Krishnamurthy V Subramaniam, Executive Director of the IMF, predicts India will remain a key driver of global growth, citing consistent 7%+ growth post-COVID. He forecasts 8% growth in Q4, considering the global economic situation. The IMF revised India's 2024 growth projection to 7.8%. Subramaniam highlights India's digital infrastructure as a model for the Global South, emphasizing its role as a public good. He dismisses critics of India's GDP growth, citing statistical experts' trust in the numbers. Subramaniam also addresses Thomas Piketty's report on income inequality, presenting contrast ..read more

Benchmark equity indices open lower mirroring Asian markets on geopolitical tensions. Sensex down 598 points, Nifty50 down 181 points. Infosys lags with 3% decline, lower annual revenue forecast. NTPC, L&T, Axis Bank, Power Grid down ..read more

While addressing a press conference on Sunday, Karnataka's former chief minister and Gadag-Haveri Lok Sabha constituency's BJP candidate, Basavaraj S Bommai, slammed the Congress party and alleged that the party, without any preparation, made the state bankrupt in the name of guarantee ..read more

The Reserve Bank of India (RBI) has decided against activating the countercyclical capital buffer (CCyB) due to its current circumstances. The CCyB, introduced in 2015, requires banks to build a capital buffer to maintain credit flow in difficult times and restrict lending during periods of excess credit growth. The RBI has not used the provision since its introduction in 2015. The CCyB was initially proposed in response to the 2008 global financial crisis ..read more

Sri Lanka plans to transfer management of its Chinese-built Mattala Rajapaksa International Airport to Indian and Russian companies to mitigate losses. The airport, funded by China EXIM Bank, has faced operational challenges since 2013. Sri Lanka is also seeking to restructure its loan with China EXIM Bank amid financial crisis ..read more

Sri Lanka has leased its underutilized Mattala Rajapaksa International Airport, built with Chinese loans, to a joint venture between India's Shaurya Aeronautics and Russia's Airports of Regions Management Company for 30 years. The airport, plagued by problems since its 2013 opening, has struggled with financial losses. The lease marks part of Sri Lanka's efforts to privatize state-owned enterprises after an IMF bailout. The airport's location on a bird migratory route and poor passenger traffic have contributed to its challenges ..read more

In a letter, which was also addressed to state-run export finance institution Exim Bank, the finance ministry last month told the RBI and Insurance Regulatory and Development Authority of India (IRDAI) to monitor and look into the concerns raised by exporters with the commerce ministry about these disruptions potentially inflating India's export costs, officials said ..read more

Vistara CEO Vinod Kannan assured staff that the worst is over following flight disruptions due to pilot issues. Operations stabilized after capacity cuts and resignations. Challenges included pilot rosters, new contracts, and operational issues. Kannan acknowledges learning experience and emphasizes customer focus for airline's recovery. Compensation offered to affected passengers ..read more

MUFG in talks to buy 20% stake in HDB Financial Services from HDFC Bank at $9-10B, unlocking value post $60B merger, with $2B investment, IPO preparations per RBI regulations ..read more

Drawing from our data, these are mostly the Nordic countries, Canada and the UK. They have a strong educational system and do well in financial literacy. This does matter — studying microdata across countries, we’ve found people with greater financial literacy are less economically fragile or more able to face shocks. This is particularly important in an era when we face not just normal distur-bances but shocks at an aggregate level, like the pandemic or climate change, says Annamaria Lusardi ..read more