A mammoth spending plan of almost $500 billion announced by Prime Minister Narendra Modi’s government is expected to jump-start growth in an economy battered by the coronavirus pandemic, but may not be enough to make a dent in the rising unemployment and poverty India has battled.
Euro-Area Economy Shrank Less Than Forecast at End of 2020
Feb 03 2021, 11:25 PM
February 02 2021, 2:32 PM
February 03 2021, 11:25 PM
(Bloomberg) The euro-area economy shrank less than expected at the end of last year, though it remains on the verge of a double-dip recession amid a slow rollout of coronavirus vaccines.
(Bloomberg) The euro-area economy shrank less than expected at the end of last year, though it remains on the verge of a double-dip recession amid a slow rollout of coronavirus vaccines.
Gross domestic product declined 0.7% in the fourth quarter, compared with estimates for a 0.9% drop. Germany and Spain both posted surprise economic expansions in reports last week. Italy reported a contraction of 2% earlier on Tuesday.
Govt to borrow big for nearly ₹35 trillion Budget
FM Nirmala Sitharaman. (Photo: Ramesh Pathania/Mint)
3 min read
Vrishti Beniwal,
, Bloomberg
Fueled by a bigger-than-expected spending deficits and borrowing, as well as sales of govt assets and dividends from state firms, the ₹35 trillion ($480 billion) budget sent bonds tumbling and stocks rallying.
It also aims to bolster the nation’s financial stability, including setting up a company to manage a growing pile of bad loans
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India unveiled a spending plan worth almost a half-trillion dollars as Prime Minister Narendra Modi’s government seeks to dig Asia’s third-largest economy out of a pandemic-induced slump.
Asia Manufacturing Activity Holds Up Even as China PMIs Cool
Feb 02 2021, 6:05 AM
February 01 2021, 10:50 AM
February 02 2021, 6:05 AM
(Bloomberg) Factory activity across much of Asia continued to hold up in January even as Chinaâs output showed signs of moderating.
(Bloomberg) Factory activity across much of Asia continued to hold up in January even as Chinaâs output showed signs of moderating.
Taiwanâs IHS Markit January manufacturing purchasing mangersâ index rose to 60.2 from 59.4 in December, its highest reading since April 2010. South Koreaâs rose to 53.2 from 52.9, the most since February 2011. Both were well above the 50 level that separates contraction from expansion.
India to Borrow Big for Nearly Half-Trillion Dollar Budget
Bloomberg 2/1/2021 Vrishti Beniwal, Abhijit Roy Chowdhury and Siddhartha Singh
(Bloomberg) India unveiled a spending plan worth almost a half-trillion dollars as Prime Minister Narendra Modi’s government seeks to dig Asia’s third-largest economy out of a pandemic-induced slump.
Fueled by a bigger-than-expected spending deficits and borrowing, as well as sales of government assets and dividends from state firms, the 35 trillion rupee ($480 billion) budget sent bonds tumbling and stocks rallying. It also aims to bolster the nation’s financial stability, including setting up a company to manage a growing pile of bad loans.