World Bank predicts India will remain fastest growing economy in 2019-20

Agencies
January 9, 2019

United Nations, Jan 9: Fuelled by policy reforms and rebound in credit, India's economy is forecast to expand by 7.5 per cent during the 2019-20 fiscal year and retain its position as the fastest growing major economy in a world of slowing growth, according to the World Bank.

The Bank`s Global Economic Prospects (GEP) report released on Tuesday kept the forecasts made for India in its June report for the next fiscal year and the 7.3 per cent estimate for the current fiscal year, up from 6.7 per cent recorded in 2017-18.

However, it warned that in South Asia, the upcoming election cycle "elevates political uncertainty in the region". "The challenging political environment could adversely affect the ongoing reform agenda and economic activity in some countries," it added.

The GEP presented a gloomy outlook for the world as a whole: Growth was projected to slow to 2.9 per cent for the current year, down from the estimated 3 per cent for the last year and to grow only by 2.8 per cent in the next two years.

It blamed trade tensions and slowdown in manufacturing for the pessimism.

The report said: "India is forecast to accelerate to 7.5 per cent in fiscal year 2019-20 as consumption remains robust and investment growth continues, and as (economic) activity benefits from recent policy reforms and a rebound in credit."

For the 2020-21 and 2021-22 fiscal years, the GEP has projected a growth rate of 7.5 per cent.

The World Bank`s 7.5 per cent growth projection for the next fiscal year is slightly higher than the 7.4 per cent made by the International Monetary Fund last October.

But the GEP`s estimate of 7.3 per cent for the current fiscal year falls between India`s Central Statistics Office (CSO) figure of 7.2 per cent and the Reserve Bank of India`s 7.4 per cent.

China`s growth rate was estimated to be 6.5 per cent last year and forecast to be 6.2 per cent this year and the next, and going down further to 6 per cent in 2021.

In South Asia, Pakistan`s growth rate is forecast to fall drastically from last fiscal year`s 5.8 per cent to 3.7 per cent this fiscal year "as financial conditions tighten in the face of rising inflation and external vulnerabilities". In 2019-20 it is forecast to rebound to 4.8 per cent.

Bangladesh grew faster than India with 7.9 per cent in the last fiscal year "driven mainly by private consumption and supported by remittance inflows", the report said. But its growth is forecast to fall to 7 per cent in the current fiscal year.

Releasing the report, the Bank`s Chief Executive Officer Kristalina Georgieva said: "At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead.

"As economic and financial headwinds intensify for emerging and developing countries, the world`s progress in reducing extreme poverty could be jeopardised. To keep the momentum, countries need to invest in people, foster inclusive growth, and build resilient societies."

According to the GEP, the advanced economies are the worst performers, with a growth rate of 2.2 per cent last year that is forecast to steadily fall to 2 per cent this year, and to 1.6 per cent and 1.5 per cent in the next two years.

The US, though, is faring better in that group with a 2.9 per cent growth last year and projected growth rates of 2.5 this year and 1.7 per cent and 1.6 in the next years.

Comments

Puresanghi
 - 
Wednesday, 9 Jan 2019

No doubt it is a press release from  nagpur HQ.  Since the election dates are nearing  all we can obaserve such dirty media politics.

What ever  - Only Ballot voting will save INDIA or later 2019-20 will be a TICK 20 era for all peace loving Patriot INDIANS.

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News Network
January 19,2020

Shirdi, Jan 19: Shirdi in Maharashtra will remain closed for an indefinite period from today in the wake of state Chief Minister Uddhav Thackeray's decision to develop Pathri town in Parbhani district as Sai Baba's birthplace.

However, Deepak Madukar Muglikar, Chief Executive Officer of Shri Saibaba Sansthan Trust, has said that Sai Baba Temple in Shirdi will remain open today and will not be impacted by the closure of the city.

"There are some reports in media that Sai Temple in Shirdi will remain closed on January 19. I want to clarify that it is just a rumor. Temple will remain open on January 19," Mr Muglikar said.

A call has been given for indefinite closure of Shirdi after Mr Thackeray's reported comment terming Pathri in Parbhani as Sai Baba's birthplace.

"Devotees will not face any difficulty if they come to Shirdi," said B Wakchaure, member of Saibaba Sansthan Trust.

