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Vipin Kumar | Hindustan Times | Getty ImagesIndia is set to release its interim budget for 2024 on Thursday, ahead of the country's highly anticipated general elections. The interim budget is seen as a stop-gap financial plan during an election year, aimed at meeting immediate financial needs before a new government is formed. Typically, the interim budget won't include big and sweeping policy announcements. Fiscal deficit targetIndia's fiscal deficit stands at 6.4% of gross domestic product for the 2023-2024 financial year. TaxesDon't expect significant shifts in taxation as this is only an interim budget, analysts say.

Persons: Vipin Kumar, Nirmala Sitharaman, Nomura, Goldman Sachs, Goldman, Nilesh Shah, Shah, it's, Bathini, Modi, India's Organizations: Hindustan Times, Getty, India, Bharatiya Janata Party, Goldman, Mahindra Asset Management, CNBC, Capital, WealthMills Securities, India's Finance, BJP Locations: New Delhi, India, China, Japan, Germany

☆ Religious trips will fuel India’s tourism boom — airlines are gearing up with record aircraft orders
▼ + stars: | 2024-01-26 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

India's tourism sector is set for a boom as more travelers take trips around the country for religious purposes. "Religious tourism is still the biggest segment of tourism in India … the creation of a new religious tourist centre (Ayodhya) with improved connectivity and infrastructure can create a meaningfully large economic impact," Jefferies highlighted. Indian media reported that around half a million people visited the Ram temple on its opening day which was inaugurated by Prime Minister Narendra Modi. The YouTube broadcast of the opening ceremony on Modi's channel alone received more than 11 million views. If it continues develop tourist destination including religious tourism, chances are that more and more people will come to visit India and it will even benefit on the foreign exchange side," said Nilesh Shah, managing director at Kotak Mahindra Asset Management.

Persons: Jefferies, —, Narendra Modi, Nilesh Shah Organizations: YouTube, Mahindra Asset Management Locations: Ayodhya, India, Rome's Vatican, Mecca, Saudi Arabia, Tirupati, Andhra Pradesh, Temple, Jammu, Kashmir

☆ U.S. firms prefer India over China for supply chain needs despite risks
▼ + stars: | 2024-01-24 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

U.S. firms are increasingly viewing China as a risky bet for their supply chains — neighbor India is set to benefit as companies look elsewhere to set shop. As many as 61% of the 500 executive-level U.S. managers surveyed by UK market research OnePoll said they would pick India over China if both countries could manufacture the same materials, while 56% preferred India to serve their supply chain needs within the next five years over China. The survey showed that 59% of the respondents found it "somewhat risky" or "very risky" to source materials from China, compared with 39% for India. At least a quarter of the executives who participated in the independent, third party survey, commissioned by marketplace India Index in December, do not currently import from either China or India. "Companies are seeing India as a long-term investment strategy as opposed to a short-term pivot to avoid tariffs," said Samir Kapadia, CEO of India Index and managing principal at Vongel Group, in an exclusive interview with CNBC.

Persons: OnePoll, Samir Kapadia, Joe Biden, Narendra Modi Organizations: India Index, Vongel Group, CNBC, U.S, White House Locations: China, India

☆ India's consumption growth is set to accelerate as Goldman predicts 'affluent' Indians to nearly double
▼ + stars: | 2024-01-19 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

The increase in wealth has been seen from stronger retail participation, larger investments into the Indian stock markets, and gold and property purchases. Rising disposable incomes are set to power India's consumption story, further boosting the country's consumer sector that is fast becoming a key driver for economic growth. His comments came on the back of a Goldman Sachs report last week that predicted around 100 million people in India will become "affluent" — earn an annual income exceeding $10,000 — by 2027. Currently, 60 million people in the world's fifth-largest economy earn more than $10,000 — around 4% of India's working age population — according to the report released last week. The country's consumer market is set to become the world's third-largest by 2027, as the number of middle- to high-income households rises.

