Economy

China's pragmatic opening-up measures released in the draft 14th Five-Year Plan (2021-25) have fully demonstrated the country's resolve to further integrate with and contribute to the world economy, officials and experts said on Friday. In the draft Outline for the 14th Five-Year Plan for Economic and Social Development and Long-Range Objectives Through the Year 2035, China has vowed to unswervingly open its economy wider, further promote the free flow of production factors and expand institutional opening-up in the coming five years. The country must leverage its domestic market to create strong gravitation for global factors and resources in the coming five years, as part of efforts to build the new dual-circulation development paradigm, in which the domestic market is the mainstay while the domestic and international markets support each other, Xinhua News Agency reported the outline as saying on Friday. Premier Li Keqiang outlined specific opening-up measures for this year, ... » Learn More about Nation shows resolve to further integrate with global economy

New Delhi: Prime Minister Narendra Modi addressed and interacted with the captains of India Inc. on Friday (March 5). PM Narendra Modi deliberated on various production-linked incentive (PLI) schemes. PM Narendra Modi said that the government has taken various steps to boost trade and industry in the Union Budget for FY 2021. PM Narendra Modi said that the increased manufacturing capacity results in increased job opportunities and the government has taken reforming measures to boost manufacturing. He stressed the fact that speed and scale have to be increased in order to boost manufacturing. While talking about domestic manufacturing he said "We need to work together to bring production cost, quality and efficiency at par with international benchmarks''. Prime Minister Narendra Modi laid emphasis on working hard to make manufacturing in India globally competitive and said that the government`s thinking is "minimum government, maximum governance". "Manufacturing transforms ... » Learn More about PM Narendra Modi emphasises on working hard to make manufacturing in India globally competitive

Uttar Pradesh Chief Minister Yogi Adityanath has said the traditional enterprises associated with One District One Product (ODOP) are the second highest contributors, after agriculture, to the economy of the state during the most challenging times of Corona pandemic . Yogi said that One District One Product (ODOP) scheme is the basis of self-sufficiency of micro, small and medium scale industries (MSMEs). While addressing a gathering at a loan mela, the CM said, "The MSME sector including ODOP are important tools of financial inclusion of the poor, farmers, women and youth of the rural areas and are making them self-reliant and empowered." PM Modi has set a target of increasing the economy of the country to 5 trillion US Dollars by 2024, in which the contribution of UP will be one trillion US Dollars, he added. Yogi pointed out that through ODOP, MSMEs have guaranteed employment on less capital and its results have shown positive impact across the state. In the last ... » Learn More about Traditional enterprises associated with ODOP contributed significantly to economy during Corona pandemic: Yogi Adityanath

Mumbai, Mar 5 () Households have lost a whopping Rs 13 lakh crore of their incomes from the pandemic-induced job losses, according to a report that also warns of the economy losing momentum by mid-2021 on a likely slowdown in consumption demand that has propped the economy in recent months. Describing the growth momentum seen in second and third quarters of FY21 as a positive surprise, economists at UBS Securities India led by Tanvee Gupta Jain said the economy could slow by mid-2021 as households that lost incomes during the pandemic to the tune of Rs 13 lakh crore could drag consumption with a lag. In the second quarter of the current financial year, GDP contraction narrowed to 7.5 per cent; while in Q3, it grew 40 basis points (bps) as compared with a 23.9 per cent contraction in the first quarter. Given this, sustainability of the recovery seen in the second and third quarters and also the growth outlook are dependent on the revival in new investment intentions and easing ... » Learn More about Pandemic eats up Rs 13 lakh crore of household income: Report

