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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

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

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