India to grow 7.3% this fiscal, 7.6% in next: ADB

Agencies
April 11, 2018

New Delhi, Apr 11: India's economic growth is expected to rebound to 7.3 per cent this fiscal and further to 7.6 per cent in 2019-20 with increased productivity post GST and investment revival due to banking reform, the Asian Development Bank (ADB) said today.

The economy grew 6.6 per cent in the last fiscal as it battled the lingering effects of demonetisation in 2016, businesses adjusting to Goods and Services Tax (GST) in 2017, and a subdued agriculture. The ADB's growth projection of 7.3 per cent this fiscal is in line with that of rating agency Fitch, but a tad lower than RBI's forecast of 7.4 per cent.

In its Asian Development Outlook, 2018, Manila-based ADB said the growth will pick up as the new tax regime improves productivity and as banking reform and corporate deleveraging take hold to reverse a downtrend in investment.

"In sum, growth is forecast to pick up to 7.3 per cent in FY2018 on improved rural consumption, a modest uptick in private investment, and less drag from net exports. Urban consumption growth will remain stable, and impetus from public investment modest," it said.

Growth is expected to pick up further to 7.6 per cent in FY2019 as efforts to strengthen the banking system and continued corporate deleveraging are likely to bolster private investment.

"Also set to catalyse growth are benefits from the GST as it mitigates geographic fragmentation and adds revenue to the exchequer, as well as further progress on fiscal consolidation and reform to promote FDI," it said.

The Asian Development Outlook (ADO) said the prospects for policy stimulus remain limited and there is risk of tight interest rate regime.

"The deferment of fiscal consolidation, upside risks to inflation, and expected hikes in US interest rates in 2018 squeeze maneuvering room for policy rate cuts to stimulate growth. At the same time, the odds of a rate hike are low with the central bank indicating tolerance for slightly higher inflation and recognition of the need to nurture recovery. Consequently, the status quo is likely to hold in FY2018, albeit with some risk of monetary tightening," it said.

It projected inflation to average 4.6 per cent in FY2018 (2018-19), rising to 5.0 per cent in FY2019 with further firming of global commodity prices and strengthening of domestic demand.

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Well Wisher
 - 
Wednesday, 11 Apr 2018

Dear CD,

Please do no publish fake news. Indian economy in distress. MNCs are worried to invest in India because of unexperienced political party currently ruling India.

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Agencies
January 16,2020

Lucknow, Jan 16: The drive initiated by Uttar Pradesh's Yogi Adityanath government to identify non-Muslim immigrants in the state seems to have run into rough weather.

In Pilibhit, where the maximum number of about 35,000 illegal immigrants has been identified, it has now been found that information is being sought by the state government on an unverified document. A large number of families from Bangladesh settled here several decades ago.

The survey began last month even before the bill was notified. Moreover, the feedback email on the questionnaire is a Gmail ID -- [email protected] -- which is not a government server.

It is not known how the state government is drawing up the lists without having the verification criteria.

After the report was put up by a news website, Home Department officials feigned complete ignorance about the issue.

A spokesman said: "This was an unofficial and preliminary exercise to assess the number of illegal migrants in the state. The document is meant to collect basic beneficiary information. No list of potential beneficiaries has yet been sent to Delhi."

The document has eight columns asking for name, father's name, place of stay in India, and where did they come from and when. It does not mention any requirement of proof, or documents.

It also asks for a description of the kind of atrocities they faced, presumably in their home country.

The District Magistrate of Pilibhit claimed they are checking documents of the refugees, but denied any knowledge of the unsigned document.

The CAA is meant to benefit Hindus, Sikhs, Buddhists, Jains, Parsis and Christians from Pakistan, Bangladesh and Afghanistan who came to India before December 31, 2014. The statement of purposes of the Act adds that it is meant to benefit those fleeing religious persecution from the above countries.

Comments

Abdullah
 - 
Thursday, 16 Jan 2020

Yogi is unfit to be CM as he does not know what he speaks and does.   Its unfortunate that we are such idiot as CM.    Instead of CAA we need PAA (Politician amendment act).    We need age limit of politicians to be fixed to 65 or maximum 70 years and any one coming in politics to be free from any bad doing.   No rapists/murders/looters/decoits should be allowed to contest election.   Presently 90 percent of the politicians have bad record.  Few are rapists, murders, having spent jail term etc.    

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Agencies
February 11,2020

New Delhi, Feb 11: Senior Delhi Congress leader and national spokesperson of the party Sharmishtha Mukherjee alleged delay in decision making and lack of strategy and unity at the state level for the party's humiliating performance reflected in the Assembly poll results on Tuesday.

Mukherjee, president of Delhi Mahila Congress, stated that it was high time that the party takes some action. She added that she too was responsible for the Congress' poor show.

The Congress is on the verge of drawing blank again in the Assembly polls as all its candidates were way far behind their AAP and BJP opponents on all the 70 seats. In the 2015 Assembly elections too, Congress failed to win any seat.

"We r again decimated in Delhi. Enuf of introspection, time 4 action now. Inordinate delay in decision making at the top, lack of strategy & unity at state level, demotivated workers, no grassroots connect-all r factors. Being part of d system, I too take my share of responsibility (sic)," Mukherjee tweeted as the results came out.

She also accused the BJP of playing divisive politics while crediting Delhi Chief Minister Arvind Kejriwal for playing "smart politics" as the results showed a clean sweep by the AAP to return to power.

"BJP playing divisive politics, Kejriwal playing ‘smart politics’ & what r we doing? Can we honestly say that we’ve done all 2 put our house in order? We r busy capturing Congress whereas other parties are capturing India. If we r 2 survive, time 2 come out of exalted echo chambers! (sic)," she said in another tweet.

The Congress contested the Delhi polls in alliance with the Rashtriya Janta Dal (RJD), fielding candidates on 66 seats and leaving four to its partner.

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Agencies
July 2,2020

New Delhi, Jul 2: In the midst of India's tense border standoff with China, the defence ministry on Thursday approved procurement of a number of frontline fighter jets, missile systems and other platforms at a cost of Rs 38,900 crore to bolster the combat capability of the armed forces, officials said.

They said 21 MiG-29 fighter jets are being bought from Russia while 12 Su-30 MKI aircraft will be procured from Russia. The ministry has also approved a separate proposal to upgrade existing 59 MiG-29 aircraft.

The decisions were taken at a meeting of the Defence Acquisition Council (DAC) chaired by Defence Minister Rajnath Singh.

The procurement of 21 MiG-29 and upgrading of the existing fleet of MiG-29 are estimated to cost the government Rs 7,418 crore while purchase of 12 new Su-30 MKI from the Hindustan Aeronautics Ltd will be made at a cost of Rs 10,730 crore, the officials said.

The DAC also approved procurement of long-range land-attack cruise missile systems with a range of 1,000 KM and Astra Missiles for Navy and Air Force.

The officials said cost of these design and development proposals is in the range of Rs 20,400 crore.

"While acquisition of Pinaka missile systems will enable raising additional regiments over and above the ones already inducted, addition of long-range land attack missile systems having a firing range of 1000 KM to the existing arsenal will bolster the attack capabilities of the Navy and the Air Force," said a defence ministry official.

"Similarly induction of Astra Missiles having beyond visual range capability will serve as a force multiplier and immensely add to the strike capability of the Indian Navy and the Indian Air Force," he said.

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