MUMBAI // Not so long ago, India was on the verge of double-digit growth. But ambitions of becoming an economic superpower are on hold as fears of a slowdown loom.
Economic troubles: Storm clouds gather across the world.
Last Updated: June 17, 2011
Billions wiped off global stocks Trading screens across the world flash red as sharp sell-offs take place everywhere. Read article
In the Gulf UAE debt sales set to boost the Middle East Read article
In Europe Spectre of Greek default looms Read article
In Japan Disasters look set to leave country stuck at zero Read article
In the US Politicians in economic theatre of battle Read article
In China Curbing inflation is a balancing act Read article
Back to business
The economy expanded at 7.8 per cent in the first quarter of the year - the slowest pace in five quarters.
Yesterday, the Reserve Bank of India (RBI) raised key interest rates for the 10th time since March last year, despite warnings by analysts that high interest rates could dent the main drivers of economic growth: domestic consumption and investment.
Signs of trouble are already visible. Last year, foreign direct investment in India fell 32 per cent from 2009 to US$24 billion (Dh88.15bn). The rate of investments in India plunged to 0.4 per cent in the January to March period compared with 20 per cent in the same period last year. Industrial production slowed to 6.3 per cent in April from 8.8 per cent in March.
D Subbarao, the governor of the RBI, said the interest rate rises were warranted to deal with rising inflation, which Credit Suisse bank called India's "horror show".
Inflation increased to 9.06 per cent in May compared with 8.66 per cent in April. But policy analysts say raising interest rates incessantly is akin to pressing the brake pedal and the accelerator at the same time.
"The slowdown has been due to a near collapse in the investment cycle," says Rohini Malkani, an economist with the investment bank Citi India. "Higher rates could take a toll on investments and consumption."
Aggressive monetary tightening threatens to destabilise the growth of the industrial sector, which the country heavily relies on to absorb the millions of people entering the workforce every year. Such action could spark widespread social unrest, Udayan Bose, the chairman of India's employer association's corporate finance committee, warned in a letter this week to Mr Subbarao.
business@thenational.ae
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
RESULTS
Lightweight (female)
Sara El Bakkali bt Anisha Kadka
Bantamweight
Mohammed Adil Al Debi bt Moaz Abdelgawad
Welterweight
Amir Boureslan bt Mahmoud Zanouny
Featherweight
Mohammed Al Katheeri bt Abrorbek Madaminbekov
Super featherweight
Ibrahem Bilal bt Emad Arafa
Middleweight
Ahmed Abdolaziz bt Imad Essassi
Bantamweight (female)
Ilham Bourakkadi bt Milena Martinou
Welterweight
Mohamed Mardi bt Noureddine El Agouti
Middleweight
Nabil Ouach bt Ymad Atrous
Welterweight
Nouredine Samir bt Marlon Ribeiro
Super welterweight
Brad Stanton bt Mohamed El Boukhari
COMPANY PROFILE
Company name: SimpliFi
Started: August 2021
Founder: Ali Sattar
Based: UAE
Industry: Finance, technology
Investors: 4DX, Rally Cap, Raed, Global Founders, Sukna and individuals
The Saga Continues
Wu-Tang Clan
(36 Chambers / Entertainment One)
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
On Instagram: @WithHopeUAE
Although social media can be harmful to our mental health, paradoxically, one of the antidotes comes with the many social-media accounts devoted to normalising mental-health struggles. With Hope UAE is one of them.
The group, which has about 3,600 followers, was started three years ago by five Emirati women to address the stigma surrounding the subject. Via Instagram, the group recently began featuring personal accounts by Emiratis. The posts are written under the hashtag #mymindmatters, along with a black-and-white photo of the subject holding the group’s signature red balloon.
“Depression is ugly,” says one of the users, Amani. “It paints everything around me and everything in me.”
Saaed, meanwhile, faces the daunting task of caring for four family members with psychological disorders. “I’ve had no support and no resources here to help me,” he says. “It has been, and still is, a one-man battle against the demons of fractured minds.”
In addition to With Hope UAE’s frank social-media presence, the group holds talks and workshops in Dubai. “Change takes time,” Reem Al Ali, vice chairman and a founding member of With Hope UAE, told The National earlier this year. “It won’t happen overnight, and it will take persistent and passionate people to bring about this change.”
ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
