is currently officially targeted at 2.04 per cent, but the sources said it would come in somewhat lower. Brussel's main request is that the so-called "structural" deficit, stripped of the effects of the business cycle and one-off items, should not increase next year, one of the sources said. The Treasury declined to comment.

Italy to cut 2020 GDP growth target to around 0.6 per cent: Sources

Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday.

The measures include a review of import tariffs on certain items ahead of Prime Minister Narendra Modi's visit to the United States, the sources said.

"We are waiting for the approval from the prime minister's office, and the measures could be announced on Friday," one of the government sources told Reuters.

The sources declined to be named as they were not authorized to speak to the media.

Any relaxation of tariffs on US&nbsp;imports would be seen as a step in easing a trade row between the two countries that has accelerated in Modi's second term.

The trade row has prompted both countries to raise tariffs and created unease over the depth of their security alliance.

The federal government is also urging the Goods and Services Tax (GST) council to cut tax rates on items including auto sector products and tourism, said one of the sources, who attended a meeting of state and federal officials in Panaji on Thursday to discuss the impact of the economic slowdown and implications of possible tax cuts.

Some states oppose tax cuts as they fear it would impact their revenue collections, and may not boost sales, he said.

Finance ministry officials have warned that the economic slowdown has led to lower tax collections, and they may have to utilize an extra dividend of nearly 580 billion rupees&nbsp;this year from the central bank to fund budgeted spending.

"We were planning to spend RBI money (the extra dividend) for new investments. It does not seem possible now," said one of the sources.

The government would have to resort to spending cuts in the January-March quarter because of a fall in tax collections and stiff fiscal deficit target for this year, the sources said.

As the government seeks to keep liquidity flowing, Sitharaman urged banks on Thursday to increase lending to small businesses and retail borrowers to spur spending ahead of the final quarter festive season.

Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday.

Finance Minister Nirmala Sitharaman is likely to unveil measures to boost economic growth, which slipped to a six-year low of 5% in the April-June quarter, two government sources said on Thursday. The measures include a review of import tariffs on certain items ahead of Prime Minister Narendra Modi's visit to the United States, the sources said. "We are waiting for the approval from the prime minister's office, and the measures could be announced on Friday," one of the government sources told Reuters. The sources declined to be named as they were not authorized to speak to the media. Any relaxation of tariffs on US imports would be seen as a step in easing a trade row between the two countries that has accelerated in Modi's second term. The trade row has prompted both countries to raise tariffs and created unease over the depth of their security alliance. The federal government is also urging the Goods and Services Tax (GST) council to cut tax rates on items including auto sector products and tourism, said one of the sources, who attended a meeting of state and federal officials in Panaji on Thursday to discuss the impact of the economic slowdown and implications of possible tax cuts. Some states oppose tax cuts as they fear it would impact their revenue collections, and may not boost sales, he said. Finance ministry officials have warned that the economic slowdown has led to lower tax collections, and they may have to utilize an extra dividend of nearly 580 billion rupees this year from the central bank to fund budgeted spending. "We were planning to spend RBI money (the extra dividend) for new investments. It does not seem possible now," said one of the sources. The government would have to resort to spending cuts in the January-March quarter because of a fall in tax collections and stiff fiscal deficit target for this year, the sources said. As the government seeks to keep liquidity flowing, Sitharaman urged banks on Thursday to increase lending to small businesses and retail borrowers to spur spending ahead of the final quarter festive season.

Finance Minister Nirmala Sitharaman likely to unveil measures to boost economic growth: Sources

Indian shares closed over 1 per cent&nbsp;lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.

The broader NSE Nifty ended 1.25 per cent&nbsp;down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent&nbsp;to 36,093.47.

"There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi.

"There is chaos and the benefit of the doubt that markets were giving to the government that they may come to the rescue is not holding up."

Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally.

Yes Bank Ltd, which fell 15.76 per cent,&nbsp;was the top decliner on the NSE index.

The Nifty PSU bank index shed 2.25 per cent,&nbsp;with all 12 constituents closing below 1 per cent.

The Nifty Metals index settled 1.63 per cent&nbsp;lower, with 13 out of 15 constituents finishing in the red.

Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent&nbsp;to its lowest in nearly five years.

Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Indian shares closed over 1 per cent lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.

Indian shares closed over 1 per cent lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth. The broader NSE Nifty ended 1.25 per cent down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent to 36,093.47. "There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi. "There is chaos and the benefit of the doubt that markets were giving to the government that they may come to the rescue is not holding up." Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally. Yes Bank Ltd, which fell 15.76 per cent, was the top decliner on the NSE index. The Nifty PSU bank index shed 2.25 per cent, with all 12 constituents closing below 1 per cent. The Nifty Metals index settled 1.63 per cent lower, with 13 out of 15 constituents finishing in the red. Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent to its lowest in nearly five years. Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Nifty, Sensex end over 1% lower; banks, metal stocks take a beating

Indian shares closed over 1 per cent&nbsp;lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth.

The broader NSE Nifty ended 1.25 per cent&nbsp;down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent&nbsp;to 36,093.47.

"There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi.

"There is chaos and the benefit of doubt that markets were giving to the government that they may come to the rescue is not holding up."

Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally.

Yes Bank Ltd, which fell 15.76 per cent,&nbsp;was the top decliner on the NSE index.

The Nifty PSU bank index shed 2.25 per cent,&nbsp;with all 12 constituents closing below 1 per cent.

The Nifty Metals index settled 1.63 per cent&nbsp;lower, with 13 out of 15 constituents finishing in the red.

Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent&nbsp;to its lowest in nearly five years.

Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

Indian shares closed over 1 per cent lower on Thursday, with financial and metal stocks falling the most, as markets remained wary of government's measures to revive slowing economic growth. The broader NSE Nifty ended 1.25 per cent down at 10,704.80, while the benchmark BSE Sensex fell 1.29 per cent to 36,093.47. "There is a clear disappointment in the market. The government is showing intent to help, but that is not enough to calm down investors", said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi. "There is chaos and the benefit of doubt that markets were giving to the government that they may come to the rescue is not holding up." Indian markets have been hammered so far this week on concerns around surging crude prices and slowing economic growth, both at home and globally. Yes Bank Ltd, which fell 15.76 per cent, was the top decliner on the NSE index. The Nifty PSU bank index shed 2.25 per cent, with all 12 constituents closing below 1 per cent. The Nifty Metals index settled 1.63 per cent lower, with 13 out of 15 constituents finishing in the red. Shares of lender Indiabulls Housing Finance Ltd fell as much as 9.06 per cent to its lowest in nearly five years. Meanwhile, only seven out of 50 stocks on the blue-chip index ended higher.

President Donald Trump wants US "interest rates down to zero, or less," he tweeted Wednesday amid widespread expectations that the Federal Reserve will cut rates later this month.

"We should then start to refinance our debt. Interest cost could be brought way down,&nbsp;while at the same time substantially lengthening the term," he added.

"It is only the naivete of Jay Powell and the Federal Reserve that doesn't allow us to do what other countries are already doing," he asserted.

"A once in a lifetime opportunity that we are missing because of 'Boneheads,"&nbsp;Trump said, in perhaps his most insulting comment to date about the US central bank.

As it becomes increasingly apparent that the US economy has slowed in 2019, in large part because of concerns about Trump's trade war with China, Trump has publicly berated Fed Chair Jerome Powell and the independent Fed for failing to loosen monetary policy fast enough.

The "Federal Reserve should get our interest rates down to zero, or less," Trump said.

Investors overwhelmingly expect the Fed to deliver a 25-basis-point rate cut next week. But cutting to zero would be an extreme move reserved only for a severe economic crisis.

After raising the benchmark lending rate four times last year, to a range of 2.0-2.25 per cent, the central bank cut in July for the first time in more than a decade, partly as insurance against the impact of trade uncertainties on the economy.

