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The country is not facing a financial or economic crisis as in the years 1998, 2009 and 2020, as during those years gross domestic product (GDP) contracted, Tengku Zafrul stressed, adding that the Government is confident that this year’s GDP growth will surpass the original projection of between 5.3% and 6.3%. (Photo by Zahid Izzani Mohd Said/The Edge) - A + A KUALA LUMPUR (Oct 1): The Government will continue to focus on strengthening the economic fundamentals and structural reforms to ensure that the country’s economy remains stable following the ringgit’s depreciation against the US dollar. Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said as stated by the World Bank, there is no quick and easy fix for the ringgit’s weaknesses compared to a strengthening US dollar. Being a small and open economy, Malaysia is not spared the fallout from challenges confronting the whole world, he said in a statement issued on Saturday (Oct 1) in response … [Read more...] about Zafrul: Malaysia remains focused on enhancing economic fundamentals, structural reforms

IMF The International Monetary Fund on Tuesday took aim at new British financial plans that have roiled markets, warning that "large and untargeted fiscal packages" would likely increase inequality in Britain and could undermine monetary policy. In its first comments on plans by Britain's new finance minister Kwasi Kwarteng, which have sent sterling and bonds into free fall, the IMF urged UK authorities to consider providing more targeted support to families and business instead of sizable tax cuts and sharply higher government spending. “We are closely monitoring recent economic developments in the UK and are engaged with the authorities," an IMF spokesperson said, in response to a query from Reuters after the British pound hit an all-time low amid spiking market concerns. "Given elevated inflation pressures in many countries, including the UK, we do not recommend large and untargeted fiscal packages at this juncture, as it is important that fiscal policy does not work at … [Read more...] about IMF says UK fiscal measures will ‘likely increase inequality,’ urges rethink

Representative image India collected Rs 1.48 lakh crore as Goods and Services Tax (GST) in September, registering an increase of 26 percent from the same month last year, the finance ministry said on October 1. The September GST mop-up was 2.8 percent higher from August. Monthly GST revenues have been more than Rs 1.4 lakh crore for seven months in a row, the finance ministry said in a statement, adding that collections continue to show very high buoyancy. This would provide more headroom in the fiscal front, MS Mani, Partner, Deloitte India, said. Close “The collections in the next three months are expected to be even more robust due to the higher consumption expected during the festive season and the extension of the mandatory e-invoice protocol to taxpayers having turnover above Rs 10 crore from 1st October,” Mani added. In September, of the total GST collections, Central GST was Rs 25,271 crore, while State GST was Rs 31,813 crore. Integrated GST was … [Read more...] about GST collections rise 26% on year to Rs 1.48 lakh crore in September

United Nations The United Nations International Fund for Agricultural Development (IFAD) is in talks with the International Monetary Fund on joining forces on a new financing programme designed to shore up sustainable growth in poorer countries. IFAD could become a partner of the IMF’s $45 billion lending initiative, the Resilience and Sustainability Trust (RST), bringing its expertise on how small-scale producers and farmers cope with climate change in vulnerable countries, the incoming IFAD president told Reuters. "The IMF needs implementing partners and is still in the process of deciding how that works," said Alvaro Lario. "We could participate through the climate adaption angle of the RST." Food security is key for many emerging and frontier market economies, which are vulnerable to the effects of climate change and have also been at the sharp end of a global rise in inflation in countries where foodstuffs make up as much as 40% in inflation baskets – the selection of … [Read more...] about UN farm fund in talks with IMF to join forces on resilience trust: President

S Jaishankar The need to reform the UN Security Council cannot be denied forever, External Affairs Minister S Jaishankar has said even as he noted that India never believed that this will be an easy process. Currently, UNSC has five permanent members -- China, France, Russia, the UK and the US. India is among the ten non-permanent members of the body. Only a permanent member has the power to veto any substantive resolution. India has been at the forefront of the years-long efforts to reform the security council, saying it rightly deserved a place as a permanent member. We have, we have never thought that it was an easy process. But we do believe that the need for reform cannot be denied forever, Jaishankar told a group of Indian journalists here on Wednesday. He was responding to a question on the seriousness on the part of the US on reforming the Security Council. Close My understanding is that the position that President (Joe) Biden put forward, is the … [Read more...] about Need for UN Security Council reform cannot be denied forever: S Jaishankar

