Representative image Impostor syndrome seems to be more common than actually thought, though at a collective level. People may often feel that the groups they are affiliated with may be underperforming in comparison to other groups. Although this self-critical approach may work in certain cases, it may also overlook the positives, and decrease the morale of those affiliated with the group. Many in India seem to have a collective/national-level impostor syndrome. While the Indian economy is much better placed than its peers in the emerging markets, and other economies, the government is being criticised on the economic front. The criticism comes when the fundamentals of the Indian economy are robust, despite the exogenous shocks caused by the COVID-19 pandemic, supply chain disruptions, monetary policy tightening by the US Federal Reserve, the Ukraine-Russia conflict, and inflated crude oil prices. India's macroeconomic health remains robust despite external pressures, and ongoing … [Read more...] about Bibek Debroy writes: India’s economy is better placed than its peers, other economies around the world
India will overtake china in population
The International Monetary Fund (IMF) has cut its gross domestic product (GDP) growth forecast for India for the current financial year by 80 basis points to 7.4 percent. A similar downgrade has been made to the growth forecast for FY24, which now stands at 6.1 percent as against 6.9 percent earlier. "For India, the revision reflects mainly less favourable external conditions and more rapid policy tightening," the IMF said on July 26 in an update to its World Economic Outlook report. Russia's invasion of Ukraine in late February disrupted supplies of crucial commodities, pushing up prices globally. Consequently, key central banks in the developed world, such as the US Federal Reserve, have begun tightening their monetary policies in earnest to cut down multi-decade high inflation . This has exerted further pressure on the Indian rupee, which has hurtled to multiple record lows in recent weeks and last week breached the 80-per-dollar mark for the first time . Close … [Read more...] about IMF cuts India’s FY23 growth forecast by 80 bps to 7.4%
Supporters await a convoy carrying US House Speaker Nancy Pelosi outside the Grand Hyatt hotel in Taipei, Taiwan, on Tuesday, Aug 2, 2022. US House Speaker Nancy Pelosi landed in Taiwan on Aug 2 evening, in defiance of Chinese threats, a trip that would make her the highest-ranking American politician to visit the island in 25 years. - A + A (Aug 9): House Speaker Nancy Pelosi’s swing through Asia aimed to convey the US’s “strong and unshakable” support for the region. It ended up leaving many countries in stunned silence, as China conducted unprecedented military drills around Taiwan. The shockwaves from the highest-level US visit to Taiwan in a quarter century are still reverberating around the region days after she flew back to Washington. China’s military has extended exercises designed to show an ability to encircle the island and cut off the Taiwan Strait, one of the world’s busiest trade routes, days after launching missiles that likely flew over Taipei … [Read more...] about Pelosi trip hinders Biden effort to galvanize Asia against China
Supporters await a convoy carrying US House Speaker Nancy Pelosi outside the Grand Hyatt hotel in Taipei, Taiwan, on Tuesday, Aug 2, 2022. US House Speaker Nancy Pelosi landed in Taiwan on Aug 2 evening, in defiance of Chinese threats, a trip that would make her the highest-ranking American politician to visit the island in 25 years. - A + A (Aug 9): House Speaker Nancy Pelosi’s swing through Asia aimed to convey the US’s “strong and unshakable” support for the region. It ended up leaving many countries in stunned silence, as China conducted unprecedented military drills around Taiwan. The shockwaves from the highest-level US visit to Taiwan in a quarter century are still reverberating around the region days after she flew back to Washington. China’s military has extended exercises designed to show an ability to encircle the island and cut off the Taiwan Strait, one of the world’s busiest trade routes, days after launching missiles that likely flew over Taipei … [Read more...] about Pelosi trip hinders Biden effort to galvanise Asia against China
Representative Image REUTERS/Dado Ruvic/Illustration/File Photo The Union health ministry is expected to soon approve Biological E's Corbevax as a precaution dose for people above 18 years who are double vaccinated with either Covishield or Covaxin, official sources said on Tuesday. The approval will be based on the recommendations made by the COVID-19 Working Group of the National Technical Advisory Group on Immunisation (NTAGI) last week, the sources told PTI. If approved by the government, this would be the first time a booster dose of a Covid vaccine different from the one used for primary vaccination would be allowed in the country. "Corbevax will be considered as a precaution dose after completion of 6 months or 26 weeks from the date of administration of the second dose of either Covaxin or Covishield vaccines for those aged above 18 years enabling use of Corbevax as a heterologous COVID-19 vaccine for precaution dose administration in this age group," a source said. … [Read more...] about Government nod for Corbevax as booster for adults vaccinated with Covishield, Covaxin soon