Powell has vowed to act to ensure that American economic expansion continues but warned the central bank has no "rulebook" for dealing with trade conflict.

Trump selected Powell to take over Fed leadership but has heaped constant criticism on him for his handling of the policy, even speculating about whether he may be a bigger "enemy" than Beijing.

With many of the world's central banks cutting rates amid signs of flagging economic growth, Trump says the Fed is putting the United States at a disadvantage.

He also has complained about the Fed's efforts to reduce its massive holdings of securities, that were built up during the 2008 global financial crisis after rates were cut to zero in an attempt to shore up the ravaged economy.

"We have the great currency, power, and balance sheet," he tweeted.

While the Fed is not expecting a recession, trade frictions, as well as slower global growth and persistently low inflation, are among the "significant risks" that policymakers are watching, the Fed chair said during a conversation at the University of Zurich on Friday.

The US economic landscape has shifted this year, as business investment has weakened noticeably, manufacturing has fallen into decline and job creation has slowed.

And with other world economies slowing, the US dollar has strengthened as investors find a safe haven in purchases of US assets like government debt.

The stronger dollar tends to make US exports more expensive.

The Fed chair noted, however, that unemployment had remained near historic lows for about 18 months while wages were rising, fueling consumer spending.

Powell, whom Trump promoted to Fed chairman last year, has reiterated that he and his Fed colleagues ignore such comments when they set monetary policy.

President Donald Trump wants US "interest rates down to zero, or less," he tweeted Wednesday amid widespread expectations that the Federal Reserve will cut rates later this month.

President Donald Trump wants US "interest rates down to zero, or less," he tweeted Wednesday amid widespread expectations that the Federal Reserve will cut rates later this month. "We should then start to refinance our debt. Interest cost could be brought way down, while at the same time substantially lengthening the term," he added. "It is only the naivete of Jay Powell and the Federal Reserve that doesn't allow us to do what other countries are already doing," he asserted. "A once in a lifetime opportunity that we are missing because of 'Boneheads," Trump said, in perhaps his most insulting comment to date about the US central bank. As it becomes increasingly apparent that the US economy has slowed in 2019, in large part because of concerns about Trump's trade war with China, Trump has publicly berated Fed Chair Jerome Powell and the independent Fed for failing to loosen monetary policy fast enough. The "Federal Reserve should get our interest rates down to zero, or less," Trump said. Investors overwhelmingly expect the Fed to deliver a 25-basis-point rate cut next week. But cutting to zero would be an extreme move reserved only for a severe economic crisis. After raising the benchmark lending rate four times last year, to a range of 2.0-2.25 per cent, the central bank cut in July for the first time in more than a decade, partly as insurance against the impact of trade uncertainties on the economy. Powell has vowed to act to ensure that American economic expansion continues but warned the central bank has no "rulebook" for dealing with trade conflict. Trump selected Powell to take over Fed leadership but has heaped constant criticism on him for his handling of the policy, even speculating about whether he may be a bigger "enemy" than Beijing. With many of the world's central banks cutting rates amid signs of flagging economic growth, Trump says the Fed is putting the United States at a disadvantage. He also has complained about the Fed's efforts to reduce its massive holdings of securities, that were built up during the 2008 global financial crisis after rates were cut to zero in an attempt to shore up the ravaged economy. "We have the great currency, power, and balance sheet," he tweeted. While the Fed is not expecting a recession, trade frictions, as well as slower global growth and persistently low inflation, are among the "significant risks" that policymakers are watching, the Fed chair said during a conversation at the University of Zurich on Friday. The US economic landscape has shifted this year, as business investment has weakened noticeably, manufacturing has fallen into decline and job creation has slowed. And with other world economies slowing, the US dollar has strengthened as investors find a safe haven in purchases of US assets like government debt. The stronger dollar tends to make US exports more expensive. The Fed chair noted, however, that unemployment had remained near historic lows for about 18 months while wages were rising, fueling consumer spending. Powell, whom Trump promoted to Fed chairman last year, has reiterated that he and his Fed colleagues ignore such comments when they set monetary policy.

Bring interest rates down to zero, or less: Trump to Federal Reserve

<a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a> on Wednesday cut its forecast for growth in world <a href="https://www.wionews.com/business-economy/oil-edges-down-on-lower-demand-outlook-us-china-trade-dispute-242428">oil demand</a> in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.

In a monthly report, the Organization of the Petroleum Exporting Countries said <a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741">oil</a> demand worldwide would expand by 1.08 million barrels per day, 60,000 BPD&nbsp;less than previously estimated, and indicated the market would be in surplus.

The weaker outlook amid a <a href="https://www.wionews.com/photos/us-china-trade-war-in-10-dates-241155#march-8-2018-tax-on-steel-aluminium-241132">US-China trade war</a>&nbsp;and Brexit could press the case for OPEC and its allies to maintain or adjust their policy of cutting output.

Iraq said ministers would on Thursday discuss whether deeper cuts were needed.

OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 per cent&nbsp;from 3.2 per cent&nbsp;and said next year's increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States.

"This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance," the report said.

OPEC, Russia and other producers have since January&nbsp;1 implemented a deal to cut output by 1.2 million BPD. The alliance, known as OPEC+, in July renewed the pact until March 2020 and a committee reviewing the pact meets on Thursday.

Oil prices pared an earlier gain after the report was released to sit just below $63 a barrel.

Despite the OPEC-led cut, oil has tumbled from April's 2019 peak above $75, pressured by trade concerns and an economic slowdown.

The report said oil inventories in industrialised economies fell in July, a development that could ease OPEC concern over a possible glut.

Even so, stocks in July exceeded the five-year average,&nbsp;a yardstick OPEC watches closely&nbsp;by 36 million barrels.

OPEC and its partners have been limiting supply since 2017, helping to clear a glut that built up in 2014-2016 when producers pumped at will, and revive prices.

The policy has given a sustained boost to US&nbsp;shale and other rival supply, and the report suggests the world will need less OPEC crude next year.

Demand for OPEC crude will average 29.40 million BPD in 2020, OPEC said, down 1.2 million BPD from this year.

OPEC said its oil output in August rose, however, by 136,000 bpd to 29.74 million BPD according to figures the group collects from secondary sources.

It was the first increase this year. <a href="https://www.wionews.com/business-economy/saudi-arabia-replaces-aramco-chairman-ahead-of-potential-ipo-247313">Saudi Arabia</a>, Iraq and Nigeria boosted supply.

Top exporter Saudi Arabia told OPEC that the kingdom raised August output by just over 200,000 BPD to 9.789 million BPD. Saudi Arabia continues to pump far less than its quota of 10.311 BPD.

Thanks in part to Saudi restraint, producers are still over-complying with the supply-cutting deal. Losses in Iran and Venezuela, two OPEC members facing US sanctions, have widened the supply reduction.

August's increase, however, puts OPEC output further above the 2020 demand forecast.

The report suggests there will be a 2020 supply surplus of 340,000 BPD if OPEC keeps pumping at August's rate and other things remain equal, more than the surplus forecast in last month's report.