Uddhav Thackeray has recently announced that Pathri will be developed as the birthplace of Sai Baba for religious tourism and also took a review meeting of the development plans in the Parbhani district.

One of the most popular religious destinations in the country, Saibaba Temple in Shirdi witnesses lakh of devotees visiting the holy site every year.

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Agencies
January 4,2020

New Delhi, Jan 4: "Sovereign, socialist, secular, democratic republic" is how India is referred to in the preamble of the Constitution. However, J Nandakumar, a key RSS leader and All India Convenor Prajna Pravah, a Sangh offshoot, wants India to reconsider the inclusion of the word "secular", claiming secularism is a "western, Semitic concept".

In an exclusive interview to news agency, Nandakumar said: "Secularism is a western, Semitic concept. It came into existence in the West. It was actually against Papal dominance."

He argued that India does not need a secular ethos as the nation has moved "way beyond secularism" since it believes in universal acceptance as against the western concept of tolerance.

The RSS functionary on Thursday released a book here named "Hindutva in the changing times". The book launch event was also attended by senior RSS functionary Krishna Gopal.

Nandakumar, who has attacked the Mamata Banerjee government in his book for alleged "Islamisation of West Bengal", told IANS: "We have to see whether we need to put up a board of being secular, or that whether we should prove this through our behaviour, actions and roles."

It is for society to take a call on this, rather than by any political class, on whether the preamble to the Indian Constitution should continue to have the word "secular" in it or not, he added.

In between signing his books and obliging wannabe Hindutva cadres with selfies, Nandakumar said that the very existence of the word "secular" in the preamble was not necessary and how the constitution founders too were against it.

"Baba Saheb Ambedkar, Ladi Krishnaswamy Aiyaar -- all debated against it and said it (secular) wasn't necessary to be included in the preamble. That time it was demanded, discussed and decided not to include it," he said.

Ambedkar's opinion was, however, disregarded when Indira Gandhi "bulldozed" the word "secular", in 1976, said the head of the Prajna Pravah, an umbrella body of several right-wing think-tanks

As Nandakumar prepared to return to his base in Kerala, where, he emphasises, the RSS has its work cut out in the "fight against the Kunnor model", he said that the inclusion of "secular" was done with the intent to damage the concept of Hindutva.

"It was to demolish, destroy the overarching principle of Hindutva that binds us together", he said.

Asked whether the Sangh would pressurise the BJP, which has 303 seats in the Lok Sabha, to omit "secular" from the Constitution preamble, Nandakumar smilingly refused to reply.

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News Network
March 12,2020

New Delhi, Mar 12: The Supreme Court told the Uttar Pradesh government on Thursday that as of now, there was no law that could back their action of putting up roadside posters of those accused of vandalism during anti-CAA protests in Lucknow.

An apex court bench refused to stay the March 9 Allahabad High Court order directing the Yogi Adityanath administration to remove the posters.

The top court, which grilled the Uttar Pradesh government for putting up such posters in public, described the plea as a matter that needed "further elaboration and consideration".

A vacation bench of justices U U Lalit and Aniruddha Bose said a "bench of sufficient strength" would consider next week the Uttar Pradesh government's appeal against the Allahabad High Court order directing the state administration to remove the posters of those accused of vandalism during anti-CAA protests.

It directed the apex court registry to put up the case file before Chief Justice of India (CJI) S A Bobde so that a "bench of sufficient strength can be constituted at the earliest to hear and consider" the case next week.

During the hearing, the bench told Solicitor General Tushar Mehta, appearing for the Uttar Pradesh government, that it was a matter of "great importance".

It asked Mehta whether the state government had the power to put up such posters.

The top court, however, said there was no doubt that action should be taken against rioters and they should be punished.

Mehta told the court that the posters were put up as a "deterrent" and the hoardings only said that these persons were liable to pay for their alleged acts during the violence.

Senior advocate A M Singhvi, appearing for former IPS officer S R Darapuri whose poster has also been affixed in Lucknow, told the bench that the state was duty-bound to show the authority of law backing its action.

He said the action of the Uttar Pradesh government amounted to a "mega blanket" approach of naming and shaming these persons without final adjudication and it was an open invitation to common men to lynch them as the posters also had their addresses and photographs.

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