There's an opportunity and need for raising share of manufacturing in economy: Chief economic advisor Addressing a session on Co-Creating the Future Responsibly: The Role of Business at CII's Annual Business Summit in New Delhi today, Dr V Anantha Nageswaran, Chief Economic Advisor, Government of India, said there is an opportunity and a need for raising the share of manufacturing in the economy. As India progresses from being the tenth largest to the fifth largest economy, aspirations also rise

Russian deputy PM given new tasks for coordination of economy Russian Deputy Prime Minister Alexander Novak, point man for the energy sector and negotiations with the OPEC+ grouping, has been given new responsibilities for coordinating the economy, according to a government announcement issued on Friday. The announcement, posted on the government.ru website, gave a list of Novak's additional duties, including coordination of socio-economic policies, overseeing measures to offset Western sanction

Global Stocks Decline, China's Rally Buoyed by Real Estate Stimulus World shares were mostly lower on Friday, though Chinese stocks reversed earlier losses following the announcement of fresh measures to revive the ailing property market. US futures were little changed, with the contract for the Dow Jones Industrial Average near 40,000 after it topped that level for the first time on Thursday. In early European trading, Germany's DAX lost 0.5% to 18,648.35 and the CAC 40 in Paris shed 0.5% to 8,

Malaysia's economy grows 4.2% y/y in Q1, beats forecast Malaysia's economy grew 4.2% in the first quarter of 2024 from a year earlier, beating market expectations, government and central bank data showed on Friday. Economists surveyed by Reuters had forecast gross domestic product growth of 3.9% in the January to March period, matching the advance estimate by the Statistics Department. Annual growth in the final quarter of 2023 was revised down slightly to 2.9%.

China's economy to improve further, stats bureau says China's economic improvement will be further consolidated and strengthened as macro policies take effect, Liu Aihua, a spokesperson of the National Bureau of Statistics, said on Friday. China's consumer price index (CPI) is expected to grow mildly in the next stage, Liu told a news conference.

UN reports improved prospects for the world economy and forecasts 2.7 per cent growth in 2024 The United Nations reported improved prospects for the world economy since its January forecast on Thursday, pointing to a better outlook in the United States and several large emerging economies including Brazil, India and Russia. According to its mid-2024 report, the world economy is now projected to grow by 2.7 per cent this year up from the 2.4 per cent forecast in its January report and by 2.8 pe

Japan's economy skids, complicating BOJ's rate hike plans Japan's economy contracted in the first quarter, squeezed by weaker consumption and external demand and throwing a fresh challenge to policymakers as the central bank looks to lift interest rates away from near-zero levels. Preliminary gross domestic product (GDP) data from the Cabinet Office on Thursday showed Japan's economy shrank 2.0% annualised in January-March from the prior quarter, faster than the 1.5% drop seen in a Reuters poll

Euro zone economy, employment expands by 0.3% in first quarter The euro zone economy grew by 0.3% in the first quarter of the year, suggesting a slow recovery is now underway after six straight quarters of stagnant or negative growth, Eurostat said on Wednesday, confirming a preliminary estimate. In the previous quarter, however, growth was confirmed at minus 0.1%, indicating that the bloc was in recession, as many economists had long predicted. The economy shrank by 0.1% in both the third and f

NAR India, in Collaboration with Leading Real Estate Associations, Facilitates Donation of 1000+ Units of Blood to Government and Hospitals PNN New Delhi [India], May 13: On World Red Cross Day, NAR India yet again partners with prominent real estate associations to provide over 1000 units of blood to the government and hospitals in need. This initiative reflects NAR India's commitment to serving humanity and promoting community welfare. The blood donation camp, held in Mumbai, Gujarat, Bangalor

UK economy grows by 0.6% in first quarter, ONS data shows Britain's economic output grew by a stronger-than-expected 0.6% in the three months to March after entering a mild recession in the second half of last year, data from the Office for National Statistics showed on Friday. A Reuters poll of economists had pointed to a 0.4% expansion of gross domestic product in the January-to-March period.

