Demonetisation had no effect on Indian economy: Nirmala Sitharaman

Agencies
July 2, 2019

New Delhi, Jul 2: Finance Minister Nirmala Sitharaman said economic growth is high on the agenda of the government and various reforms are being undertaken in many spheres to improve GDP growth.

India still continues to be the fastest growing economy and demonetisation has had no effect on the Indian economy, Finance Minister Nirmala Sitharaman told the Rajya Sabha on July 2.

The Minister, while responding to supplementaries during the Question Hour, said the manufacturing sector has had a certain fall, but it is not attributable to demonetisation.

She said economic growth is high on the agenda of the government and various reforms are being undertaken in many spheres to improve GDP growth.

Ms. Sitharaman said “the moderation in growth momentum in 2018-19 is primarily on account of lower growth in ‘Agriculture and allied’, ‘trade, hotel, transport, storage, communication and services related to broadcasting’ and ‘public administration and defence’ sectors.”

“If the impact of low growth in certain sectors has impacted growth rate, particularly in agriculture and allied activities as also in financial and real estate and professional services, there has been a fall, particularly in agriculture based on third advance estimates, it is believed that there has been a 0.6% decline in the output.

“If the impact on the low growth is because of outcomes from these sectors, the manufacturing sector has had a certain fall but which is not attributable to demonetisation,” the Minister said.

‘India growing at the fastest rate’

She said in the last quarter, there could have been a fall and steps have been taken to improve the economy.

“But, we are still the fastest growing economy,” she said.

Ms. Sitharaman said if the United States’ growth has grown between 1.6, 2.2, 2.9 and 2.3% in 2016, 2017, 2018 and 2019 respectively, and China’s growth has also decelerated from 6.7, 6.8, 6.6 and 6.3%, India is still well above 7% at 7.3% growth.

“While the concern of member is well taken about the last quarter’s growth having come down, it is still India which is growing at the fastest rate and the figures are before us,” she stressed in response to a query from a member.

The Minister said as regards steps taken, the government has taken several steps in order that more money goes to people and that is why the PM’s Kisan Samman Yojna, the Pension Yojna, where money goes directly through Direct Benefit Transfer (DBT) into the people’s hands, are activities through which people are getting the benefit.

“Over and above that, in order that institutions will have to extend more credit facilities for industry and for those entrepreneurs in the ground, the credit situation and also taking care of resolutional stressed assets through banks is also happening,” she said.

In her written reply, the Finance Minister said, as per estimates available from Central Statistics Office, growth of Gross Domestic Product (GDP) at constant prices was 6.8% in 2018-19, as compared to 7.2% in 2017-18 and 8.2% in 2016-17.

“Economic growth is high on the agenda of the government. Various reforms are being undertaken by the Government in many spheres to improve GDP growth. The key reforms in Governments new term include expansion to all farmers the cash transfer scheme ‘PM-Kisan’ providing an income support of ₹6,000 per year, which was earlier limited to farmers with a land holding of less than 2 hectares,” she said.

Along with this, the government has launched voluntary pension scheme for small and marginal farmers and small shopkeepers or retail traders, she claimed.

To give focused attention to issues of growth, Government has constituted a five-member Cabinet committee on investment and growth chaired by Prime Minister.

Comments

Sandesh Shetty
 - 
Wednesday, 3 Jul 2019

Those who put their money in Swiss bank wont feel any effect. Only poor, middle calss people suffered much. BJP, RSS people enjoyed that

Vinod
 - 
Wednesday, 3 Jul 2019

Another Feku's puppet. She is getting salary for spreading lies

Well Wisher
 - 
Wednesday, 3 Jul 2019

Dear Madam please. do not ever think the all Indians are stupid.

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News Network
July 12,2020

Hyderabad, Jul 12: Hyderabad MP and All India Majlis-e-Ittehad-ul-Muslimeen chief Asaduddin Owaisi on Saturday condemned the demolition of a mosque and a temple inside the Secretariat building. He demanded the arrest of the contractor for demolition.
"During the process of demolition of the Secretariat building in Telangana, the mosque and temple were also demolished. The contractor must be booked and should be arrested. The public should know that we condemn this," he said while speaking to news agency.
Pointing out that his party MLAs Akbaruddin Owaisi and Moazam Khan have urged the state Assembly to look into the matter, he added, "We are not against the building of a new Secretariat, but what we asked for is not to destroy these structures during the process."
He welcomed the Chief Minister's announcement regarding the rebuilding of these structures.
"We expect the mosque to be built in the exact same place where it once stood. We expect the Chief Minister to speak to the representatives and meet our expectations and emotions about the mosque," he added.

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News Network
March 13,2020

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.

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Agencies
April 28,2020

United Nations, Apr 28: UN chief Antonio Guterres has warned that extremist groups are taking advantage of the COVID-19 lockdowns and intensifying efforts on social media to recruit youths online by exploiting their anger and despair, asserting that the world cannot afford a lost generation due to the unprecedented global health crisis.

The UN Secretary-General made the remarks on Monday during a video conference to review the five years since its adoption of a landmark resolution on youth, peace and security.

We can already see such groups taking advantage of the COVID-19 lockdowns, intensifying their efforts on social media to spread hatred and to recruit young people who may be spending more time at home and online, he said.

Guterres told the Security Council that even before the current crisis, young people were facing enormous challenges.

Listing startling numbers, he said one of every five young people was already not in education, training or employment and one of every four is affected by violence or conflict. Every year, 12 million girls become mothers while they themselves are still children.

These frustrations and, frankly, failures to address them by those in power today, fuel declining confidence in political establishments and institutions. And when such a cycle takes hold, it is all too easy for extremist groups to exploit the anger and despair, and the risk of radicalisation climbs, he said.

Issuing a call to action on youth, peace and security, Guterres said the world cannot afford a lost generation of youth, their lives set back by COVID-19 and their voices stifled by a lack of participation. Let us do far more to tap their talents as we tackle the pandemic and chart a recovery that leads to a more peaceful, sustainable and equitable future for all.

With over 1.54 billion children and youth out-of-school and young people acutely feeling the impact of the COVID-19 crisis, Guterres said countries must do more to harness the talents of young people to address the crisis and its aftermath.

In presenting his first report on the Security Council resolution, the UN chief said youth were already confronting numerous challenges even before the pandemic, including in accessing education, or through being affected by violence and conflict. Those pressing for peace or upholding human rights have been threatened.

Despite these obstacles, young people across the world have joined the common fight against the coronavirus disease, supporting both frontline workers and people in need. And they continue to push for change.

UN Youth Envoy Jayathma Wickramanayake spoke of the need for more meaningful partnerships between young people and the civil society organisations and government institutions that work on the youth, peace and security (YPS) agenda.

To date, there are no national action plans on YPS but I'm pleased to note that in some countries, these are in the process of development, she said.

For a national roadmap to be successful, a participatory, transparent and youth-led process with adequate resources are needed, she said.

Issuing his four-point call to action for the Council, Guterres urged members to do more to address the various challenges facing young people.

He also called for investment in youth participation, but also in their organisations and initiatives.

We must strengthen human rights protections and protect the civic space on which youth participation depends, he said. And fourth, we must emerge from the COVID-19 crisis with a determination to recover better - massively increasing our investment in young people's capacities as we deliver the Sustainable Development Goals.

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