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude. In a monthly report, the Organization of the Petroleum Exporting Countries said oil demand worldwide would expand by 1.08 million barrels per day, 60,000 BPD less than previously estimated, and indicated the market would be in surplus. The weaker outlook amid a US-China trade war and Brexit could press the case for OPEC and its allies to maintain or adjust their policy of cutting output. Iraq said ministers would on Thursday discuss whether deeper cuts were needed. OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 per cent from 3.2 per cent and said next year's increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States. "This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance," the report said. OPEC, Russia and other producers have since January 1 implemented a deal to cut output by 1.2 million BPD. The alliance, known as OPEC+, in July renewed the pact until March 2020 and a committee reviewing the pact meets on Thursday. Oil prices pared an earlier gain after the report was released to sit just below $63 a barrel. Despite the OPEC-led cut, oil has tumbled from April's 2019 peak above $75, pressured by trade concerns and an economic slowdown. The report said oil inventories in industrialised economies fell in July, a development that could ease OPEC concern over a possible glut. Even so, stocks in July exceeded the five-year average, a yardstick OPEC watches closely by 36 million barrels. OPEC and its partners have been limiting supply since 2017, helping to clear a glut that built up in 2014-2016 when producers pumped at will, and revive prices. The policy has given a sustained boost to US shale and other rival supply, and the report suggests the world will need less OPEC crude next year. Demand for OPEC crude will average 29.40 million BPD in 2020, OPEC said, down 1.2 million BPD from this year. OPEC said its oil output in August rose, however, by 136,000 bpd to 29.74 million BPD according to figures the group collects from secondary sources. It was the first increase this year. Saudi Arabia, Iraq and Nigeria boosted supply. Top exporter Saudi Arabia told OPEC that the kingdom raised August output by just over 200,000 BPD to 9.789 million BPD. Saudi Arabia continues to pump far less than its quota of 10.311 BPD. Thanks in part to Saudi restraint, producers are still over-complying with the supply-cutting deal. Losses in Iran and Venezuela, two OPEC members facing US sanctions, have widened the supply reduction. August's increase, however, puts OPEC output further above the 2020 demand forecast. The report suggests there will be a 2020 supply surplus of 340,000 BPD if OPEC keeps pumping at August's rate and other things remain equal, more than the surplus forecast in last month's report.

OPEC cuts 2020 oil demand forecast, urges effort to avert a new glut

Oil prices rose on Wednesday after a reported sharp drop in US&nbsp;crude stocks and <a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a>&nbsp;member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns.

Brent crude gained 52 cents, or 0.8 per cent, to $62.90 a barrel by 1027 GMT, while US&nbsp;West Texas Intermediate rose 60 cents, or 1.1 per cent, to $58 a barrel.

Oil prices have risen more than 7 per cent this&nbsp;month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers.

Prices rose this week after <a href="https://www.wionews.com/world/new-saudi-energy-minister-a-royal-with-decades-of-experience-in-opec-cuts-248719">Prince Abdulaziz bin Salman</a>, Saudi Arabia's new energy minister, said oil policy would not change and said an OPEC deal with Russia and other producers to cut output by 1.2 million barrels per day (BPD) would be maintained.

Iraqi Oil Minister Thamer Ghadhban said the Organization of the Petroleum Exporting Countries would discuss whether to deepen cuts when ministers meet on Thursday.

He said OPEC had discussed cuts of 1.6 million to 1.8 million BPD when considering output curbs last year.

Russia's Energy Minister Alexander Novak said an alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but added that there were no fresh proposals to change production cut volumes.

<a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741">OPEC cut</a> its forecast on Wednesday for growth in world oil demand in 2020 by 60,000 BPD to 1.08 million BPD, due to an economic slowdown.

It indicated the market would be in surplus.

The US Energy Information Administration (EIA) also slashed its demand forecasts this week.

Growing signs of a slowdown were flagged by oil traders and executives attending industry gatherings in Singapore and Abu Dhabi this week.

OPEC has pointed to rising global production next year, particularly in US shale fields, while data from the American Petroleum Institute (API) showed US&nbsp;crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast.

"The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand," Dutch bank ING said.

The EIA's official numbers for US&nbsp;inventories will be released at 1430 GMT on Wednesday.

Oil prices rose on Wednesday after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns.

Oil prices rose on Wednesday after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns. Brent crude gained 52 cents, or 0.8 per cent, to $62.90 a barrel by 1027 GMT, while US West Texas Intermediate rose 60 cents, or 1.1 per cent, to $58 a barrel. Oil prices have risen more than 7 per cent this month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers. Prices rose this week after Prince Abdulaziz bin Salman, Saudi Arabia's new energy minister, said oil policy would not change and said an OPEC deal with Russia and other producers to cut output by 1.2 million barrels per day (BPD) would be maintained. Iraqi Oil Minister Thamer Ghadhban said the Organization of the Petroleum Exporting Countries would discuss whether to deepen cuts when ministers meet on Thursday. He said OPEC had discussed cuts of 1.6 million to 1.8 million BPD when considering output curbs last year. Russia's Energy Minister Alexander Novak said an alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but added that there were no fresh proposals to change production cut volumes. OPEC cut its forecast on Wednesday for growth in world oil demand in 2020 by 60,000 BPD to 1.08 million BPD, due to an economic slowdown. It indicated the market would be in surplus. The US Energy Information Administration (EIA) also slashed its demand forecasts this week. Growing signs of a slowdown were flagged by oil traders and executives attending industry gatherings in Singapore and Abu Dhabi this week. OPEC has pointed to rising global production next year, particularly in US shale fields, while data from the American Petroleum Institute (API) showed US crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast. "The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand," Dutch bank ING said. The EIA's official numbers for US inventories will be released at 1430 GMT on Wednesday.

International oil prices gain after fall in US stocks

India's monsoon rains were 20% below average in the week ending on Wednesday, the weather office said, as summer showers turned patchy over the central, western and southern parts of the country, raising concerns over the progress of crop plantings.

Overall, India has received 16% below average rain since the <a href="https://www.wionews.com/world/monsoon-rains-wreaking-flood-havoc-across-south-asia-236353">monsoon season</a> began on June 1.

Monsoon rains are crucial for farm output and economic growth in India, where about 55% of all arable land is reliant on rainfall and the farm sector employs nearly half of the country's 1.3 billion people.

India typically receives 75 per cent of its annual rain from the June-September monsoon as moisture-laden winds sweep in from the southwest of the peninsula.

In the week to July 17, soybean and cotton areas in the central parts of the country received 68% less than average rainfall, while rubber and tea areas in southern India got 71% lower rains, data from the India Meteorological Department (IMD) showed.

Key sugarcane and groundnut producing areas in western India also received below-average rains, the IMD data showed.

The IMD defines average, or normal, rainfall as between 96 per cent and 104 per cent of a 50-year average of 89 centimetres for the entire four-month season beginning June.

Indian farmers plant rice, cane, corn, cotton, soybean and groundnut -- the main winter oilseeds -- in the rainy months of June and July, with harvests from October.

Patchy rains have led to some anxious sky-watching, even as floods in eastern and northeastern India have displaced and killed people.

At least 5.8 million people have been displaced and some 30 have died in the past two weeks in the tea-growing state of Assam due to the monsoon rains.

Assam and Bihar states have been the <a href="https://www.wionews.com/india-news/death-toll-in-assam-floods-reaches-37-situation-still-grim-237012">worst-affected parts of India</a>, and floods have also hit neighbouring Nepal and Bangladesh.

At least 153 people have been killed in India, Nepal and Bangladesh. Parts of Pakistan have also seen flooding.

Although India is sitting on massive mounds of staples such as rice, wheat and sugar, any drop in oilseed production will push up imports of expensive vegetable oils.

India imports about 60% of its vegetable oil need at an annual cost of up to $10 billion – its third-biggest import item after crude oil and gold.

India's monsoon rains were 20% below average in the week ending on Wednesday, the weather office said, as summer showers turned patchy over the central, western and southern parts of the country, raising concerns over the progress of crop plantings.

