ECONOMIC GROWTH
Trump endorses Vivek Ramaswamy for Ohio governor, calls him 'special'
Donald Trump has endorsed Vivek Ramaswamy in his campaign for governor of Ohio. Trump praised Ramaswamy for being strong, smart, and truly passionate about the country. He criticized Ramaswamy’s opponent, Amy Acton, for her radical positions on various issues. The endorsement highlights Ramaswamy's focus on economic growth, border security, and election integrity. Voters are encouraged to support Ramaswamy to ensure a strong future for Ohio.
Modi says 500 million people lifted out of extreme poverty in 10-12 years, cites World Bank report
Prime Minister Narendra Modi said India has lifted 500 million people out of extreme poverty over the past 10-12 years, citing a recent World Bank report. Speaking after virtually inaugurating Pune Metro Line 3, he linked economic growth and poverty reduction to infrastructure investment, direct benefit transfers and job creation.
Rising crude prices could push India's inflation by upto 1 percentage point, diversified imports helping secure oil supplies: EY's Gaurav Moda
Gaurav Moda, Partner and Energy Industry Leader at EY India said the increase in crude oil prices from an average of $60-65 per barrel to $90-95 has significantly raised India's energy import costs, even as the country continues to prioritise securing supplies amid geopolitical uncertainties.
NDA government stands firmly with farmers amid drought situation: PM Modi
Prime Minister Narendra Modi affirmed his government's commitment to assist drought-affected farmers in Maharashtra. He emphasized the importance of ensuring the happiness of farmers during the festive season. The Maharashtra state government has declared 85 percent of the state drought-hit and announced interim aid.
Uncertainty is certain: India is resilient and will emerge stronger
Despite global uncertainty, India remains well placed to weather economic and market disruptions, supported by resilient growth, deeper domestic capital markets and rising private investment. Stronger institutions, infrastructure spending and emerging industries could further reinforce the country’s long-term prospects.
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Manufacturing activity eases in Oct as new order growth drops
Manufacturing activity in India experienced a slowdown in October, decreasing from the previous month's growth. Despite this, the sector remained above its long-run average due to stronger international demand. A survey indicated that nearly 18% of manufacturers anticipated increased output over the next year, supported by fresh client inquiries.
FM Sitharaman acknowledges foreign investor anxiety, says she will consider voices seeking tax changes before Budget
Union Finance Minister Nirmala Sitharaman acknowledged concerns from investors regarding potential tax changes to support equity markets. She emphasized that while taxation is vital, India's economic indicators remain robust and positive. Sitharaman highlighted the necessity for capital expenditure to sustain economic growth and fiscal prudence. On welfare, she noted significant improvements in access to essential services contributing to decreased poverty levels.
Capex key to India's growth strategy, fiscal prudence remains top priority: Sitharaman at HSBC event
Finance Minister Nirmala Sitharaman highlighted the importance of capital expenditure in driving economic growth in India. She stated that government spending would be guided by fiscal discipline while encouraging private sector investment. Sitharaman noted that higher public investment has historically generated strong economic returns over time. She reassured that the Indian economy remains robust, with no sign of fragility.
India's economic pillars show 'no fragility', says Finance Minister Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman highlighted the government's commitment to increasing capital expenditure to promote economic growth. She remarked on the importance of fiscal prudence while implementing spending strategies effectively. Sitharaman emphasized the need for public investment to enhance welfare programs and improve access to essential services. The government aims to provide comprehensive insurance coverage by 2047 to foster financial inclusion.
South Korea's Lee vows to make bold AI investment in record budget push
His administration proposed in September increasing government spending by a record 12.8% next year to 820.9 trillion won ($615.62 billion) aiming to strengthen South Korea's technological edge as global competition over AI intensifies.
Indian stocks may recover on steady growth and earnings, Axis AMC says
Indian stocks are expected to recover in the financial year due to strong earnings and economic growth. The Nifty 50 index has decreased significantly after years of gains, partly due to global issues. The fund manager emphasizes that foreign fund outflows do not indicate a decline in India's growth prospects. Certain sectors like AI, energy, and domestic manufacturing are highlighted for potential investment.
Trump’s test: A mixed report card before Midterms
A setback could derail Donald Trump's agenda in the Congress. While economic growth data is flashing green, energy inflation and the domestic impact of tariffs could be dampeners.
Good intentions, unintended consequences: The cost of regulation
Regulation is vital for protecting consumers and building trust, but unpredictable or poorly calibrated policy changes can disrupt business economics, valuations and investment.
Niti Aayog's Lahiri flags growth risks in case of further monetary policy tightening
In India, it's essential for policymakers to harmonize growth output with inflation expectations. Niti Aayog’s Ashok Lahiri pointed out the importance of addressing inflation alongside job creation. He urged banks to play a pivotal role in linking enterprises with financial support and investment options. To capitalize on its natural resources, West Bengal must focus on industry attraction, while effective land acquisition and good infrastructure remain key for business development.
Arunachal deputy CM calls for dialogue amid protests over Siang Dam
Arunachal Pradesh's Deputy Chief Minister Chowna Mein addressed ongoing protests against the Siang Upper Multipurpose Project. He mentioned the importance of responsibly utilising the state's rich natural resources to boost economic growth. Prohibitory orders were implemented in response to violent protests, leading to numerous arrests. Mein emphasised the necessity for dialogue with stakeholders to resolve concerns. He encouraged youth involvement in fostering a peaceful and developed Arunachal Pradesh.
