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<ul class="summary-list"><li><keyword id="23786456" type="General" weightage="20" keywordseo="Mae-Suzuki" source="keywords">Mae Suzuki</keyword> was stuck in a cycle of <keyword id="23786455" type="General" weightage="20" keywordseo="restrictive-dieting" source="keywords">restrictive dieting</keyword> and binging for years.</li><li>She applied the technique of visualization, used by business titans such as Steve Jobs, and lost 40 pounds.</li></ul>For years, Mae Suzuki was stuck in a cycle of <a target="_blank" href="https://www.businessinsider.com/women-losing-periods-due-to-restrictive-dieting-over-exercising-2021-3">restrictive dieting</a> and binging that left her miserable. But when Suzuki started visualizing her dream self and following the habits she imagined she would have, she lost 40 pounds sustainably. The technique of visualization has been linked to improved musical ability, athletic performance, self-confidence, decision-making, and emotional regulation. Many successful entrepreneurs, including <a target="_blank" class="" href="https://www.businessinsider.com/steve-jobs">Steve Jobs</a>, are known to have used <keyword id="21023801" type="General" weightage="20" keywordseo="visualization-techniques" source="keywords">visualization techniques</keyword> throughout their careers, as well as Olympians such as Michael Phelps. Growing up, Suzuki, a YouTuber based in New York, was overweight and wasn't taught healthy eating habits, which made her feel different. "That sort of added to the whole shame around 'Why am I not fit? Why am I not healthy? Why do I feel different from everyone else around me?'" she told Business Insider. In spring 2023, the "<a target="_blank" href="https://www.businessinsider.com/weight-loss-glp-1-drugs-ozempic-wegovy-mounjaro-effects-future-2023-12">food noise</a>" and misery of yo-yo dieting reached a fever pitch, and she decided something had to change. Suzuki had discovered the concept of <a target="_blank" href="https://www.businessinsider.com/lucky-girl-syndrome-manifesting-success-jobs-money-economy-tiktok-2023-2">manifesting</a> — which she described as "basically creating whatever you want into your reality" — a few years earlier. She used the framework to examine her lifestyle and reimagine her ideal one. She started by reflecting deeply on what she wanted her life to look like, and envisioned her dream self. "I really sat down with myself and thought about, 'Who do I want to be? If I want to achieve things in my life, who do I have to become?' And it's not about being someone else other than myself, but it's more so discovering new extensions of myself," she said. Suzuki added: "I basically did an entire overhaul of my <keyword id="23786458" type="General" weightage="20" keywordseo="self-concept" source="keywords">self-concept</keyword>, my identity, basically like who's Mae? What does she do? What are her habits like? "And I also thought about what people who are at my goal, people who are fit and healthy, what are they doing?" Then, Suzuki made a promise to herself to gradually start living her life as that person. "I manifested by living the life of the person I wanted to become," she said. After six months, she reached her goal of losing 40 pounds and has maintained her weight since about October of last year. The Centers for Disease Control and Prevention says losing about 4 to 8 pounds a month is healthy and sustainable. <div type="image" title="Suzuki on the beach before her weight loss." height="2268" width="3024" msid="114428139" hostid="261"></div><h2>Shifting the focus away from <keyword id="19923802" type="General" weightage="100" keywordseo="weight-loss" source="keywords">weight loss</keyword> and toward enjoyment and health</h2>Suzuki realized she was previously solely focused on losing weight, which led her to eating foods she didn't like and doing workouts she hated. "Everything that I thought revolved around 'how do I lose weight? How do I burn more calories?' That wasn't giving me joy at all," she said. In fact, it made everything feel like a chore, which was unsustainable. As she observed people who had <a target="_blank" href="https://www.businessinsider.com/longevity-lifestyle-changes-live-longer-healthy-habits-genes-study-2024-5">healthy habits</a>, she noticed that they tended to be active simply because they enjoyed it. They might get off the bus a few stops early to walk the rest of the way home, for example, because they enjoyed the process. That was a perspective she had never considered before. "I had to kind of unpack all of these underlying mindsets that I had that clearly brought me to where I was. It wasn't working out for me," Suzuki said. This time, she focused on feeling strong, healthy, and happy. Once she stopped focusing on the things she didn't like in order to lose weight, she started to see gradual but sustained weight loss. <h2>She didn't restrict herself but didn't eat more than she needed</h2>In Suzuki's childhood home, there was a scarcity mentality in relation to food, she said. Her parents' <a target="_blank" class="" href="https://www.businessinsider.com/alices-ultra-rich-what-people-across-tax-brackets-discuss-therapy-2024-10">financial struggles</a> fostered a belief that she had to eat everything on her plate or else go hungry. And while that might have made sense at the time, as an adult it led Suzuki to <a target="_blank" class="" href="https://www.businessinsider.com/avoid-overeating-at-thanksgiving-dinner-eat-slower-dietitian-2023-11">often overeat</a>. Instead, she allowed herself to eat until she was full and put the rest aside for later. "Food is abundant. If I'm hungry, I can go get a snack. So I don't feel like I need to overeat and be extremely full just so that I won't be hungry later on," she said. After years of restrictive dieting, she also let go of demonizing certain foods and glorifying others. Instead, she paid more attention to nutritional value, portion size, and flavor. She tracked what she ate to make sure she was in a <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/diet-nutrition/benefits-of-calorie-deficit-diet">calorie deficit</a>— which means eating fewer calories than you burn — but wasn't strict about it, she said. "I don't have to eat five cups of salad every day. I just need to eat what I like and then feel full and then move on with my day. And if I'm hungry, I can get more food," she said. <div type="image" title="Mae Suzuki taking a mirror selfie at the gym." height="4032" width="2268" msid="114428142" hostid="261"></div><h2>Discovering <keyword id="21715184" type="General" weightage="20" keywordseo="weight-lifting" source="keywords">weight lifting</keyword></h2>In June, Suzuki joined her local gym and committed to going three to four times a week. She knew there would be times she didn't feel motivated but she just kept focusing on her goal until it became a habit. She tried as many different workout classes as she could, and discovered that <a target="_blank" class="" href="https://www.businessinsider.com/how-weightlifter-made-running-habit-hybrid-training-2024-10">she loves lifting heavy but isn't so into cardio</a>. On days she doesn't feel like exercising, she leans on the workouts she knows she enjoys, like practicing <a target="_blank" href="https://www.businessinsider.com/gyms-outdated-cardio-no-squat-racks-2024-9">squats</a>. "I just want to move my body. I just want to feel good in my body," she said. Correction — October 21, 2024: A previous version of this story misstated a CDC recommendation on healthy weight loss. The CDC says a healthy weight-loss goal for most people is 4 to 8 pounds a month, not 10 pounds a month.