Representative Image. (PC-AFP) The Chinese military, for the last week, has carried out military exercises involving missile strikes, warplanes, and ship movements crossing the midline of the Taiwan Strait. As a response, Taiwan's military also began a live-fire artillery drill simulating a defense of the island against an attack after days of massive Chinese military exercises. All the while, international cargo traffic in the Strait of Taiwan has been hit and ships are looking at alternate routes. "The number of shipping vessels operating in the Taiwan Strait has dropped from around 250 a day to just 15-20 ships a day, after the Chinese military blocked six zones in the Strait," a trader based out of Singapore told Moneycontrol. He added that many shipping lines were even cutting short scheduled loadings for importers across Asia. Close The Chinese government has been firing missiles across the Taiwan Strait in protest of a visit by US House … [Read more...] about MC Explains: How Chinese military drills around Taiwan will disrupt global shipping
The United States formally established diplomatic ties with Beijing in 1979. When the US moved to recognize the People’s Republic of China (PRC) and de-recognize the Republic of China (ROC), it held that the PRC was and is the only China. The US, however, did not recognize Chinese sovereignty over Taiwan. (Image: News18 creative) Why would China risk direct confrontation with the United States, its second-biggest trade partner and a primary source of new technology, over the Taiwan issue? There are historical, emotional, and political reasons behind Beijing’s obsessive desire to take Taiwan. But an equally important reason is semiconductors, the power behind dozens of tech products from the humble mobile phone to missile systems. (image) China produces just about 5% of the world’s semiconductor chips, and the US makes an equal amount. It is... … [Read more...] about The Eastern Window: A semiconductor crisis in the offing?
Dear Reader , The Panorama newsletter is sent to Moneycontrol Pro subscribers on market days. It offers easy access to stories published on Moneycontrol Pro and gives a little extra by setting out a context or an event or trend that investors should keep track of. In a case of how cheer for the economy may not be so for markets, investors in US stocks fretted over excellent jobs data. US businesses added 5,28,000 jobs in July, beating most estimates by an embarrassing margin. US 2-year treasuries rose after the report, as the market priced in a more certain likelihood of another 75-basis point rate hike by the US Fed. But the S&P 500 slipped, as investors pondered over what too strong an economy could mean for interest rates. Those fears did not carry over to India, however, with the stock market rising by a strong 0.8 percent at 1.15pm. The RBI’s 50 basis point hike in the repo rate last week and its determination to stay in ‘withdrawal of accommodation’ mode is … [Read more...] about Moneycontrol Pro Panorama | Are US and Indian markets decoupling?
A crowd at an election rally in Uttar Pradesh. (Image Source: AP/File photo) The prime minister has set the cat among the pigeons, with his fusillade against election freebies while inaugurating the Bundelkhand expressway. He said the culture of garnering votes by promising freebies harms the country’s economic development and warned the youth, ‘Your present will be lost and your future pushed into darkness.’ Those who believe in distributing freebies, he said, would never build infrastructure, sorely needed for securing the country’s future. That little speech succinctly lays out the rationale against populism---it promises instant gratification, at the cost of future penury. Predictably, the speech drew the ire of AAP supremo Arvind Kejriwal, who defended his trademark policy of giving away free power. His promise of giving 300 units of free power to each household if his party wins the Gujarat elections is estimated to cost the state Rs 8700 crore a year. It is policies such as … [Read more...] about The hidden cost of free lunches
Peter Bergen is CNN's national security analyst, a vice president at New America and a professor of practice at Arizona State University. Bergen's new paperback is "The Rise and fall of Osama bin Laden." from which this article is, in part, adapted. The views expressed in this commentary are his own. View more opinion on CNN. (CNN) In 1961, after a CIA-backed invasion of Cuba failed spectacularly, President John F. Kennedy said of the Bay of Pigs fiasco, "Victory has 100 fathers and defeat is an orphan." Peter Bergen Last week, President Joe Biden took a victory lap when he announced that the US had tracked down and killed its most wanted terrorist, al Qaeda leader Ayman al-Zawahiri, who was living in a house in Kabul, Afghanistan. Don't expect a similar celebration on August 30, the first anniversary of the US troop withdrawal from Afghanistan, which ended the longest war in American history. Any realistic assessment of that action shows that it … [Read more...] about Opinion: Biden’s Afghanistan exit decision looks even worse a year later