India’s flagging economy draws dire warnings of recession

Prime Minister Narendra Modi came to power on a euphoric wave of promises to boost India’s economy, add millions of jobs and bring “good times” to the developing nation.

Three years later, India’s economic prospects look decidedly grimmer. India’s economic expansion has slowed to its lowest level in three years. Small businesses are struggling, or even shutting down, after overhauls of the nation’s currency and sales tax system. Modi’s own allies warn of a dire outlook, with some raising the specter of an economic depression.

Benefits of Indian cash overhaul elusive as deadline passes

Fifty days ago, India yanked most of its currency from circulation without warning, jolting the economy and leaving most citizens scrambling for cash. As the deadline for exchanging the devalued 500- and 1,000-rupee notes for new ones hit on Friday, many Indians were still stuck waiting in long bank lines.

Empty ATMs and ever-changing rules prevented people from withdrawing money, and many small, cash-reliant businesses from cinemas to neighborhood grocery stores suffered huge losses or went under.

Benefits of Indian cash overhaul elusive as deadline passes

Fifty days ago, India yanked most of its currency from circulation without warning, jolting the economy and leaving most citizens scrambling for cash. As the deadline for exchanging the devalued 500- and 1,000-rupee notes for new ones hits Friday, many Indians are still stuck waiting in long bank lines.

Empty ATMs and ever-changing rules are preventing people from withdrawing money, and many small, cash-reliant businesses from cinemas to neighborhood grocery stores are suffering huge losses or going under.

Sudden currency move spoils business at Indian food market

The scale of India's cash economy can be seen in the Azadpur Mandi wholesale fruit and vegetable market. Trucks bring load after load of fresh produce to its grimy lanes every day. Then a complex web of wholesale merchants, smaller traders and retailers delivers the produce to most of north India.

Almost every transaction, like most in India, is done in cash. And business at the massive New Delhi market is evaporating, the food spoiling and wasted, two weeks after the government's surprise currency move made more than 80 percent of India's banknotes useless.

The effects of India's currency reform? "Chaos" say analysts

The sudden withdrawal of 86 percent of India's currency has left cash in short supply, retail sales stumbling and wholesale markets in turmoil.

That's just the immediate fallout from Prime Minister Narendra Modi's surprise effort to stamp out corruption by making cash hoards in large denomination bills worthless. But what lies ahead could be even worse, some analysts say.

India struggles as millions throng banks to swap currency

India's government said Tuesday it will use indelible ink to mark the fingers of people swapping scrapped currency notes at banks as authorities struggle to deal with the bedlam caused by the sudden demonetizing of the country's highest-denomination bills.

India scraps high currency notes overnight to fight graft

India scrapped its highest-denomination currency notes overnight, delivering a blow to black-market money launderers but plunging hundreds of millions of common citizens holding cash savings into fear and uncertainty.

Within hours of Prime Minister Narendra Modi announcing the surprise move in a televised address, people thronged to ATMs, standing in long lines in hopes of grabbing bills that might still be in circulation on Wednesday.

US rate hike ends wait, but not uncertainty for Asia

The Federal Reserve's rate hike was welcomed in Asia as a sign of strength in the U.S., one of the region's biggest export markets. But it could complicate Chinese efforts to avoid a sharper economic slowdown and keep the yuan steady.

The U.S. central bank on Wednesday raised the Federal Funds Rate by a quarter percentage point, the first such increase in nearly a decade. The decision ended a long period of uncertainty about when the Fed would begin winding down the easy money deployed to help heal the economic damage of the 2008 financial crisis.

Facebook CEO, now a father, will give away most of his money

Talk about birth announcements: Facebook CEO Mark Zuckerberg and his wife say they'll devote nearly all their wealth — roughly $45 billion — to solving the world's problems in celebration of their new baby daughter, Max.

Zuckerberg's wife, Priscilla Chan, gave birth to a 7-pound, 8-ounce daughter last week. But the couple didn't put out the news until Tuesday, when Zuckerberg posted it on Facebook, of course.

Bollywood women soar but ask: Where's the money?

This is Bollywood's year of the woman. Some of the biggest hits in India's prolific movie industry this year have female leads in female-oriented stories.

In this summer's surprise hit, "Queen," Kangana Ranaut is the spunky heroine who embarks on her honeymoon alone after she is jilted the day before her big fat Indian wedding. In "Mary Kom," Priyanka Chopra plays a female Olympic bronze medal-winning boxer. Previously, women were relegated to playing the male lead's girlfriend, sister or mother in subservient roles reflecting the traditional dominance of men in Indian society.

Going for the kill: Fat pay packet triggers hangmen's rush in Kerala

Kerala has gone for the kill with a fat pay-packet for the man who does the dirty job – hang the death row convicts. 

Facing an acute shortage of jail hangmen, the jail department submitted a suggestion to hike their fee from Rs. 500 to Rs. 2 lakh.

The move has virtually opened the floodgates.

In the state 16 convicts are facing gallows now and it is the duty of the jail department to keep hangman ready.

"According to 1957 jail manuals a hangman gets Rs. 500 for a single execution. Since it wasn't renewed all these years a suggestion was given to renew it substantially.  It really triggered a massive response," said Kannur central jail superintendent  Ashokan Arippa.