Saturday, April 27, 2024

Economy

The Third Eye: Artificial Intelligence in aid of knowledge economy

NEW DELHI: The advent of Artificial Intelligence (AI) has boosted the cause of business in many ways. It has speeded up the process of strategy formulation that derived new strength from a rapid analysis of comprehensive and relevant data relating to the past and the present.

Adequate connectivity in the Indo-Pacific will boost the economy of Amritsar: Taranjit Singh Sandhu

AMRITSAR: Former Ambassador Taranjit Singh Sandhu said that with proper connectivity in the Indo-Pacific, Amritsar's economy and income growth potential will increase manifold.

Crisis-hit SL seeks debt moratorium till 2027 to ease debt burden on economy

COLOMBO: Financially-broke Sri Lanka seeks a debt default till 2027 from both local and international lenders to ease the debt burden on the country's GDP.

PM Modi's Kashmir visit: Rs 6,400 cr package to boost agri-economy, tourism in J&K

NEW DELHI: Prime Minister Narendra Modi will visit Srinagar on Thursday where he will unveil a Rs 6,400 crore package for boosting the agri-economy and tourism sector of Jammu and Kashmir, according to a PMO statement issued on Wednesday.

Flipkart launches its UPI handle to boost India’s digital economy vision

BENGALURU: E-commerce marketplace Flipkart on Sunday launched its Unified Payments Interface (UPI) handle to further enhance its digital payment offerings for all customers, including its 500+ million customers.

Jiiva has ‘legendary encounter’ with Rajini in shuttle as superstar flies economy

MUMBAI: Rajinikanth's pictures of flying in economy class have been doing the rounds on social media, however actor Jiiva on Friday shared a video of his conversation with the superstar, while traveling in the shuttle with him.

Maha on track to achieve $1 Trillion economy, says Ajit Pawar

MUMBAI: Maharashtra is on track to achieve its goal of a $1 Trillion economy soon, said Deputy Chief Minister Ajit Pawar on Tuesday, even as he announced that a Maharashtra Bhavan would be built in Ayodhya for pilgrims from the state.

Aspirational India’s integration with startup sector to further propel economy: Centre

NEW DELHI: The integration of the aspirational India with the startup sector will propel India’s economy in this 'Amrit Kaal' to become a 'Viksit Bharat' by 2047, the Centre said here on Tuesday.

Indus Appstore a historic moment for India in global digital economy: Ashwini Vaishnaw

NEW DELHI: The launch of indigenously-developed Indus Appstore is a historic moment for India which will help the country leapfrog in the global digital economy, Union IT and Railways Minister Ashwini Vaishnaw has stressed.

We will make India world's 3rd largest economy in third term: Shah

NEW DELHI: Union Home Minister Amit Shah on Sunday said that just as during the time of the Mahabharata, there were two factions -- the Pandavas and the Kauravas, similarly, in this Lok Sabha election, there are also two factions -- the NDA alliance led by Prime Minister Narendra Modi, and the 'Ghamandiya alliance' led by the Congress.

Canadian economy continues to grow steadily

OTTAWA: Canada's real gross domestic product (GDP) rose 1.1 per cent in February, the largest monthly growth rate since March 2021, as broad-based increases across most sectors contributed to the ninth consecutive monthly expansion in economic output, according to the national statistical office.

Goa's economy can't revive with mining ban in force

PANAJI: With an alarming decline in Goas economic growth, the state government can no longer afford to sit on the issue of mining ban, a survey revealed.

IMF commends steps taken by Sri Lanka to stabilise economy

COLOMBO: The International Monetary Fund (IMF) has commended the steps already taken by Sri Lanka to stabilise its economy, the Sri Lankan Finance Ministry said in a press release here on Tuesday.

Sri Lanka to take steps to stabilise economy

COLOMBO: Sri Lankan Treasury Secretary Mahinda Siriwardana said on Monday that the country will take steps to stabilise the economy, including strengthening public finance.

Bhagwant Mann calls on PM, demands finacial package of Rs. 1 Lakh crore for revival of state's economy

NEW DELHI: Punjab Chief Minister Bhagwant Mann on Thursday sought special financial package worth Rs. 1 lakh crore from Centre for the revival of state’s economy besides ensuring holistic development and welfare of its people.

Chilean economy records historic 11.7% growth in 2021

SANTIAGO:The Chilean economy grew 11.7 per cent in 2021, the highest annual increase since record keeping began in the country, the central bank.