Russia-Ukraine crisis Russia's war in Ukraine is a "naked aggression" without any provocation and France and India are working together to mitigate the consequences of the conflict including global food and energy security, French Ambassador Emmanuel Lenain said. In an interview to PTI, the envoy said France strongly condemned Russia's "illegal" annexation of four Ukrainian regions and described it as a serious violation of both international law and Ukraine's sovereignty. Welcoming Prime Minister Narendra Modi's recent call to Russian President Vladimir Putin to end the conflict, Lenain said leaders of both India and France are working together to convince Moscow to return to the negotiating table for resolving the crisis. "We feel that Putin wants to return to the time of imperialism and that's exactly what we want to avoid in Europe and anywhere else in the world, especially in this region where I am talking," he said. "In the Indo-Pacific too, we do not want this, and I … [Read more...] about Russia’s war in Ukraine ‘naked aggression’; working with India to mitigate its consequences: French envoy Lenain

Pakistan flood (Source: AFP) The death toll from the cataclysmic floods in Pakistan neared 1,700, officials said on Saturday, a disaster that has displaced over 33 million and caused economic damages to the tune of USD 40 billion, fanning fears that the cash-strapped country may not be able to meet its debt obligations. At least 15 people have died in the last 24 hours, taking the toll to 1,693, with 12,865 being injured, according to the National Disaster Management Authority (NDMA), the chief national organisation tasked to deal with natural calamities. Record monsoon rains and melting glaciers in northern mountains submerged nearly one-third of the country, wiping off fertile agricultural lands, destroying property and putting more than 33 million or one-seventh of Pakistan's population without access to food and water. The threat of waterborne diseases is also adding to the travails, making it one of the world's deadliest crises this year. The floods have destroyed … [Read more...] about Death toll from floods near 1,700, puts pressure on Pakistan’s fragile economy

Shoppers Stop managing director and chief executive officer Venu Nair is upbeat about the festival season as the retailer is seeing higher footfall than the pre-Covid time. In an interview to CNBC-TV18 on September 7, Nair said while inflation was still there, as Shoppers Stop operated in the premium segment, the impact was lower. Edited excerpts: How have the early trends of the festive season been shaping up and how are they impacting the company’s sales and the growth outlook? Now the festive season having started and as we all know it starts from the east, it is a very strong feeling, which gives an indication of what to expect and I think there are a couple of factors which are playing in. As we all know after two years this is the first full festive period that people will experience without the fear of Covid and that's obviously driving people into the shops for shopping and indulging. Close There are parties and there are events that are happening, … [Read more...] about Footfall better than pre-Covid times, Shoppers Stop MD & CEO Venugopal Nair is upbeat on festival season

Representative image India's GDP is expected to have grown by 15 percent in the first quarter of FY23, according to the median of estimates of 15 economists polled by Moneycontrol. This would be the second-highest growth rate India would have ever clocked, although comparable quarterly GDP data is available going back only till 2012. However, this double-digit rate of growth is primarily due to a favourable base effect. The statistics ministry is scheduled to release GDP data for April-June at 5:30 p.m. on August 31. "The significantly high base of FY22 and the low base of FY21 has made forecasting difficult," noted Soumya Kanti Ghosh, State Bank of India's group chief economic adviser. Close ORGANISATION ESTIMATE FOR APR-JUN GDP GROWTH Nomura 12.4% ICRA 13% Deutsche Bank 14% Sunidhi Securities 14% Standard Chartered Bank 14% HDFC Bank 14.1% Societe Generale 15% QuantEco Research 15% IDFC First Bank … [Read more...] about Q1 GDP: Experts say India may post 15% growth on base effect, economic recovery