Top headlines: India's economy 16.5 yrs behind China, Inflation a key issue

G20 Leaders' Summit: Laptop import curbs may be a talking point for Biden

During his New Delhi visit to attend the G20 Leaders’ Summit later this week, US President Joe Biden might discuss with Prime Minister Narendra Modi the issue of India’s import restrictions on laptops and other electronic products, people aware of the matter said. Biden will be in India from September 7 to 10, and his bilateral meeting with Modi is scheduled for the second day of his visit. India had last month cited ‘security risks to citizens’ as the main reason for its decision to impose import restrictions on several electronic items, including laptops, tablets, personal computers, and servers, from November 1. Read more

Inflation a key issue the world faces: PM Narendra Modi ahead of G20 Summit

Days ahead of the G20 summit here under India’s presidency, Prime Minister Narendra Modi has identified inflation as a critical issue facing the world and called the debt crisis “a matter of great concern” for developing countries. He has also stressed the need for fiscal discipline by states. In an interview with the Press Trust of India (PTI) last week, which the news agency released on Sunday, Modi observed that the Covid-19 pandemic had the world recognise India’s human-centric development model, rather than a GDP-centric view. He said the Sabka Saath Sabka Vikas model could be the guiding principle for the welfare of the world. Read more

India's economy 16.5 years behind China's, says Bernstein research report

India is a median 16.5 years behind China on broad business and economic parameters, according to latest research by Bernstein which suggested that the country has much catching up to do. The brokerage firm looked at various yardsticks that included patents, foreign direct investment (FDI), forex reserves, nominal gross domestic product (GDP), and exports. Its report found that India is behind China by 21 years when it comes to patents, 20 years in FDI, 19 years in forex reserves, and 17 years in exports. On nominal GDP and per capita income, India is 15 years behind. In consumption expenditure, it is 13 years behind. On gross fixed capital formation, it is 16 years behind. Read more

Confident of meeting fiscal deficit, nominal GDP targets: DEA secy

The government is confident of meeting the fiscal deficit target of 5.9 per cent of gross domestic product (GDP) and the nominal GDP target of 10.5 per cent despite pressure in the initial months of FY24, Economic Affairs Secretary Ajay Seth told Business Standard. Normally the initial months of any financial year see proportionally a higher fiscal deficit because the expenditure is evenly paced while revenue picks up in the later months, he said. Read more

India's Covid vax rate falls 75% since Apr as US, UK ready for another shot

Far fewer Indians are getting vaccinated than at the beginning of the financial year. In April, there were around 14,000 weekly vaccinations on average, according to data compiled from the CoWin portal. This number had dropped to around 3,500 by August. The latest data for the week ending September 1 shows only 1,282 vaccinations. Countries like the US and the UK have sought to give vaccinations another push amid rising cases there. An Omicron offshoot called BA.2.86, popularly referred to as the Pirola variant of the coronavirus, has been detected in the US, Switzerland, South Africa, and the UK, among other countries. The US has seen a new subvariant, EG.5, and has urged its population to take booster doses. The UK is looking to bring forward its vaccination schedule, prioritising the critically ill and those aged 65 and above. Read more