Around the Globe

Around the Globe

Uncertainty ahead makes rate cuts doubtful

The Indian economy is “like a house under renovation” now as the structural changes started by the government may improve long-term prospects, but will disrupt in the short term.

According to a report by Credit Suisse authored by analysts Neelkanth Mishra and Prateek Singh, it was expected that 2017 would have significant uncertainty. “The economy is currently like a house under renovation, as several structural changes such as GST, RERA, are being undertaken that improve long-term prospects but disrupt the economy in the short term.”

India's external debt down 3% to $472 bn in FY17

India's external debt came down by USD 13.1 billion or 2.7 per cent to USD 471.9 billion at the end of March this year on annual basis mainly due to decrease in NRI deposits and commercial borrowings.

Inflation genie jumps out of bottle

The Modi government has a dual challenge at hand. Faced with the tough job of reviving a stuttering economy, the Centre now also has an uphill task of keeping prices stable. For the three-and-a-year-old Modi government, which has been high on promises but low on delivery, rising inflation poses a new worry.

India, Japan to ramp up defence, bilateral cooperation

Prime Minister Narendra Modi on Thursday launched the dream of a high speed bullet train at a packed Athletics Stadium in Ahmedabad, saying it would go from “my Gujarat to my Mumbai”. India’s first bullet train will connect Ahmedabad, the largest city in Gujarat, to Mumbai, cutting travel time from seven hours to less than three. The project, which was launched here together by Modi and his Japanese counterpart Shinzo Abe is expected to bring in employment, revenue and even international trade to both the cities.

Amarnath attack mastermind shot dead

Amarnath Yatra attack mastermind Abu Ismail was  shot dead in a crisp operation lasting only around half an hour on the outskirts of Srinagar on Thursday.

LeT commander Ismail now joins the list of top terrorists, who have been killed by the security forces in the last one year, which has been the bloodiest in recent past. Jammu and Kashmir police hailed the encounter as a major achievement of the security forces as Ismail, a Pakistani, was one of the most prominent foreign terrorists  operating in the valley.

North Korea Threatens to Use Nuclear Weapon to ‘Sink’ Japan

North Korea threatened to use a nuclear weapon against Japan and turn the US into “ashes and darkness” for passing fresh United Nations sanctions earlier this week – fiery rhetoric that is likely to exacerbate tensions in North Asia.

“Japan is no longer needed to exist near us,” the state-run Korean Central News Agency said on Thursday, citing a statement by the Korea Asia-Pacific Peace Committee. “The four islands of the archipelago should be sunken into the sea by the nuclear bomb of Juche,” it said, a reference to the regime’s ideology of self-reliance.