Economic cooperation with India has been integral part of Maldives economy: Maldivian Foreign Minister Maldivian Foreign Minister Moosa Zameer, who is in India, said on Thursday that he discussed debt relief measures during his meeting with External Affairs Minister S Jaishankar and mentioned that economic cooperation with India has been an integral part of the Maldivian economy. Economic cooperation with India has actually been an integral part of Maldivian economy. If you look at the Maldivian

ANALYSIS-War upends Ukraine's economy in a shift that may be permanent Within days of Russian forces invading Ukraine in early 2022, architect Oleh Drozdov made up his mind: he would move his home and business from the besieged eastern city of Kharkiv more than 1,000 km to the west, far from the fighting. Now, with the war in its third year, his practice may finally be returning to growth, as businesses like his adapt to the conflict and search out opportunities alongside the formidable challeng

South Korea's Yoon pledges focus on economy after election shock South Korean President Yoon Suk Yeol said on Thursday his government's efforts to improve people's lives had fallen short, conceding a crushing election defeat for his ruling party last month reflected voters' assessment of his two years in office. In his first news conference in 21 months, Yoon pledged to focus on improving the economy and tackling what he called the national emergency of flagging birth rates over the three years

Vietnam's China ties loom large in US hearing on market economy upgrade U.S. President Joe Biden's bid to draw Vietnam closer as a strategic ally clashed with his desire for union workers' votes on Wednesday as trade lawyers sparred over whether the Commerce Department should upgrade the communist-ruled country to market economy status. The move, opposed by U.S. steelmakers, Gulf Coast shrimpers and American honey farmers, but backed by retailers and some other business groups, would reduce the

Peninsula Land Secures Rs 150 Crore Funding to Establish Rs 765 Crore Real Estate Platform Realty firm Peninsula Land Ltd on Wednesday said it has raised Rs 150 crore through the issue of debentures and will also set up Rs 765 crore platform to develop projects. In a regulatory filing, the company informed that it has raised the amount through the issue of optionally convertible debentures (convertible into equity shares). The investment is being made by Arsenio Strategies, which is an affiliate

US weighs upgrade for Vietnam to 'market economy' status U.S. President Joe Biden's bid to draw Vietnam closer as a strategic ally will clash head-on with his desire for union workers' votes on Wednesday as the Commerce Department hears testimony on whether to designate Vietnam as a market economy. The move, opposed by U.S. steelmakers and Gulf Coast shrimpers but backed by retailers and other business groups, would reduce the punitive anti-dumping duties set on Vietnamese imports because of its

Vote counting begins in Panama presidential race focused on economy, corruption Panamanian officials began counting votes after polls closed on Sunday in a general election to pick the next president, a tight contest where attention has centered on a former leader holed up in Nicaragua's embassy. Pollsters believe the eight-person race is too close to call, with the new leader facing the daunting task of mending social divisions and regaining the faith of an electorate fed up with political graf

Panama to elect new president to fix economy, stop corruption Panamanians braved scorching heat on Sunday to vote in a general election to pick the next president in an eight-person race where much of the attention has been focused on a corruption-tainted former leader holed up in Nicaragua's embassy. Following weeks of campaign events that featured catchy reggaeton songs and popular entertainers, over 3 million voters are expected to decide who is best placed to fix Panama's pressing economic p

Slowing global economy to mean smaller revenue bump in Australian budget Global economic weakness and a slowing domestic economy were among the reasons Australia will report a smaller revenue increase in its federal budget for the year ended June 30 compared to recent years, the government said on Sunday. The Labor government is expected to report a budget surplus on May 14, although it flagged in March a revenue upgrade would be smaller than the year before as commodity prices fell and the labo

Surge in Election Spending Poised to Boost Rural Economy, Experts Predict Even as the 2024 Lok Sabha polls have started to unfold, anticipation remained high not only in the political landscape but also about the ripple effects on the economy, particularly in rural India, as experts described the elections as the most expensive one ever fought in the country's history. With an expenditure of a staggering Rs 1.35 lakh crore estimated by N Bhaskara Rao, who chairs the Centre for Media Studies and

Indian Economy Faces Risks under Congress Manifesto, Warns Nirmala Sitharaman If Congress' poll manifesto were to be implemented, the Indian economy currently ranked among the top five globally, would regress into the ''fragile five'', Union Finance Minister Nirmala Sitharaman said on Saturday. She claimed the Congress poll document is ''more akin to a Muslim League document'' and the BJP is duty-bound to question its import. Sitharaman's attack comes against the backdrop of the 'conducting an e

This election is for ending of terrorism, naxalism and making India 3rd major economy: Shah. This election is for ending of terrorism, naxalism and making India 3rd major economy: Shah.

