President Barack Obama has urged Congress to raise the US debt limit during the final news conference of his first term..
President Barack Obama has urged Congress to raise the US debt limit during the final news conference of his first term.
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President Barack Obama says he 'will not compromise' over his insistence that Congress lift the federal debt ceiling. The nation's credit rating was downgraded the last time lawmakers threatened inaction on the debt ceiling, in 2011.
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Global debt has jumped to a new high
The International Monetary Fund (IMF) said global debt has jumped to a new high of $226 trillion with India’s dues projected to rise to 90.6 per cent in 2021, due to COVID-19 and policies put in place to respond to it. Advanced economies and China contributed over 90% to the accumulation of debt in 2020 and the remaining emerging economies and low-income developing countries contributed only around seven per cent. India's debt increased to 89.6% of its GDP in 2020 from 68.9% in 2016. This increase is, by far, the largest on record. This figure includes both public and non-financial private sector debt. The remaining emerging economies and low-income developing countries contributed only around seven percent. It is projected to jump to 90.6 percent in 2021 and then decline to 88.8 percent in 2022, to gradually reach 85.2 percent in 2026. The IMF said risks to the fiscal outlook are elevated. A scaling up of vaccine production and delivery, especially to emerging markets and low-income developing countries, would limit further damage to the global economy.
Constraints on financing are particularly severe for poorer countries. Noting that in 2020, fiscal policy proved its worth, he said the increase in public debt, in 2020, was fully justified by the need to respond to COVID-19 and its economic, social, and financial consequences. But the increase is expected to be one-off. After that it is projected to stabilise at about 97 percent of GDP. These debt dynamics are driven by a strong contribution from nominal GDP growth, accompanied by a much more gradual reduction in the primary deficit, he said. The IMF further said that, risks to the fiscal outlook are elevated. A scaling up of vaccine production and delivery, especially to emerging markets and low-income developing countries, would limit further damage to the global economy. On the downside, new variants of the v
Technology video | 120 views
Faced with AGR dues worth Rs 43,000 crore to the government, the board of telecom giant Bharti Airtel on Wednesday approved a plan to raise $3 billion via various modes including Qualified Institution Placement (QIPs), stake sale and debt papers.
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Watch Bharti Airtel board okays proposal to raise $3 billion via debt, equity With HD Quality
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The Republican-controlled House will vote next week to permit the government to borrow more money to meet its obligations, a move aimed at heading off a market-rattling confrontation with President Barack Obama over the so-called debt limit.
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Senate Democrats intend to introduce legislation to raise the nation's debt limit, as the White House signaled it would accept even a brief extension in borrowing authority to prevent an unprecedented default.
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Mumbai: As Jet Airways announced the temporary suspension of its flight operations, the airline’s flight attendant Nidhi Chaphekar urged the Prime Minister Narendra Modi for urgent help to save the debt-ridden carrier.
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Watch Jet Airways employee urges PM Modi to ‘support’ the debt-ridden airline With HD Quality
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Watch Jet Airways employee urges PM Modi to ‘support’ the debt-ridden airline With HD Quality
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government is contemplating hike in the investment limit for availing income tax concessions by startups and provide a more clear definition for the purpose, sources have said. Officials of the department for promotion of industry and internal trade (DPIIT) and Central Board of Direct Taxes (CBDT) are holding series of meetings to find a solution of the angel tax issue being raised by startups.
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Congress President and UPA Chairperson Sonia Gandhi while addressing a Congress rally in Mangalore in Karnataka, asked the ruling BJP government in Karnataka what have it done for the welfare of the people. She also slammed the BJP by saying that it never took any serious action to fight corruption.
“As you all know we have no control on the international prices of oil which have gone up from 40 dollars per barrels 10 years ago, to 140 dollars per barrel today. You know that we import 80% of crude oil from which we make petrol, diesel, kerosene and cooking gas. We continue to subsidise kerosene which must be done. But we have been compelled and we have no option but to increase the prices of diesel and the cooking gas. In spite of these, UPA government is doing its best not to burden the people with more hardships. As we hold the responsibility as a Government at the Centre, the state government also has some responsibility. I want to ask the BJP government here why have not the government increase the limit of LPG cylinders to a family from 6 to 9. This is what our Congress government has done in the states ruled by us. Why has the Karnataka Government not reduced the VAT on diesel, just like our Congress led governments have done? So it is very easy to criticize others but what about you (the state government), what are you doing to reduce the hardships of your people? It is your (state government’s) responsibility as much as ours†said Sonia Gandhi.
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