Persons: Abhishek Malhotra, Goldman Sachs, Malhotra Organizations: McKinsey &, CNBC, BMI Locations: India, Mumbai

☆ JPMorgan says India is its No. 1 market in Asia; investors are unlikely to return to China this year
▼ + stars: | 2024-01-16 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

India is JPMorgan's top pick in Asia, and one of its favorite markets globally, the investment bank's Asian Equity Strategist Mixo Das told CNBC. "It's our number one market at this point," he said, highlighting that the South-Asian nation will continue to benefit enormously as companies increasingly adopt a "China plus one" strategy. Companies that already have a base in India are also expanding production capacity. The country's largest automaker, Maruti Suzuki, announced last week that it would invest $4.2 billion to build a second factory in India. Even Vietnamese electric auto maker VinFast said earlier this month it aims to spend around $2 billion to set up a factory in India.

Persons: Mixo Das, Das, CNBC's, Maruti Suzuki, VinFast Organizations: BSE, Equity, CNBC, Apple, Maruti Locations: Asia, China, Vietnam, India

☆ Indian markets are ‘priced to perfection'— unlikely to rise much ahead of elections
▼ + stars: | 2024-01-16 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Indian equity benchmarks the Nifty 50 and BSE Sensex have rallied by more than 6% since the state elections. The Indian stock markets rallied to new highs in 2023 on the back of bullish investors and stronger domestic participation. But analysts warn that the level of optimism seen last year will not be replicated before the general election concludes. Both the Nifty and Sensex hit record highs of 22,081.95 and 73,000, respectively, during Asia's Monday afternoon trading session. In the past five general elections, Indian markets have climbed an average 18% six months prior, 8% three months before, 2% in the months after the results, and 10% half a year later, said Shantanu Bhargava, managing director and head of listed investments at Waterfield Advisors.

Persons: Narendra Modi's, Sensex, Peeyush Mittal, Mittal, Shantanu Bhargava Organizations: BSE Sensex, Narendra Modi's Bharatiya Janata, BJP, Matthews Asia, CNBC, Waterfield Advisors

☆ Adani Group founder Gautam Adani is once again Asia's richest person
▼ + stars: | 2024-01-05 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Gautam Adani is the richest person in Asia again, according to Bloomberg Billionaires Index's updated figures Friday. The founder and chairman of the Adani Group regained pole position in Asia after dethroning Reliance Industries Chairman Mukesh Ambani, who took the top spot after Hindenburg Research accused the Adani Group of "brazen stock manipulation and accounting fraud" over decades. The report eroded investor confidence and wiped out billions in market value for Adani Group companies. The Adani Group has 10 publicly listed companies, including Adani Port which was 2.8% higher on Asia's Friday afternoon trading session. As of Friday, Adani's net worth stood at $97.6 billion and he was the world's 12th richest person, while Ambani's wealth stood at $97 billion and he was in 13th place, according to the Bloomberg Billionaires Index.

Persons: Gautam Adani, Index's, Mukesh Ambani, Hindenburg, Ambani's Organizations: Bloomberg, Adani Group, dethroning Reliance, Hindenburg Research, Adani, Securities, Exchange Board of India Locations: Asia

☆ The world's most punctual airlines and airports in 2023
▼ + stars: | 2024-01-02 | by ( Charmaine Jacob | Jonathan Delise | ) www.cnbc.com time to read: +1 min

Nothing about flying is as exasperating as getting your flight delayed, cancelled or disrupted. Arriving at or departing from a destination on time is one of the most important considerations a traveler takes before deciding whether to book a subsequent flight from the same airline. Latest results from travel data analytics firm Cirium revealed that the most punctual airline last year in the global category was Colombia's Avianca Airlines, which achieved an 85.73% on-time performance rate, followed by Brazil's Azul Airlines (85.51%), which lost its top ranking. A global airline is defined as one that serves in three regions daily, the company said. An airline's on-time performance is calculated by whether the plane arrives at the gate within 15 minutes of the scheduled arrival time and if it departs within 15 minutes of the scheduled departure time.