India's monsoon rains were 20% below average in the week ending on Wednesday, the weather office said, as summer showers turned patchy over the central, western and southern parts of the country, raising concerns over the progress of crop plantings. Overall, India has received 16% below average rain since the monsoon season began on June 1. Monsoon rains are crucial for farm output and economic growth in India, where about 55% of all arable land is reliant on rainfall and the farm sector employs nearly half of the country's 1.3 billion people. India typically receives 75 per cent of its annual rain from the June-September monsoon as moisture-laden winds sweep in from the southwest of the peninsula. In the week to July 17, soybean and cotton areas in the central parts of the country received 68% less than average rainfall, while rubber and tea areas in southern India got 71% lower rains, data from the India Meteorological Department (IMD) showed. Key sugarcane and groundnut producing areas in western India also received below-average rains, the IMD data showed. The IMD defines average, or normal, rainfall as between 96 per cent and 104 per cent of a 50-year average of 89 centimetres for the entire four-month season beginning June. Indian farmers plant rice, cane, corn, cotton, soybean and groundnut -- the main winter oilseeds -- in the rainy months of June and July, with harvests from October. Patchy rains have led to some anxious sky-watching, even as floods in eastern and northeastern India have displaced and killed people. At least 5.8 million people have been displaced and some 30 have died in the past two weeks in the tea-growing state of Assam due to the monsoon rains. Assam and Bihar states have been the worst-affected parts of India, and floods have also hit neighbouring Nepal and Bangladesh. At least 153 people have been killed in India, Nepal and Bangladesh. Parts of Pakistan have also seen flooding. Although India is sitting on massive mounds of staples such as rice, wheat and sugar, any drop in oilseed production will push up imports of expensive vegetable oils. India imports about 60% of its vegetable oil need at an annual cost of up to $10 billion – its third-biggest import item after crude oil and gold.

Monsoon rains below average in past week, raising crop worries

China's economic growth slowed to 6.2% in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting U.S. trade pressure. Watch this video to know more.

China: Economic growth slowest in 27 years

Addressing his first press conference after taking over as the <a href="https://www.wionews.com/india-news/proud-to-follow-in-sushma-swarajs-footsteps-says-new-external-affairs-minister-jaishankar-223335">External Affairs Minister</a>&nbsp;S Jaishankar on Thursday emphasised on the importance of focusing on "external aspects" for economic growth.

Speaking at a seminar in Delhi Jaishankar said, "Today, if we want to propel economic change, I think there is a greater responsibility for Indian foreign policy to focus on external aspects of it, to create partnerships and mechanisms which help Indian businesses do their business outside the country".

"There is big responsibility on the External Affairs Ministry to focus on project execution which has strategic significance," he said.

Talking about the Modi government's first five years in power&nbsp;he said, "large&nbsp;majority of people in India have recognised that the country's stature has risen in the world in last five years".

Further talking about the growth of nationalism in the world the EAM said, "Second change I would say is, across the world you have had broadly a growth of nationalism and reasons are very complex, that nationalism has been validated electorally in many places. At one level each is different, but somewhere there is a message out there".

"Third which is actually longer term change is sort of global re-balancing, sharpest manifestation of that is rise of China, to some extent rise of India as well but overall if you look at it in a 20-year time frame, it's very clear relative weights of global economies are changing,"&nbsp;Jaishankar said.

"Today, the emphasis is on tighter integration, the ability for different departments and ministries to work together. I have been a minister for less than a week and I have already spent more time with finance and commerce minister than I may have even spent in my own ministry."

Jaishankar said that India's growth in South Asia was important for the neighbouring countries as it was the largest economy (in South Asia).

"Primary responsibility is on India because we are the largest economy (in South Asia), in that sense our growth can serve as a lifting tide for all our neighbours,if that happens,I don't think we should over-negotiate that. Need to incentivise the cooperation in the neighbourhood, " he said.

"SAARC has certain problems and I think we all know what it is even if you were to put terrorism issue aside, there are connectivity and trade issues. If you look at why BIMSTEC leaders were invited for PM's swearing-in because we see energy, mindset and possibility in BIMSTEC, " the External Affairs Minister said.

(With inputs from ANI)

&nbsp;

Addressing his first press conference after taking over as the External Affairs Minister S Jaishankar on Thursday emphasised on the importance of focusing on "external aspects" for economic growth.

Addressing his first press conference after taking over as the External Affairs Minister S Jaishankar on Thursday emphasised on the importance of focusing on "external aspects" for economic growth. Speaking at a seminar in Delhi Jaishankar said, "Today, if we want to propel economic change, I think there is a greater responsibility for Indian foreign policy to focus on external aspects of it, to create partnerships and mechanisms which help Indian businesses do their business outside the country". "There is big responsibility on the External Affairs Ministry to focus on project execution which has strategic significance," he said. Talking about the Modi government's first five years in power he said, "large majority of people in India have recognised that the country's stature has risen in the world in last five years". Further talking about the growth of nationalism in the world the EAM said, "Second change I would say is, across the world you have had broadly a growth of nationalism and reasons are very complex, that nationalism has been validated electorally in many places. At one level each is different, but somewhere there is a message out there". "Third which is actually longer term change is sort of global re-balancing, sharpest manifestation of that is rise of China, to some extent rise of India as well but overall if you look at it in a 20-year time frame, it's very clear relative weights of global economies are changing," Jaishankar said. "Today, the emphasis is on tighter integration, the ability for different departments and ministries to work together. I have been a minister for less than a week and I have already spent more time with finance and commerce minister than I may have even spent in my own ministry." Jaishankar said that India's growth in South Asia was important for the neighbouring countries as it was the largest economy (in South Asia). "Primary responsibility is on India because we are the largest economy (in South Asia), in that sense our growth can serve as a lifting tide for all our neighbours,if that happens,I don't think we should over-negotiate that. Need to incentivise the cooperation in the neighbourhood, " he said. "SAARC has certain problems and I think we all know what it is even if you were to put terrorism issue aside, there are connectivity and trade issues. If you look at why BIMSTEC leaders were invited for PM's swearing-in because we see energy, mindset and possibility in BIMSTEC, " the External Affairs Minister said. (With inputs from ANI)

For economic growth, foreign policy needs to focus on external aspect: S Jaishankar

Sri Lanka's central bank cut its main lending rate Friday in a bid to revive the island's economy, which was battered by the<a href="https://www.wionews.com/south-asia/nia-team-in-sri-lanka-to-help-in-easter-bombings-case-will-seek-more-details-of-probe-222514"> Easter suicide bombings </a>that killed 258 people.

The Central Bank of Sri Lanka said the rate at which it lent to commercial banks was reduced by 50 basis points to 8.5 per cent to encourage borrowing and mitigate the fallout from the bombings which have scared off tourists.

Forty-five foreigners were among the dead from the April 21 suicide attacks against three Christian churches and three luxury hotels that also left nearly 500 people wounded.&nbsp;

"The Easter Sunday attacks have affected confidence and sentiments of economic agents, particularly disrupting tourism and related activities," the bank said.

"Although normalcy is gradually returning to economic activity, a lower than initially projected growth could be anticipated during 2019."

Sri Lanka's economic growth slowed to 3.2 per cent last year from 3.4 per cent in 2018 but had been expected to pick up in 2019 till the devastating attacks carried out by a homegrown jihadist group.

Finance Minister Mangala Samaraweera said Thursday that he expected losses of $1.5 billion this year because of cancellations by foreign tourists after the bombings.

He said the government was subsidising loans to hotels.

The central bank said it did not expect an increase in inflation as a result of the latest rate cut.

"Inflation is likely to remain in the desired 4.0 to 6.0 per cent range in 2019 and beyond, supported by appropriate policy measures," the bank said.

Two weeks ago, the International Monetary Fund released a delayed loan instalment to Sri Lanka, helping the government efforts.

The global lender released $164 million under a three-year $1.5 billion bailout that was suspended in October during a power struggle between the president and the prime minister.&nbsp;

The months-long row was resolved after the Supreme Court ruled that President Maithripala Sirisena had violated the constitution by sacking Prime Minister Ranil Wickremesinghe's government.

