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Now IMF does the math that minister Goyal talked about, says India’s economic growth weaker than expected



Indian Economy

A day after Union minister Piyush Goyal told people not to depend on maths and raise doubts about India’s economic growth, reports came of the International Monetary Fund (IMF) saying India’s economic growth is “much weaker” than expected.

The IMF attributed this to corporate and environmental regulatory uncertainty and lingering weaknesses in some non-bank financial companies.

In July, the IMF projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 per cent reflecting a weaker-than-expected outlook for domestic demand.

However, it said India will still be the fastest-growing major economy of the world and much ahead of China.

Addressing a press conference yesterday – Thursday, Sep 12 – IMF spokesperson Gerry Rice said, “There was a question on India and its growth rate… and I want to take it… we will have a fresh set of numbers coming up, but the recent economic growth in India is much weaker than expected.”

He added that it was “mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-bank financial companies and risks to the outlook are tilted to the downside, as we like to say.”

“We will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-bank financial companies,” IMF spokesman Gerry Rice told reporters at a news conference here on Thursday.

The risks to the outlook are tilted to the downside, he added.

Responding to a question on the recent GDP figures of India, Rice said the IMF will monitor the economic situation in India. “We will update that assessment in the upcoming world economic outlook,” he said.

As per the government data, weak manufacturing and consumption numbers dragged the country’s GDP growth to a six-year low of 5 per cent in the first quarter (April-June) of the current fiscal. The GDP growth rate has now slowed for the fifth consecutive quarter with the previous low recorded at 4.3 per cent in March 2013.

Growth in eight core sectors – coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity – dropped to 2.1% in July, compared to 7.3% growth in the same period last year, according to media reports citing commerce ministry figures.

Former prime minister Manmohan Singh Thursday criticised the Centre’s aim to make India a $5-trillion economy by 2024, calling it a “pipe dream”. Addressing a meeting of top Congress leaders, he said, “The dangerous thing about the present situation is that the government is complacent enough not to realise that we are in the midst of a protracted economic slowdown.”

The IMF has cut its projection for India’s economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the “weaker-than-expected outlook” for the domestic demand. The growth is expected to rise to 7.2 per cent points in FY21, down by the projected growth rate of 7.5 in the earlier report.

The slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement.

The previous low was recorded at 4.9 per cent in April to June 2012-13. Consumer demand and private investment have weakened amid global trade frictions and dampening business sentiment.

Latest business news

Do We Need Demat Account to Invest In Mutual Funds?



Mutual Funds

Investments in mutual funds are great options for investors to diversify their portfolios and benefit from the stock market. For investing directly in the stock market, investors need a Demat Account where they can hold their financial securities like shares and bonds. In this article, we will discuss whether investors need a demat account for investing in mutual funds.

What is a mutual fund?

A mutual fund is an investment vehicle that collects money from various investors with similar financial goals and creates an investment pool. The funds collected are then invested in various instruments such as equities, bonds, money market instruments, etc, as per the objective of the mutual fund scheme. These funds are managed by highly qualified professionals.

As far as returns are concerned, they are distributed to the investors after deductible expenses are subtracted from any profits generated. The calculation of returns hinges upon the Net Asset Value (NAV).

What is a Demat Account?

A demat account helps investors store their shares and other financial securities in an electronic or dematerialised form. It is a useful tool in today’s era of online trading and investing. Plus, a demat account also comes in handy to keep track of all your investments, including shares, bonds, mutual funds, etc.

Is Opening a Demat Account a Must for Investing in Mutual Funds?

You do not need to open a demat account if you want to invest in a mutual fund. You can buy or redeem your mutual fund units directly from the mutual fund company or through a registered distributor. However, for purchasing mutual funds, investors must complete the KYC formalities.

Do note that a demat account can help investors easily store their mutual fund units or other investments electronically.It also provides other several benefits like speedy processing of trades, paperless transactions and security of financial transactions.

What are the Benefits of Opening a Demat Account?

If you open a demat account, you can enjoy the following benefits:

  • Paperless transactions:

Prior to the demat accounts, shares were held in the form of paper certificates that had to be carefully stored or they could get lost, stolen, or misplaced. Plus, the transfer was lengthy and involved excessive paperwork. Now, with a demat account, you can safely store such securities in a digital format.

  • Convenience:

A demat account promotes the convenient transfer of shares. Plus, you can hold any number of shares and securities in your demat account. It is a common place to hold and track all of your investments including mutual fund units.

  • Automatic updates:

In case of any corporate actions like dividend payments or bonus issues on the shares you are holding, these shareholder benefits get automatically updated in your demat account.

  • Versatility:

A demat account is not specifically designed for any certain type of instrument and can be used to store various kinds of financial securities.

  • Nomination:

To ensure that your investments are protected in the event of your demise, you can also appoint a nominee to your demat account.

How to Open a Demat Account?