Organizations: Airlines, Brazil's Azul Airlines, Qatar Airways

☆ India's economy is in a 'sweet spot,' but private consumption growth may continue to slow: DBS Bank
▼ + stars: | 2023-12-01 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

India's economy is in a "sweet spot," but growth in private consumption is expected to slow further, Radhika Rao, senior economist at DBS Bank said. India's GDP expanded by 7.6% during the July to September quarter as a result of stronger manufacturing activity and government spending, beating Reuters poll estimates of 6.8%. Even though it was lower than the 7.8% expansion during the April to June quarter, the country's growth is "one of the strongest in the region among major economies" and DBS expects the GDP to expand around 6.8% this year, Rao said on CNBC's "Squawk Box Asia" on Friday. She highlighted that the slowdown in consumption activity during the July to September quarter, which will likely continue through the winter, was owed to weak farm production in the summer months due to erratic weather. Although household consumption is likely to have picked up during the October to December quarter due to festivals including Diwali, it could fall again in the January to March quarter ahead of the 2024 general elections, Rao warned.

Persons: Radhika Rao, Rao Organizations: DBS Bank, DBS

☆ Move aside, China. India will drive Asia's growth in the next few years, S&P Global says
▼ + stars: | 2023-12-01 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

India's GDP growth is expected to reach 6.4% in 2024, and will hit 7% in 2026, according to S&P Global. India's economy is expected to power ahead in the next three years, leading growth in the region. Similarly, other emerging markets such as Indonesia, Malaysia and the Philippines are set to see positive GDP growth this year and the next due to strong domestic demand, the report said. S&P lowered India's growth outlook to 6.5% in fiscal 2025 — down from their previous prediction of 6.9%, but expects GDP growth to jump to 7% in fiscal 2026. In comparison, China's growth is predicted to come in at 5.4% in 2023, 0.6% higher than S&P's previous forecast, while growth in 2024 is expected to be 4.6% — higher than the previous forecast of 4.4%.

Organizations: P Locations: Asia, Pacific, South Asia, Southeast Asia, Indonesia, Malaysia, Philippines

☆ Here are the most expensive cities to live in — and Singapore tops the list again
▼ + stars: | 2023-11-30 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

Singapore, along with Zurich, is the most expensive city to live in, according to the Economist Intelligence Unit. SINGAPORE — Singapore has yet again been ranked as the most expensive city to live in, sharing the top spot with Zurich this year, according to the Economist Intelligence Unit. This is the ninth time in 11 years that Singapore topped the list, while Zurich jumped from its sixth place ranking last year. The research firm said Singapore clinched its top spot due to the high cost of groceries, alcohol, clothing, and owning a private vehicle. A strong currency and high prices for household items and recreational activities drove Zurich's climb to No.1.

Persons: Syetarn Hansakul, Hansakul, CNBC's, EIU, decelerate Organizations: Economist Intelligence Unit, SINGAPORE — Locations: Singapore, Zurich, SINGAPORE, SINGAPORE — Singapore, New York, Geneva, Hong Kong, Asia, U.S, Europe, Israel

☆ Indians are spending big on travel, but most of that money isn't leaving the country
▼ + stars: | 2023-11-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

The world famous Gateway of India monument in Mumbai, India was built during the 20th century to commemorate the visit of king George V and Queen Mary. India's travel landscape is changing as the country emerges as a powerhouse in the tourism sector. Their willingness to spend big while traveling is going, but research shows that most Indians are traveling domestically — not overseas. Indian travelers took 1.7 billion leisure trips in 2022 but most never left the country, and only about 1% traveled abroad, according to Booking.com and McKinsey. Here are the top 10 spots for Indians traveling within their own country, according to Booking.com and McKinsey.

Persons: George V, Queen Mary, McKinsey Organizations: McKinsey, McKinsey Mumbai, CNBC Locations: India, Mumbai, McKinsey ., Delhi Bengaluru Mumbai Chennai Pune Hyderabad, Jaipur Kochi Kolkata, New Delhi, Bengaluru, Chennai, Kochi

☆ Most overused passwords in the world — make sure yours isn't on the list
▼ + stars: | 2023-11-16 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

But if you want your emails, online banking, streaming platform credentials secure from the clutches of hackers, it would be wise to put in the effort. NordPass, the password management tool from the team behind NordVPN, partnered with independent researchers to release its study of the 200 most common passwords used in 2023. Of the world's 20 most common passwords, 17 can be cracked in less than a second, so think twice before you decide to key in "123456" or the even more creative "password" to secure your online accounts. The NordPass study showed that 86% of cyberattacks use stolen credentials, and online accounts, emails and passwords make up almost 20% of the most commonly sold items on the dark web. To make sure your data stays safe, here are the world's 20 most common passwords of 2023 — and how long it takes to crack each one:

Organizations: NordVPN

☆ Asia-Pacific will see the biggest jump in real salary next year. Here are the top performers
▼ + stars: | 2023-11-09 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

This year, nine out of 12 places in Asia-Pacific received the highest real salary increases in the world, ECA International reported. Workers in Asia-Pacific are predicted to receive the biggest real pay increase in 2024, according to ECA International. The average real salary increase — which is nominal wage growth minus the rate of inflation — is expected to increase by 2.2% in Asia-Pacific, more than twice the global average of 1%, according to the Salary Trends Report. The North and South America region is expected to receive a 2% real salary growth, while Africa and the Middle East could see growth of 0.8%, the data consultancy said. Europe is set to lag behind most regions and employees there may only receive a 0.9% increment in real salary next year, the study showed.

Persons: Oliver Browne, Browne Organizations: ECA, Workers, ECA International Locations: Asia, Pacific, South America, Africa, Europe

☆ India debate on 70-hour workweek: Illegal or road to greatness?
▼ + stars: | 2023-11-07 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +2 min

Indians currently work an average of 47.7 hours a week, according to the International Labour Organization. Infosys founder Narayana Murthy recently sparked a controversy on social media when he said young people should be working 70 hours a week to boost India's economy. If we want to achieve greatness, then yes, those are the number of hours and the kind of sacrifices we must make," Kapoor said. Our youngsters must say: 'This is my country, I want to work 70 hours a week,'" he said during a podcast with Indian philanthropist T.V. He told CNBC that "70 hours just sounds like a very high number.

Persons: Narayana Murthy, Ayushmaan Kapoor, Kapoor, Murthy, Rishi Sunak, T.V, Mohandas Pai, Vivek Mudaliar, Mudaliar, wouldn't Organizations: International Labour Organization, Infosys, CNBC, U.S, UK, Reliance Industries, DBS Bank, HSBC Locations: India, China, U.S, Germany, Singapore, Japan

☆ Coal free by 2070? India’s push toward renewables won't stop coal reliance for the next two decades
▼ + stars: | 2023-11-03 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +6 min

The country's leaders have been optimistic about its path to net zero, making bold claims that 50% of its power generation will come from renewables by 2030, and 100% by 2070. "This heightened power demand necessitates a reliable, cost-effective, and consistent power generation source, which coal currently fulfills," he highlighted. Nearly 10% of the country's electricity demand comes from space cooling and this will increase ninefold by 2050, the IEA said. Unreliable renewablesDespite being able to produce cheap wind and solar energy, only 22% of India's power generation is met by renewables. These complexities render it challenging to rely solely on renewables for consistent and dependable power generation," Narayan said.

Persons: Money Sharma, Anil Kumar Jha, Jha, Neshwin Rodrigues, Prakash Singh, Sooraj Narayan, Wood, Sooraj Narayan Wood Mackenzie, Narayan, Sumant Sinha, Sinha, CNBC's, Wood Mackenzie's Narayan Organizations: Afp, Getty, Coal, CNBC, National Thermal Power Corporation, International Energy Agency, Ministry of Coal, Jha, Bloomberg, Investment, Invest India, Nurphoto Locations: Uttar Pradesh, India, Coal India, Dadri, Asia, Uttarakhand, Kerala

☆ Indian travelers are set to be the fourth largest global spenders by 2030
▼ + stars: | 2023-11-02 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Indians could be the fourth-largest global travel spenders by 2030, according to a recent report by Booking.com and McKinsey. However, they pointed out that outbound travel only accounted for approximately 1% of total trips made by Indians last year. Based on the report's expectations there will be 5 billion trips made in 2030, 1% of outbound travel will come up to 50 million trips. According to their 2019 research, the U.S., China and Germany were the top three global travel spenders, while India came in sixth. Indian travelers are expected to embark on 5 billion more trips by 2030, and spending on travel and tourism is predicted to hit $410 billion by then.