During the crisis, three international credit rating agencies downgraded the country's debt making it more expensive to borrow abroad.

Official figures show that Sri Lanka will have to repay a record $5.9 billion in foreign loans in 2019. Officials say about two-thirds of it has already been paid.

Sri Lanka's central bank cut its main lending rate Friday in a bid to revive the island's economy, which was battered by the Easter suicide bombings that killed 258 people.

Sri Lanka's central bank cut its main lending rate Friday in a bid to revive the island's economy, which was battered by the Easter suicide bombings that killed 258 people. The Central Bank of Sri Lanka said the rate at which it lent to commercial banks was reduced by 50 basis points to 8.5 per cent to encourage borrowing and mitigate the fallout from the bombings which have scared off tourists. Forty-five foreigners were among the dead from the April 21 suicide attacks against three Christian churches and three luxury hotels that also left nearly 500 people wounded. "The Easter Sunday attacks have affected confidence and sentiments of economic agents, particularly disrupting tourism and related activities," the bank said. "Although normalcy is gradually returning to economic activity, a lower than initially projected growth could be anticipated during 2019." Sri Lanka's economic growth slowed to 3.2 per cent last year from 3.4 per cent in 2018 but had been expected to pick up in 2019 till the devastating attacks carried out by a homegrown jihadist group. Finance Minister Mangala Samaraweera said Thursday that he expected losses of $1.5 billion this year because of cancellations by foreign tourists after the bombings. He said the government was subsidising loans to hotels. The central bank said it did not expect an increase in inflation as a result of the latest rate cut. "Inflation is likely to remain in the desired 4.0 to 6.0 per cent range in 2019 and beyond, supported by appropriate policy measures," the bank said. Two weeks ago, the International Monetary Fund released a delayed loan instalment to Sri Lanka, helping the government efforts. The global lender released $164 million under a three-year $1.5 billion bailout that was suspended in October during a power struggle between the president and the prime minister. The months-long row was resolved after the Supreme Court ruled that President Maithripala Sirisena had violated the constitution by sacking Prime Minister Ranil Wickremesinghe's government. During the crisis, three international credit rating agencies downgraded the country's debt making it more expensive to borrow abroad. Official figures show that Sri Lanka will have to repay a record $5.9 billion in foreign loans in 2019. Officials say about two-thirds of it has already been paid.

Sri Lanka cuts rates to boost economy after Easter attacks

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/india-news/china-may-remove-hold-on-masood-azhars-terror-listing-at-un-sources-to-wion-214289&amp;sa=U&amp;ved=2ahUKEwjkv_rcjvfhAhWLQo8KHR1mA3gQFjAFegQIBhAC&amp;usg=AOvVaw3Y7rCR40nPCi-cdnePPLpI">China's</a> non-manufacturing sector saw steady growth in April, according to data released by the National Bureau of Statistics (NBS) on Tuesday.

The purchasing managers' index (PMI) for China's non-manufacturing sector dipped 0.5 percentage points in April to 54.3 per cent. Despite the slower growth, the PMI has remained above 54 per cent for four consecutive months.

Of the 21 industries surveyed, 19 have continued to expand, showing the general trend of the service industry is improving.

"Judging from all the sectors, the business activity indexes for air transportation, express mail service, hotels, telecommunication, leasing, commercial services, and neighborhood services are higher than last month, indicating these sectors are expanding and their business climates are improving," said Shi Zhaohui, director of the NBS's Enterprise Performance Department.

Meanwhile, the construction industry's business activity index stood at 60.1 per cent in April.

"The construction sector index remained higher than 60 per cent, which shows that fixed-asset investment is playing its role in driving the Chinese economy along a steady development track," said Cai Jin, vice president of China Federation of Logistics and Purchasing.

The non-manufacturing PMI tracks sectors including construction, software, aviation, railway transport, real estate, and the service sector. A PMI reading above 50 percent indicates expansion, while a reading below 50 per cent reflects contraction.

China's non-manufacturing sector saw steady growth in April, according to data released by the National Bureau of Statistics (NBS) on Tuesday. The purchasing managers' index (PMI) for China's non-manufacturing sector dipped 0.

China's non-manufacturing sector saw steady growth in April, according to data released by the National Bureau of Statistics (NBS) on Tuesday. The purchasing managers' index (PMI) for China's non-manufacturing sector dipped 0.5 percentage points in April to 54.3 per cent. Despite the slower growth, the PMI has remained above 54 per cent for four consecutive months. Of the 21 industries surveyed, 19 have continued to expand, showing the general trend of the service industry is improving. "Judging from all the sectors, the business activity indexes for air transportation, express mail service, hotels, telecommunication, leasing, commercial services, and neighborhood services are higher than last month, indicating these sectors are expanding and their business climates are improving," said Shi Zhaohui, director of the NBS's Enterprise Performance Department. Meanwhile, the construction industry's business activity index stood at 60.1 per cent in April. "The construction sector index remained higher than 60 per cent, which shows that fixed-asset investment is playing its role in driving the Chinese economy along a steady development track," said Cai Jin, vice president of China Federation of Logistics and Purchasing. The non-manufacturing PMI tracks sectors including construction, software, aviation, railway transport, real estate, and the service sector. A PMI reading above 50 percent indicates expansion, while a reading below 50 per cent reflects contraction.

China's non-manufacturing sector grows steadily in April

Growth in Sub-Saharan Africa has been downgraded to 2.3 percent for 2018, down from 2.5 percent in 2017, according to the April 2019 issue of Africa’s Pulse, the World Bank’s bi-annual analysis of the state of African economies released on Monday, April 8.

Sub-Saharan Africa's economic growth recovery to take longer: World Bank

South Korea will be launching&nbsp;the world’s first fully-fledged 5G mobile networks on Friday, a transformational leap that already has superpowers sparring for control of innovation that could potentially change the day-to-day lives of billions of people.

The superfast communications heralded by fifth-generation wireless technology will ultimately underpin everything from toasters to telephones; from electric cars to power grids.

But while the South has won the race to be first to provide the user experience, that is only one part of a wider battle that has pitted the United States against China and ensnared giants including Huawei.

Hyper-wired South Korea has long had a reputation for technical prowess, and Seoul has made the 5G rollout a priority as it seeks to stimulate stuttering economic growth.

The system will bring smartphones near-instantaneous connectivity -- 20 times faster than the existing 4G -- allowing users to download entire movies in less than a second.

In the same way that 3G enabled widespread mobile web access and 4G made new applications work ranging from social media to Uber, 5G will herald a new level of connectivity, empowered by speed.

It is crucial for the future development of devices ranging from self-driving vehicles that send data traffic to one another in real time, industrial robots, drones and other elements of the Internet of Things.

That makes it a vital part of the infrastructure of tomorrow, and the 5G standard is expected to bring about $565 billion in global economic benefits by 2034, according to the London-based Global System for Mobile Communications, an industry alliance.

'One million devices'&nbsp;

But the implications have pitted Washington against Beijing in an increasingly bitter standoff.

The US has pressed its allies and major economies to avoid 5G solutions from Chinese-owned telecom giant Huawei, citing security risks that technological backdoors could give Beijing access to 5G-connected utilities and other components.

But Chinese firms dominate 5G technology.

Huawei, the global leader, has registered 1,529 5G patents, according to data analysis firm IPlytics.

Combined with manufacturers ZTE and Oppo, plus the China Academy of Telecommunications Technology, Chinese entities own a total of 3,400 patents, it says -- more than a third of the total. &nbsp;&nbsp;

South Korea comes next, with its companies holding 2,051 patents.

In contrast, US firms have 1,368 altogether, IPlytics said -- 29 fewer than Finland's Nokia alone.

