Economy

British High Commissioner to India Alex Ellis said that India will surpass United Kingdom to become the third largest economy in the world by the end of this decade. He then stated that both the nations must work together. He then said that the UK leaving European Union opens a lot of opportunities for the UK to work with India. He said, a Free Trade Agreement will be completed by Diwali.

The Central Government has tweaked the Foreign Exchange Management Act (FEMA) rules to allow as much as 20% foreign direct investment (FDI) in the LIC. The government is mulling over plans to dilute its stake in the insurance company via the Initial Public Offering (IPO). Earlier in February this year, the LIC had filed the Draft Red Herring Prospectus (DRHP) before the Sebi for the Initial Public Offering.

According to official data, the UK inflation jumped to 5.4% in December, becoming the highest in 30 years. It has put more pressure on the Bank of England to raise interest rates next month. The higher energy costs, resurgent demand, and supply chain issues continued to drive up consumer prices. The surge in CPI is likely to impact food and drink, restaurants, furniture following household goods.

According to Deputy PM Grant Robertson, New Zealand recorded its lowest unemployment rate, matching its December 2007 record. The unemployment rate decreased to 3.4% in September from 4% in June. Furthermore, there was an increase in employment by 54,000 in the same quarter, out of which, 39,000 were women. Minister for… read-more

Principal Economic Advisor, Sanjeev Sanyal announced the vigilance by the Government over six weeks data of COVID-19 to tackle the economic crisis in the country. Alleging the Government for the covid mismanagement, Sanyal stated, "We need to take some steps against the third wave as a policymaker, and we will carry monetary and fiscal interventions if required." Spotlighting "blunt" nationwide lockdown, the economist emphasised the cons of… read-more