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
February 28,2020

Riyadh, Feb 28: Saudi Arabia on Thursday (Feb 27) suspended visas for visits to Islam's holiest sites for the "umrah" pilgrimage, an unprecedented move triggered by coronavirus fears that raises questions over the annual hajj.

The kingdom, which hosts millions of pilgrims every year in the cities of Mecca and Medina, also suspended visas for tourists from countries with reported infections as fears of a pandemic deepen.

Saudi Arabia, which so far has reported no cases of the virus but has expressed alarm over its spread in neighbouring countries, said the suspensions were temporary. It provided no timeframe for when they will be lifted.

"The kingdom's government has decided to take the following precautions: suspending entry to the kingdom for the purpose of umrah and visit to the Prophet's mosque temporarily," the foreign ministry said in a statement.

"Suspending entry into the kingdom with tourist visas for those coming from countries, in which the spread of the new coronavirus (COVID-19) is a danger."

The move comes as Gulf countries implement a raft of measures, including flight suspensions and school closures, to curb the spread of the disease from people returning from pilgrimages to Iran.

Even as the number of fresh coronavirus cases declines at the epicentre of the disease in China, there has been a sudden increase across the Middle East.

Since its outbreak, the United Arab Emirates has reported 13 coronavirus cases, Kuwait has recorded 43, Bahrain has 33 and Oman is at four cases.

Iran has emerged as a major hotspot in the region, with 19 fatalities from 139 infections - the highest death toll outside China, where COVID-19 originated.

While no cases have been reported in Saudi Arabia, one citizen is reported to be infected in Kuwait along with four Saudi women in Bahrain - all of whom had returned from Iran.

'UNPRECEDENTED' MOVE

The umrah, which refers to the Islamic pilgrimage to Mecca that can be undertaken at any time of year, attracts millions of devout Muslims from all over the globe each year.

There was no clarity over how the move would affect the annual hajj pilgrimage due to start in late July.

Some 2.5 million faithful travelled to Saudi Arabia from across the world to take part in last year's hajj - one of the five pillars of Islam.

The event is a key rite of passage for Muslims and a massive logistical challenge for Saudi authorities, with colossal crowds cramming into relatively small holy sites.

"This move by Saudi Arabia is unprecedented," Ghanem Nuseibeh, founder of London-based risk consultancy Cornerstone Global Associates, told news agency.

"The concern for Saudi authorities would be Ramadan, which starts at the end of April, and hajj afterwards, should the coronavirus become a pandemic."

The holy fasting month of Ramadan is considered a favourable period by Muslim pilgrims to perform the umrah.

Saudi Arabia's custodianship of Mecca and Medina - Islam's two holiest sites - is seen as the kingdom's most powerful source of political legitimacy.

But a series of deadly disasters over the years has prompted criticism of the Sunni kingdom's management of the pilgrimage.

In September 2015, a stampede killed up to 2,300 worshippers - including hundreds of Iranians - in the worst disaster ever to strike the pilgrimage.

The pilgrimage forms a crucial source of revenue for the government, which hopes to welcome 30 million pilgrims annually to the kingdom by 2030.

De facto ruler Crown Prince Mohammed bin Salman's Vision 2030 reform plan seeks to shift the economy of Saudi Arabia - the world's top crude exporter - away from oil dependency towards other sources of revenue, including religious tourism.

Comments

Whether this virus is also created by Allah the powerful? If yes then Muslims need not fear, they should continue to go the Mecca, on the Non-muslims should fear because allah hates them. &

 

And if the Virus not created by Allah, then Who created it?  Is there anyone else other than Allah?

 

You Fool Go-vind...there is no logic in your statement.

will you touch burning fire for 2 min if you are fearless...foolish right

 

GOD is not magic...its logical

 

God never helped any Human beigh with magic to conver to his religion,

he would have done then all will be worshipping him alone..

 

this is test for all human being

 

he created all human beign and he loves every human being but he loves only those who good to another human.

 

screem how ever you want..but muslim population will increase 100%.

please check your health before cursing other.

 

So-called powerfull GOD saved all human beign when they sincierly prayed also you.

 

the more you hate ISLAM the more it become powerful.