All three of South Korea's mobile networks -- KT, SK Telecom and LG UPlus go live with their 5G services.

"5G's hyper speed can connect one million devices within a one square kilometre zone simultaneously," KT said in a report. &nbsp;

On the same day, Samsung Electronics will release the Galaxy S10 5G, the world's first available smartphone using the tech, with rival LG following with the V50s two weeks later.

Cost barrier&nbsp;

More than three million South Koreans will switch to 5G by the end of this year, predicted KT vice-president Lee Pil-Jae.

Until now, no mobile networks have offered nationwide 5G access. In the US, hotspots in a few selected cities have offered 5G speeds but over wifi only, while Qatari firm Ooredoo says it offers 5G services in and around Doha but does not have devices available to use them.

US network carrier Verizon will launch fifth-generation services for mobile users in Chicago and Minneapolis next week, with more than 30 cities due to follow this year.&nbsp;

Japan is also expected to roll out a limited deployment in 2019 before full services start in time for next year's Tokyo Olympics.&nbsp;

But the cost is likely to be a barrier for user uptake initially, analysts say: the cheapest version of the new Galaxy handset will be 1.39 million won ($1,200).

"While there are many cheap 4G smartphones under $300, Samsung's 5G phones are well over $1,000, which could be a major minus point for cost-savvy consumers," a KT representative told AFP.&nbsp;

None of South Korea's three network operators would say how much they have invested in 5G -- but Seoul's economy minister Hong Nam-ki put it at at least $2.6 billion this year alone.

"If 5G is fully implemented," he said, "it will greatly improve people's lives".

South Korea will be launching the world’s first fully-fledged 5G mobile networks on Friday, a transformational leap that already has superpowers sparring for control of innovation that could potentially change the day-to-day lives of billions of people.

South Korea will be launching the world’s first fully-fledged 5G mobile networks on Friday, a transformational leap that already has superpowers sparring for control of innovation that could potentially change the day-to-day lives of billions of people. The superfast communications heralded by fifth-generation wireless technology will ultimately underpin everything from toasters to telephones; from electric cars to power grids. But while the South has won the race to be first to provide the user experience, that is only one part of a wider battle that has pitted the United States against China and ensnared giants including Huawei. Hyper-wired South Korea has long had a reputation for technical prowess, and Seoul has made the 5G rollout a priority as it seeks to stimulate stuttering economic growth. The system will bring smartphones near-instantaneous connectivity -- 20 times faster than the existing 4G -- allowing users to download entire movies in less than a second. In the same way that 3G enabled widespread mobile web access and 4G made new applications work ranging from social media to Uber, 5G will herald a new level of connectivity, empowered by speed. It is crucial for the future development of devices ranging from self-driving vehicles that send data traffic to one another in real time, industrial robots, drones and other elements of the Internet of Things. That makes it a vital part of the infrastructure of tomorrow, and the 5G standard is expected to bring about $565 billion in global economic benefits by 2034, according to the London-based Global System for Mobile Communications, an industry alliance. 'One million devices' But the implications have pitted Washington against Beijing in an increasingly bitter standoff. The US has pressed its allies and major economies to avoid 5G solutions from Chinese-owned telecom giant Huawei, citing security risks that technological backdoors could give Beijing access to 5G-connected utilities and other components. But Chinese firms dominate 5G technology. Huawei, the global leader, has registered 1,529 5G patents, according to data analysis firm IPlytics. Combined with manufacturers ZTE and Oppo, plus the China Academy of Telecommunications Technology, Chinese entities own a total of 3,400 patents, it says -- more than a third of the total. South Korea comes next, with its companies holding 2,051 patents. In contrast, US firms have 1,368 altogether, IPlytics said -- 29 fewer than Finland's Nokia alone. All three of South Korea's mobile networks -- KT, SK Telecom and LG UPlus go live with their 5G services. "5G's hyper speed can connect one million devices within a one square kilometre zone simultaneously," KT said in a report. On the same day, Samsung Electronics will release the Galaxy S10 5G, the world's first available smartphone using the tech, with rival LG following with the V50s two weeks later. Cost barrier More than three million South Koreans will switch to 5G by the end of this year, predicted KT vice-president Lee Pil-Jae. Until now, no mobile networks have offered nationwide 5G access. In the US, hotspots in a few selected cities have offered 5G speeds but over wifi only, while Qatari firm Ooredoo says it offers 5G services in and around Doha but does not have devices available to use them. US network carrier Verizon will launch fifth-generation services for mobile users in Chicago and Minneapolis next week, with more than 30 cities due to follow this year. Japan is also expected to roll out a limited deployment in 2019 before full services start in time for next year's Tokyo Olympics. But the cost is likely to be a barrier for user uptake initially, analysts say: the cheapest version of the new Galaxy handset will be 1.39 million won ($1,200). "While there are many cheap 4G smartphones under $300, Samsung's 5G phones are well over $1,000, which could be a major minus point for cost-savvy consumers," a KT representative told AFP. None of South Korea's three network operators would say how much they have invested in 5G -- but Seoul's economy minister Hong Nam-ki put it at at least $2.6 billion this year alone. "If 5G is fully implemented," he said, "it will greatly improve people's lives".

South Korea to launch world's first national 5G network

Britain's vital services sector shrank in March for the first time in almost three years, with activity slammed by Brexit turmoil and flat economic growth, a key survey showed Wednesday.

The purchasing managers' index (PMI) for services fell from 51.3 in February to 48.9 in March, according to IHS Markit, which compiles the data.

That was the lowest level since July 2016, which was one month after Britons voted in favour of leaving the European Union.

The figure below 50 in the index indicates that the service sector, which accounts for some 80 per cent of British gross domestic product, is in contraction.

"A drop in service sector activity indicates that UK GDP contracted in March, with the economy stalling over the first quarter as a whole and at risk of sliding into a deepening downturn in coming months," said Chris Williamson, a chief business economist at IHS Markit.

The sector is widely regarded as the engine of the British economy -- and any weakness can, therefore, slam the brakes on growth.&nbsp;

Britain's economy had already struggled in the fourth quarter of last year, with anaemic economic growth of just 0.2 per cent.

"Both the services and construction sectors are now in decline and manufacturing is only expanding because of emergency stockpiling ahead of Brexit," said Williamson.

He added that the underlying picture of demand is even worse than the headline numbers suggest.

"Service sector order books have contracted at the steepest rate since the height of the global financial crisis in 2009 so far this year, with companies reporting that Brexit uncertainty has dampened demand and led to cancelled or deferred spending, exacerbating a headwind from slower global economic growth," he said.

The March 2019 reading shocked economists because market expectations had been for a drop in the index -- which is regarded as a crucial barometer of UK business activity -- to 50.9.

"The latest UK services PMI makes it clear that the economy is being hit hard by all the uncertainty in surrounding Brexit," noted ING economist James Smith.

He added: "Of course, it's important to remember that PMIs don't always precisely reflect the extent of a slowdown, merely that an increasing number of firms are reporting worsening conditions.

"That said, this latest reading implies that the first quarter as a whole could see near-stagnant growth." 
&nbsp;

Britain's vital services sector shrank in March for the first time in almost three years, with activity slammed by Brexit turmoil and flat economic growth, a key survey showed Wednesday.

