India to pull ahead of US in GDP terms by 2030: DBS

Agencies
July 22, 2018

New Delhi, Jul 22: The 10 major economies of Asia, including India, are expected to see robust growth and amount to over USD 28 trillion in real GDP terms on aggregate, more than the US by 2030, says a DBS report.

According to DBS the Asia-10 economies are -- China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea, Taiwan, and Thailand.

By 2030, Asia-10 economies will grow so robustly that they will, on aggregate, amount to over USD 28.35 trillion in real GDP (2010 constant dollars) terms, while for the United States will amount to USD 22.33 trillion.

"We expect Asia-10 to pull ahead of the US by 2030," DBS said, but added that this neither is a sufficient nor a necessary condition to invest in Asia, as investing cannot be based on a single indicator, especially when it comes to a long-term horizon.

According to the global financial services major, Asia has a bright economic future, however, all Asian economies face some common issues — climate change, rising inequality, worsening environment for trade, and technological disruption that can drag growth numbers.

"Several dynamics that have supported the economic development of the Asian economies in recent decades are weakening, and there are many changes in the international environment," DBS said in a research note.

The report further said the demographic dividend that many Asian countries benefited from in the past may not be as valuable now.

A young population creates a "challenge" in terms of generating jobs, in absence of which there will be high levels of unemployment, creating both an economic and social/political challenge, the report noted.

"Countries like India and the Philippines will need to work hard to create employment for its young population; while aging countries like Singapore, Japan and China may be able to offset the demographic drag through the active use of new technology," the report said.

Moreover, rising protectionism by global economies will act as a threat for investment flows into Asia.

"There is real potential for trade protectionism to emerge, which would reduce trade and investment flows in the region," DBS said adding that Asia is one of the most externally exposed regions in the world, and trade conflict would have a meaningful economic impact on the Asian economic outlook.

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News Network
March 5,2020

Bharuch, Mar 5: Vijay Kumar, a resident of the Tamil Nadu has sought help from his friend Abdulkhuda Mohd Hanif Shaikh who is residing in Gujarat to build a temple in his village.

Abdulkhuda Mohd Hanif Shaikh, who also belongs to Tamil Nadu's Paraipatti village and has been residing in Gujarat' Bharuch for a decade has collected Rs 3 lakh from his friends as a donation to build the temple in Paraipatti village in Dindigul district.

"They'd told me 4 months ago and came to me 10 days back. From Vapi to Mehsana, there are several Madrasis, even here in the village too. I personally went to them and collected around Rs 3 Lakh," Shaikh said.

Vijay Kumar said that he stayed in Gujarat for ten days and collected Rs 3 Lakh with him.

"I had sought help from him. I stayed here in Gujarat for 10 days, and went with him from people to people and collected Rs 3 Lakh. No one lives like Hindus or Muslims in our village, everyone lives like friends," he said.

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News Network
July 20,2020

New Delhi, Jul 20: Alleging that 2,426 companies have "looted" people's savings to the tune of Rs 1.47 lakh crore from banks, Congress leader Rahul Gandhi has asked if the Prime Minister Narendra Modi led government will conduct a probe into it to punish those guilty.

"2,426 companies looted 1.47 lakh crore rupees of people's savings from banks. Will this government investigate this loot and punish the culprits?" Gandhi said on Twitter, without elaborating.

"Or will it allow them to flee like Nirav and Lalit Modi?" he asked.

Gandhi's attack came after media reports claimed that the All India Bank Employees Association (AIBEA) had released a list of 2,426 borrower accounts that have been categorised as “wilful defaulters” with dues amounting to Rs 1,47,350 crore to the banking system.

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News Network
January 12,2020

Kolkata, Jan 12: Strongly defending the new citizenship law, Prime Minister Narendra Modi said on Sunday the dispute that has arisen over it has made the world aware of persecution of religious minorities in Pakistan.

He, however, deplored that a section of the youth is being “misguided” over the Citizenship (Amendment) Act, which is aimed at giving and not taking away anybody's citizenship rights.

“CAA is not about taking away citizenship, it is about giving citizenship. Today, on National Youth Day, I would like to tell this to the youngsters of India, West Bengal, North East that this is not an overnight law for giving citizenship.

“We must all know that any person of any religion from any country of the world who believes in India and its Constitution can apply for Indian citizenship through due process. There's no problem in that,” he told a gathering at Belur Math, the headquarters of Ramkrishna Mission.

Modi said even Mahatma Gandhi had favoured Indian citizenship to those fleeing religious persecution and that his government has only delivered on the wishes of the freedom fighters.

Referring to anti-CAA protests in the North-East, Modi vowed to protect the distinct identity and culture of the people of the region, and asserted the new law will not hurt their interests.

“We've only done what Mahatma Gandhi had said decades ago. Should we send these refugees back to die? Are they our responsibility or not? Should we make them our citizens or not?” he said, evoking a thunderous applause by the gathering.

Modi said some people with political interests are deliberately spreading rumours about the new citizenship law, despite “complete clarity” over the CAA.

“Our initiative to amend the citizenship act has created a dispute. It is the result of our initiative that Pakistan will now have to answer why they have been persecuting minorities for the last 70 years. Human rights have been demolished in Pakistan,” he said.

Seeking to assuage the concerns of the people of the North-East, Modi called the region “our pride”. “Their culture, traditions and demography remains untouched by this amended law,” he said.

He said the citizenship law was only “changed a little” for those who were ill-treated in Pakisan after Partition.

“They were having a bitter time living there. Women were in danger of losing their pride,” he said.

“Young people have understood the whole thing but those who want to indulge in politics over it will not,” he said.

Modi said five years ago, there was disappointment among the youth of the country, but the situation has changed now.

“Not just India, the entire world has a lot of expectations from the youth of the country. The youth are not afraid of challenges....they challenge the challenges,” he said at the Belur Math, the abode of Swami Vivekananda for several years until his death in 1902, aged 39 years.

Modi, an ardent devotee of Vivekananda, spent the night at the Math.

He has a long association with the Ramkrishna Mission order founded by Vivekananda in 1897. Inspired by the teachings of Vivekananda, Modi had arrived at the Mission Ashram in Gujarat's Rajkot and expressed desire to join the order.

Swami Atmasthananda, who later went on to become the 15th president of the Ramakrishna Math and the Ramakrishna Mission, then headed the Rajkot branch and had advised him that sanyas was not for him and that he should work among people.

During those days, Modi used to regularly meet Atmasthananda and sought his spiritual guidance.

Although Modi went back after spending some time there his the relationship with Swami Atmasthananda and the Ramkrishna Mission continued.

Whenever Modi used to visit Kolkata, even during his days as Gujarat chief minister, he would travel to the Math.

In 2013, during his Kolkata visit, he had gone to Belur and sought the blessings from Atmasthananda.

He had in 2015 called on ailing Swami Atmasthananda at Ramakrishna Mission Seva Pratisthan, a hospital run by the Mission in south Kolkata and enquired about his health.

After Atmasthananda's death in 2017, Prime Minister Modi had termed it as a “personal loss”.

On Sunday, the prime minister paid tributes to Swami Vivekananda on his birth anniversary, which is celebrated as the National Youth Day, and spent some time in the spiritual leader's room in quietude.

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