The Half-Truths That Fuel the ‘Fastest Growing Economy' in the World
From growing wealth disparities and stagnant job creation to the stark divide between the organised and unorganised sectors, this discussion exposes the gaps in data and policy that leave countless Indians without hope or stability.
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Business Standard
15 minutes ago
- Business Standard
Current account balance posts surplus of 1.3% of GDP in Q4FY25: RBI
India's current account balance posted a surplus of $13.5 billion, or 1.3 per cent of gross domestic product (GDP), during the fourth quarter ended March 2025 (Q4FY25). This surplus, after three consecutive quarters of deficit, reflects the contribution of a surge in services exports, latest data released by the Reserve Bank of India (RBI) showed. There was a current account surplus of $4.6 billion (0.5 per cent of GDP) during the fourth quarter of the previous financial year (Q4FY24). The current account deficit (CAD) was $11.3 billion (1.1 per cent of GDP) during the quarter ended December 2024 (Q3FY25). For FY25, the CAD moderated to $23.3 billion (0.6 per cent of GDP) from $26 billion (0.7 per cent of GDP) in FY24, supported by higher net invisible receipts. Aditi Nayar, chief economist, ICRA, said while the current account balance had been expected to post a seasonal surplus in Q4FY25, the size of the surplus exceeded expectations due to a surprise dip in primary income outflows during the quarter. This led to the unexpected narrowing of the CAD to 0.6 per cent of GDP in FY25 from 0.7 per cent in FY24. Elaborating on the quarterly trends, the RBI said in a statement that net services receipts stood at $53.3 billion in Q4FY25, up from $42.7 billion a year ago. This contributed significantly to the surplus in the current account during the quarter. The merchandise trade deficit was $59.5 billion in Q4FY25, higher than $52.0 billion in Q4FY24, but lower than the $79.3 billion recorded in Q3FY25. Net outgo on the primary income account—mainly reflecting investment income payments—moderated to $11.9 billion in Q4FY25 from $14.8 billion in Q4FY24. Private transfer receipts, largely comprising remittances by Indians employed overseas, rose to $33.9 billion from $31.3 billion a year earlier, the RBI added. On the foreign exchange front, the RBI said accretion to forex reserves was $8.8 billion in Q4FY25, significantly lower than the $30.8 billion recorded in Q4FY24. For the full fiscal, FY25 saw a depletion of $5 billion in reserves, compared to an accretion of $63.7 billion in FY24, according to RBI data. Looking ahead, ICRA expects the current account to revert to a deficit in the ongoing quarter ending June 2025 (Q1FY26), printing at around 1.3 per cent of GDP. The expected reversal is driven by a likely widening in the merchandise trade deficit and a moderation in the services trade surplus in Q1FY26 versus Q4FY25. India's current account deficit is expected to average 1 per cent of GDP in FY26, which remains eminently manageable despite prevailing global uncertainties. This projection assumes an average crude oil price of around $70 per barrel for the fiscal, the rating agency added.
GMA Network
29 minutes ago
- GMA Network
NBI nabs 6 foreigners, 3 Filipinos in alleged 'assume balance-talon' modus
The National Bureau of Investigation (NBI) on Friday announced the arrest of six Indians and three Filipinos in an entrapment operation conducted in Parañaque City for carnapping and syndicated estafa. In a statement, the NBI said the arrested individuals are allegedly part of a syndicate involved in the 'assume balance-talon' scheme. This modus involves an individual who is unable to continue paying for the monthly amortization for a vehicle, decides to pass this on to an individual who in turn will take over the loan. This individual will then mortgage the vehicle for some amount. The original owner, when he decides to recover the loan will then be asked for a large sum as a condition for the return of the vehicle. According to the NBI, the operation stemmed from a complaint filed against the nine individuals for selling his vehicle without his consent. The complainant said he failed to pay the monthly amortization of a vehicle to the bank and offered it for pasalo or to sell it to someone else who will also continue the payments. The vehicle was then passed on to one of the arrested subjects, who sold it to another individual. They then mortgaged the vehicle for P120,000 and demanded P450,000 from the complainant when he sought to recover it. One of the subjects threatened the complainant that the car would be chopped or dismantled if he is unable to pay. This led the complainant to file the complaint before the NBI. The NBI agents arrested the subjects at a casino hotel in Parañaque City on June 24. They have undergone inquest proceedings. 'Director Santiago likewise advises the public to be more cautious in their financial transactions to avoid falling prey to this scheme of unscrupulous individuals,' the NBI said. — BAP, GMA Integrated News
India Gazette
33 minutes ago
- India Gazette
League will have huge impact on young Indian players, believes Chennai Bulls player Gaurav Kumar
Mumbai (Maharashtra) [India], June 27 (ANI): Chennai Bulls' latest recruit, Gaurav Kumar, who came in as a replacement player, has wasted no time to make his presence felt, registering three conversions in their commanding 40-21 win against the Kalinga Black Tigers at the Shahaji Raje Bhosle Kreeda Sankul (Andheri Sports Complex) on Thursday. With that win, the Chennai Bulls wrapped up their league stage matches with six wins, currently placed second on the points table. After the win, Chennai Bulls' hybrid Gaurav Kumar opened up on his initial experience at the GMR RPL. 'There was a little pressure at the start. I used to think about how I would play alongside the players who have won medals in the Olympics, and what it would be to play with Olympian players for the first time. But when we played in the first match, we got used to it and it started feeling normal', he said as quoted by a press release from RPL. Sharing some insight into his journey and how he started playing rugby, Gaurav mentioned, 'I was introduced to rugby at the age of 14, when I was in Patna. From there, I went to Odisha and had a lot of fun while playing there, which gave me more confidence. I represented Bihar for the first time and won my first medal in the U-18 category. From there, my interest in the game kept growing, and I became a senior player in the Bihar team.' His never-say-die attitude also helped him make the India camp on multiple occasions, before finally representing his country in the Asian Championship in 2022. He shared, 'I made it to the Indian U-17 camp, but didn't get selected. Even though I was very upset about it, I didn't give up. I made it to the Indian Rugby 15s team in 2022, playing in the Asian Championship third division, where I was the top scorer.' Currently the head coach of the Bihar rugby team, Gaurav bagged his first coaching stint when he was 19, taking charge of the Bihar U-18s team. Having trained players from Bihar, he also explained how the GMR RPL will have an impact on rugby in India. 'The league will have a huge impact on the young Indian players. Rugby is famous in some regions, and the league is going to make it even more famous because a lot of Indians are watching the league and also want to be part of the league. The players are very excited to play in the league, and they are preparing for it,' he added. Highlighting the learnings he has adopted from his time with the Chennai Bulls so far, Gaurav said, 'The most important thing is to trust your teammates, let them do what they do, and talk to them when they make a mistake. I learnt that there is no pressure; you have to enjoy the game. The most important thing is to be brave. The coach and marquee players tell us to keep being brave and playing. If we make a mistake, they will help us correct it. That is the best thing about the team. They are very caring and always encourage us, even when we make a mistake.' Without giving too much away, Gaurav also shared the Chennai Bulls' thought process going into the playoffs on Sunday. 'Our team is focusing on the playoffs now. There are opportunities because some players who have performed get a chance to rest, so that they can participate in the semi-finals and finals. We are fully prepared for that challenge. The coach has his strategy, but that's a secret', he concluded. (ANI)