Modi hails Maharashtra, Gujarat statehood, urges people to boost economy Prime Minister Narendra Modi on Wednesday greeted people on the statehood days of Maharashtra and Gujarat, lauding the legacy and tradition of the two western states. He said on X, ''Maharashtra Statehood Day is about celebrating the glorious legacy and indomitable spirit of this land which has produced great visionaries and is associated with cultural richness. Maharashtra stands tall as a beacon of tradition, progress and

Indiabulls Real Estate Completes Acquisition of Sky Forest Projects for Rs 647 Crores Indiabulls Real Estate on Tuesday said it has acquired 100 per cent stake in Sky Forest Projects Pvt Ltd from Blackstone at an enterprise value of Rs 647 crore. In a regulatory filing, the company said its subsidiary Indiabulls Constructions has ''completed the acquisition of 100 per cent stake, on a fully diluted basis, of Sky Forest Projects, which owns a residential project 'Sky Forest', situated in Lowel Pa

Delhi-NCR, Bangalore witness a decline; Pune, Hyderabad saw a substantial hike in luxury real estate sale: CBRE The luxury real estate market in India has experienced contrasting trends in major cities during the first quarter of 2024, according to the latest findings by CBRE South Asia Pvt. Ltd. While Delhi-NCR, Kolkata and Bangalore witnessed a significant decline in luxury segment housing, other major cities such as Mumbai, Pune, Hyderabad and Chennai recorded a surge in the same segment. Dur

IMF funding helps stabilise Pakistan economy, says PM Sharif The disbursement of $1.1 billion by the International Monetary Fund (IMF) will help Pakistan achieve greater economic stability, Prime Minister Shehbaz Sharif said on Tuesday, amid discussions for a new loan programme. The funding was the second and final tranche of Pakistan's $3 billion standby arrangement with the IMF which it secured last summer to help avert a sovereign default. The disbursement will bring more economic stability i

CEE ECONOMY-Czech, Hungarian recoveries reach stronger footing in first quarter Hungary's economy expanded in the first quarter while Czech gross domestic product increased at its fastest quarterly rate in two years, according to preliminary data releases on Tuesday showing their recoveries are gaining some momentum. Central Europe's economies are looking to shake off an inflation surge that hammered consumer activity last year, hoping renewed spending powers will compensate for factory activity

Indiabulls Real Estate's Losses Escalate to Rs 1,038 Crore in FY24 Indiabulls Real Estate Ltd (IBREL) has posted widening of consolidated net loss at Rs 1,038.65 crore for the last fiscal year. Its net loss stood at Rs 608.38 crore in 2022-23. Total income also fell to Rs 468.75 crore during 2023-24 from Rs 648.47 crore in the preceding year, according to a regulatory filing on Friday. IBREL's ness loss in March quarter FY24 narrowed to Rs 302 crore from Rs 375.99 crore in the year-ago period. T

During the third term of Narendra Modi-led govt, our economy will be brought to third spot in the world: Amit Shah at poll rally in Gujarat. During the third term of Narendra Modi-led govt, our economy will be brought to third spot in the world: Amit Shah at poll rally in Gujarat.

