Live Economic Updates: AI Obsession Faces Reckoning on August 22, 2024 – Ruchir Sharma
- August 22, 2024
- Posted by: Regent Harbor Team
- Category: Global Economy
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Disclaimer: This is an AI-generated live blog and has not been edited by LiveMint staff.
### Indian Tourists: Conquering the World
Contents
- 1 Indian Tourists: Conquering the World
- 2 GDP Growth Expected to Moderate to Six-Quarter Low of 6% in June Quarter: Icra
- 3 AI Mania Will Face Its Moment of Reckoning: Ruchir Sharma
- 4 RBI MPC Minutes: Growth Shoots Allow Policy to Focus on Disinflation, Food Inflation Sticky to Core; 5 Key Highlights
- 5 Economic Momentum Intact, but Low Consumer Confidence a Worry: Economic Review
- 6 ‘Expensive and Complex’: Govt Likely to Discontinue Sovereign Gold Bond Issue, Says Report
- 7 India’s Business Growth Slips Marginally in August as Manufacturing Activity Eases, Says HSBC Flash PMI
- 8 The Make-or-Break Moment That Will Determine the Economy’s Fate
- 9 How to Tax Billionaires—and How Not To
Indian Tourists: Conquering the World
- A booming middle class, budget flights, and Bollywood are all contributing to Indian tourists exploring the globe.
### GDP Growth: A Slight Decline Expected
GDP Growth Expected to Moderate to Six-Quarter Low of 6% in June Quarter: Icra
- India’s GDP expanded 7.8% in the March quarter and 8.2% during FY24.
- The Reserve Bank of India predicts real GDP growth of 7.2% for FY25.
### The Future of Artificial Intelligence
AI Mania Will Face Its Moment of Reckoning: Ruchir Sharma
- History doesn’t repeat itself, it rhymes.
- Is the current boom in AI rhyming with the dotcom bubble? Ruchir Sharma delves into this intriguing question.
- He also explores the broader role of AI and its link to today’s capitalism.
### The RBI’s Lens on Growth and Inflation
RBI MPC Minutes: Growth Shoots Allow Policy to Focus on Disinflation, Food Inflation Sticky to Core; 5 Key Highlights
- RBI has concentrated its policy on disinflation strategies as growth shoots are visible.
- Nevertheless, food inflation remains a core concern.
- Here are five key highlights from the latest meeting.
### Assessing Economic Momentum
Economic Momentum Intact, but Low Consumer Confidence a Worry: Economic Review
- India’s economic momentum remains intact.
- The projection of real GDP growth at 6.5-7.0% for 2024-25 is appropriate.
- However, consumer confidence remains a concern as per the latest Economic Review.
### Government’s Stand on Sovereign Gold Bonds
‘Expensive and Complex’: Govt Likely to Discontinue Sovereign Gold Bond Issue, Says Report
- The Government of India may discontinue the sale of Sovereign Gold Bonds.
- These bonds are considered “expensive and complex,” as reported by CNBC-TV18.
### Consumer Activity: A Mixed Bag
India’s Business Growth Slips Marginally in August as Manufacturing Activity Eases, Says HSBC Flash PMI
- India’s business growth moderated in August.
- The manufacturing sector cooled due to a slowdown in new orders.
- The services sector continued to expand.
- Despite the slight slowdown, India’s private sector output marked its 37th consecutive month of growth.
### Fed Chair’s Plan to Tackle Inflation
The Make-or-Break Moment That Will Determine the Economy’s Fate
- Fed Chair Jerome Powell aims to bring down inflation without triggering a recession.
- The next few months will be crucial for this endeavour.
### Taxing Billionaires: A Complex Matter
How to Tax Billionaires—and How Not To
- Closing loopholes would be more effective than a levy on unrealised capital gains.
### Tables and Highlights
#### Key GDP Metrics
| Quarter | GDP Growth | Projection FY25 |
| ————- | ———- | ————— |
| March | 7.8% | 7.2% |
| FY24 | 8.2% | |
#### RBI Policy Highlights
– Focus on disinflation policies
– Food inflation remains a core issue
### Summary
In summary, the Indian economy is a dynamic landscape with key developments in GDP, inflation, consumer confidence, and economic policies. Stay tuned for more updates.