A woman lost 40 pounds by quitting strict diets that made her miserable. She started by visualizing 3 healthy habits her ideal self would keep.

Boost in domestic <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> due to PLI (production linked incentive) schemes and increase in <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> on account of free trade agreements are expected to bridge the country's <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> further, <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> said on Monday. However, it said that fluctuations in <keyword id="19936629" type="General" weightage="20" keywordseo="commodity-prices" source="keywords">commodity prices</keyword>, especially for critical imports like oil, metals, and agricultural products, can impact India's trade balance and inflation levels. The Survey said that though ongoing geopolitical headwinds impacted India's merchandise exports, lowering international commodity prices ensured a lower trade deficit in FY24 than in FY23. The country's merchandise trade deficit narrowed to USD 240 billion in 2023-24 from USD 265 billion in 2022-23. It added that changes in trade policies by major trading partners or geopolitical developments can affect India's export opportunities and market access. "In the coming years, India's trade deficit is expected to decline further as the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is expanded and India creates a globally competitive manufacturing base in several product categories," the Survey said. It added that the recently signed FTAs (free trade agreements) are expected to increase the <keyword id="22374533" type="General" weightage="20" keywordseo="global-market-share" source="keywords">global market share</keyword> of the country's exports. The PLI scheme for sectors like mobile manufacturing, information technology (IT) hardware, pharmaceutical, telecommunications, and food product are helping to increase manufacturing and cut imports. India has implemented <keyword id="20000557" type="General" weightage="20" keywordseo="FTA" source="keywords">FTA</keyword> with Mauritius, Australia and the UAE. It added that a narrowing merchandise trade deficit and rising service exports have improved the CAD (<keyword id="20054874" type="General" weightage="20" keywordseo="current-account-deficit" source="keywords">current account deficit</keyword>), ending with a surplus of 0.6 per cent of GDP in Q4 of FY24. However, the risks to the performance of India's external sector are on the downside due to the persistence of current <keyword id="19955176" type="General" weightage="20" keywordseo="geopolitical-tensions" source="keywords">geopolitical tensions</keyword> and policy uncertainty, it said. Some of the challenges listed by the survey includes fall in demand from major trading partners like the US, rise in trade cost, and volatility in commodity prices. Attacks on shipping in the Red Sea and drought in the Panama Canal have resulted in trade flows being re-routed, increasing journey time and costs. India's merchandise trade relies heavily on maritime trade, so disturbances in major shipping routes can impact its economy. "It is critical to explore what these changing paradigms mean for India. Policies need to be a mix that straddles security concerns with economic considerations," the survey said, adding India's push towards manufacturing in complex and niche sectors through schemes such as PLI and Make in India aims to balance these goals. Further, the survey emphasised on the need to focus on improving India's competitiveness in many product areas. For example, it said, India has tremendous potential in becoming a large global exporter in agricultural commodities. Fostering stronger regional trade ties and adding more markets for Indian goods will help mitigate global demand fluctuations. "In an era when global economic growth is likely to be buffeted by geopolitical tensions and protectionism, growing India's exports of goods and services will be a stiffer challenge than before," it cautioned. Commenting on this, Rumki Majumdar, Economist, Deloitte India, said that despite global uncertainties, India's exports are recording positive growth rates. "That shows the resilience of our exports amidst global uncertainties," she said, adding, "by transforming our export basket and focusing on higher margins and value addition across various sectors, India will easily achieve its ambition of USD 2 trillion in exports by 2030-31."

