Dubai Ruler dances with joy after Thunder Snow wins Dubai World Cup

New Delhi, Jan 31: Chief Economic Adviser K V Subramanian on Friday said India's GDP is expected to grow at 6-6.5 per cent next fiscal as the economic slowdown has bottomed out.

As per the first advance estimates released by the National Statistical Organisation (NSO), the country's economic growth is likely to hit an 11-year low of 5 per cent in the current fiscal ending March 2020.

The Economic Survey 2019-20, prepared by a team lead by Subramanian, has projected the GDP to expand in the range of 6-6.5 per cent during 2020-21.

The Indian economy has hit the bottom and it will see an uptick from here, he said in a media briefing post the Economic Survey.

Amidst a weak environment for global manufacturing, trade and demand, the Indian economy slowed down with GDP growth moderating to 4.8 per cent in the first half of 2019-20, lower than 6.2 per cent in H2 of 2018-19.

Based on NSO's first advance estimates of GDP growth for 2019-20 at 5 per cent, an uptick in GDP growth is expected in the second half of the fiscal, it said.

According to it, the uptick in second half of 2019-20 would be mainly due to ten positive factors like picking up of Nifty India Consumption Index for the first time this year, an upbeat secondary market, higher FDI flows, build-up of demand pressure, positive outlook for rural consumption, rebound of industrial activity, steady improvement in manufacturing, growth in merchandise exports, higher build-up of foreign exchange reserves and positive growth rate of GST revenue collection.

The survey also emphasised that merger of public sector banks may increase the financial strength of the merged entities, lower the risk aversion and result in lowering of lending rates.

Further, as the implementation of GST further settles down, the increased unification of the domestic market may reduce business costs and facilitate fresh investment.

Reforms in land and labour market may further reduce business costs, said the survey, presented a day before Sitharaman's Union Budget 2020-21.

Dubai, May 14: As many as 242 beggars of different nationalities have been nabbed by the Dubai Police since the beginning of the holy month of Ramadan.

Among those arrested, 143 were men, 21 were women and 78 were hawkers, said the police. "An anti-begging campaign was launched, especially to find beggar hotspots, to combat the negative phenomenon," said Colonel Ali Salem Al Shamsi, director of the anti-infiltrators department at the Dubai Police.

"Strict warnings have been issued to beggars to refrain from exploiting the sentiments of people during Ramadan," he added.

Col Al Shamsi also called on the public to stop helping them with money. "The public must direct those in dire straits through proper channels in order to get support from charitable institutions."

Col Al Shamsi also urged residents to report begging activities by calling 901 or through the Dubai Police app's 'Police Eye' feature.

Riyadh, Apr 27: The government of Saudi Arabia has signed a SR995 million (approx. Dh972m) contract with China to provide Covid-19 tests for nine million people in the Kingdom.

The Saudi Press Agency, SPA, reported that the decision came "as a result of a phone call made today (Sunday) between the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Chinese President Xi Jinping."

The contract includes providing necessary equipment and supplies, making available of 500 Chinese specialists and technicians who are specialised in performing tests, establishing six large regional laboratories throughout the Kingdom; including a mobile laboratory with a capacity of performing 10,000 tests per day. Saudi cadres will also be trained to conduct daily tests and comprehensive field tests, under the new agreement

The contract was co-signed by the National Unified Procurement Company and Chinese company Huo-yan Laboratories by Dr. Abdullah Al Rabeeah, Advisor at the Royal Court, on behalf of the Government of Saudi Arabia, and Chinese Ambassador to the Kingdom Chen Weiqing, as a representative of the Chinese Government.

The contract is one of the largest contracts that will provide diagnostic tests for the novel Coronavirus.

Tests were also purchased from several other companies from the United States, Switzerland and South Korea, bringing the number of available tests to 14.5 million, covering around 40 percent of Saudi Arabia's population, SPA added.