Andhra Pradesh CM, DyCM hail PM Modi as India becomes fourth largest economy
VIJAYAWADA: Chief Minister N Chandrababu Naidu and Deputy CM Pawan Kalyan on Sunday praised Prime Minister Narendra Modi's 'bold and visionary leadership' as India officially overtook Japan to become world's fourth-largest economy.
Naidu stated that, according to data released by the IMF, India is on track to surpass Germany and become the third-largest economy globally by 2028.
'Today, we are at a juncture where all states must come together and join forces to achieve the goal of Viksit Bharat 2047. As the nation marches toward this dream, Andhra Pradesh is set to be India's growth engine while striving to achieve the goal of Swarna Andhra @ 2047,' Naidu posted on 'X'.
Stating that India has successfully emerged as the world's fourth largest economy, with a GDP of $4.18 trillion, Pawan Kalyan said that this historic achievement demonstrates PM Modi's visionary leadership.
'Over the past decade Under NDA Good Governance Bharat growth story driven by innovation, infrastructure, inclusion, and digital transformation. This achievement is more than just economic, it reflects New India's growing global prominence. This is a significant step towards becoming the world's 3rd largest economy and leading the way towards Viksit Bharat - 2047,' Pawan Kalyan mentioned on 'X'.
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Business Standard
an hour ago
- Business Standard
Stanley Fischer, who shaped global macroeconomic policy, dies at 81
By Laurence Arnold and Alisa Odenheimer Stanley Fischer, a professor and practitioner of macroeconomics who helped guide central banks in two countries, Israel and the US, and mentored a younger generation of economic decision-makers, has died. He was 81. He died on Saturday, the Bank of Israel said in a statement, expressing condolences. Fischer, known as Stan, served as vice chairman of the US Federal Reserve from 2014 to 2017 following eight years as governor of the Bank of Israel, adding to a resume that included time at the Massachusetts Institute of Technology, spells at the International Monetary Fund and World Bank, and a stint as vice chairman of New York-based Citigroup Inc. The roster of MIT students he taught and advised included Ben S. Bernanke, who would go on to become Fed chair and called Fischer his mentor; Mario Draghi, a future European Central Bank president and prime minister of Italy; Lawrence Summers, who would serve as US Treasury secretary under Bill Clinton; Greg Mankiw, who would lead President George W. Bush's Council of Economic Advisers; Kazuo Ueda, named Bank of Japan governor in 2023; and IMF chief economists, including Olivier Blanchard, Ken Rogoff and Maurice Obstfeld. Countless other college undergraduates were introduced to the dismal science by Macroeconomics, the textbook Fischer wrote in 1978 with his MIT colleague, Rudi Dornbusch. The 13th edition of the book was published in 2018. 'It is hard to think of any other macroeconomist alive who has had as much direct and indirect influence, through his own research, his students, and his policy decisions, on macroeconomic policy around the world,' Blanchard wrote of Fischer in 2023. Fischer and Blanchard co-authored Lectures on Macroeconomics, published in 1989. Dispatched on several occasions to extinguish economic emergencies around the world, Fischer drew academic lessons from his first-hand experience with countries in crisis. The pattern began in 1983, when George Shultz, then the US secretary of state, invited Fischer to serve on a joint US-Israeli team of experts helping Israel reverse a prolonged period of weak growth, triple-digit inflation and falling foreign exchange reserves. Their work resulted, in 1985, in an economic stabilization program combining a large reduction in government subsidies with the fixing of the exchange rate, a tightening of monetary policy, and wage and price controls — followed, crucially, by the US supplying a $1.5 billion two-year aid package. That was a prelude to Fischer's tenure as the No. 2 official at the IMF, the lender of last resort to countries in economic peril. Starting in 1994, Fischer traveled the globe to help resolve interrelated financial crises in Mexico, Russia, Brazil, Thailand, Indonesia and South Korea. His role meant he often overshadowed his boss, IMF Managing Director Michel Camdessus. But years later, Fischer credited Camdessus with keeping a sense of calm following the collapse of the Mexican peso in 1994, the first IMF crisis Fischer faced. Emergency Loans 'I thought Western civilization as we knew it was coming to an end,' but Camdessus 'had seen this particular play before,' Fischer recalled. The IMF provided about $250 billion in emergency loans during