Trump tariff impact: Indian economy has not slowed, too early to gauge GDP effect, says Chief Economic Advisor
More details are being added
Stay updated with the latest Trending, India , World and US news. Business NewsNewsTrump tariff impact: Indian economy has not slowed, too early to gauge GDP effect, says Chief Economic Advisor More Less
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
44 minutes ago
- Indian Express
India, South Korea resolve to set ‘new industrial ambition' in high-tech sectors
India and South Korea on Saturday resolved to expand their strategic partnership by setting new 'industrial ambition' in the areas of semiconductor, defence, clean energy, and artificial intelligence. Ways to ramp up the overall bilateral cooperation figured prominently in talks between External Affairs Minister S Jaishankar and his visiting South Korean counterpart, Cho Hyun. The Ministry of External Affairs (MEA) said Jaishankar and Hyun agreed to set new industrial ambitions, especially in high-tech sectors such as AI, semiconductors, clean energy, shipbuilding, and the defence industry. The ministers took stock of bilateral cooperation, including in the political, security, trade and economy, technological, and people-to-people domains, it said. In a social media post, Jaishankar said, 'Held productive discussions on advancing our bilateral cooperation in trade, manufacturing, maritime and people-to-people exchanges as well as new opportunities in AI, semiconductors, clean energy and defence.' Jaishankar said he and Hyun also exchanged perspectives on the Indo-Pacific region and contemporary global developments. 'Appreciated our deepening convergences and growing engagement as our Special Strategic Partnership completes 10 years,' he said. In his opening remarks at the meeting, Jaishankar also thanked Seoul for its condemnation of the April 22 Pahalgam terror attack. Jaishankar made a mention of Seoul's support to an Indian parliamentary delegation that visited South Korea in the aftermath of Operation Sindoor. 'You have been barely a month in the job (as the foreign minister), the fact that you are here literally a day after your National Day, and our National Day, says a lot really about the value we attach to the relationship,' Jaishankar said. The MEA said Jaishankar and Hyun reaffirmed the strong and growing 'special strategic partnership' between the two countries. The partnership is rooted in shared democratic values, mutual trust, shared economic interests, and commitment to regional and global peace and stability, it said.
Deccan Herald
2 hours ago
- Deccan Herald
When sambar met caviar
The Indian diaspora has become a lot more affluent, and they are seeking luxurious experiences, which include dining on exquisitely created and presented food from their home country.
United News of India
2 hours ago
- United News of India
GST rationalisation impact on inflation depends on the effect on CPI components: Bank of Baroda Economist
Chennai, Aug 16 (UNI) The impact of the proposed rationalisation of the Goods and Services Tax (GST) on inflation would depend on the effect on the consumer price index (CPI) components, said a top economist at Bank of Baroda. He also said the impact on investment will be driven by the final effect on consumption. If consumption increases, it can spur more investment in specific products. The Indian government has announced the idea of having two major GST slabs viz., 5% (merit) and 18% (standard). 'The highest slab of 28% would be abolished and all goods and services in this bracket moved to the 18% rate. 99% of goods in the 12% rate will move to 5%. The balance 1% would go to 18%. The existing 40% rate would hold for tobacco and other sin goods. The exempted and special rates of 0.25% and 3% rate goods would remain unchanged,' Madan Sabnavis, Chief Economist said. 'The impact on inflation would depend on how various components of the CPI index are impacted by the new rates. While it has been projected as lowering the tax burden there can be a tendency for inflation to come down. But the extent will depend on the individual tax rates,' Sabnavis said. However, at the micro level, any reduction in GST as it is expected for goods like hair oil, toothbrush, pencils and others may not exactly increase consumption but will release resources of households that can be spent on other products and services. 'Impact on investment will be driven by the final effect on consumption. If consumption increases, it can spur more investment in specific products,' Sabnavis remarked. Having fewer slabs certainly makes the system simpler and leads to better compliance and removal of ambiguity. But it needs to be seen whether or not the final effect is tax neutral. If movement of goods across slabs provides a net gain on the fiscal side, then it would not change much from the consumption point of view, he said. 'On the whole it has been projected to provide support to consumption which is positive for the consumer goods segments. The ultimate impact has to be gauged from the point of view of fiscal impact given that any restructuring has to be a zero-sum game – if the consumer is to gain, there has to be some let off on the budget. This however, can get corrected once the economy grows at a faster rate in the coming years,' Sabnavis said. The GST Council is to meet in Sept-Oct and deliberate on this proposal. The compensation cess is to be phased out and it is possible that goods and services with 40% slab would take in this effect. UNI VJ GNK