India's trade deficit expected to decline further: Economic Survey

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

Despite geopolitical tensions in <keyword id="19897269" type="General" weightage="20" keywordseo="europe" source="keywords">Europe</keyword> and the <keyword id="19904316" type="General" weightage="20" keywordseo="middle-east" source="keywords">Middle East</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s <keyword id="20631272" type="General" weightage="20" keywordseo="merchandise-exports" source="keywords">merchandise exports</keyword> grew by 5.8% to $109.96 billion compared to $103.9 billion in the same period last year, according to a CRISIL report. The report states that the deceleration in the growth momentum of exports in June compared to May was largely due to an 18.2% contraction in oil exports. The growth momentum slowed down in June, with merchandise exports increasing by only 2.6% year-on-year, down from 9.1% in May. Non-oil exports continued to maintain steady growth, rising by 7.7% in June, almost in line with the 7.8% growth recorded in May. Services exports exhibited a strong performance in June, contributing positively to the overall trade scenario. The positive aspect is that merchandise imports grew at a slower pace of 5% year-on-year in June, down from 7.7% in May. However, core imports, excluding oil and gold, surged by 7.1%, increasing from the 0.8% growth in the previous month. This spike in core imports was partially driven by a low base effect from the previous year. Despite the positive growth in exports, the <keyword id="20201391" type="General" weightage="20" keywordseo="trade-deficit" source="keywords">trade deficit</keyword> widened to $21 billion in June from $19.2 billion in the same month last year. For the first quarter, cumulative imports rose by 7.7% to $172.4 billion from $160 billion, resulting in a trade deficit of $62.44 billion, up from $56.1 billion. This widening deficit was mainly due to a higher oil trade deficit, while the non-oil trade deficit narrowed. Services exports were a bright spot, increasing by 10.2% year-on-year to $29.76 billion in May. On the other hand, service import growth moderated to 5.4%, down from 19.1% in the previous month. Consequently, the services trade surplus expanded to $13.02 billion, up from $11.1 billion in May last year. Oil exports fell by 18.3% year-on-year and 18.5% month-on-month in June, despite stable international prices. This suggests a reduction in export volumes, with exports falling to $5.5 billion from $6.8 billion in June last year and the previous month. Oil imports increased by 19.6% in June compared to 28% in May, driven by domestic demand and local refineries operating above capacity. Sectors such as drugs and pharmaceuticals, engineering goods, organic and inorganic chemicals, and ready-made garments showed positive growth. However, pharmaceuticals (9.9% vs. 10.5%) and ready-made garments (3.7% vs. 9.8%) saw slower growth compared to May. Gems and jewellery exports continued to decline, marking the seventh consecutive month of negative growth at -1.4% year-on-year. Growth in carpets, handloom products, man-made products, plastics, and linoleum was positive but slower than the previous month. Handmade carpets (-16.6% vs. 20.6%), jute manufacturing (-11.1% vs. -5.2%), and leather products (-2.2% vs -2.1%) recorded contractions. Cashew exports have been declining since 2018, with only sporadic months of positive growth. In June, cashew exports fell by 7.3%, an improvement from the 25.8% decline in May. Coffee (70% vs. 64.2%), fruits and vegetables (7% vs. 20.8%), rice (1% vs. 2.8%), spices (9.8%vs. 20.3%), tea (3.2% vs. 19.6%), and tobacco (37.7% vs. 58.4%) saw slower growth compared to May. Marine products (-7.7% vs. -3.9%) and meat, dairy, and poultry products (-13.9% vs. 22.9%) also experienced a decline. Increases were noted in electronic goods (15.9% vs. 6.7%), fruits and vegetables (22.6% vs. 3%), non-ferrous metals (47.6% vs. 1.1%), project goods (31.4% vs. -44.3%), textiles and yarn fabric made-up articles (23.8% vs. -1.1%), and wood products (16.2% vs. -7.2%). The fiscal year has started positively with steady merchandise export growth in the first quarter. Encouragingly, multilateral organisations have forecasted better year-on-year trade growth. The Indian government's focus on foreign trade agreements (FTAs) is expected to further boost trade. However, the persistent growth in imports surpassing exports is a concern, widening the trade deficit. The recent US tariff hikes on Chinese imports could lead to potential dumping by China in the Asian market, including India, which requires close monitoring. Despite these challenges, the expected moderation in domestic growth may help contain import growth and the trade deficit. The service trade surplus and robust remittance flows are positive indicators that the current account will remain stable.

Indian exports show resilience amid global challenges in first quarter, says CRISIL report

The first full budget of the BJP-led NDA government in its third successive term will be presented by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on July 23. The government on Saturday announced the dates of the budget session of Parliament which will start on July 22 and conclude on August 12. Finance Minister Nirmala Sitharaman, who will present the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25, has been holding pre-budget consultations. As part of the deliberations, she has met economists, experts in finance and capital markets, industry representatives and agriculture experts. Industry bodies, including the Confederation of Indian Industry (CII), have urged the government to increase capital expenditure in the upcoming budget. This will be Sitharaman's seventh budget in a row. She will be the first Union Finance Minister to present seven consecutive union budgets. Former Prime Minister Morarji Desai had presented six budgets in a row. Parliamentary Affairs Minister Kiran Rijuju announced the dates of budget session. "Hon'ble President of India, on the recommendation of the Government of India, has approved the proposal for summoning of both the Houses of Parliament for the Budget Session, 2024 from 22nd July 2024 to 12 August 2024 (Subject to exigencies of Parliamentary Business). Union Budget, 2024-25 will be presented in Lok Sabha on 23 July 2024," he posted on X. The <keyword id="19916814" type="General" weightage="20" keywordseo="Modi-government" source="keywords" meta.keywordsubtype="org" meta.entityname="Modi government" meta.hostid="153" meta.entityid="Modi government">Modi government</keyword> had presented an interim budget in February this year. Sitharaman had announced in the interim budget that the capital expenditure outlay for the next year is being increased by 11.1 per cent to Rs 11,11,111 crore, which would be 3.4 per cent of the GDP. The government had also announced that Rs one lakh crore corpus will be established with five-year interest free loan for youth. Newly-elected Lok Sabha members took oath in the first session of 18th Lok Sabha held from June 24 to July 2 following the results of the general elections. President Droupadi Murmu addressed the joint sitting of two Houses on June 27 and both Lok Sabha and Rajya Sabha adopted a motion of thanks on the President's address. Prime Minister Narendra Modi replied to the debate on the motion of thanks in the two Houses of Parliament. BJP-led National Democratic Alliance returned to power for the third successive term in the general elections.

