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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News Network
January 15,2020

Jan 15: Uttar Pradesh Chief Minister Yogi Adityanath said on Tuesday that the Muslim population in India increased manifold since the partition because they were given special rights and facilities, according to a report by The Indian Express.

"The Muslim population in India has increased manifold since 1947, it has gone up by seven to eight times. No one has any objection. If they, as citizens of the country, work for development, they are welcome. Their population has increased because they have been given special rights and facilities. All possible steps were taken to ensure their growth," Adityanath said while addressing a rally in Gaya organised by the BJP in support of the Citizenship (Amendment) Act.

He asked the audience, "But what happened in Pakistan?" Claiming that the Hindu population in Pakistan had decreased since 1947, he asked why it was so.

Yogi said that the countrywide anti-CAA protests are a "conspiracy" hatched from afar by those resentful of a united and grand India and these are being aided by a "crooked" opposition. He further charged that those opposing the legislation were committing the "paap" (sin) of working against national interests.

"For taking such a step, Prime Minister Narendra Modi and Home Minister Amit Shah deserve acclaim. Instead, they are being attacked", Yogi lamented.

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India
 - 
Wednesday, 15 Jan 2020

He himself contradicts his statements. He claims the Muslim population rose 8-9 (according to him) times since 1947. If he was educated its simple 73 years have passed the population grows. Still, the Muslim population is only a minority against the majority. He talks about special rights and facilities given yes agreed but not by him it's by the Constitution of India and for all the minorities. So it's not you its Constitution of India.  The majority of the people are against the act CAA is against the very fundamental of the Constitution of India which PM & HM are taking away from the people. If you disagree, disrespect, go against it then you are against the country itself in Hindi deshdruhi. 

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News Network
February 14,2020

New Delhi/Washington, Feb 14: India has offered to partially open up its poultry and dairy markets in a bid for a limited trade deal during US President Donald Trump's first official visit to the country this month, people familiar with the protracted talks say.

India, the world's largest milk-producing nation, has traditionally restricted dairy imports to protect the livelihoods of 80 million rural households involved in the industry.

But Prime Minister Narendra Modi is trying to pull all the stops for the US President's February 24-25 visit, aimed at rebuilding bonds between the world's largest democracies.

In 2019, President Trump suspended India's special trade designation that dated back to 1970s, after PM Modi put price caps on medical devices, such as cardiac stents and knee implants, and introduced new data localization requirements and e-commerce restrictions.

President Trump's trip to India has raised hopes that he would restore some of the country's US trade preferences, in exchange for tariff reductions and other concessions.

The United States is India's second-largest trade partner after China, and bilateral goods and services trade climbed to a record $142.6 billion in 2018. The United States had a $23.2 billion goods trade deficit in 2019 with India, its 9th largest trading partner in goods.

India has offered to allow imports of US chicken legs, turkey and produce such as blueberries and cherries, government sources said, and has offered to cut tariffs on chicken legs from 100 per cent to 25 per cent. US negotiators want that tariff cut to 10 per cent. The Modi government is also offering to allow some access to India's dairy market, but with a 5 per cent tariff and quotas, the sources said. But dairy imports would need a certificate they are not derived from animals that have consumed feeds that include internal organs, blood meal or tissues of ruminants.

New Delhi has also offered to lower its 50 per cent tariffs on very large motorcycles made by Harley-Davidson, a tax that was a particular irritant for President Trump, who has labelled India the "tariff king." The change would be largely symbolic because few such motorcycles are sold in India.

President Trump will be feted in PM Modi's home state of Gujarat, then hold talks in New Delhi and attend a reception that the hosts have promised will be bigger than the one organised for former president Barack Obama in 2015.

But it is far from clear whether India's offers will be enough to satisfy US Trade Representative Robert Lighthizer, who cancelled plans for a trip to India this week. Instead, he has held telephone talks with Commerce Minister Piyush Goyal.

The US dairy industry remained sceptical on Thursday that a viable deal is at hand.

"We're always looking for market access, but in terms of India, as of today I'm not aware of any real progress going on," said Michael Dykes, president of the International Dairy Foods Association and a member of USTR's agricultural trade policy advisory committee.

Mr Dykes said the US dairy industry was looking for access in viable commercial quantities.

A USTR spokesman and India's trade ministry did not respond to requests for comment.

A parliament panel is reviewing a draft data privacy law that imposes stringent controls over cross-border data flows and gives the government powers to seek user data from companies.

It is not clear whether it will be passed, or in what form, but the possibilities have unnerved US companies and could raise compliance requirements for Google, Amazon.com Inc, and Facebook.

The draft law is not part of the trade discussions, Indian officials say, because the issue is too difficult to resolve at the same time.

"The privacy and localization piece will be raised independently and in concert with the trade discussions," said a Washington-based source with knowledge of the US administration's thinking.

President Trump on Tuesday was non-committal about sealing a trade deal before his visit. "If we can make the right deal, we'll do it," he told reporters.

Two US sources said progress had been made on proposed alterations to the medical device price caps. India's new import tariffs on medical devices, walnuts, toys, electronics and other products on February 1 surprised US negotiators, however.

The new tariffs were aimed at China, which also makes medical devices, according to an Indian government source. "We have to protect our market and our companies," the source said.

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News Network
February 26,2020

Feb 26: In a midnight hearing, the Delhi High Court directed police to ensure safe passage to government hospitals and emergency treatment for those injured in the communal violence erupted in northeast Delhi over the amended citizenship law.

The court held a special hearing, which started at 12:30 am, at the residence of Justice S Muralidhar after receiving a call from an advocate explaining the dire circumstances under which the victims were unable to be removed from a small hospital to the GTB Hospital.

A bench of Justices S Muralidhar and Anup J Bhambhani directed the Delhi Police to ensure safe passage of the injured victims by deploying all resources at its command and on the strength of this order as well as to make sure they receive immediate emergency treatment if not at the Guru Teg Bahadur Hospital then at the Lok Nayak Jai Prakash Narayan Hospital (LNJP) or Maulana Azad or any other hospital.

The bench also called for a status report of compliance, including information about the injured victims and the treatment offered to them, and the matter will be heard during the day at 2:15 pm.

It said the order be communicated to the medical superintendents of the GTB and the LNJP Hospitals.

The urgent hearing was conducted after advocate Suroor Mander called the judge and sought urgent orders for safe passage of ambulances for the injured.

The Delhi Police and the government were represented through additional standing counsel Sanjoy Ghose.

During the hearing, the bench spoke over phone to doctor Anwar of the Al-hind Hospital in New Mustafabad who told the court that there were two bodies and 22 injured persons there and he had been trying to seek police assistance since 4 pm on Tuesday without success.

The court then directed the senior officials to reach to the hospital forthwith, following which they started the process of evacuating the injured to the nearest hospitals.

It also said this order be brought to the knowledge of the Delhi Police Commissioner.

Communal violence over the amended citizenship law in northeast Delhi claimed at least 18 lives till Wednesday.

On Tuesday, the violence escalated in northeast Delhi as police struggled to check the rioters who ran amok on streets, burning and looting shops, pelting stones and thrashing people.

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