Persons: That's Organizations: Booking.com, McKinsey Locations: India, U.S, China, Germany

☆ From moon landing to hosting world leaders, Indians are ‘conquering the world,’ says Nita Ambani
▼ + stars: | 2023-11-01 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

After overtaking China to become the world's most populous nation, India could also leapfrog its neighbor to also become the world's second-largest economy by 2075. Nita Ambani founder, Reliance FoundationA slew of deals came out from their meeting, with much focus placed on improving defense and technology partnerships between the two countries. Among the A-list attendees at the White House state dinner was Ambani and her husband, Mukesh Ambani — Asia's wealthiest man. "Indians are conquering the world. You can see that, you can feel that in the room … I get goosebumps even thinking about it now."

Persons: Peter Adams, Nita Ambani, CNBC's Tanvir Gill, Ambani, Narendra Modi, Joe Biden, Mukesh Ambani — Organizations: China, Stone, Getty, Reliance Foundation, CNBC, India's, Reliance Industries, Reliance, White House Locations: India

☆ From boardrooms to playgrounds, women should be treated as equals, says India's Nita Ambani
▼ + stars: | 2023-10-27 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Nita Ambani, founder and chairperson of the Reliance Foundation, and her husband Indian billionaire businessman Mukesh Ambani at the opening of the Nita Mukesh Ambani Cultural Centre in Mumbai, India, 31 March, 2023. A philanthropist, a champion for women's rights, and the founder of one of India's largest foundations. Nita Ambani is a woman who wears many hats – but the accolades don't stop there. Dubbed the "first lady of Indian business," she's also the wife of Mukesh Ambani — Asia's wealthiest man. Ambani is best known for her role as chairperson of Reliance Foundation, a philanthropic organization owned by India's richest company, Reliance Industries.

Persons: Nita Ambani, Mukesh Ambani, Nita Mukesh Ambani, she's, Mukesh Ambani —, Ambani, CNBC's Tanvir Gill Organizations: Reliance Foundation, India's, Reliance Industries, CNBC Locations: Mumbai, India

☆ A zoom call by the beach? Here are the 10 best 'workcation' cities for remote workers
▼ + stars: | 2023-10-26 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

The pandemic might be over, but working remotely is a trend that's set to stay as millennials and Gen Z's continue to work while visiting their favorite destinations. That's according to WorkMotion, a Berlin-based human resource platform, which analyzed 85 cities around the globe to see how easy and attractive they were for remote workers. The report refers to "workcation" as a short term residence — of about 12 months or fewer — in a country while working remotely for a existing employer. "Not many cities can offer them all, but it's undeniable that cities legislating to attract remote workers become far more attractive than those that don't," he said, elaborating that only a handful of cities in the study offered remote workers a digital nomad visa that would allow them to continue employment in the country they relocated to. Only 17 out of the 85 cities offer a digital nomad visa for remote workers.

Persons: Workations, Gen Z's, Carsten Lebtig Locations: Berlin

☆ India is a ‘slow trundling elephant’ but a viable alternative to China, says veteran investor David Roche
▼ + stars: | 2023-10-23 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Veteran investor David Roche said India "is a slow trundling elephant" that still has many hurdles, but is now a viable alternative to China. "I think India stands to benefit from the decline in terms of the attractiveness of foreign direct investment and portfolio flows of China," Roche told CNBC's "Street Signs Asia" on Friday. After overtaking China to become the world's most populous nation, India could also leapfrog its neighbor to also become the world's second-largest economy by 2075. "So I think we're looking at a transfer of not only fixed investment by corporations, but portfolio investments out of China and into India," Roche said. "I think one has to look to sound the current levels and a note of caution about that," Roche warned.

