IMF delays release of new forecast to January 25 to factor in COVID-19 developments Economic News 

IMF delays release of new forecast to January 25 to factor in COVID-19 developments

The International Monetary Fund has delayed the release of its World Economic Outlook by one week to January 25 to factor in the latest COVID-19 developments, a spokesperson for the global lend. The World Economic Outlook update will be launched on January 25 to allow our teams to incorporate the latest developments related to the COVID-19 pandemic into the economic forecasts,” the spokesperson said. IMF spokesperson Gerry Rice had told reporters last month the update to the fund’s forecast would come on January 19.

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Private sector invests Rs 15,164 cr in roads till November this fiscal Economic News 

Private sector invests Rs 15,164 cr in roads till November this fiscal

By Administrator_India Capital Sands Road Transport and Highways Minister Nitin Gadkari said private sector investment in road construction in 2020-21 and 2019-20 was Rs 12,475.53 crore and Rs 21,925.98 crore, respectively Private sector investment in road construction till November this financial year stood at Rs 15,164.25 crore, Parliament was informed on Thursday. In a written reply to the Lok Sabha, Road Transport and Highways Minister Nitin Gadkari said private sector investment in road construction in 2020-21 and 2019-20 was Rs 12,475.53 crore and Rs 21,925.98 crore, respectively. Gadkari said the review of Model Concession Agreement…

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Asian stocks rise with bond yields as Fed outcome boosts risk sentiment Economic News 

Asian stocks rise with bond yields as Fed outcome boosts risk sentiment

By Administrator_India Capital Sands  Asian stocks followed Wall Street higher on Thursday after the U.S. Federal Reserve said it would end bond-buying stimulus in March to set up three interest rate increases next year to tackle heated inflation. Bond yields rose while the dollar stabilized after slumping overnight as havens fell out of favour. Gold gained along with crude oil. “The economy no longer needs increasing amounts of policy support,” Fed Chair Jerome Powell said in a news conference after the conclusion of the two-day policy meeting. Japan’s Nikkei climbed 1.67%…

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PM Modi arrives in US to attend Quad leaders' summit, address UNGA Economic News 

PM Modi arrives in US to attend Quad leaders’ summit, address UNGA

By Administrator_India Capital Sands Prime Minister Narendra Modi arrived here on Wednesday on an official visit to the US during which he will hold the first face-to-face meeting with President Joe Biden and his deputy Kamala Harris, attend the maiden in-person Quad summit and address the 76th session of the UN General Assembly in New York. Modi, who is visiting the US for the 7th time after assuming office in 2014, said his visit would be an occasion to strengthen the Indo-US Comprehensive Global Strategic Partnership and consolidate ties with…

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Economic News 

US Fed chair Jerome Powell hints at tapering of easy money policy by year-end

By Administrator_ India Capital Sands The Federal Reserve will start dialing back its ultra-low-rate policies this year as long as hiring continues to improve, Chair Jerome Powell said Friday, signaling the beginning of the end of the Feds extraordinary response to the pandemic recession. The Fed’s move could lead, over time, to somewhat higher borrowing costs for mortgages, credit cards, and business loans. The Fed has been buying $120 billion a month in mortgage and Treasury bonds to try to hold down longer-term loan rates to spur borrowing and spending.…

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Economic News 

RBI relaxes norms on foreign sovereign bond investment

By Administrator_ India Capital Sands The Reserve Bank of India has relaxed its norms on what banks can do with their excess dollars in the currency market, according to sources. The RBI had already allowed banks to invest their excess dollars in foreign currency bonds, but a rule in July 2016 had stated that a bank’s investment in unlisted securities should not be over 10 per cent of their investment in non-statutory liquidity ratio bonds or corporate bonds. Now, the foreign currency bonds, even if issued by sovereigns, are unlisted for…

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Economic News 

Finance Ministry releases Rs 9,871 crore to 17 states as grant

By Administrator_ India Capital Sands The Finance Ministry on Tuesday said it has released the fifth monthly installment of revenue deficit grant of Rs 9,871 crore to 17 states. The Post Devolution Revenue Deficit Grant is provided to the states under Article 275 of the Constitution. The grants are released as per the recommendations of the 15th Finance Commission in monthly installments to meet the gap in revenue accounts of the states post-devolution. The commission has recommended this grant to the 17 states during 2021-22. The Department of Expenditure has…

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Economic News 

Asia shares bounce as mood shifts, sentiment fickle

By Administrator_India Capital Sands Asian shares were enjoying a relief rally on Monday as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth, though plenty of potential pitfalls lay ahead this week. In the United States, inflation data could provide a scare ahead of testimony by Federal Reserve Chair Jerome Powell on Wednesday and Thursday, where markets will be hypersensitive to any talk of early tapering. The earnings season also kicks off with JP Morgan, Goldman, Citigroup, and Wells…

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Economic News 

Good news for pilgrims! IRCTC to operate ‘Char Dham Yatra’ special train

By Administrator_ India Capital Sands In view of declining cases of coronavirus across the country, the Indian Railways has decided to operate a special train in September covering several top tourist destinations, including Char Dham–Badrinath, Jagannath Puri, Rameshwaram, and Dwarkadhish. After the great popularity and success of the “Shri Ramayana Yatra” train operated on the Ramayana circuit, IRCTC has now launched another very popular pilgrimage circuit “Chardham Yatra” by “Dekho Apna Desh” Deluxe AC Tourist Train. According to a press release, this 16 days tour will start from Delhi Safdarjung…

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Economic News 

Petrol inches closer to Rs 100 in Delhi, Kolkata, check rates in your city

By Administrator_ India Capital Sands Petrol prices saw a rise in prices again by 31 to 39 paise again on July 5, taking it to a historic high. However, the diesel rates remain unchanged. In the last two months, petrol prices increased by 34 times and diesel prices saw a surge in prices 33 times. Delhi and Kolkata were the only cities where petrol and diesel prices remained below Rs 100. In the national capital, petrol price stands at Rs 99.90 a litre and diesel is priced at Rs 89.40…

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