To open a demat account, you can reach out to a bank, broker, or financial institution that offers one. You can open a demat account online by following the steps given below:

  1. Fill out the online application form
  2. Plug in pertinent details and personal information as required.
  3. Enter your bank details
  4. Complete the KYC process with the required documents and proof.
  5. Record a clip of yourself to complete the in-person verification process.
  6. Provide your e-sign using your Aadhaar-linked phone number.

That’s it! With a few steps, you will have access to a demat account and all the benefits it offers, along with the ability to safely store and oversee your mutual fund investments.

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Latest business news

Washington Post for sale as Jeff Bezos plans to buy NFL team: Reports

The Washington Post is reportedly up for sale as billionaire Jeff Bezos is rumored to sell the left-leaning newspaper in order to finance his plans to buy the NFL team Washington Commanders.



Jeff Bezos

The Washington Post is reportedly up for sale as billionaire Jeff Bezos is rumored to sell the left-leaning newspaper in order to finance his plans to buy the NFL team Washington Commanders.

Quoting a source with firsthand knowledge of the matter, The New York Post reported, that the Washington Post is courted by at least “one logical suitor”, who intends to submit a proposal. The source, however, declined to identify the potential buyer.

Another newspaper buyer and seller claimed that they heard “rumors” that Bezos might be looking to sell off the newspaper.

However, the Amazon founder’s spokesperson has issued a statement, denying the rumors of a possible sale.

A journal spokesperson, which is owned by News Corp, the same corporation that owns the New York Post, also denied the alleged sale.

In its report, the New York Post claimed that Bezos, who bought the Washington Post for $250 million in 2013, was ‘looking to clear the way’ to get the Commanders from embattled owner Dan Snyder.

The Washington Commanders, who have won three Super Bowls, lifting the Lombardi Trophy in 1983, 1988 and 1992, are viewed by potential investors as a sleeping giant franchise in a major market.

Reports say that Bezos may have trouble striking a deal with Commanders’ owner Dan Snyder, who reportedly is not a big fan of the billionaire’s newspaper and is still irate about the Washington Post’s series of disclosures exposing the toxic management culture of the NFL team.

The expose had reported that Commanders’ bosses, including Dan Snyder are allegedly responsible for enabling sexual harassment.

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The New York Post report added that Front Office Sports reported that Snyder has hired Bank of America, which “continues to court Bezos — even if there are indications that Snyder doesn’t want to sell” to the billionaire.

Apparently, the Commanders accepted first-round bids from potential buyers last week, but Bezos, who supposedly has been in negotiations with Jay-Z to form a buyout partnership, wasn’t one of them.

Bezos has publicly stated that owning a newspaper was never his goal. In order to ensure financial stability and spur online expansion, the Amazon founder was persuaded to purchase the Washington Post by its former owner Donald Graham in 2013.

The billionaire has said multiple times that football is his favorite sport.

Despite experiencing expansion quickly under Bezos with massive coverage, Washington Post apparently planned to lose money in 2022 after years of profits as circulation dwindled after the end of the Trump administration.

In November, Jeff Bezos, in an interview with CNN, said he plans to donate the majority of his wealth to charitable causes within his lifetime.

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Google parent Alphabet Inc to cut 12,000 jobs

In the latest series of layoffs by major tech giants, Google parent company Alphabet Inc. is cutting 12,000 jobs, a report said on Friday.




In the latest series of layoffs by major tech giants, Google parent company Alphabet Inc. is cutting 12,000 jobs, a report said on Friday.

According to a staff memo by Alphabet’s chief executive Sundar Pichai, Google is letting go 12,000 employees which would impact its US and global staff immediately, Reuters reported.

In his letter, Pichai said that the company took a “rigorous review across product areas” to ensure that current roles are aligned with the company’s highest priorities.

Pichai’s letter highlights that the company will ensure a smooth “transition” for the impacted workers.

Google will pay employees during the full notification period (minimum 60 days). It says that it would offer a severance package starting at 16 weeks’ salary plus two weeks for every additional year at Google. Entitled workers will also receive bonuses and healthcare benefits as per their contracts. On the other hand, Google workers outside the US will receive a severance package as per their contracts and local guidelines.

The letter adds that Google will organize a town hall with employees on Monday.

The cuts come mere days after rival Microsoft said it would lay off 10,000 workers and the latest to shake the technology sector.

According to the report, the job cuts affect teams across the company including recruiting and some corporate functions, as well as some engineering and products teams.

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The news comes during a period of economic uncertainty as well as technological promise, where Google and Microsoft have been investing in a fledgling area of software known as generative artificial intelligence.

Earlier this week, Microsoft said it would eliminate 10,000 jobs and take a $1.2 billion charge to earnings, as its cloud-computing customers reassess their spending and the company braces for potential recession.

The layoffs add to the tens of thousands announced in recent months across the technology sector, which has downshifted following a strong growth period during the pandemic.

The news comes even as the software maker is set to ramp up spending in generative artificial intelligence that the industry sees as the new bright spot.

Microsoft CEO Satya Nadella said which affect less than 5 percent of Microsoft’s workforce, would conclude by the end of March, with notifications beginning Wednesday.

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