FM Nirmala Sitharaman to present first budget of Modi 3.0 on July 23

Strong growth and a narrower <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> can lead to a <keyword id="20424939" type="General" weightage="20" keywordseo="sovereign-rating" source="keywords">sovereign rating</keyword> upgrade for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, a German brokerage said on Monday. The government's commitments on fiscal deficit to 5.1 per cent in FY25 and further down to 4.5 per cent in FY26 "look more credible now", analysts at <keyword id="19960549" type="General" weightage="20" keywordseo="Deutsche-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Deutsche Bank" meta.hostid="261" meta.entityid="Deutsche Bank">Deutsche Bank</keyword> said, pointing out that the number came in at 5.6 per cent in FY24 as against the budgeted 5.8 per cent. Courtesy the higher than expected dividend announcement by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) at Rs 2.1 lakh crore, the fiscal deficit for FY25 can come down to 5 per cent as against the budgeted 5.1 per cent. On growth, the note said it expects real GDP expansion to come at 6.9 per cent in FY25 and go down further to 6.5 per cent in FY26. "Strong growth, lower fiscal deficit opens up room for ratings upgrade," the note said. "A faster-than-anticipated pace of fiscal consolidation could pave the way for a sooner-rather-than-later sovereign rating upgrade for India," the analysts said. It can be noted that global rating agency <keyword id="20043943" type="General" weightage="20" keywordseo="SP" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P" meta.hostid="261" meta.entityid="S&amp;P">S&amp;P</keyword> had last week revised up the outlook on its sovereign rating for India to "positive" from "stable" earlier. On Friday, official data suggested that the economy grew at a faster clip of 8.2 per cent in the March quarter, which takes the FY24 real <keyword id="19972825" type="General" weightage="100" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> to 7.6 per cent. The note said the Indian economy has exhibited "remarkable resilience" despite higher rates for longer, the Russia-Ukraine war and Covid prior to that, though a strong pickup in real GDP growth during FY24 can be also attributed materially to a very low <keyword id="21922336" type="General" weightage="20" keywordseo="GDP-deflator" source="keywords">GDP deflator</keyword>. It explained that nominal GDP growth slowed to 9.6 per cent in FY24, from 14.2 per cent in FY23 and 19 per cent in FY22. But in real terms, GDP growth accelerated to 8.2 per cent in FY24 from 7 per cent in FY23, thanks to a collapse in the GDP deflator to 1.4 per cent in FY24 from 7.6 per cent year-on-year in FY23 and 9.4 per cent in FY22. Deutsche Bank also advised caution on reading the headline GDP numbers, pointing out that while the real GDP grew 8.2 per cent, real GVA (gross value added) growth was 1 percentage point lower at 7.2 per cent.