REUTERS NEXT-Yellen says US economy strong, all options open on China's overcapacity U.S. Treasury Secretary Janet Yellen told Reuters on Thursday that U.S. economic growth was likely stronger than suggested by weaker-than-expected data on first-quarter output and said the Biden administration was keeping all options open to respond to threats from China's excess industrial capacity. In a wide-ranging Reuters Next interview, Yellen also said that a U.S. proposal for using the interest earnings f

WRAPUP 5-Imports hold back US economy in first quarter, inflation flares up The U.S. economy grew at its slowest pace in nearly two years in the first quarter amid a surge in imports and small build-up of unsold goods at businesses, signs of solid demand that together with an acceleration in inflation reinforced expectations the Federal Reserve would not cut interest rates before September. The cooler-than-expected growth reported by the Commerce Department in its snapshot of first-quarter gross

US economy grew at rate less than expected in first quarter The US grew at an annual rate of 1.6 percent in the first quarter of 2024, according to the advance estimate released by the country's Bureau of Economic Analysis. In the fourth quarter of 2023, real GDP increased 3.4 percent. The GDP estimate released today is subject to further revision. The second estimate for the first quarter, based on more complete source data, will be released on May 30, 2024. As per reports, the growth figure fr

Lohia Global Ventures into Real Estate Sector; Plans Rs 1,000 Crore Investment for Housing Projects Lohia Global, which is mainly into handicrafts exports and automobile businesses, on Thursday said it has entered into the real estate business and will invest Rs 1,000 crore over the next five years to develop projects across Delhi-NCR and Uttar Pradesh. Delhi-based Lohia Global is a privately held company with an annual revenue of around Rs 1,200 crore from four businesses - handicraft exports,

JPMorgan CEO Dimon says US economy is booming JPMorgan Chase CEO Jamie Dimon said the U.S. economy was booming and consumer spending continued to be resilient. The U.S. economic boom is unbelievable, Dimon told the Economic Club of New York on Tuesday. Even if we go into recession, the consumer's still in good shape, he said. Still, he reiterated caution about the potential economic impact of deficit spending, inflation and geopolitical conflicts.

China's military spending concerning given 'failing economy', US admiral says The increase in China's defence spending is concerning given its economy is failing, the head of the U.S. Indo-Pacific Command said on Tuesday. Speaking to reporters in Tokyo, Admiral John Aquilino said China's economy had been battered by turmoil in its real estate sector and asserted that its official growth rates were ot real. He also said China was spending drastically more on its military than the 7.2% increase i

Viet Nam's economy showing signs of recovery in early 2024: World Bank Viet Nam's economy is showing mixed signs of recovery, with growth forecast to reach 5.5% in 2024 and gradually rise to 6.0% by 2025, according to the latest World Bank Taking Stock bi-annual economic update released today. After experiencing a slowdown in 2023, the economy is showing mixed signs of recovery in early 2024. While exports are recovering, consumption and private domestic investment are growing more gradually. Re

Century Real Estate Secures Rs 450 Crore from Edelweiss for Project Expansion Century Real Estate on Monday said it has raised Rs 450 crore from Edelweiss to develop realty projects in Bengaluru. In a statement, the company said it has ''successfully closed a funding round with Edelweiss, securing Rs 450 crore in investment capital.'' Century Real Estate said its sales bookings stood at Rs 1,000 crore in the 2023-24 fiscal, registering 4x growth in a span of 4 years. ''The infusion of Rs 450 cro

Large Indian real estate developers continue to snap up land: Anarock The residential segment continues to drive the Indian real estate market, which also reflects in the land deals it is generating. Amid all-time high residential demand, several large and listed developers and other entities continued to snap up land. Other than residential, commercial, retail, industrial, logistics and warehousing are also driving prime land deals in key locations across India, according to real estate consult

Greek economy surges after decade of pain A decade ago, Greece was in the throes of a devastating debt crisis marked by years of austerity, hardship and unrest. Now, officials and investors say 2024 could be the year its rebound is finally complete. The Greek economy is forecast to grow nearly 3% this year, approaching its pre-crisis size of 2009 and far outpacing the euro zone average of 0.8%. Borrowing costs have plummeted to below those of Italy, and banks bailed out during the crisis are set

Real Estate Developers and Immigration Consultants from Across the Globe to Gather in Mumbai for International Real Estate Expo and IREX Residency & Citizenship Conclave Mumbai, Maharashtra, India Business Wire India The seventeenth edition of International Real Estate Expo & IREX Residency & Citizenship Conclave 2024 will be held from 19th to 20th April, 2024 at The St. Regis, Mumbai. The show is a unique platform that offers various options and prospects of international real estate investmen

