Asia

India's economy outpaced analysts' predictions, registering robust growth of 7.6 per cent in the three months to September compared to a year ago, according to government data released on Thursday. The figure surpassed all estimates in a Bloomberg survey of economists and exceeded the Reserve Bank of India's projection of 6.5 per cent. Despite challenges like surging inflation and multiple interest rate hikes by the RBI, India retains its position as the fastest-growing major economy globally. The growth is attributed to factors such as strong manufacturing performance, increased consumption, and the Indian government's heightened spending ahead of upcoming elections. Bloomberg cited Madhavi Arora, an economist with Emkay Financial Services, who highlighted the factors driving In...

India's economy grew at a much faster pace than expected in the July-September quarter, helped by government spending and manufacturing. Asia's third-largest economy expanded 7.6 per cent in the September quarter, much faster than the 6.8 per cent forecast in a Reuters poll of economists and the Reserve Bank of India's estimate of 6.5 per cent. COMMENTARY: UPASNA BHARDWAJ, CHIEF ECONOMIST, KOTAK MAHINDRA BANK "The sharp upside surprise to the second-quarter GDP figures is a welcome sign, especially as it comes in the backdrop of a broad-based pickup across most non-agricultural sectors." "We, however, expect the second-half growth to moderate. Having said that, the full year GDP numbers have got a big fillip after today's figures."

Indian economy is likely to continue its strong growth in the quarter to end of September, helped by a solid urban consumption and government spending, outpacing a slowing global economy squeezed by elevated interest rates and higher energy prices.Asia's third-largest economy is expected to grow at 6.8 in the July-September quarter compared with a year earlier, according to a Reuters poll. India will release the quarterly gross domestic product figures at 1200 GMT on Thursday. India's is seen as the bright spot globally as some Western countries are flirting with the possibility of recession, while China, the world's second-largest economy, has slowed down.The poll's consensus forecast is higher than Reserve Bank of India's projection of 6.5 for the quarter, but lower than the 7.8 grow...

The issue of how to control and curb the flow of money leaving India seems to feature prominently in the minds of the Modi government’s officials of late, with the latest sign being deliberations at the Ministry of Finance on the “flight of capital” of high net-worth individuals (HNIs) out of the country, ThePrint has learnt. The government had earlier this year announced a hike on tax collected at source (TCS) on international transactions, while Prime Minister Narendra Modi Sunday voiced concern over the trend of Indians going abroad to get married. The matter of flight of capital of HNIs was discussed at the Chintan Shivir of the ministries of finance and corporate affairs, held in August at Kevadia in Gujarat. ThePrint has accessed the minutes of the meeting, which reveal, ap...

The Pakistani rupee has fallen 20% against the dollar this year, Bloomberg reported. That's after spiking in October, as demand for the rupee surged on a clampdown on illicit dollar transactions. But due to Pakistan's floundering economy, the rupee is the worst performing Asian currency this year. The Pakistani rupee has plunged about 20% against the dollar this year, putting it on track to end 2023 as Asia's worst-performing currency, Bloomberg reported on Monday. But if you rewind just a month, the currency was briefly the top performer in global markets. What happened? The rupee soared 8% in October to 275 per dollar after hitting a record low in September because of the Pakistani government's response to illicit dollar transactions, according to the Indian lender HDFC S...

Pakistan’s incarcerated former prime minister Imran Khan was interrogated in jail by the country’s anti-corruption watchdog in a multibillion rupee corruption case, according to a media report on Monday. A National Accountability Bureau (NAB) team visited the 71-year-old Pakistan Tehreek-e-Insaf (PTI) party chief in the Adiala Jail on Sunday, a senior official of the anti-graft watchdog told the Dawn newspaper. The former premier has been incarcerated in the high-security jail in Rawalpindi since September 26 in various cases. The NAB team interrogated Khan for over two hours in connection with the charges he faces in the GBP 190 million (Rs 50 billion) Al-Qadir Trust corruption case, the report said. The Al-Qadir Trust case is about the settlement of 190 million pounds, about Rs 50 bi...

Pakistan has achieved a crucial milestone in its economic recovery journey, securing initial approval from the International Monetary Fund (IMF) for the release of the next loan tranche from a $3 billion bailout program. According to a Bloomberg report, the announcement came as the Washington-based lender revealed a staff-level agreement, signalling a green light for Pakistan to access a payout of approximately $700 million, contingent on approval from the IMF’s executive board. The funding is deemed essential for Pakistan to avoid defaulting on debt obligations as the government intensifies efforts to rectify economic imbalances, such as adjusting gas prices and combating the illicit dollar trade. According to Bloomberg, IMF Managing Director Kristalina Georgieva commended Pakistan...