Strong growth, lower fiscal deficit may lead to India rating upgrade: Deutsche Bank

<ul class="summary-list"><li>The International Monetary Fund aimed criticism at growing risks in the US economy.</li><li>In a report last week, it called out high debt, banking vulnerabilities, and trade barriers.</li></ul>The US was the target of pointed criticism from the International Monetary Fund last week, with the organization calling out everything from Washington's trade policy to its deficits.In its annual evaluation, the IMF touted a "remarkable performance" in the world's largest economy and expects further growth to come. However, some issues are becoming too pressing to ignore, it said."The fiscal deficit is too large, creating a sustained upward trajectory for the public debt-GDP ratio," the summary said. "The ongoing expansion of trade restrictions and insufficient progress in addressing the vulnerabilities highlighted by the 2023 bank failures both pose important downside risks."Chronic deficits are leading toward a debt-to-GDP ratio of 140% by 2032, IMF said, a situation that needs to be addressed urgently. By the US' own estimates, the national debt will balloon to $56.9 trillion by 2034, a steep increase from earlier projections.In an era of higher interest rates, alarms have <a target="_blank" href="https://www.businessinsider.com/us-economy-outlook-prediction-national-debt-risk-spending-milken-conference-2024-5">started ringing over fiscal stability</a> as Washington will need to finance its debts at elevated borrowing costs. Some of Wall Street's heaviest hitters have <a target="_blank" href="https://www.businessinsider.com/jamie-dimon-jpmorgan-inflation-consumer-spending-interest-rates-government-debt-2024-5#:~:text=Dimon%20rang%20the%20alarm%20on,similar%20concerns%20in%20recent%20weeks.">issued warnings of eventual fallout</a>.To counter this, the IMF pushed for policymakers to find efficiencies in discretionary spending and to raise indirect and income taxes — including on those earning under $400,000 a year.What's more, partisan debt ceiling standoffs need to end, it said. The worst instance occurred 2023, when Republicans and Democrats brought the <a target="_blank" href="https://www.businessinsider.com/janet-yellen-debt-ceiling-government-run-out-money-june-1-2023-5">US close to default</a> over funding disagreements."These create systemic risks to the U.S. and global economy that are entirely avoidable. Institutional changes should be designed to ensure that, once appropriations are approved, the corresponding space is automatically added to the debt ceiling," the report said.But threats to financial stability don't end there. Domestically, "concrete actions have been lacking" when it comes to strengthening US banking safety, especially in light of 2023's brief crisis sparked by the failure of Silicon Valley Bank.The US needs to pursue tougher bank supervision, and lower the pool of uninsured deposits, the IMF said.While the fund also suggested a need for the US to implement the Basel III regulatory agreement to do this, the proposal has been widely unpopular in the industry.The legislation would apply larger liquidity requirements on big dealers, which <a target="_blank" href="https://www.businessinsider.com/banks-consumer-groups-basel-iii-finance-regulation-capital-requirements-liquidity-2024-1">banks have argued as a cut back to their ability to invest.</a>Meanwhile, Washington's increasingly protectionist approach to trade is a risk to US and global growth, the IMF said.The criticism comes soon after President Biden issued new tariffs on specific advanced manufacturing products from China in an effort to boost the US green energy industry.But the practice goes further back, when former President Trump set off a trade war with Beijing. If the Republican candidate wins the White House again, he has promised to apply universal tariffs on all imports, which economists have warned would be <a target="_blank" href="https://www.businessinsider.com/trump-tariff-plan-inflation-policy-impact-trade-war-china-rates-2024-5">massively inflationary.</a>"The U.S. should unwind obstacles to free trade and seek instead to bolster competitiveness through investments in worker training, apprenticeships, and infrastructure," the IMF wrote.

The IMF slams the US with urgent warnings over its debt, deficits, and trade barriers