Persons: David Roche, " Roche, CNBC's, Roche, Alicia Garcia, Herrero Organizations: China, Investors, Economic, CNBC Locations: India, China, Asia, Natixis

☆ He visited every country in the world — without flying. Here's how much it cost
▼ + stars: | 2023-10-19 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +5 min

Danish traveler Torbjorn Pedersen says he is the first person to visit every country in the world — without flying. The best and worst timesPedersen had planned to stay in Hong Kong for about a week when he arrived in January 2020. Pedersen spent the most time in Hong Kong, staying 772 days because of the Covid -19 pandemic. "I feel more at home in Hong Kong than I do in Copenhagen, " he said. Torbjorn Pedersen

Persons: Torbjorn Pedersen, Pedersen, Ross, Selena Wright, I've, Torbjorn Pedersen Pedersen, it’s Organizations: CNBC, Ross Energy, United Nations Locations: Singapore, Bolivia, Hong Kong, Vatican City, Copenhagen, Cameroon, Congo, Denmark, Eritrea, Ethiopia, Solomon

☆ Sold out hotels and spike in beer sales: How the Cricket World Cup could boost India's economy
▼ + stars: | 2023-10-19 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +7 min

Spectators react in the crowd during the ICC Men's Cricket World Cup India 2023 between India and Afghanistan at Arun Jaitley Stadium on October 11, 2023 in Delhi, India. Matt Roberts-icc | Icc | Getty ImagesIndia is once again hosting the Cricket World Cup after more than a decade. "We must remember that the World Cup coincides with the Diwali season. Media and advertisingDuring the last Cricket World Cup in 2019, a global average of 1.6 billion people tuned in. Spectators watch the 2023 ICC Men's Cricket World Cup one-day international (ODI) match between Australia and Sri Lanka at the Ekana Cricket Stadium in Lucknow on Oct. 16, 2023.

Persons: Matt Roberts, Shantanu Bhargava, Lalitya, Avi Mehta, Waterfield, Bhargava, Dhavala, Aditya Suresh, Suresh, Zomato, Prakash Singh, Mehta, —, Radico Khaitan, Shibani Kurian, It's, Tauseef Mustafa Organizations: ICC Men's Cricket, Arun, icc, Icc, Getty, Cricket, Waterfield Advisors, Hospitality, CNBC, International Cricket Council, Macquarie Group Demand, Bangladesh, Pakistan, Indian Hotels Company, Macquarie Group, Alcohol, Afp, Spirits, Kotak Mahindra AMC, Media, Disney, ICC, Board, Control, BCCI, Ekana Cricket Locations: India, Afghanistan, Delhi, Bangladesh, Sri Lanka, Pakistan, Ahmedabad, Australia, New Zealand, Netherlands, Pune, LSEG, New Delhi, Lucknow

☆ Is India still a bright spot? IMF upgrades growth, but economists say it will be a bumpy ride
▼ + stars: | 2023-10-12 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

Pedestrians walk towards the Chhatrapati Shivaji Terminus train station at dusk in Mumbai, India, on Wednesday, Oct. 4, 2023. The International Monetary Fund has raised its growth forecast for India, saying the country's growth will remain strong in 2023 and 2024 — but analysts warn there will be headwinds ahead. According to the IMF's October update of its World Economic Outlook., India's economy will grow 6.3% in 2023, an increase from an earlier forecast of 6.1%. "India will continue to be a bright spot in the global economic picture," Alicia Garcia-Herrero, chief economist for Asia Pacific at Natixis said. Consumer spending remains one of the biggest growth drivers in the world's most populous nation, she added.

Persons: Alicia Garcia, Herrero Organizations: Monetary, CNBC, Asia Pacific, Consumer Locations: Shivaji Terminus, Mumbai, India, Natixis

☆ China should consider boosting consumption as real estate slump drags on, IMF says as it downgrades forecast
▼ + stars: | 2023-10-12 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

The slowdown in real estate is the main reason for China's sluggishness, Krishna Srinivasan, director of the Asia and Pacific department at the IMF said. "There has not been a comprehensive response to the problem and that has weighed both on investment in the real estate sector and consumer confidence." "One would have hoped that after China reopened, consumption would come back very strongly, but that has been undermined by confidence not coming back in the real estate sector," Srinivasan said. "A lot of the wealth is in the real estate sector, and that has not been resolved." The IMF trimmed its 2023 growth forecast for China's economy from 5.2% to 5% in its October update of its World Economic Outlook.

Persons: China's sluggishness, Krishna Srinivasan, Srinivasan Organizations: Economic, International Monetary Fund, IMF Locations: Asia, Pacific, China

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