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
May 31,2020

New Delhi, May 31: Indian aviation regulator DGCA on Saturday said the suspension of scheduled international commercial passenger flights will continue till midnight on June 30, hours after the Home Ministry announced fresh guidelines pertaining to the countrywide lockdown to contain the coronavirus pandemic.

"It is once again reiterated that foreign airlines shall be suitably informed about the opening of their operations to or from India in due course," the circular issued by the Directorate General of Civil Aviation (DGCA) said.

Domestic passenger flight services resumed in the country from Monday after a hiatus of two months since the lockdown was announced on March 25, when all scheduled commercial passenger flights were suspended in India. International flights continue to remain suspended even now.

The Home Ministry on Saturday said 'Unlock-1' will be initiated in the country from June 8 under which the nationwide lockdown effectuated on March 25 will be relaxed to a great extent, including opening of shopping malls, restaurants and religious places, even as strict restrictions will remain in place till June 30 in the country's worst pandemic-hit areas.

International air travel shall remain suspended, the MHA order said, adding that a decision on when to resume it would be taken after making an assessment of the situation.

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News Network
June 23,2020

New Delhi, Jun 23: With an increase of 14,933 new cases and 312 deaths in the last 24 hours, India's COVID-19 count reached 4,40,215 on Tuesday.

According to the latest update by the Union Ministry of Health and Family Welfare (MoHFW), 14,011 deaths have been recorded due to the infection so far in the country.

The rise in confirmed cases today is lower than the highest spike of 15 thousand plus cases registered on Sunday.

The count includes 1,78,014 active cases, and 2,48,190 cured/discharged/migrated patients.

Maharashtra with 1,35,796 confirmed cases remains the worst-affected by the infection so far in the country. The state's count includes 61,807 active, 67,706 cured, discharged patients while 6,283 deaths have been reported due to the infection so far.

Meanwhile, the national capital's confirmed coronavirus cases reached 62,655.

2,233 deaths have been reported in Delhi due to the infection so far.

Tamil Nadu has reported 62,087 cases so far with toll increased to 794.

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News Network
April 8,2020

New Delhi, Apr 8: The death toll due to the novel coronavirus rose to 149 and the number of cases to 5,194 in the country on Wednesday, according to the Union Health Ministry.

While the number of active COVID-19 cases is 4,643, as many as 401 people were cured and discharged and one had migrated, it said.

The total number of cases include 70 foreign nationals.

According to the ministry's data updated at 9 a.m., 25 new deaths have been reported since Tuesday.

Sixteen deaths were reported from Maharashtra, two each from Delhi, West Bengal, Haryana and Tamil Nadu and one from Andhra Pradesh.

Maharashtra has reported the most coronavirus deaths at 64, followed by Gujarat  and Madhya Pradesh at 13 each and Delhi at 9.

Telengana, Punjab and Tamil Nadu have reported seven fatalities each.

West Bengal has registered five deaths, Karnataka and Andhra Pradesh have reported four each, Uttar Pradesh, Haryana and Rajasthan have recorded three deaths each.

Two deaths each have been reported from Jammu and Kashmir and Kerala.

Bihar, Himachal Pradesh and Odisha reported one fatality each, according to the health ministry data.

However, a PTI tally of figures reported by various states as on Tuesday 9.45 p.m. showed 5,192 testing positive across the country and at least 162 deaths.

There has been a lag in the Union Health Ministry figures, compared to the numbers announced by different states, which officials attribute to procedural delays in assigning the cases to individual states.

The highest number of confirmed cases in the country are from Maharashtra at 1018, followed by Tamil Nadu at 690 and Delhi with 576 cases.

Telengana has reported 364 COVID-19 cases followed by Kerala at 336.

Rajasthan has 328 cases, Uttar Pradesh has 326 and Andhra Pradesh reported 305 coronavirus cases.

Novel coronavirus cases have risen to 229 in Madhya Pradesh, 175 in Karnataka and 165 in Gujarat.

Haryana has 147 cases, Jammu and Kashmir has 116, West Bengal has 99 and Punjab has 91 positive patients so far. Odisha has reported 42 coronavirus cases.

Thirty- eight people were infected with the virus in Bihar while Uttarakhand has 31 patients and Assam 27.

Chandigarh  and Himachal Pradesh have 18 cases each while Ladakh has 14 positive patients so far.

Ten cases each have been reported from the Andaman and Nicobar Islands and Chhattisgarh. 

Goa has reported seven COVID-19 infections, followed by Puducherry at five cases. Jharkhand has reported four cases and Manipur two. 

Tripura, Mizoram and Arunachal Pradesh have reported one case each.

"State-wise distribution is subject to further verification and reconciliation," the ministry said on its website.

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