<ul class="summary-list"><li>Saudi Arabia is raising debt to plug holes in its finances, Bloomberg reported.</li><li>Riyadh has pressed ahead with big spending projects as part of an economic diversification drive.</li></ul>Saudi Arabia plans to raise money by selling bonds as it presses ahead with massive spending projects, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-28/saudi-arabia-taps-debt-markets-with-three-part-dollar-sukuk-sale">Bloomberg</a> reported.The kingdom will issue dollar-denominated three, six, and 10-year sukuk notes as part of an effort to plug a fiscal shortfall that's expected to hit $21 billion by the end of the year, the outlet reported citing an unnamed source.Riyadh previously sold $12 billion of sovereign debt in January, while planned <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-neom-megaproject-not-struggling-vision-2030-minister-2024-4">desert megacity Neom</a> has also reportedly mulled <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-neom-desert-megacity-funding-pif-mohammed-bin-salman-2024-4">issuing Islamic bonds</a> in a bid to raise more cash.Citigroup, Goldman Sachs, and French bank BNP Paribas will coordinate the bond sale, according to Bloomberg.The latest bond sale comes as Saudi Arabia presses ahead with Mohammed bin Salman's Vision 2030 plan that seeks to diversify its oil-reliant economy.As part of the massive spending project, the kingdom plans to build Neom, which could ultimately cost <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-05/saudis-scale-back-ambition-for-1-5-trillion-desert-project-neom">as much as $1.5 trillion</a>. It's also poured <a target="_blank" href="https://www.businessinsider.com/saudi-arabia-sports-spending-billions-soccer-golf-formula-one-2023-9">billions of dollars into sports</a>, luring soccer stars like Cristiano Ronaldo, Karim Benzema, and Neymar to play in the local Saudi Pro League and backing the breakaway LIV Golf tournament.In February, <a target="_blank" href="https://www.wsj.com/world/middle-east/megaprojects-in-the-desert-sap-saudi-arabias-cash-45478ce5?mod=hp_lead_pos8">The Wall Street Journal</a> reported that Saudi Arabia had started borrowing to help fund Neom and other Vision 2030 "gigaprojects." Tim Callen, a visiting fellow at the Arab Gulf States Institute think tank in Washington, estimated that the Saudi sovereign wealth fund, the PIF, would need to raise another $270 billion if it wanted to fully realize its ambitions.

Saudi Arabia is reportedly trying to plug a $21 billion deficit by selling bonds

<ul class="summary-list"><li>The US needs to ease business regulation to escape rising deficit trend, Larry Fink said.</li><li>He told CNBC that Washington's "massive, massive spends" are unaffordable.</li></ul>The US can't hope to escape its rising debt problem if the private sector is overburdened by regulatory red tape, Larry Fink said on <a target="_blank" href="https://www.youtube.com/watch?v=AV5NDuGZ6No">CNBC</a>.The BlackRock CEO argued that the US economy must keep growing, or face the repercussions of runaway overspending. To do that, it's essential that the country frees its business environment of too-strict oversight, he said."These deficits are going to become a big burden," Fink said on Monday. "And we're going to be really putting on the backs of our children, our grandchildren, a real burden of these massive, massive spends that we can't afford."Since the pandemic, ballooning federal spending has drawn the criticism of <a target="_blank" href="https://www.businessinsider.com/us-economy-outlook-prediction-national-debt-risk-spending-milken-conference-2024-5">market commentators</a>, including those in <a target="_blank" href="https://www.fiscal.treasury.gov/reports-statements/financial-report/unsustainable-fiscal-path.html">the Treasury Department</a>. The Congressional Budget Office estimates the deficit to hit $1.9 trillion by the end of this fiscal year, amounting to a <a target="_blank" href="https://www.businessinsider.com/us-debt-outlook-56-trillion-cbo-government-budget-deficit-gdp-2024-6">6% debt-to-GDP ratio</a>.That's well over the 50-year average deficit of 3.7%, the office reported in June.With US debt projected to keep eating up a greater share of GDP through the coming decades, analysts have been sounding the alarm of a fiscal crisis. Higher debt will spur market instability, stoke inflation, and erode the quality of life Americans currently enjoy, <a target="_blank" href="https://www.businessinsider.com/us-debt-problem-explained-deficit-gdp-inflation-economy-interest-rates-2024-4">economists warn</a>.But while most solutions have centered on <a target="_blank" href="https://www.businessinsider.com/us-debt-crisis-deficits-spending-solutions-tax-consequences-inflation-interest-2024-1">hiking taxes or cutting social expenditures</a>, Fink argues that help could come from the US corporate sector, if the government allows it."Growth is not going to come from tax cuts. That's too short term. Growth is not going to come from tax increases," he said, instead pointing out that the US faces growth opportunities in movements such as digitization and decarbonization: "We can do so much as a country right now. But we're inhibited by our controls."In the face of this, Fink did not promote either presidential candidate as the better option to tackle the issue. Rather, both Donald Trump and Joe Biden will need to loosen regulation and give businesses greater reign.With the election less than four months away, neither candidate has so far offered a solution to the rising deficit, and observers see both candidates adding to it over the next four years.The largest fiscal difference between Trump and Biden concerns the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/biden-trump-presidential-election-stock-market-impact-tariffs-regulation-taxes-2024-3">2017 corporate tax cuts</a>, which Trump introduced during his first term. He's expected to extend the cuts if he enters the White House in 2025, while Biden would likely let them expire.

