Read daily news briefs on the economic issues collected from different sources.
As the inflation hit above 6% of three consecutive quarters, the RBI governor will be writing a letter to the government admitting its failure to manage the inflation and explaining theĀ reasons behind the breach of the inflation target. [BL]
As Federal Reserve Chair, Jerome Powell signaled that to bring down the inflation they are going to keep restrictive policy for longer duration, the rupee depreciated to an all time low of 80.15 against US dollar on Monday. [ET]
India recorded a strong double digit economic growth in the last quarter though the economy is grappling with persistently high unemployment and inflation, which has been running above the top of RBI’s tolerance band all year and is expected to be the same for the rest of 2022. [ET]
What to expect from Reliance AGM 2022: Jio IPOs, Green Energy and 5G plans. [ET]
The illegal twin towers, each having height of 103 meters were demolished by waterfall implosion technique in not more than 15 seconds on Sunday. [ET]
In order to help developing economies who are facing the risk of debt default, India could try an innovative method of currency swap backed by trade in mineral resources. [BS]
Around 3.03 million tones of the imported coal for blending purpose are waiting to be lifted at different ports of India. These coals were imported by generation companies (gencos) and are less interested in lifting those coals because of high price differential between domestic and imported coals and withdrawal of the order of the power ministry to blend imported coals in power generation. [BL]
According to the reports of two government agencies only one in five fixed-term employees are able to get the contract renewed for a second term while other four are facing the situation of unemployment after the tenure. [FE]
Editors:
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)
Note: BL – Business Line, BS – Business Standard, FE – Financial Express, ET – Economic Times