India's economy projected to grow at 8-8.3% in the current fiscal year: PHDCCI India's economy is estimated to grow at 8-8.3 per cent in the current fiscal, industry body PHDCCI said on Wednesday. The country's GDP will grow at an average of 6.7 per cent over the next 23 years to become a USD 34.7 trillion economy by 2047, with a per capita income of USD 21,000, it added. ''We are projecting a growth rate of 8 to 8.3 per cent for India's economy for the current financial year,'' PHDCCI Chief Eco

World moving towards recession but Indian economy expanding continuously: Experts on IMF report After the IMF's World Economic Outlook forecast that India is set to remain the fastest-growing among major economies in 2024, experts hailed the IMF projections and highlighted that the Indian economy is set to become third largest in the world soon. While the world is moving towards recession, the Indian economy is expanding continuously and it is in likely that India's economy will advance more tha

India forecasts above average monsoon rains in boost to crop output, economy India said on Monday it is likely to receive above average monsoon rainfall in 2024, in a potential boost for the country which depends heavily on the summer rains for its farm output. The lifeblood of India's economy delivers nearly 70% of the rain needed to water crops and recharge reservoirs and aquifers, with nearly half of its farmland, without any irrigation, depending on the June-September rains to grow a number

Hungary to consider fuel price intervention, says economy minister Hungary's government will consider whether to enforce lower fuel prices after a review by the Central Statistics Office (KSH) of regional average price levels, Economy Minister Marton Nagy told business daily Vilaggazdasag. Nagy last week put pressure on fuel suppliers to cut petrol station prices closer to the central European average as part of wider government price-setting intervention after the worst inflationary surge in th

Pvt equity investment in real estate dips 16 pc last fiscal to USD 3.67 bn: Anarock Private equity funding in the real estate sector fell 16 per cent last fiscal to USD 3.67 billion on lower interest from foreign investors, according to Anarock. In its report, Capital FLUX, real estate consultant Anarock pointed out that the private equity (PE) deals in Indian real estate have declined to USD 3,674 million in 2023-24 from USD 4,358 million in the previous year. The PE inflow in real estate stood

UK economy grows in Feb, shows signs of exiting recession Britain's economic output grew by 0.1% in monthly terms in February and January's reading was revised higher, pointing to an exit from recession in early 2024, figures from the Office for National Statistics showed on Friday. Economists polled by Reuters had forecast a 0.1% month-on-month expansion of gross domestic product. January's reading was revised to show an expansion of 0.3%, up from 0.2% earlier. Britain's economy entered a shall

China stocks fall pressured by real estate; HK shares rise China stocks fell on Wednesday, dragged by real estate shares, while Hong Kong shares rose, led by tech stocks. Ratings agency Fitch revised its outlook on China to negative, citing increasing risks to the country's public finance outlook. So far the market reaction to the Fitch downgrade news seems to be quite muted, versus the Moody's downgrade back in last December. Nonetheless, it may still hurt near-term market sentiment on China wh

China stocks down pressured by real estate; HK shares up China stocks fell on Wednesday, dragged by real estate shares, while rating agency Fitch revised its outlook on China to negative. Hong Kong shares were up, led by tech stocks. Ratings agency Fitch revised its outlook on China to negative on Tuesday, citing increasing risks to the country's public finance outlook. China stocks were closed for midday break before the release of the rating downgrade. Several property developers reported weak

South Koreans vote for new parliament after economy, corruption dominate campaign South Koreans vote to elect a new parliament on Wednesday in a bitterly fought race seen by some analysts as a referendum on President Yoon Suk Yeol, whose popularity has suffered amid a cost of living crisis and a spate of political scandals. The opposition Democratic Party (DP), which already dominates the 300-member legislature, has hammered Yoon and his conservative People Power Party (PPP) for mismanaging the

Real estate regulator denies extension of registration validity for Godrej Developers' housing project in Gurugram The Haryana real estate regulatory authority (HRERA) has denied the extension of registration validity for a housing project of Godrej Developers & Properties in Gurugram, citing non-compliances of norms. According to HRERA, Gurugram, Godrej Developers & Properties LLP failed to rectify deficiencies in the application, which showed mismatch of several details provided in the project