Looser regulation would allow business-led growth to relieve the 'massive' deficit burden, BlackRock chief Larry Fink says

New Delhi, <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Secretary <keyword id="20317960" type="General" weightage="20" keywordseo="t-v-somanathan" source="keywords">T V Somanathan</keyword> has said the government's resolve to bring down the fiscal deficit by 70 basis points to 5.1 per cent in 2024-25 is ambitious but achievable in view of the tax buoyancy and expenditure management. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> in the interim Budget presented on Thursday refrained from announcing any populist measures but significantly trimmed the fiscal deficit to 5.1 per cent of the Gross Domestic Product (GDP) next fiscal and 4.5 per cent in FY26. "So it is ambitious but it is also realistic. There are three pillars on which this is based. One is we have assumed growth in tax revenue about 11.5 per cent. I think that's a very realistic assumption," Somanathan told PTI Videos in an interview. Besides, he said, the government has projected a slight increase in non-tax revenue from a high base during the current financial year. On the expenditure side, he said, "<keyword id="19951996" type="General" weightage="20" keywordseo="capex" source="keywords">Capex</keyword> has increased 11.1 per cent... the revenue expenditure we believe is realistically projected. We have been helped by the fact that some of our subsidies have not grown and whether it is food or fertiliser. Both of them are either stagnant or slightly declined. <keyword id="20090941" type="General" weightage="20" keywordseo="fertilizer" source="keywords">Fertilizer</keyword> is assisted by decline in commodity prices globally." The government has projected the fertiliser subsidy of Rs 1.64 lakh crore for the next financial year as against Rs 1.88 lakh crore allocated for the current fiscal. Similarly, food subsidy outgo will come down to Rs 2.05 lakh crore compared to Rs 2.12 lakh crore for the current fiscal. "On the basis of three parts, reasonable revenue growth and reasonable increase in non-tax revenue that is tight control over avoidable expenditure and an optimal balanced increase in capital expenditure we are quite confident that we will achieve this (fiscal deficit target of 5.1 per cent of GDP)," he said. In absolute terms, the fiscal deficit would be Rs 16,85,494 crore against Rs 17,34,773 crore for the current fiscal. For the Budget calculation purposes, the government projected nominal GDP growth of 10.5 per cent for the next financial year against the 11 per cent estimated for the current fiscal. The nominal GDP for BE 2024-25 has been projected at Rs 3,27,71,808 crore, assuming 10.5 per cent growth over the estimated nominal GDP of Rs 2,96,57,745 crore, as per the First Advance Estimates of FY24. To meet the fiscal deficit, the gap between revenue receipt and expenditure, the government raises funds by issuing bonds in the market. The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.13 lakh and Rs 11.75 lakh crore, respectively. Dismissing criticism on capital expenditure (capex), Somanathan said, "There is an increase of 11.1 per cent over a very high base. So this is an increase of more than Rs 1 lakh crore... Earlier, we had a small base but now we have a large base so it can only be a small increment." Capital expenditure of Rs 11.11 lakh crore cannot be done by signing a cheque, he said, adding that it requires action on the ground because there are issues of permission, land acquisition, and construction. "So it is a very realistic and balanced provision, which is what the economy needs right now," he said.

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