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
June 2,2020

New Delhi, Jun 2: Prime Minister Narendra Modi on Tuesday said India will definitely get its economic growth back as the government continues to pursue various reforms.

Speaking at industry association CII's annual session, he said the government has taken tough steps to fight the coronavirus pandemic and has also taken care of the economy.

"On the one hand we have to safe lives of our people and on the other hand we have to stabilise the economy and speed up the economy," he said.

He said he gets the confidence from farmers, small businesses and entrepreneurs for getting the economic growth back.

"Corona may have slowed our speed (of growth) but India has now moved ahead from lockdown with the phase one of unlock. Unlock Phase-1 has reopened a large part of the economy," he said.

He said intent, inclusion, investment, infrastructure and innovation are crucial for India to revert back to a high-growth trajectory.

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News Network
March 15,2020

Bhopal, Mar 15: Madhya Pradesh Chief Minister Kamal Nath on Saturday sought the intervention of Home Minister Amit Shah for the "release" of 22 Congress MLAs in Karnataka, saying they had been held "captive" and were under "pressure".

In a letter to Shah, Chief Minister Nath said the BJP's demand for floor test had "no meaning" till the MLAs do not reach the state.

He said that the MLAs do not have any means of personal communication and all efforts to reach them have failed.

In the four-page letter, Nath said Governor Lalji Tandon had told him that the responsibility of security of those who will come to meet the Speaker should be with the CRPF but as the Chief Minister, it is his duty to ensure the security of all residents of the state including MLAs.

"I assure you that if these 22 MLAs are released by the Karnataka Police, then I will ensure maximum security by the state government so that they are able to convey their views without fear and take part in the proceedings of the assembly," Nath said.

He urged Shah to use his powers as Home Minister so that 22 MLAs safely reach Madhya Pradesh and discharge their responsibilities "without fear or greed" in the assembly session beginning on March 16."

Chief Minister Nath said that he had been informed that the MLAs had been deprived of all personal communication facilities.

He said that a father was not allowed to meet his son and two ministers who were accompanying the father of the legislator were "arrested" and manhandled by the Karnataka Police.

"My efforts to reach them as also of their relatives have failed which proves my apprehension that they are under captivity."

He said the videos released in the name of MLAs to "mislead" the people of the state were similar. "This proves that all these MLAs are under pressure and they are being forced to act in a particular way," he said.

Nath said that he was drawing Shah's attention to the developments in the state since March 3 which were aimed at destabalising the government.

He said three Congress MLAs, one BSP, and one independent MLA were taken to Gurugram and two ministers of his government were able to "rescue" the BSP legislator.

He said the three Congress MLAs and the independent MLA were later taken to Bengaluru by the BJP. He said a BJP MLA and a party functionary accompanied them.

"Later, 19 Congress MLAs were taken to Bengaluru in chartered planes and the arrangement was done by the BJP," he said, adding that they were accompanied by two former BJP MLAs and a former minister.

Kamal Nath said the number of MLAs in Bengaluru grew to 22 and they are all in the protection of the Karnataka Police.

He said some BJP leaders from Madhya Pradesh can be seen in pictures of the place where the MLAs were staying. "All reported expenses on these MLAs are being borne by the BJP," he said.

He said the BJP leaders had told the media about the resignation of MLAs and they had not presented themselves before the assembly Speaker.

Kamal Nath said he was concerned about the security of the MLAs and had written to the Governor earlier.

"You would agree with me that the demand for floor test has no meaning till the 22 MLAs are in captivity. This is unprecedented that the BJP is demanding floor test and several Congress MLAs have been kept outside the state,' he said.

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News Network
March 23,2020

New Delhi, Mar 23: The total number of COVID-19 cases in the country rose to 390 on Monday after 30 fresh cases were reported.

The figure includes 41 foreign nationals and the seven deaths reported so far.

Gujarat, Bihar and Maharahstra reported a death each on Sunday, while four fatalities were reported earlier from Karnataka, Delhi, Maharashtra and Punjab, the Union Health Ministry said.

The total number of active COVID-19 cases across the country now stands at 359, while 24 people have been cured/discharged/migrated.

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