Fischer's seven years as first deputy managing director, ending in 2001. To accept Israel's 2005 offer to head its central bank, Fischer, an American citizen since 1976, added Israeli citizenship. He conducted business in Hebrew, with an accent that indicated his upbringing in southern Africa. Under his leadership, Israel's central bank was the first to cut rates in 2008 at the start of the global economic crisis, and the first to raise rates the following year in response to signs of financial recovery. In 2011, responding to a global downturn, the bank embarked on a series of rate cuts that pushed the benchmark from 3.25% to a record low 0.1% in 2015. Major changes enacted by Fischer during his eight-year tenure included shifting responsibility for the monthly interest-rate decision from the governor alone to a six-member Monetary Committee, including three outside academics. 'It is testament to Stan's skillful handling of Israel's economy that it is one of the very few advanced economies whose output increased every year through the crisis period,' former Bank of England Governor Mervyn King said in 2013. President Barack Obama appointed Fischer as vice chairman of the Fed Board of Governors under Janet Yellen. Fischer announced his retirement in 2017, a year before his four-year term was to end. He joined BlackRock Inc. as an adviser in 2019. Africa Upbringing Fischer was born on Oct. 15, 1943, in Mazabuka, a town in Zambia, the nation then known as Northern Rhodesia. His family was part of a close-knit community of Jews who had emigrated to southern Africa. His Latvian-born father, Philip, ran a general store. His mother, Ann, had been born in Cape Town, the daughter of Lithuanian immigrants, according to a Financial Times profile. At 13, the family moved to Zimbabwe, then called Southern Rhodesia, where Stanley became active in the Habonim, a Zionist youth group, along with Rhoda Keet, his future wife. In the early 1960s, he spent six months on a kibbutz on Israel's Mediterranean coastal plain, where he combined learning Hebrew with picking and planting bananas. He was introduced to economics through a course in his senior year in high school and moved to the UK to study at the London School of Economics, earning a bachelor's degree in 1965 and a master's in 1966. He chose MIT for his doctorate work so that he could study under future Nobel laureate economists Paul Samuelson and Robert Solow. He said he may have been drawn to macroeconomics 'because I was interested in big questions.' 'I had this image of the world as we knew it having nearly collapsed in the 1930s, and that these guys' — the macroeconomists — 'had saved it,' he said in a 2005 interview with Blanchard. He earned his Ph.D. in economics in 1969, worked as an assistant professor at the University of Chicago, then returned to MIT in 1973 as an associate professor. The first course he taught was monetary economics, alongside Samuelson. He became a full professor in 1977. Bernanke, who earned his Ph.D. from MIT in 1979, traced his interest in monetary policy to a conversation he had with Fischer — 'then a rising academic star' — in the late 1970s. He said Fischer handed him a copy of A Monetary History of the United States, 1867-1960 (1963), by Milton Friedman and Anna J. Schwartz, with the encouragement, 'Read this. It may bore you to death. But if it excites you, you might consider monetary economics.' Bernanke credited Fischer with popularizing the principle that while the Fed pursues goals set by the president and Congress, it has policy independence — freedom to use its tools as it sees fit to achieve those goals. As chief economist of World Bank from 1988 to 1990, Fischer visited China and India and became, he later said, 'gripped by the problem of development.' After Fischer left the IMF in 2001, he joined Citigroup Inc. as a vice chairman and drew on his experience to lead the bank's country risk committee. Fischer declared himself a candidate for the top role at the IMF in 2011, following the resignation of Dominique Strauss-Kahn. At 67, however, he was over the IMF's age limit of 65 for managing directors, meaning he would have needed a change in rules. The job went to Christine Lagarde. In 2013, Fischer was thought to be a possible candidate to succeed Bernanke at the helm of the Fed. Obama instead chose Yellen, with Fischer as her deputy. 'In a just world, Stan would have served at some point as Fed chairman or managing director of the IMF,' Summers wrote in 2017. 'Fate is fickle and it did not happen. But Stan through his teaching, writing, advising and leading has had as much influence on global money as anyone in the last generation. Hundreds of millions of people have lived better because of his efforts.' ©2025 Bloomberg L.P.
