High Indian prices prove tough to crack

Do you see India's rising inflation hitting the country's economic growth? What's your inflation outlook for the current fiscal year?

In the short-run inflation hurts growth as interest rates are raised to curb demand. If high inflation persists for a long time, it can jeopardise the long-term growth potential as well. Maintaining low and stable inflation is necessary for sustained high growth. We expect inflationary pressures to continue and the current fiscal year [2011-12] to close with an average inflation of 8 to 8.5 per cent, above the Reserve Bank of India's comfort level of about 5 per cent.

Do you see a slowdown in economic growth? What's your growth forecast for the current fiscal year?

Yes. We are already beginning to see the impact of rising interest rates on private consumption and investment growth which are now beginning to slow. The industrial growth, too, is slowing down. Our growth forecast for the current fiscal is 7.7 to 8 per cent.

Does the Reserve Bank of India's monetary tightening having an impact on inflation?

The reason inflation has not come down despite aggressive rate hikes is predominantly supply side in nature. Inflation in India has largely been driven by supply shocks - food, fuel and commodity prices - which cannot be reduced by raising rates. Rate hikes only limit the transmission of these supply shocks to other sectors of the economy by compressing demand. Any hike in interest rates first reduces demand before curbing inflation. And this happens with a lag. While there are clear signs of a slowdown in domestic demand, the second leg of policy rate transmission is yet to occur. That is why interest rate hikes have not been very effective in inflation control until now. The depreciation of the rupee is further putting pressure on the imported component of India's inflation.

What do you think are the appropriate measures needed to contain inflation and sustain economic growth?

Controlling inflation: supply side measure aimed at improving agricultural production will help in ensuring adequate supply of food while keeping food inflation low. Also there is a need to cut down the retail margins in agriculture by improving storage facilities and supply chains where opening up foreign direct investment (FDI) in retail will help. To reduce the build-up of pressure from suppressed fuel prices and sudden spurts in inflation, India needs to align its domestic fuel prices to global crude prices movements. Government also needs to make timely interventions in the market with the release of food stocks whenever there is pressure on food prices. For sustaining high growth: at this juncture, the Indian economy should benefit from a fresh dose of reforms that aim to improve the investment climate and lift sagging business confidence. Fast-tracking the land acquisition bill, the goods and service tax implementation, and pension and insurance reforms, will go a long way in improving the current investment climate, in our view, as will opening up the retail sector for FDI participation. These measures aimed at raising the supply potential and competitiveness will also allow India to benefit more from a global upturn whenever that takes place.

What other factors do you believe are slowing India's economic growth?

In addition to interest rates, policy lethargy on a variety of issues, fuel linkage problems etcetera are slowing India's growth potential.

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

UAE currency

UAE currency: the story behind the money in your pockets

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

Result:

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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

10 tips for entry-level job seekers

Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.

Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz