Even if GST does fail to go through, investors will not leave India, as the economy is on a recovery path. Earnings growth is likely to pick up from the first quarter of 2017 and Nifty earnings could grow by 15%, says Gopal Agrawal, Chief Investment Officer, Mirae Asset Management in a interview with Prashant Mahesh. There are worries that GST which has been touted as one of the biggest reforms is unlikely to go through. How could this impact the markets and the economy? GST is a very big reform in the category of Ease of Doing Business.
(By Bibhudatta Pradhan and Pratik Parija) The most ardent supporters of Prime Minister Narendra Modi’s surprise currency withdrawal are those you’d least expect: India’s rural poor, who are suffering the most with the prolonged cash shortages. But the backing of many from India’s villages -- based on a belief that Modi’s actions will even out the scale of inequality and reduce corruption -- may be short-lived. The jury is still out on the political and economic impact of the decision to target unaccounted cash.
By Ritesh Jain Where does the average Indian spend his savings? On leisure travel? Come on, give me a break. An interesting research by Bloomberg on luxury spending by various geographies tells us India will be the fastest-growing destination for leisure travel spending. And then there were these studies on what makes rich, ambitious Americans feel more fulfilled and why acceptance rates at top schools like Harvard, Stanford or MIT are now as little as 4-5 per cent.
Richard Heyes, head of Pan-Asian equities, and Abhinav Khanna, head of equity, Citigroup Global Markets in India, spoke to ET on the sidelines of Citi Investor Conference. The general mood at the conference was buoyant after the recent market rally, but both Heyes and Khanna felt that global growth was fragile and more confidence building was required through data on global economy. Edited excerpts:
Is the recent global stock market rally sustainable? Richard: Central banks around the world are having a high level of co-ordination behind the scene.
Buddhika Weerasinghe/Getty ImagesContinuing on a now well-worn path of groups downgrading economic growth forecasts, the Asian Development Bank (ADB) today lowered its GDP forecast for developing Asian nations in 2016 citing a weak recovery in major industrial economies and softer growth prospects for China.
SHANGHAI: Indian economy will eventually touch double digit growth rate despite bottlenecks like the stalemate over Goods and Services Tax (GST) as it has conducive conditions, eminent banker and President of BRICS New Development Bank KV Kamath said today. "I am wearing a different hat. I will talk wearing that hat. India is one of outlier in what is happening around the world. In economic context we are stable. We have both the deficits under control," he said, commenting on the economic survey which predicted 7 to 7.5 per cent growth this year.
Pramit Jhaveri, as chief executive of Citigroup in India, has a ringside view of both Indian corporates and global investors. In an interview with ET's MC Govardhana Rangan and Joel Rebello, Jhaveri tells what's in store for the economy, banking and how Prime Minister Narendra Modi's government has performed. Edited excerpts: Do you think the Parliament session could see some reforms, which some say are stalled? I do not subscribe to the theory that no reforms have taken place. I believe that an extraordinary amount has already taken place over the last 18 months.
NEW DELHI: With economic growth slowing to 7 per cent in the April-June quarter, India Inc said on Monday the subdued performance indicates that the cost of capital needs to come down, demanding a rate cut by RBI. "Both consumption and investment levers need a thrust. While the government stands committed to further the reforms agenda, we need to equally create conditions that provide capital at an affordable cost to our entrepreneurs. "We hope that RBI will usher in a deeper cut in policy rates in its September review of the monetary policy," Ficci President Jyotsna Suri stated.
NEW DELHI: Comparing China with India or vice versa is like comparing a pumpkin with an apple. China is a huge $10 trillion economy, while India is about $2 trillion, and thus it does not look fair to compare the two. However, both the countries are in the BRICS grouping and it would be fair to see where the actual money flow is happening. Experts say the mammoth Chinese economy is showing signs of slowdown, while India appears to be in a sweet spot. "The world has changed. But change keeps happening.