Time of India
an hour ago
- Time of India
Instagrammer's lawyers to move court for early hearing
1 2 Kolkata: Advocates representing the law student of Symbiosis International University in Pune, arrested in Gurgaon on Friday for allegedly hurting religious sentiments in an Instagram video, will seek an early hearing. They said the Kolkata-based girl, in judicial custody till June 13, had issued an unconditional apology and recorded a confession statement with police. The girl's Instagram post reportedly contained "disrespectful and derogatory remarks," targeting a religion, while responding to a post on Operation Sindoor that the Instagrammer claimed was made by a Pakistani national. Soon after, she deleted the post and also apologised on X. TOI on Sunday reported on the girl's arrest following a court arrest warrant. She has been booked for promoting enmity on grounds of religion, offences relating to religion, intentional insult to provoke breach of peace and public mischief following a complaint lodged at Garden Reach PS. The arrest started a political row, with the BJP and its allies targeting the state govt. From Andhra Pradesh dy-CM Pawan Kalyan to BJP MP-actress Kangana Ranaut questioned the arrest after the student issued an apology and deleted the offensive post. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Direct Shopping From Adidas Franchise Store, Up To 50% Off Original Adidas Shop Now Undo Kolkata Police issued a statement, saying: "Hate speech targeting any religious figure or community or any class of citizens of India which has potential to incite disharmony and hatred between different communities is a punishable offence in BNS. Hate speech and abusive language should not be misconstrued as freedom of speech & expression as enshrined in Article 19(1)(a) of the Constitution." Referring to the timing of the post, police said, "At a time when the whole country stood united and our brave citizens were fighting at the frontier, posting such content. .. is most abominable act... The accused was not arrested for expressing patriotism or personal belief; legal actions were taken for sharing offensive content, which promotes hatred among communities." "We will discuss the legal course of action on Monday. My client already accepted her mistake and sought an apology, but cops arrested her. We said that she gave her confessional statement and submitted her devices to cops. The magistrate acknowledged it and sent her to judicial custody," said the girl's advocate, Mohammad Shamim, who questioned the manner of arrest. He claimed they could have sent her summons on mail and WhatsApp when they could not find her or her family at their Anandapur high-rise. "The family was away and so they couldn't receive the summons. It gave cops the chance to get an arrest warrant and pick her up from her Gurgaon place, where she was with her mother." Police said, "The case was filed under appropriate BNS sections. The case was duly probed and adhering to legal procedures, several attempts were made to serve notice u/s 35 of BNSS to the accused but every time, she was found absconding. So, a warrant of arrest was issued by the court. She was apprehended lawfully from Gurgaon during day time."
NDTV
3 hours ago
- NDTV
Asian Development Bank Chief Pledges $10 Billion For India's Urban Infrastructure
New Delhi: Prime Minister Narendra Modi on Sunday took to X to share a picture of meeting with the Asian Development Bank (ADB) president Masato Kanda at his official residence, where the latter promised to pledge $10 billion for Indian urban infrastructure development over a period of five years. The $10 billion investment will seek to transform urban infrastructure across the country, including municipal infrastructure development, Metro extensions, new regional rapid transit system (RRTS) corridors and modernisation of urban services, the ADB said in a statement. Had a wonderful meeting with Mr. Masato Kanda, in which we shared perspectives on a wide range of issues. India's rapid transformation over the last decade has empowered countless people and we are working to add further momentum in this journey! @ADBPresident — Narendra Modi (@narendramodi) June 1, 2025 The ADB president also extended support to the PM Modi government's Viksit Bharat pledge and wrote on X, "The Viksit Bharat 2047 vision is bold and the ADB is supporting that ambition." PM Modi, while sharing the pictures of the meeting, said that he and the ADB president shared a perspective on a wide range of issues, including India's rapid transformation over the past decade, which saw the empowerment and upliftment of countless people. Masato Kando, who arrived in India last week, marking his official state visit after becoming the ADB President, said, "By scaling up public and private sector finance, deepening knowledge collaboration, and mobilising capital, we stand ready to support India's drive to become a developed nation by 2047 and to deliver inclusive, resilient, and sustainable growth for its 1.4 billion people." ADB has reportedly collaborated with over 110 cities across 22 states on projects related to water supply, sanitation, housing, and solid waste management, with an active urban portfolio comprising 27 loans amounting to $5.15 billion. Earlier, the ADB president also met Finance Minister Nirmala Sitharaman, where the two discussed plans to bring rural prosperity, scaling rooftop solar capacities, and operationalising the UCF. He also met Urban Development Minister Manohar Lal Khattar to outline the next steps for channelling private capital into urban projects.