Fiscal deficit in H1 rises to 42.1% of FY27 target on higher capex, subsidies
By September 2026, the Centre's fiscal deficit had escalated to ₹7.14 lakh crore, exceeding last year's figures. This increase is fueled by a 10.7% rise in total expenditure, largely a result of heightened capital spending and food subsidies, while petroleum subsidies sharply declined. Gross tax revenue, however, saw a modest growth of 6.1%, even with lower excise duty collections attributed to tax reforms.
Tricky trickle-down
A billionaire attempted to demonstrate trickle-down economics by pouring champagne from his mansion's roof. However, the champagne did not reach his employees, indicating that wealth did not trickle down as intended. Meanwhile, a government reported unexpected economic growth, while citizens faced rising prices and falling wages. Economists celebrated the stock market's rise, projecting a bright future for investors.
Finmin pegs Q2 expansion at 7.35%,flags capital pressure over US yield
India’s economy is estimated to have grown 7.35% in the September quarter, supported by strong industrial output, GST collections, energy use, port traffic and auto sales, the finance ministry said. It expects domestic demand and investment to sustain momentum, while warning that high crude prices, food inflation, rupee pressure and elevated US bond yields could pose risks in the second half.
IMF flags Super El Niño risks to India’s growth, says impact yet to materialise
According to the IMF, India continues to act as a significant growth engine within the global economy. Despite looming threats posed by weather phenomena like Super El Nino, these risks have yet to materialize. Recent adjustments have raised growth forecasts to 7 percent for the fiscal years 2027 and 2028, reflecting robust domestic demand and a thriving service sector.
US inflation heats up in September; consumer spending rises
In September, the US experienced a notable rise in inflation, driven by surging gasoline prices and other consumer goods. The Personal Consumption Expenditures Price Index climbed to 0.5%, up from 0.3% previously. Despite inflation-adjusted consumer spending remaining flat, it still rose by 0.5%, reflecting a resilient economic activity. The Federal Reserve opted to keep interest rates steady, though considerable inflationary pressures have analysts anticipating a possible rate hike in December.
ECB keeps rates unchanged but points to mounting inflation risk
The European Central Bank has decided to maintain its current interest rates, signaling concerns over inflation driven by escalating energy costs. Meanwhile, borrowing expenses in France have seen a sharp rise, creating anxiety about the nation’s economic outlook amid political upheaval. ECB President Christine Lagarde's early resignation raises questions about the potential investigation into growing French debt.
IIP growth eases to 4-month low in September as mining output contracts
September witnessed a decline in India's factory output growth, falling to 6.7%, the lowest rate observed in four months. The drop is largely linked to a high base effect and decreased mining activity. Despite this, manufacturing output surged by 7.6% compared to the previous year, while electricity generation also grew, spurred by robust demand even with insufficient rainfall. Economists anticipate GDP growth to surpass 7% for the July-September period.
India only major emerging economy set to reduce debt ratio by 2031: RBI Deputy Governor
India is projected to be the only emerging market economy among nine economies with gross domestic product (GDP) exceeding USD 1 trillion to reduce its government debt-to-GDP ratio between 2025 and 2031, Reserve Bank of India Deputy Governor Poonam Gupta said, highlighting the country's stronger fiscal position amid rising global debt and borrowing costs.
US goods trade deficit unexpectedly widens in September
The goods trade shortfall increased 2.1%, or $2.8 billion to $134.9 billion last month, the Commerce Department's Census Bureau said on Wednesday. Economists polled by Reuters had forecast the goods deficit at $130.2 billion.
US Fed opens two-day meeting with markets expecting rate hold
Policymakers at the US Federal Reserve opened a two-day meeting Tuesday to set interest rates, with markets expecting them to hold steady days ahead of crucial midterm elections. On Tuesday, markets put the probability of rates being held steady at near 90 percent, as per CME's FedWatch tool. aha/mjf
US growth boosted by AI, but no sign of a turning point higher
Economists estimate the growth potential of the US economy to be around 2%, whereas President Donald Trump aspires to double it. Business investments are escalating, primarily driven by the demands for data centers and enhanced AI capabilities, which can positively affect GDP growth. However, the influence of artificial intelligence on productivity is still unpredictable, and tariff strategies for cutting imports yield mixed results, affecting the market dynamics significantly.
Satellite lights, Google searches cut state growth estimation errors by up to 62%: RBI study
RBI study indicates that combining night-time light data with Google search trends can improve state economic growth estimates. Researchers tested their model in Gujarat, Maharashtra, and Karnataka, showing significant reductions in forecasting errors. This framework could help provide timely economic insights, as state data is often delayed. Night-time illumination proved to be a strong predictor of Gross State Value Added growth.
Banks see ₹5.19 lakh crore deposit outflow, credit shrinks ₹2.52 lakh crore
Kolkata's banking sector faced a Rs 5.19 lakh crore withdrawal of deposits in the fortnight ending October 15. Credit outstanding also contracted by Rs 2.52 lakh crore during the same period. Consequently, credit growth decreased to 18.2% from 19.4% in the prior fortnight. Meanwhile, deposit growth recorded a decline to 16.7% compared to 17.8%. The overall outstanding deposits reached Rs 278.76 lakh crore and outstanding credit was Rs 227.
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