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China hikes defence budget to USD 209 billion, 6.8 per cent increase
China on Friday hiked its defence budget to USD 209 billion, maintaining a single-digit growth for the sixth consecutive year with a 6.8 per cent increase in 2021. The budget hike was announced by Chinese Premier Li Keqiang at the countryâs Parliament, the National Peopleâs Congress (NPC).
Defending the increase, Zhang Yesui, spokesperson for the NPC, told the media here that China s efforts to strengthen the national defence do not target or threaten any country.
Whether a country poses a threat to others depends on what kind of defence policy it pursues, he said, adding that China is committed to the path of peaceful development and adheres to a defence policy that is defensive in nature.
Consumer recovery in India getting underway: Fitch
Despite unemployment remaining heightened at 8 per cent through 2021 and 2022, consumers confidence is returning with people expecting an improvement in their general economic situation. This will aid the spending recovery story from H2 2021 onwards.
An Indian man displays new 2000 rupee notes outside the Reserve Bank of India (RBI) in Mumbai on November 10, 2016.
Long queues formed outside banks in India as they reopened for the first time since the government s shock decision to withdraw the two largest denomination notes from circulation. / AFP PHOTO / PUNIT PARANJPE
Household spending in India is likely to grow by a real rate of 7.9 per cent year-on-year in 2021, marking an improvement from the negative 14 per cent contraction in 2020, Fitch Solutions said on Thursday.
Net tax receipts were 11.02 trillion rupees, while total expenditure was 25.17 trillion rupees, the data showed., , fiscal deficit, india, indian economy, gross domestic product (GDP), tax collection
Finance Minister Tito Mboweni delivered the much-anticipated budget speech this week. According to Minerals Council South Africa (MCSA) CEO Roger Baxter, this year’s budget speech one of the most difficult budget speeches Mboweni and his predecessors have had to grapple with in recent history. I .