India’s GDP data is not biased: IMF
Johnson & Johnson said it is recalling around 33,000 bottles of baby powder in the US after the USFDA found trace amounts of asbestos in samples taken from a bottle purchased online. The voluntary recall is limited to one lot of J&J's Baby Powder produced and shipped in the US in 2018, the company said. Acting against the illegal mobilisation of funds, Sebi barred the former director of Bishal Distillers from the securities market for four years. The Sebi, in a probe, found that the firm had mobilised `4 crore by issuing redeemable preference shares (RPS) to 238 persons without complying with the public issue norms. China’s third-quarter economic growth slowed more than expected and to its weakest pace in almost three decades as the bruising US trade war hit factory production, boosting the case for Beijing to roll out fresh support.
Gross domestic product (GDP) rose just 6.0 per cent year-on-year, marking a further loss of momentum for the economy from the second quarter’s 6.2 per cent growth.
China’s trading partners and investors are closely watching the health of the world’s second-largest economy as the trade war with the United States fuels fears about a global recession.
Asian stocks stumbled after the data, reversing gains made on the UK and European Union striking a long-awaited Brexit deal.
Downbeat Chinese data in recent months has highlighted weaker demand at home and abroad. Still, most analysts say the scope for aggressive stimulus is limited in an economy already saddled with piles of debt following previous easing cycles, which have sent housing prices sharply higher. Despite all the debate around the quality of India’s macroeconomic data, the International Monetary Fund said the country’s accounts data is not biased in one direction.
The quality of India’s macroeconomic data is “not bad” when compared with other emerging market economies, said Ranil Salgado, mission chief for India at the fund.
“We have actually had some of our statistical experts look at the national accounts data. Generally they find that for an emerging market, India is not bad. There are areas it needs to improve, but relative to other emerging markets it is not bad. And what we are fairly confident about is that there is no systematic bias in the numbers,” Salgado told BloombergQuint in an interview in Washington.
To improve the quality of its macroeconomic data, India needs to work on its price indices and measure its informal sector better, he said.
Talking about India’s growth, Salgado said the recent slowdown in India is largely cyclical led by environmental and regulatory uncertainty, slower rural income growth and issues in the financial sector. New Delhi, Oct. 18: Reliance Industries (RIL) on Friday added another feather to its cap by becoming the first Indian firm to hit the `9 lakh crore market valuation mark in intra-day trade.
The company’s market valuation zoomed to
`9,05,214 crore on the BSE during the day. However, at close of trade, the company’s market capitalisation (M-cap) settled at
`8,97,179.47 crore. Shares of the country’s most valued company rose by 1.37 per cent to close at `1,415.30 ahead of its earnings announcement. During the day, it spurted 2.28 per cent to a record `1,428. In August 2018, RIL became the first domestic firm to cross the `8 lakh crore mark in terms of market valuation. TCS is the second most valuable company after RIL with a M-cap of
`7,71,996.87 crore, followed by HDFC Bank (`6,72,466.30 crore), HUL
(`4,55,952.72 crore), HDFC
(`3,61,801.97 crore), Infosys
(`3,29,751.88 crore), Kotak Mahindra Bank
(`3,08,708.32 crore), ITC (`3,02,861.98 crore), ICICI Bank (`2,82,783.39 crore) and Bajaj Finance
(`2,39,947.60 crore) in the
top-10 list.
The M-cap figures of companies change daily with stock price movement.