Britain's vital services sector shrank in March for the first time in almost three years, with activity slammed by Brexit turmoil and flat economic growth, a key survey showed Wednesday. The purchasing managers' index (PMI) for services fell from 51.3 in February to 48.9 in March, according to IHS Markit, which compiles the data. That was the lowest level since July 2016, which was one month after Britons voted in favour of leaving the European Union. The figure below 50 in the index indicates that the service sector, which accounts for some 80 per cent of British gross domestic product, is in contraction. "A drop in service sector activity indicates that UK GDP contracted in March, with the economy stalling over the first quarter as a whole and at risk of sliding into a deepening downturn in coming months," said Chris Williamson, a chief business economist at IHS Markit. The sector is widely regarded as the engine of the British economy -- and any weakness can, therefore, slam the brakes on growth. Britain's economy had already struggled in the fourth quarter of last year, with anaemic economic growth of just 0.2 per cent. "Both the services and construction sectors are now in decline and manufacturing is only expanding because of emergency stockpiling ahead of Brexit," said Williamson. He added that the underlying picture of demand is even worse than the headline numbers suggest. "Service sector order books have contracted at the steepest rate since the height of the global financial crisis in 2009 so far this year, with companies reporting that Brexit uncertainty has dampened demand and led to cancelled or deferred spending, exacerbating a headwind from slower global economic growth," he said. The March 2019 reading shocked economists because market expectations had been for a drop in the index -- which is regarded as a crucial barometer of UK business activity -- to 50.9. "The latest UK services PMI makes it clear that the economy is being hit hard by all the uncertainty in surrounding Brexit," noted ING economist James Smith. He added: "Of course, it's important to remember that PMIs don't always precisely reflect the extent of a slowdown, merely that an increasing number of firms are reporting worsening conditions. "That said, this latest reading implies that the first quarter as a whole could see near-stagnant growth."

UK's service sector shrinks for first time since July 2016: Data

In India, a landmark shift in the country’s demography is underway. In 2015, there were 460 million people between the ages of 15 – 34 years. By the 2030s, this number is projected to increase to 490 million – the largest youth population in the world. Such a demographic dividend will entail that the number of people working and contributing to the economy increases significantly. This presents itself as an opportunity for India to become a global leader in terms of economic growth and productivity. However, it could also be a massive problem. &nbsp;

Simply put, there will be a large number of people looking for jobs in their preferred sector. If they do get these jobs they are searching for, and do them efficiently, the economy of India will grow exponentially. However, Indians looking for opportunities today face a major challenge – the lack of skills instilled in them at the elementary school level itself. Less than 50 per cent of Class V students in India can read texts at the reading level of Class II. This lack of rudimentary skills snowballs through high school and college, leading to individuals who are willing to work but lack the skills to do so. If this continues, India will end up wasting the potential of millions of people who could, with the right skills, become hardworking professionals backing the growth of the Indian economy. Instead, it would face a crisis of unemployment and economic distress. &nbsp;

The role of behavioural economics and the ‘nudge’&nbsp;

Economics, as a social science, can enhance the analytical competency and critical thinking of an individual. As a subject of study, economics instils the ability to study the cause and effect of a particular event in a person. Can students specialising in economics, then, understand the need for instilling better skills in students to lead to a more capable set of workers in the long run? The answer is most definitely a positive one.&nbsp;

Students and professionals in the field of economics can organise the workforce by applying behavioural economics to the current educational setup. &nbsp;

According to Richard Thaler’s theory on behavioural economics giving people incentives, or ‘nudges’, can make them act a certain way. To overcome the skill gap in India, the entire education system must be economically incentivised to provide the skill building that is required to train the future workforce of the country. There is a foremost need to transform the way students are imparted education. Students, from a young age, should learn practical life skills along with the usual pedagogy to instill a sense of what they will face in the professional world. Skills like analytical thinking should be ingrained since a young age. Writing, comprehension and effective communication should be taught to students at every stage of education. &nbsp;

Economics as a tool to strengthen the job sector &nbsp;

Too much time has been spent lamenting the jobs problem India has faced post-independence. India’s official unemployment rate of 5 per cent tells us, though, that almost everybody who wants a job has a job, and so perhaps the debate should be about whether Indians have access to the jobs and wages that they need or want. Students of economics will help policymakers to understand the job scenario from an analytical perspective, so that concrete solution can emerge for our jobs problem. In the future, think-tanks and policy organisations will emerge in higher numbers to assist organisations, as well as governments, achieve the optimum combination of different elements required for sustainable growth; such as the composition of man-machine in the workforce, degree of entrepreneurship promotion to boost income, redistribution of labour hours etc. Only students of economics can provide viable answers to such questions as they have a unique understanding of both the human as well as the quantitative side of things. &nbsp;&nbsp;

Transforming educators, education and policies &nbsp;

To achieve this outcome, the country must invest in the compensation of teachers. Underpaid educators contribute less to imparting essential skills in students. Instead, students end up believing in the false power of rote learning. Thinking, analyzing, applying – these are skills that only motivated teachers will teach students. Compensating educators to stay abreast of the latest pedagogical methods and innovations, such as smart classrooms and interactive learning, can ensure that students at every level are given the right educational opportunities. &nbsp;

While educational institutions need to provide better opportunities to students, institutions themselves require better opportunities from the government. The educational sector must look into private sector participation in order to increase the funding they receive for schools and educational programs. Economic compensation is essential to motivate professionals in education, but equally important is ensuring that the programmes thus created are successfully building skills that are relevant in the professional world. Institutions that provide job-relevant training in economics thereby come into the picture. More resources for institutions providing these social skills would lead to a more talented workforce. &nbsp;

A critical step towards skill building of the burgeoning youth population would be to create long term plans within the government which contribute to skilling the youth. Policies related to the education system are in dire need of reformation in terms of compensation, content and method of teaching. At the government level, institutions such as the NITI Aayog can be tasked to modify curriculum to suit the modern student – one who requires better, more future-ready skills right from the outset of his or her education. &nbsp;

Each of the aforementioned requirements can be deeply understood and executed by students who are systematically trained in economics. Students who understand the power of a nudge will be able to fathom how humongous the effect of a simple action can be. Thus training our youth in economics, we are causing an entire generation of workforce, created through a fortunate demographic dividend, to realise its full potential. &nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

In India, a landmark shift in the country’s demography is underway. In 2015, there were 460 million people between the ages of 15 – 34 years. By the 2030s, this number is projected to increase to 490 million – the largest youth population in the world.

