Russia is on the verge of recession, says Putin government
Russia's economy is on the verge of sliding into recession,
Economy Minister Maxim Reshetnikov
said at the St Petersburg International Economic Forum on Thursday.
Russia this month cut
interest rates
for the first time since 2022, easing borrowing costs to 20% from 21%. But for months, businesses have complained of high rates stifling investment and economic growth has started to ease.
"According to the figures, there is a cooling, but all our figures are in the rear-view mirror," Reshetnikov said.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Why Seniors Are Snapping Up This TV Box, We Explain!
Techno Mag
Learn More
Undo
"According to the current feelings of businesses and business indicators, we are already, it seems to me, on the verge of going into recession. On the verge."
At the same session,
Central Bank Governor Elvira Nabiullina
said the current slowdown in GDP growth was "a way out of overheating".
Live Events
Alexander Vedyakhin, First Deputy CEO of Russia's largest lender Sberbank said in an interview with Reuters this week that tight
monetary policy
was creating overcooling risks and said much lower interest rates of 12-14% would be acceptable to restart investment lending.
"There is a danger of the economy overcooling and that we will not be able to get out of this dip, and that further growth may be subdued," Vedyakhin said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
16 minutes ago
- Time of India
Scorpio Daily Horoscope Today, June 21, 2025: Choose calm over control today
The stars invite you today to ground your power in calm, not control. You may feel the urge to take charge or fix a situation quickly, but peace will come when you step back and respond slowly. Your strength is deep, not loud. Let your actions come from clarity, not tension. Even if others seem disorganized, you don't need to carry it all. Trust that you are most powerful when your energy is centered. Lead through stillness, not struggle. Scorpio Love Horoscope Today In love, control can create distance. If in a relationship, allow space for your partner to feel and express freely. Your trust in the connection is more valuable than your control over it. If single, someone may be drawn to your mysterious nature—let them come close naturally. You don't need to plan the whole story. Just be present and let things unfold. The softer you are with your emotions, the stronger your bond becomes. Allow love without gripping tightly. Scorpio Career Horoscope Today Career brings a moment where others may rely on your insight or stability. But remember, you're not responsible for everything. Share your wisdom, but don't take on others' stress. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Flexible Phone Plans for Small Biz Undo A situation may seem urgent, but don't let it pull you out of alignment. Stick to facts, do your part, and let go of what isn't yours. Your quiet leadership is more impactful than any loud command. This is a day to work with focus, not pressure. Scorpio Money Horoscope Today Money may trigger feelings of control today. You may want to secure everything quickly, but avoid rushing big decisions. Instead, review your budget calmly. Look at where you're holding on too tightly or spending to feel safe. True financial peace comes when choices are made with awareness, not fear. A delayed payment or pause in income may teach you to simplify. Use this day to rebuild confidence in your financial flow. Control less, trust more. Scorpio Health Horoscope Today Your health may reflect emotional tightness today. Pain around the neck, shoulders, or head could be signs of mental over-effort. Your body is asking for release. Try slow movement, mindful breathing, or even a short nap. Warm herbal drinks can soothe your nerves. Avoid too much stimulation—let today be about recovery, not performance. When you ground your emotions, your physical energy will rise again naturally. Calm is not weakness—it is your greatest inner power now. Discover everything about astrology at the Times of India , including daily horoscopes for Aries , Taurus , Gemini , Cancer , Leo , Virgo , Libra , Scorpio , Sagittarius , Capricorn , Aquarius , and Pisces .
