Following up the research on India, Goldman Sachs and Co. economists Jim O’Neill and Tushar Poddar have come up with a report on 10 things the country needs to do to achieve a per capita GDP of at least $20,000 (Rs 8.58 lakh today) by 2050 (from less than $1,000 now).
India’s inflation rate accelerated to a 13-year high on a recent hike in retail fuel prices and because of an increase in non-food items.
India’s wholesale prices jumped 11.05 percent in the week to June 7, the highest since February 1995. The inflation rate was 8.75% in the previous week. India doesn’t calculate wholesale price inflation on a monthly basis.
India’s Annual inflation rose to 8.24 percent for the week ended May 24, the highest since August 2004, from 8.10 percent a week earlier, according to the Wholesale Price Index, the most watched cost tracker.
India , the Asia’s third-largest economy’s inflation soared to 7.83% for the week ended May 03, 2008 from 7.61% – a 44-month high .
Earlier, Indian government banned cement export and non-basmati rice export , reduced import duty on some items and imposed export duty on some steel items to control the surging prices.
According to National Council for Applied Economic Research (NCAER) report , The Indian economy is expected to register a growth rate 8.5-8.8 % during fiscal 2008-09 with stable interest rates but inflation may be higher than last year.
The world is heading towards a global recession, latest forecasts from the International Monetary Fund (IMF) have predicted.
In it’s latest report International Monetary Fund (IMF) have predicted world growth could slow to 3.7 % in 2008— 0.5 % point lower than what was forecast in the January 2008, citing the unfolding financial market turmoil as the biggest downside risk to the global economy.