In India, a landmark shift in the country’s demography is underway. In 2015, there were 460 million people between the ages of 15 – 34 years. By the 2030s, this number is projected to increase to 490 million – the largest youth population in the world. Such a demographic dividend will entail that the number of people working and contributing to the economy increases significantly. This presents itself as an opportunity for India to become a global leader in terms of economic growth and productivity. However, it could also be a massive problem. Simply put, there will be a large number of people looking for jobs in their preferred sector. If they do get these jobs they are searching for, and do them efficiently, the economy of India will grow exponentially. However, Indians looking for opportunities today face a major challenge – the lack of skills instilled in them at the elementary school level itself. Less than 50 per cent of Class V students in India can read texts at the reading level of Class II. This lack of rudimentary skills snowballs through high school and college, leading to individuals who are willing to work but lack the skills to do so. If this continues, India will end up wasting the potential of millions of people who could, with the right skills, become hardworking professionals backing the growth of the Indian economy. Instead, it would face a crisis of unemployment and economic distress. The role of behavioural economics and the ‘nudge’ Economics, as a social science, can enhance the analytical competency and critical thinking of an individual. As a subject of study, economics instils the ability to study the cause and effect of a particular event in a person. Can students specialising in economics, then, understand the need for instilling better skills in students to lead to a more capable set of workers in the long run? The answer is most definitely a positive one. Students and professionals in the field of economics can organise the workforce by applying behavioural economics to the current educational setup. According to Richard Thaler’s theory on behavioural economics giving people incentives, or ‘nudges’, can make them act a certain way. To overcome the skill gap in India, the entire education system must be economically incentivised to provide the skill building that is required to train the future workforce of the country. There is a foremost need to transform the way students are imparted education. Students, from a young age, should learn practical life skills along with the usual pedagogy to instill a sense of what they will face in the professional world. Skills like analytical thinking should be ingrained since a young age. Writing, comprehension and effective communication should be taught to students at every stage of education. Economics as a tool to strengthen the job sector Too much time has been spent lamenting the jobs problem India has faced post-independence. India’s official unemployment rate of 5 per cent tells us, though, that almost everybody who wants a job has a job, and so perhaps the debate should be about whether Indians have access to the jobs and wages that they need or want. Students of economics will help policymakers to understand the job scenario from an analytical perspective, so that concrete solution can emerge for our jobs problem. In the future, think-tanks and policy organisations will emerge in higher numbers to assist organisations, as well as governments, achieve the optimum combination of different elements required for sustainable growth; such as the composition of man-machine in the workforce, degree of entrepreneurship promotion to boost income, redistribution of labour hours etc. Only students of economics can provide viable answers to such questions as they have a unique understanding of both the human as well as the quantitative side of things. Transforming educators, education and policies To achieve this outcome, the country must invest in the compensation of teachers. Underpaid educators contribute less to imparting essential skills in students. Instead, students end up believing in the false power of rote learning. Thinking, analyzing, applying – these are skills that only motivated teachers will teach students. Compensating educators to stay abreast of the latest pedagogical methods and innovations, such as smart classrooms and interactive learning, can ensure that students at every level are given the right educational opportunities. While educational institutions need to provide better opportunities to students, institutions themselves require better opportunities from the government. The educational sector must look into private sector participation in order to increase the funding they receive for schools and educational programs. Economic compensation is essential to motivate professionals in education, but equally important is ensuring that the programmes thus created are successfully building skills that are relevant in the professional world. Institutions that provide job-relevant training in economics thereby come into the picture. More resources for institutions providing these social skills would lead to a more talented workforce. A critical step towards skill building of the burgeoning youth population would be to create long term plans within the government which contribute to skilling the youth. Policies related to the education system are in dire need of reformation in terms of compensation, content and method of teaching. At the government level, institutions such as the NITI Aayog can be tasked to modify curriculum to suit the modern student – one who requires better, more future-ready skills right from the outset of his or her education. Each of the aforementioned requirements can be deeply understood and executed by students who are systematically trained in economics. Students who understand the power of a nudge will be able to fathom how humongous the effect of a simple action can be. Thus training our youth in economics, we are causing an entire generation of workforce, created through a fortunate demographic dividend, to realise its full potential. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Asking the right questions - how students of economics can bridge skill gap in India

A top American business advocacy group on Friday lauded the interim budget presented by Finance Minister Piyush Goyal, saying that the many positive elements in it will support consumer spending and economic growth.

Reaching out to a large electorate ahead of the Lok Sabha polls, the Modi government Friday announced a cash dole for small farmers, a mega pension scheme for the unorganised sector and doubled the threshold income tax exemption limit to Rs 5 lakh.

Minister Goyal proposed an array of incentives for both middle-class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections.

"We see many positive elements that will support consumer spending and economic growth, including a boost in defence and health spending as well as a renewed focus on digitisation of government processes as well as artificial intelligence," US India Business Council (USIBC) president Nisha Desai Biswal told.

The creation of a single window for approvals in film production will boost the media and entertainment industries as well as measures on anti-piracy, she said.

"USIBC applauds the interim budget released by the government," she added.

However, the budget comes on the heels of disappointing moves by the Indian government to mandate a rushed implementation of changes in its eCommerce policy, she rued.

The Indian government's failure to extend the February 1 deadline to comply with the foreign direct investment policy in e-commerce has already created disruptions in the industry and disadvantaged Indian consumers and suppliers, she said.

"The policy changes add unnecessary costs and burdens to e-commerce platforms and will inhibit growth in the e-commerce sector in India," Biswal said.

Karun Rishi, president of USA-India Chamber of Commerce said the interim Budget was pro farmers and middle class.

Fiscal stimulus to small and marginal farmers and tax sops for the middle class will lead to more disposable income. "This will result in increased consumption. It will likely boost the rural economy and surge domestic growth," Rishi said.

Even with these sops, the finance minister has managed to keep the anticipated fiscal deficit at 3.4 per cent. The deficit is well within range.&nbsp;

Finance Minister has succeeded in doing a fine balancing act, he said.

"With this budget, growth is likely to improve further and meeting 7.5 per cent real GDP target," Rishi said.

Noting that the 13 per cent increase in Department of Health and Family Welfare budget is laudable, he said this confirms Indian government's dedication to Healthy India initiatives and its commitment to serving the poor and needy.

Threefold increase in allocation to Ayushman Bharat reinforces the commitment towards Universal Healthcare for all citizens, he said. 
For the last 13 years, USAIC has been pitching for increased outlay on Science and Technology.

"Science and Technology are vital for the National progress. We are pleased to see largest ever allocation for the S&amp;T. This will help India play a leading role in innovation. Plan to develop one hundred thousand digital villages in the next five years is laudable," Rishi said.&nbsp;

A top American business advocacy group on Friday lauded the interim budget presented by Finance Minister Piyush Goyal, saying that the many positive elements in it will support consumer spending and economic growth.

A top American business advocacy group on Friday lauded the interim budget presented by Finance Minister Piyush Goyal, saying that the many positive elements in it will support consumer spending and economic growth. Reaching out to a large electorate ahead of the Lok Sabha polls, the Modi government Friday announced a cash dole for small farmers, a mega pension scheme for the unorganised sector and doubled the threshold income tax exemption limit to Rs 5 lakh. Minister Goyal proposed an array of incentives for both middle-class and farmers, whose disenchantment was said to have cost the BJP dearly in recent assembly elections. "We see many positive elements that will support consumer spending and economic growth, including a boost in defence and health spending as well as a renewed focus on digitisation of government processes as well as artificial intelligence," US India Business Council (USIBC) president Nisha Desai Biswal told. The creation of a single window for approvals in film production will boost the media and entertainment industries as well as measures on anti-piracy, she said. "USIBC applauds the interim budget released by the government," she added. However, the budget comes on the heels of disappointing moves by the Indian government to mandate a rushed implementation of changes in its eCommerce policy, she rued. The Indian government's failure to extend the February 1 deadline to comply with the foreign direct investment policy in e-commerce has already created disruptions in the industry and disadvantaged Indian consumers and suppliers, she said. "The policy changes add unnecessary costs and burdens to e-commerce platforms and will inhibit growth in the e-commerce sector in India," Biswal said. Karun Rishi, president of USA-India Chamber of Commerce said the interim Budget was pro farmers and middle class. Fiscal stimulus to small and marginal farmers and tax sops for the middle class will lead to more disposable income. "This will result in increased consumption. It will likely boost the rural economy and surge domestic growth," Rishi said. Even with these sops, the finance minister has managed to keep the anticipated fiscal deficit at 3.4 per cent. The deficit is well within range. Finance Minister has succeeded in doing a fine balancing act, he said. "With this budget, growth is likely to improve further and meeting 7.5 per cent real GDP target," Rishi said. Noting that the 13 per cent increase in Department of Health and Family Welfare budget is laudable, he said this confirms Indian government's dedication to Healthy India initiatives and its commitment to serving the poor and needy. Threefold increase in allocation to Ayushman Bharat reinforces the commitment towards Universal Healthcare for all citizens, he said. For the last 13 years, USAIC has been pitching for increased outlay on Science and Technology. "Science and Technology are vital for the National progress. We are pleased to see largest ever allocation for the S&T. This will help India play a leading role in innovation. Plan to develop one hundred thousand digital villages in the next five years is laudable," Rishi said.

Budget will support consumer spending, growth: US India Business Council

economic-growth

Economic Growth, News on Economic Growth, stories on Economic Growth, articles on Economic Growth, Economic Growth stories at Wion, Economic Growth news, Economic Growth latest news