Guterres warns 'sword of Damocles hangs over global economy'

UNITED NATIONS: UN Secretary-General Antonio Guterres has warned that "a sword of Damocles hangs over the global economy" because of the ongoing war in Ukraine, adding that developing countries were most at risk.

Digital Revolution’ Transforming Indian Economy in Big Way: Seminar at KCW

AMRITSAR:The `digital revolution’ is transforming the Indian economy in a big way and the country is in the league of developed nations when it comes to digitalization of the financial services in the country. This was stated by Prof. Manjit Singh from Punjabi University, Patiala who was delivering his keynote address during ICSSR-sponsored international seminar on “Technological Innovations in Financial and Banking Section- A Roadmap to Society”, at Khalsa College for Women (KCW) here today.

Ukraine war to strain multiple sectors of Indian economy

NEW DELHI: Russias invasion of Ukraine, and the flurry of punitive sanctions imposed on Moscow by the US and Europe, can impact India Inc due to the resultant spike in commodity prices.

Indian economy to incur additional $70bn burden in FY23 on rising crude prices

NEW DELHI: Indian economy is expected to incur an additional $70 billion burden (or 1.9 per cent of the country's GDP) in FY23 as compared to the current fiscal at an average crude price of $120 per barrel, said brokerage house Kotak Securities.

Budget a document to strengthen economy, farmers: Himachal CM

SHIMLA: Himachal Pradesh Chief Minister Jai Ram Thakur on Tuesday termed the Union Budget 2022-23 as an effective document to strengthen country's economy, farmers, employees, besides aiming at welfare of weaker sections and giving new impetus to development.

Formalisation of economy behind big increase in corporate tax collection

NEW DELHI: Among the various factors which may have led to a big increase in corporate tax collection, improved profitability of the corporates, formalisation of the economy and improved compliance due to tax reforms are noteworthy, the Economic Survey for 2021-22 noted.

Economy well placed to take on FY23 challenges: Eco Survey

NEW DELHI: The Indian economy is well placed to take on the challenges of 2022-23, suggest macro-economic stability indicators, said Economic Survey 2021-22 which was presented in the Parliament on Monday by Union Finance Minister Nirmala Sitharaman.

Thailand to launch new tourism campaign to reboot economy

BANGKOK: Thai Prime Minister Prayut Chan-o-cha has ordered the launch of a new tourism campaign under the theme "Amazing Thailand New Chapter", with an aim to revive the hard-hit tourism sector.

Recovering economy not immune to global spillovers: RBI guv

MUMBAI: Reserve Bank's Governor Shaktikanta Das on Wednesday said that India's economy is on the path of recovery.

Indian economy strongly moving ahead: BJP

NEW DELHI: The BJP on Wednesday claimed that the Indian economy is moving ahead strongly, adding Congress leader Rahul Gandhi was commenting on the country's economic condition "without knowledge".

Over 13mn dependent on coal economy in India: Study

NEW DELHI: A study to assess the 'Socio-economic impacts of coal transition in India' released on Monday has said that at a conservative estimate, more than 13 million people employed in coal mining, transport, power, sponge iron, steel, and bricks sectors will be impacted due to the impending coal transition.

K'taka's economy on the path of recovery: CM Bommai

KOLAR(Karnataka):The economy of Karnataka is recovering after suffering setbacks during the Covid-induced crisis, Chief Minister Basavaraj Bommai said on Monday.

Economy bouncing back at fast pace post-pandemic: Modi

NEW DELHI: A day after India achieved the 100 crore vaccine-mark, Prime Minister Narendra Modi on Friday hailed the nation for the joint efforts in achieving the target and said the post-pandemic economy of the country is bouncing back at a fast pace.

IMF revises down Asia economy growth forecast to 6.5%

 WASHINGTON: The International Monetary Fund (IMF) has revised down its 2021 economic growth forecast for Asia to 6.5 per cent, down by 1.1 percentage points from its April projection, according to a newly released regional economic outlook.

BJP claims Indian economy is on a recovery path

NEW DELHI:The BJP on Thursday said that the Indian economy is on a recovery path and the government has taken several new initiatives which will further boost the economy.

Italy's economy to grow by 5.9% in 2021: OECD

ROME:  The Italian economy will grow by 5.9 per cent in 2021, and return to the levels registered in 2019 by the first half of next year, said the Organization for Economic Cooperation and Development (OECD).

Recovering Economy: RBI retains FY22 projection for real GDP growth at 9.5%

NEW DELHI: The Reserve Bank had retained the FY22 projection for real GDP growth at 9.5 per cent on the back of receding impact of Covid second wave as well as rising vaccinations.

