MUMBAI: The country's largest lender State Bank of India (SBI) said on Monday the contemporary issue for macroeconomists is to exclusively focus on assuring adequate aggregate demand as the current slowdown cannot be tackled by monetary policy in isolation. "We believe the monetary policy could only act to some extent," it said in a report authored by Group Chief Economic Adviser Soumya Kanti Ghosh. "Experience shows and we have been in an era of low interest rates for a decade. But that has done little to boost aggregate demand. Rather fiscal policy needs to be a major focus now, especially given what low or negative interest rates mean for the sustainability of deficits," he wrote. Interestingly, total financial liabilities of Indian households have jumped by a massive 58 per cent in 2017-18 to Rs 7.4 lakh crore after 22 per cent jump in 2016-17. "In fact, while household leverage has jumped two times in the past five years, disposable income has jumped by only 1.5 times, … [Read more...] about Current slowdown cannot be tackled by monetary policy alone: SBI report
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Gold gained for the third day straight by Rs 230 to Rs 38,454 per 10 gram in Mumbai's bullion market on the diminished possibility of an early US-China trade deal, given the passing of the Hong Kong democracy bill by the US senate, and a weaker rupee.The precious metal price got another boost after US President Donald Trump threatened to raise further tariffs on Chinese goods if a trade deal between the two nations could not be reached.SBI Chief Economic Advisor, Soumya Kanti Ghosh speaking at an IASCC event on November 19, said that gold prices are unlikely to correct very soon as the possibility of military conflict in the Straits of Hormuz, Korean peninsula and Taiwan is not positive for the global economy.Close The rate for 10 grams 22-carat gold in Mumbai was Rs 35,224 plus 3 percent GST, while that of 24-carat 10 gram was Rs 38,454 plus GST. The 18-carat gold quoted at Rs 28,841 plus GST in the retail market. related news Business responsibility reports mandatory … [Read more...] about Gold price gains Rs 230 at Rs 38,454 per 10 gram; silver up 0.38%
Massachusetts Sen. Elizabeth Warren appears to be the odds on front-runner for the Democratic presidential nomination, if the left doesn’t sink her candidacy. While Warren’s candidacy has been built upon sweeping progressive proposals, her more pragmatic approach compared to the idealism of Vermont Sen. Bernie Sanders, has frustrated some on the left.The socialist magazine Jacobin has critically covered Warren’s campaign and wrote in October that Warren “falls short of calling for systemic transformation.” The article bemoans that Warren will not call for eliminating private health insurance like Sanders does, and complains that she’s too open to compromise. “Her campaign has consciously cultivated her reputation as a more palatable liberal alternative to Bernie, one that even Brookings Institution fellows can swallow,” author Hadas Thier writes. Perhaps it is Warren’s closeness with the liberal elites and the Democratic … [Read more...] about Is Elizabeth Warren Too Conservative For Democrats?
In a compound secured by the Sri Lankan elite special task force that protects the island nation’s top leaders, beneath framed photos of himself in army uniform, the brother of the country’s newly installed prime minister Mahinda Rajapaksa is mulling a presidential run.“I’m not interested in actually becoming a minister,” Gotabhaya Rajapaksa, who was appointed by his brother to be Sri Lanka’s defense secretary in 2005 just before the climax of a brutal 26-year civil war, said in an interview. “But a lot of people want me to contest for the presidency.”In a country where it is common to appoint family members to run key ministries, the comments aren’t much of a surprise. But they suggest the Rajapaksa clan is preparing to once again dominate politics in a nation it controlled from 2005 and 2015, when the family lost power in an election shock.Now they are back, nearly as unexpectedly as they fell. In … [Read more...] about Sri Lanka’s strongman Rajapaksa is back, and he’s brought his family too
Famous friends: The list of 194 celebrities the Obama campaign hopes will help with president's re-election By Thomas Durante Updated: 22:00 GMT, 12 January 2012 e-mail 36 View With his 2012 campaign now in full swing, Barack Obama is looking for some star power to boost his re-election efforts.A total of 194 notable names are listed in an Obama campaign document released today that the president is counting on for endorsements.The list, obtained by The Tennessean newspaper, includes figures from the recording industry to the sports world to Hollywood.But what looked like a cadre of celebrity endorsements later transpired to be the high hopes of the Obama camp.Push for support: Mr Obama's campaign as reportedly compiled a 'wish list' of celebrities, banking on endorsements Wish list: President Obama hopes to get support in his 2012 re-election campaign from Fergie and will.i.am of the Black Eyed Peas In a statement to the paper, Obama campaign spokeswoman Addie … [Read more...] about Famous friends: The list of 194 celebrities the Obama campaign hopes will help with president’s re-election