 

HINUD is not religion but it is geographical name

RAM is not god but he is king of ayodya same human beign

Phophet Mohammed Pbuh is not GOD but he is messanger of GOD

Veda says na thasya parathima asti- there is no image of GOD but you make some photo and worship.

the biggest sin in front of GOD which will never be forgiven is  worshipping Idol.

God is one not multi...if god is mutli then there is no meaning in justics

 

Love human being automatically God loves you

 

 

Govind
 - 
Friday, 6 Mar 2020

Fools.. Why they fear virus. If somebody ask them, they say we have fear only on Allah. They should go there.. they should be infected and population should decease. Let their so-called powerful god save them

Logical Indian
 - 
Friday, 6 Mar 2020

Muslims fear only Allah and no body else. then why this fear for the virus. They should trust allah fully and allow pilgirms. "Allah o akbar"

Abdul Rahman
 - 
Friday, 28 Feb 2020

Mecca to b spelled Makkah.

Makkah is the correct spelling

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News Network
January 6,2020

Aboard Air Force One, Jan 6: US President Donald Trump threatened sanctions against Baghdad on Sunday after Iraq's parliament called on US troops to leave the country, and the president said if troops did leave, Baghdad would have to pay Washington for the cost of the air base there.

"We have a very extraordinarily expensive air base that's there. It cost billions of dollars to build, long before my time. We're not leaving unless they pay us back for it," Trump told reporters on Air Force One.

Trump said that if Iraq asked US forces to leave and it was not done on a friendly basis, "we will charge them sanctions like they've never seen before ever. It'll make Iranian sanctions look somewhat tame."

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News Network
February 24,2020

New Delhi, Feb 24: India and the US are committed to defend their people from radical islamic terrorism, resolved to significantly expand defence ties and are working on a "fantastic" trade deal, said US President Donald Trump on Monday while asserting that his country "loves" and is "loyal" to India.

Addressing a huge crowd at 'Namaste Trump' event at the Motera stadium here, the US president, accompanied by his wife Melania and Prime Minister Narendra Modi, talked about India's great tradition of embracing individual freedom, rule of law, dignity of every human being and where people worship side-by-side in harmony.

On his maiden visit, Trump, who was welcomed by Modi on his arrival here, said his country will remain a "loyal" friend of India and called the Prime Minister an "exceptional leader" who works day and night for the country.

"India and the US are committed to fight terrorists and their ideology; that is why my government is working with Pakistan to crack down on terror groups," Trump said in the presence of his family -- daughter Ivanka, son-in-law Jared Kushner-- and top brass of his administration.

"The US will always be faithful and loyal friend of India. Thank you for the spectacular welcome," he added.

He also announced that the two countries will firm up defence deals worth USD 3 billion on Tuesday and that the US will become India's premier defence partner.

"India and US have natural and enduring friendship," Trump said to a cheering crowd.

"We are quickly revitalising our alliances all around world," he said.

Trump said both countries are working on a "fantastic trade" deal, and observed that Modi is a "tough negotiator".

The US president also heaped praises on Modi, saying the Prime Minister is a "living proof" of what an Indian can achieve with hard work as Trump referred to his humble background as a tea-seller, who had a landslide win in the 2019 Lok Sabha polls.

On his part, Modi welcomed Trump to "world's largest democracy" and said a "new history" was being created.

Modi also praised Trump's leadership in containing terrorism.

Trump said as the world's largest economy, India gives hope to all humanity and has become an economic giant.

"There is a difference between a nation that rises by coercion and one that rises by setting its people free -- that is India. India and the US have natural and enduring friendship," he said.

He also touched on India's cultural diversity and riches as he highlighted the success of its blockbuster movies like DDLJ (Dilwale Dulhania Le Jayenge) and Sholay, and its sporting icons like Sachin Tedulkar and Virat Kohli.

He highlighted the boom in the US economy under his presidency and added that India will soon be home to the biggest middle class as it will eliminate extreme poverty in in next 10 years.

On his part, Modi said ties between India and the US are no longer just another partnership but have touched far greater heights.

Welcoming Trump, he said a "new history" is being created.

Visit of President Trump to India with his family shows strong ties between India and the US, said Modi.

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