US economy grows at annualised 6.5% in Q2

WASHINGTON: The US economy grew at a lower-than-anticipated annual rate of 6.5 per cent in the second quarter, marking the return to an above pre-pandemic level of overall economic activity, the Commerce Department reported.

China trying to paint dark outlook for Indian economy

NEW DELHI: In a scare-mongering exercise, the Chinese regime's mouthpiece is raising the spectre of a looming financial crisis for IndiaGlobal Times warned regional governments to be wary. "The 1997 Asian financial crisis started in Thailand. If a similar crisis happens to India, it would likely send the regional financial markets into an even more severe mess. Governments in the region need act quickly to avert a deepening health and economic crisis," it said.

Ladakh gets infra development corp to boost economy in the region

NEW DELHI: To boost socio-economic development in Ladakh, the cabinet headed by Prime Minister Narendra Modi on Thursday approved the establishment of an integrated multi-purpose infrastructure development corporation for the newly created Union Territory.

Nitish running Rs 20K cr parallel liquor economy: Lalu Prasad

PATNA: After nine deaths due to poisonous liquor in Bihar's West Champaran district, RJD chief Lalu Prasad on Friday alleged that the Nitish Kumar government has developed Rs 20,000 crore illegal business of liquor smuggling, procuring and trading in the state.

Cyber security key to achieve PM's dream of USD 5 tr economy: Shah

GANDHINAGAR: Union Home Minister Amit Shah on Monday said that to achieve Prime Minister Narendra Modi's dream of India becoming a five-trillion-dollar economy, cyber security was very important.

Farm economy of Punjab endangered by power cuts: Sukhbir

CHANDIGARH: Shiromani Akali Dal (SAD) President Sukhbir Singh Badal on Friday said the farm economy of Punjab has been "endangered" by the Congress government, with massive power cuts and insufficient canal water threatening to devastate the paddy crop.

Farm economy of Punjab endangered by power cuts: Sukhbir

CHANDIGARH: Shiromani Akali Dal (SAD) President Sukhbir Singh Badal on Friday said the farm economy of Punjab has been "endangered" by the Congress government, with massive power cuts and insufficient canal water threatening to devastate the paddy crop.

2020-21 darkest year of economy in four decades: Chidambaram

NEW DELHI: Former Finance Minister and senior Congress leader P. Chidambaram on Tuesday said that 2020-21 has been the darkest year of the economy in four decades and that the government should print more money if necessary as suggested by several economists, including Nobel Laureate Abhijit Banerjee.

Science, Technology & Innovation Crucial for the growth of National Economy

KAPURTHALA: Pushpa Gujral Science City celebrated National Technology Day by organizing a webinar on “Invention and Innovations: Flexible Engineering Materials”. Around 150 engineering college students from all over Punjab participated through virtual mode. Dr.Kushal Sen, Professor, Department of Textile Technology, IIT Delhi was the key speaker at the occasion.

Lockdown will lead to collapse of economy, says Telangana CM

HYDERABAD: Making it clear again that lockdown will not be imposed in Telangana, Chief Minister K. Chandrasekhar Rao on Thursday said such a move would bring life to a standstill and would lead to total collapse of the economy.

US locks target: To outbid China on strategy, economy, diplomacy

NEW DELHI: The Joe Biden administration is moving fast. In just 11 weeks, it has honed on China as an enemy that has to be pursued relentlessly and outmanoeuvred. America knows its enemies and how to chase them down.

Indian economy to grow at historic 12.5%, but COVID wave 'concerning': IMF

UNITED NATIONS: India's economy is projected to grow at the historically high level of 12.5 per cent this fiscal year, but the International Monetary Fund's (IMF) Chief Economist Gita Gopinath cautioned that the current wave of the pandemic "is quite concerning."
The growth projection was raised on the basis of "evidence we were getting in the last couple of months in terms of the normalisation of economic activity," she said at the release of the World Economic Outlook (WEO) report on Tuesday in Washington.

Surge in commodity prices to impact India's economy: Ind-Ra

NEW DELHI: Further surge in global commodity prices will have serious implications for India's economy which is still struggling to come out of the Covid-19 impact, ratings agency Ind-Ra said.

Water-related infra strengthening Punjab's rural economy

CHANDIGARH: Several water-related community infrastructure like tube wells, bore wells, ponds and percolation tanks, launched with the initiative of Vedanta Limited, are helping local communities access water for household and irrigation purposes in Punjab's Bathinda district.

