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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Agencies
February 29,2020

Thiruvananthapuram, Feb 29: With Saudi Arabia indefinitely suspending visas for visit to Islam's holiest site for the Umrah pilgrimage in the wake of coronavirus outbreak, more than 10,000 people in the state who are awaiting their turn this year for the annual Hajj pilgrimage are a worried lot.

"This year more than 10,000 people in Kerala have been cleared by the Hajj committee," said C Muhammed Faizy, chairman, Kerala State Hajj Committee.

"There is no cause of worry. We hope that during the time of the pilgrimage, the travel restriction by Saudi Arabia will be lifted," he said.

Umrah is a pilgrimage to the holy site that can be undertaken at any time of the year, while the annual Hajj pilgrimage has specific months according to the lunar calendar.

"The move by the Saudi Arabian Government to impose travel restriction was due to the outbreak of coronavirus. It is a preventive step to contain it. In such large gatherings, if one person is affected, it will spread to others. So we fully understand the concerns of the Saudi Government," Muhammed Faizy added.

He said that the Hajj Committee only processes the requests of annual Hajj visit pilgrims and not Umrah.

"This year we expect the Hajj pilgrimage season to be from June to August after Ramzan. But it may vary according to the Ramzan date. We are yet to get any official correspondence from the Saudi Government regarding travel restrictions," he added.

The Saudi Arabian Government suspended visas for tourists from countries affected by the coronavirus, with many having to cancel their Umrah pilgrimage at the last minute.

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News Network
April 6,2020

New Delhi, April 6: India recorded the highest number of 704 positive cases of coronavirus in the past 24 hours, said the Union Ministry of Health and Family Welfare on Monday.

With these new cases, the total number of COVID-19 positive cases in India have now climbed to 4,281.

Total deaths stand at 111 including 28 new deaths. So far, 318 COVID-19 patients have been cured across the country.

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News Network
May 12,2020

Srinagar, May 12: Two paramilitary Central Reserve Police Force (CRPF) officers committed suicide after shooting themselves with their service rifles in Kashmir on Tuesday.

In the first incident, a CRPF sub-inspector on Tuesday committed suicide after shooting himself with his service rifle at Mattan area of south Kashmir’s Anantnag district. The deceased, identified as Fatah Singh of Jaisalmer in Rajasthan, had reportedly left behind a suicide note that read: “I am afraid, I may have Corona.”

Station House Officer (SHO) Akura, Mattan police station Jazib Ahmed said that they have followed the COVID-19 protocol while dealing with the body of the CRPF sub-inspector. “His samples have been taken and post-mortem conducted. Only results would confirm whether he was a COVID-19 positive,” he said.

CRPF spokesman in Srinagar Pankaj Singh said the officer had returned to his unit after performing a day-long duty. “As such, there is no evidence that he had caught COVID-19. Let’s wait for the final report. Details will be shared with the media,” Singh said.

Hours after the first incident, an assistant-sub-inspector of the CRPF posted in Srinagar also committed suicide by shooting himself dead with his service rifle.

Special Director General of CRPF, Zulfikar Hassan said they were trying to find out the reason for the two boys taking this extreme step.

Suicides and fratricide incidents are not uncommon among the CRPF and the Army personnel deployed in Kashmir. In 2006, recognising the rising fratricide and suicide cases among the armed forces, the then Defence Minister had constituted an expert group of psychiatrists under the Defence Institute of Psychological Research in order to suggest remedial measures to prevent suicide and fratricide incidents.

Over the last decade, incidents of fratricide have reportedly reduced in the Army as the force has taken measures to address the issue.

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