Time of India
20 minutes ago
- Time of India
Bamboo Farming Holds Promise to Uplift Vidarbha's Farmers: Experts
Nagpur: Senior scientist and agroforestry expert Vijay Illorkar on Friday said bamboo farming has immense potential to transform the agricultural landscape of Vidarbha, offering farmers a sustainable and profitable alternative. He was speaking at the first bamboo harvest at the Agroforestry Research Farm of Dr Punjabrao Deshmukh Krishi Vidyapeeth (PDKV). Illorkar, who has been leading the study on bamboo since 2010, said that the university has submitted 15 key research-based recommendations to the state govt over the years, which have been implemented through various policies. Despite being a traditional resource, bamboo cultivation demands specialised skills. The tools used are still traditional, but training is necessary, as general labourers often cannot operate them effectively," he said. Illorkar emphasised the need to match bamboo varieties with available labour capacities, and also stressed the importance of fumigation and post-harvest handling. Adding to the discussion, bamboo entrepreneur Ashish Kaswa, who out of his 27 cultivation sites, collaborated with the PDKV and harvested the plant at the facility, said, "The plant has the natural ability to absorb toxic elements such as arsenic from water and convert them into harmless salts," he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 2025 Top Trending Local Enterprise Accounting Software [Click Here] Accounting ERP Click Here Undo Kaswa said that this could come in handy for Vidarbha, where many districts have high alkaline water. Additionally, bamboo retains 70–80% moisture in its early stages, requiring proper awareness to avoid premature harvesting. Despite its ecological and economic value, challenges in training labour, high harvesting costs, and misinformation have hindered widespread adoption. "Bamboo, unlike other crops, requires specific knowledge and labour training, which most daily-wage farm workers lack," said Kaswa adding that current harvesting costs of Rs2,000 per tonne need to be brought down to Rs 1,200 to make the venture viable. Historically, bamboo's use in India was curbed by the 1927 Forest Control Act imposed by the British, who restricted its cultivation and trade. "The Britishers labelled it 'poor man's timber' and psychologically distanced even the affluent Indians from its use," said Kaswa, adding that bamboo played a vital role in Indian culture, from surgical procedures to cremation. However, in 2017, bamboo was finally removed from the Forest Act by the Central govt.
Time of India
35 minutes ago
- Time of India
Forest dept, BMC visit SRK's home over complaints of CRZ violations
1 2 Mumbai: A joint team of forest department and BMC officials inspected actor Shah Rukh Khan 's bungalow, Mannat, at Bandra Bandstand, Friday following a complaint of coastal regulation zone violations during renovation of the property, reports Sanjeev Devasia. The property comprises Mannat, a heritage structure, and an annex structure, a multi-storey building. As Khan and his family have shifted to a nearby place due to the renovation, the officials were met by his staff who told them they would submit all documents concerning the permissions obtained. When contacted, Pooja Dadlani, Khan's manager, said "There are no complaints. All work is going on as per guidelines." The property is undergoing renovation and clearances were earlier sought from the Maharashtra Coastal Zone Management Authority (MCZMA) for it. The renovation included adding two additional floors to the annexe structure. A forest department official said, "A team did carry out a site inspection as we received a complaint about renovation permissions. A report will be prepared based on the findings and submitted soon." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo An official, who was part of the team, said the staff present at the site told them that they would submit all documents concerning the permissions obtained. The BMC's H-West ward building and factory department and the building proposal department officials were asked to accompany the forest team for carrying out the inspection. "Our officials were accompanying the team, based on a request by the forest department. We had no other role," said a BMC official. Activist Santosh Daundkar had earlier lodged a complaint with the BMC regarding the construction at Mannat. Former IPS officer and lawyer Y P Singh on Friday alleged the layout of 'Mannat' comprised one main heritage building called Villa Vienna as per the heritage regulations. "The name of this building was changed to Mannat later. In 2005, an extension building of seven floors was made behind the heritage bungalow and since at that time Urban Land Ceiling Act was in force, a large apartment could not have been made. To overcome this legal hurdle, approval for 12 small independent flats was taken from the BMC by the owners namely Shah Rukh Khan and Gauri Khan. However, once the approval was obtained all these 12 small flats, which were essentially meant for mass housing under the Urban Land Ceiling Act, were merged and a super luxury accommodation of a single family was constructed," said Singh. "Without the help and connivance of the municipal officers this would never have happened. Even though the Urban Land Ceiling Act is no longer in force, actions taken during the time when the Act was in force have been saved. Therefore, it is legally compulsory for the owners of Mannat to restore those 12 independent small flats immediately so that the objective of mass housing could be accomplished and the eminent principles of rule of law are upheld," he added. Pics: Sanjay Hadkar