Economy seen consolidating in March with hopes of double digit growth in FY 2021-22: PHD Chamber

NEW DELHI: Economic activity is expected to consolidate in March 2021 as the Covid-19 impacted difficult financial year 2020-21 is winding down with new hopes for the next financial year with a great growth trajectory of Indian economy, said Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry on Saturday.

Australian economy on track for full recovery

CANBERRA: Reserve Bank of Australia (RBA) Governor Philip Lowe on Wednesday said that the country's economy has performed better than expected in terms of pandemic recovery due to to virus suppression and targeted stimulus measures.

Canada's economy worst on record since 1961

OTTAWA: Canada's gross domestic product shrank 5.4 per cent in 2020, the worst year for the country's economy since record keeping began in 1961, according to authorities.

Rail Coach Factory(RCF) kapurthala started manufacturing AC3 Tier economy class coaches

KAPURTHALA:  Rail Coach Factory(RCF) kapurthala has  started manufacturing AC3 Tier  economy class coaches capable of running at a optimum speed of 160 kmph after its successful  oscillation trials conducted on Nagda-kota-sawai Madhopur section at a speed of 180 kmph.

Japan's economy shrinks 4.8% due to Covid in 2020

TOKYO: Japan's economy surged in the fourth quarter of 2020 but it was not enough to keep the world's third largest economy away from negative growth for the year as the economy shrank 4.8 per cent due to Covid-triggered crises -- the first contraction since 2009.

Mexico's economy could grow 5% in 2021: President

MEXICO CITY: Mexico's economy could grow as much as 5 per cent in 2021 as it recovers from the impact of the coronavirus pandemic, President Andres Manuel Lopez Obrador said.

Budget stresses on six pillars of Indian economy

NEW DELHI: After a Covid hit year, six pillars of health, physical and financial capital and infrastructure, inclusive development, human capital, innovation and minimum government and maximum governance have been identified as the cornerstones to build a new economy in a New India.

Mexican economy faces worst setback since the 1930s

MEXICO CITY: Mexico's economy contracted 8.3 per cent in 2020 year-on-year, marking its worst setback since the 1930s largely due to the coronavirus pandemic and the related lockdowns, according to preliminary estimates published by the National Institute of Statistics and Geography (INEGI).

Restart Meghalaya Mission' to boost economy: Governor

SHILLONG: Meghalaya Governor Satya Pal Malik said on Tuesday that the 'Restart Meghalaya Mission' (RMM) of the state government has earmarked Rs 14,515 crore for various developmental and business activities over the next three years, which will boost the economy of the state.

Farmers demands about an MSP legislation will hit the economy hard

NEW DELHI: Farmers marched down the roads of the national capital opposing the three agricultural laws seeking a guarantee and a legislation on the Minimum Support Price (MSP). However, the Union government says that such a demand is impractical.

Canada unveils new financial program to stimulate economy

Asia would dominate the world economy in the times to come.: Punjab Chief Principle Secretary Suresh Kumar

CHANDIGARH: “21st century belongs to Asia. We can lead rest of the world in economic development and many other facets of life”, said Chief Principal Secretary to CM Punjab, Mr Suresh Kumar IAS, while representing Punjab Government at the premier Horasis Asia Meeting 2020 virtually on 30th November 2020.

Resumption of trains will boost Punjab’s economy, says Ludhiana Industrialists

CHANDIGARH: With the passenger and freight trains having started its operation in Punjab after almost two months, leading industrialists from the district on Tuesday, while welcoming the move, said that it will help to increase the production and boost the economy of the Punjab.

Manmohan to head Cong panels on economy, security, foreign affairs

NEW DELHI:Congress President Sonia Gandhi has constituted three key committees of the party to formulate its strategy on issues related to economy, national security and foreign affairs -- all headed by former Prime Minister Manmohan Singh.

BRICS should expand cooperation in fighting Covid-19, reviving economy'

BRASILIA:The BRICS member nations should expand cooperation in tackling the ongoing Covid-19 pandemic and reviving economy, Brazilian experts said after the bloc of five major emerging economies held its 12th Summit virtually.

PM Modi to address Bloomberg Economy Forum on Tuesday

NEW DELHI:Prime Minister Narendra Modi will address the 3rd Annual Bloomberg New Economy Forum on Tuesday evening on issues centered on refuelling the economy and charting a course for the future as the world economy is grappling with the Covid-19 pandemic.

Biden unveils 'buy American' economy plan with local manufacture requirement

NEW YORK:Joe Biden, who has been declared president-elect by the media, has unveiled his own version of an 'America First' economic plan pledging "to buy American" with a stringent requirement for government contractors to manufacture locally.

Global economy to remain in tenuous position in 2021: Moody's

NEW YORK:Global credit conditions are likely to improve overall in 2021, aided by unprecedented fiscal and monetary policy support in the wake of the Covid-19 crisis, Moody's Investors Service said on Monday.

Food processing industry will play vital role to bolster economy: Soni

CHANDIGARH: The Food Processing Industry would play a vital role in strengthening the economy of Punjab. This was stated by the Punjab Food Processing Minister Mr. Om Prakash Soni, while addressing the inaugural meeting of Punjab Food Processing advisory Committee here today.

PM Modi to review state of the economy with FM on Tuesday evening

NEW DELHI ;Prime Minister Narendra Modi will review the state of the economy with finance minister Nirmala Sitharaman on Tuesday to identify possible policy action including need for another stimulus to push up economic activity in the country.

Economy not circus lion that responds to ringmaster's stick: Chidambaram

NEW DELHI:Former Finance Minister P. Chidambaram on Thursday criticised the Centre for its claims on reviving the economy. He said the economy was largely determined by the market, by the laws of demand and supply, and by the purchasing power and the sentiments of the people, which are missing currently.

Pro-Trump Indian-American campaign video stresses safety, economy, India support

NEW YORK:Safety, the economy and friendship for India are the themes of video ads supporting US President Donald Trump produced by an entrepreneur in the duel of the two political parties Indian-American votes in key states in the November 3 election.

With trade wars & conflicts, fabled China economy at risk

NEW DELHI:Chinese President Xi Jinping has been forced to acknowledge that his country's economic growth is facing a rising external risk and the export-driven model that established China as the factory for the world has run into rough weather.

Agriculture Bill a major threat to Punjab's farmers and economy as well as the country's food security: Rana Sodhi

CHANDIGARH: Senior Congress Leader and Punjab Cabinet Minister Rana Gurmit Singh Sodhi termed the so called agricultural reforms as black laws for Punjab and said that these bills would not only destroy the farmers and the economy of Punjab but also the food security of the country.

Faulty GST destroyed informal economy, alleges Rahul

NEW DELHI: Keeping up his attack on the government, former Congress President Rahul Gandhi has slammed the Modi government on the GST, alleging that it was the second big blow to the unorganised sector of the economy and that its faulty implementation had destroyed the economy.

Canadian economy sees record drop in Q2

OTTAWA:Canada's gross domestic product (GDP) fell by a record 11.5 per cent in the second quarter this year, following a 2.1 per cent decline in the first quarter due to the Covid-19 pandemic.

Will not rest till Punjab's economy back on track, says Capt Amarinder Singh

MOHALI (SAS Nagar):  Vowing not to rest till he had put the state’s economy back on the track of growth, Punjab Chief Minister Captain Amarinder Singh on Saturday announced a slew of welfare measures for the people, including facilitation of another 6 lac jobs for youth over the next two years, of which one lac will be in the government sector.

Rural economy still strong on record procurement of farm produce: PM

NEW DELHI:As the pandemic severely hits the economy, Prime Minister Narendra Modi said the rural economy of India is on a strong footing, bucking the overall economic slowdown, courtesy the 'record' procurement of farmers' produce by the government.

Global economy may lose over $100 bn of remittances in 2020

NEW DELHI:As the world goes through an unprecedented recession amid the pandemic, global remittances may fall by $108.6 billion in 2020 if the economic impact of Covid-19 persists throughout the year, says a report by the Asian Development Bank (ADB).

Hackers create specialised economy around hijacked email data

NEW DELHI:Hackers have created a specialised economy around email account takeover via methods like brand impersonation, social engineering and spear-phishing, retaining the data for long period of time to make more money by reselling it to another set of cybercriminals on the Dark Web, a new report revealed on Monday.

Approval of Building plans for independent floors in the colonies would boost the economy: Brahm Mohindra

CHANDIGARH: The local Government department today allowed the Building plans approval for G+2, G+3 and S+4 independent floors under the Punjab Municipal Building Byelaws 2018 and subsequent amendments which provide for independent floors. Announcing this,

Economy showing signs of getting back to normalcy: RBI Guv

MUMBAI: India's economy is showing signs of getting back to normalcy, Reserve Bank of India Governor Shaktikanta Das said on Saturday. In a keynote address at the 7th SBI Banking and Economics Conclave, Das noted that medium term outlook still remains uncertain.

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