Households have lost a whopping ₹13 lakh crore of their incomes from the pandemic-induced job losses, according to a report that also warns of the economy losing momentum by mid-2021 on a likely slowdown in consumption demand that has propped the economy in recent months. ‘Could slow by mid-2021’ Describing the growth momentum seen in the second and third quarters of FY21 as a positive surprise, economists at UBS Securities India led by Tanvee Gupta Jain said the economy could slow by mid-2021 as households that lost incomes during the pandemic to the tune of ₹13 lakh crore could drag consumption with a lag. In the second quarter of the current financial year, the GDP contraction narrowed to 7.5%, while in Q3, it grew 40 basis points (bps). Given this, sustainability of the recovery seen in the second and third quarters and also the growth outlook are dependent on the revival in new investment intentions and easing of financial sector stress. ... » Learn More about ‘Pandemic ate up ₹13-lakh crore household income’

India’s economy resurfaced to growth territory in the third quarter of fiscal year (FY) 2020-21, clocking a 0.4% rise in the gross domestic product (GDP), as per data from the National Statistical Office (NSO). GDP had shrunk in the first two quarters by 24.4% and 7.3% as per revised data, amid the COVID-19 pandemic and lockdowns, marking a technical recession. The NSO has also revised its advance national income estimates for FY21 to project an 8% decline in GDP, compared with the 4% growth seen in FY20. The NSO had earlier estimated a 7.7% shrinkage for FY21. The Finance Ministry termed the 0.4% real GDP growth in Q3 as a return to ‘the pre-pandemic times of positive growth rates’ and a reflection of a ‘further strengthening of V-shaped recovery that began in Q2’. India’s farm sector remained resilient, clocking a 3.9% growth in Gross Value Added (GVA) to the economy in the October-to-December quarter, after recording a 3.3% and 3% rise in the first two quarters, respectively. ... » Learn More about India ‘out of recession’, GDP grows 0.4%

China will give priority to high-quality development this year, setting its GDP growth target at above 6 percent, Premier Li Keqiang said on Friday, as the world's second-largest economy looks to cement its economic recovery from a year disrupted by COVID-19. In the Government Work Report delivered at the opening of the fourth session of the 13th National People's Congress, Li underscored that the economic fundamentals that will sustain China's long-term growth remain unchanged despite potential risks and challenges this year. "In setting this target, we have taken into account the recovery of economic activity. A target of over 6 percent will be well aligned with the annual goals of subsequent years in the 14th Five-Year Plan period (2021-25), and will help sustain healthy economic growth," he explained. President Xi Jinping, who is also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, and other leaders also ... » Learn More about Govt to focus on top-quality development

When we think of 'investments', the first thought that comes to mind is redirecting surplus capital into productive activities that amplify fortunes. However, despite growing prosperity, the self-serving nature of capitalism in its present form has only been disadvantageous for societies worldwide marked by a widening gap between the affluent and impoverished. The current scenario shrouded in socio-ecological consequences of unfretted profit-making ventures, which are increasingly threatening asset interests, calls for an adjustment in the conventional investment mindset. Evaluating companies based on their compliance, collective equity, and environmental performance rather than profitability is fast gaining acceptance among the global investment community. This shift in investor interest depicted best through a record high of $1.2 trillion Assets Under Management (AUM) in ESG focused portfolios will require corporates to start being mindful about compliance. ESG investing is an ... » Learn More about The need for ESG: Pluralising development through Environmental, Social and Corporate Governance investing

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The Hong Kong Special Administrative Region government last month rolled out a further HK$120 billion (US$15.4 billion) relief stimulus package to prop up the pandemic-ravaged economy and lift economic growth by 2 percent. As a result, the budget deficit for the 2021-22 financial year is expected to reach HK$101.6 billion, accounting for 3.6 percent of the city's GDP, due to the countercyclical measures and the continued rise in recurrent expenditure. The government also offered a list of "sweeteners", including HK$5,000 worth of electronic consumption vouchers for each eligible Hong Kong permanent resident and new arrivals aged 18 or above; cuts in salaries tax, capped at HK$10,000; a 100 percent reduction in profits tax, capped at HK$10,000, that will benefit nearly 130,000 enterprises; an extra half-a-month pay in welfare allowances; as well as low interest rate loans of up to HK$80,000 for the jobless. Delivering the fourth budget of the current-term SAR government, Financial ... » Learn More about Lifting taxes to shore up finances