Centre for Civil Society President Partha J Shah, as quoted by PTI, said since the ranking is based on 2018 data, many new restrictions on international trade, tightening of the credit market due to NPAs and COVID-19’s impact on debt and deficits are not reflected in India’s score. … [Read more...] about India loses 26 spots on economic freedom ranking: Report
India economic freedom idnex
New Delhi: Moody's Investors Service today changed the outlook on the Government of India's ratings to negative from stable reflecting increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses than previously estimated, leading to a gradual rise in the debt burden from already high levels.“Prolonged financial stress among rural households, weak job creation, and, more recently, a credit crunch among non-bank financial institutions have increased the probability of a more entrenched slowdown. Moreover, the prospects of further reforms that would support business investment and growth at high levels, and significantly broaden the narrow tax base, have diminished,” the top credit rating agency said. It added that if the nominal GDP growth does not return to high rates, the government will face very significant constraints in … [Read more...] about India’s economic outlook changed to negative from stable: Moody’s
Taking to Twitter, the former chief of India’s main opposition party Congress said, “The policies of Modi government have caused the loss of crores (tens of millions) of jobs and a historic fall in GDP. It has crushed the future of India’s youth.” … [Read more...] about Modi Govt’s Policies Led to Job Losses, Historic Fall in India’s Economic Growth – Rahul Gandhi
The coronavirus pandemic has unfortunately added momentum to the backlash against international trade, but jumping on the protectionist bandwagon in pursuit of self-sufficiency would provide India only illusory benefits. There is no way that India can reach its ambitious growth goals without expanded exports, which have recently been the fastest-growing slice of its economy. Those exports often depend on foreign inputs and cannot be sustained if India suppresses imports through higher tariffs, localisation requirements, and other trade barriers. Rooting for trade expansion — at least among friends, if not beyond — offers the greatest opportunities for Indian leadership and revived growth. But New Delhi’s inability to conclude even a modest trade truce with the United States, let alone integrate itself into the wider Asian economic system, is not reassuring. … [Read more...] about Charting India’s pathway to the big leagues
Deng transformed agriculture first and then took on the industrial sector. He opened up the latter to foreign capital while making room for the growth of village and local enterprises. Jiang Zemin, Hu Jintao and now Xi Jinping have continued to follow Deng’s principles, but with some adjustments. China’s economic growth was also made possible by a very large net inflow of foreign direct investment, a sign of confidence in the Chinese economy by outside investors. China is the leading nation in exports and the second largest economy in the world. The country’s per capita income more than quadrupled, ($5,720 equivalent to about PPP $13,000) and abject poverty was completely eliminated (though income inequality increased). China’s Human Development Index has also risen from .423 in 1980 to .719 in 2013, according to the United Nations Development Programme 2014. … [Read more...] about Can India catch up with China?