'Take advantage of India's growth': Naidu to Zimbabwe

November 4, 2018

Harare, Nov 4: Vice President M Venkaiah Naidu has asked the Zimbabwean companies to take advantage of the current high growth trajectory of the Indian economy, saying the business environment in the country is changing for the better.

Addressing the India-Zimbabwe Business Forum meeting Saturday, Naidu said India and Zimbabwe have shared very cordial and warm relationship that dates back to the 17th century when they were trading in metals, minerals and textiles. However, the economic ties between the two nations have not fully reflected their immense potential.

The bilateral trade between the two nations stands at just over USD 230 million and investment at USD 500 million, which is "far below the potential".

"There are natural synergies and complementarities between the two economies and we need to tap them for our mutual benefit. Zimbabwean companies can take advantage of the current high growth trajectory of the Indian economy," Naidu said.

He said India, one of the fastest growing major economies in the world, is on course to become a 5 trillion economy by 2025. The country has recently become the 6th largest economy in the world with a GDP of USD 2.6 trillion, he added.

"Indian companies could form partnerships in Zimbabwe both for the domestic economy and for the wider Southern African Development Community (SADC) and Common Market for Eastern and Southern Africa(COMESA)," Naidu said.

The Vice President said the key areas with potential for two-way trade and investment engagement include mining, equipment manufacture, information and communication technology, biotechnology, pharmaceuticals, agriculture, food processing, auto components, medical devices, defence production, infrastructure and tourism sectors.

Small and Medium Enterprises (SME) sector is key to India's economy. As Zimbabwe's economy is also largely based on SME sector, it can benefit from India's experience, he said.

Inviting Zimbabwe companies to set up their business in India, Naidu quoted the World Bank’s 'Doing Business 2019' report which said that India, which advanced to 77th place in the global ranking, is now the region's top-ranked economy.

"Starting a business was made easier through consolidation of multiple application forms and the introduction of a Goods and Services Tax (GST)," the report stated.

"India is changing rapidly. The business environment is changing for the better. The archaic regulations are being dismantled. Seamless processes are being introduced," Naidu said.

"I hope today's Business Forum will be a major step forward to expand our economic ties and establish new ventures that will build on our strengths and answer our needs," he added.

Later in the evening, Naidu laid a wreath at the National Heroes Acre, a memorial housing the remains of those people who sacrificed their lives in Zimbabwe's struggle for independence.

Naidu is in Zimbabwe here as part of his six-day three-nation tour to Africa, aimed at deepening India’s strategic cooperation with Botswana, Zimbabwe and Malawi.

Comments

Bangarappa
 - 
Sunday, 4 Nov 2018

indias growth, my foot.. they are not marons like you, they may look black but there heart is pure & good, not like BJP evil heart.

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News Network
May 25,2020

Raipur, May 25: A union minister was caught on camera issuing threats to district administration officials in Chhattisgarh saying that she “knows how to take people to a room and beat them with belts"

Officials were taken aback when Renuka Singh, Minister of State for Tribal Affairs, delivered this dialogue during her visit to the quarantine centre at Balrampur, around 400 km from Chhattisgarh capital Raipur on Sunday.

Dilip Gupta, a resident of Balarampur district in Chhattisgarh, had accused the chief executive officer and tehsildar of the district panchayat of assaulting him in a quarantine centre in the area following a quarrel over shoddy facilities. Renuka Singh took cognizance of the matter and reached the quarantine centre to speak to Dilip Gupta.

The minister, on reaching the quarantine centre, received details of the incident from Gupta and his family and lashed out at the officials for "beating him up".

In a video, Renuka Singh is seen cautioning the officials to not think of BJP workers as "weak".

"Ye bhagwadhaari BJP ke karyakartao ko kamzor mat samajhna. Janpad me baithke aur aap tehsil me baith ke jo bhed-bhaav kar rahe hain BJP ke karyakartao ke sazth, bhool jaiye (Don't think of saffron-wearing BJP workers as weak. Forget the discrimination that you are showing towards BJP workers)," Renuka Singh said, lambasting the officials.

However, the minister did not stop there and went on to threaten the officials saying she knows how to 'thrash people with a belt'. 

"Andheri kothri me le jaa ke na main belt khol ke thokna jaanti hu bohot acche se (I very well know how to lock people in a dark room and thrash them with a belt)," Renuka Singh can be heard saying in a video from the incident.

Dilip Gupta, who was put under quarantine after he recently arrived from Delhi, had reportedly complained about the quality of food and basic facilities in the centre and had even uploaded a video on social media over the same after officials failed to address his issues.

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Agencies
March 24,2020

New Delhi, Mar 24: Nearly 500 coronavirus cases have been reported in India so far, according to Health Ministry data on Tuesday.

According to the data updated Tuesday morning, the total number of COVID-19 cases rose to 492, including 446 active cases.

The figure includes 41 foreign nationals and the nine deaths reported so far, the Health Ministry said.

West Bengal and Himachal Pradesh reported a casualty each on Monday while seven deaths were earlier reported from Maharashtra (two), Bihar, Karnataka, Delhi, Gujarat and Punjab.

Thirty-seven people have been cured/discharged/migrated, it added.

The number of active cases at 446 saw an increase of 22 from last night's figure.

As cases of the viral infection surged, authorities have put almost the entire country under lockdown, banning gathering of people and suspending road, rail and air traffic till March 31.

Kerala has reported the highest number of COVID-19 cases so far at 95, including eight foreign nationals, followed by Maharashtra which recorded 87, including three foreigners, according to the ministry data.

Karnataka has reported 37 cases of coronavirus patients, while cases in Rajasthan increased to 33, including two foreigners.

Uttar Pradesh has 33 positive cases, including a foreign national.

Telangana has so far reported 32 cases, including 10 foreigners.

Cases in Delhi rose to 31, including one foreigner, while Gujarat has reported 29 cases.

In Haryana, there are 26 cases, including 14 foreigners, while Punjab has reported 21 cases.

Ladakh has 13 cases, while Tamil Nadu has reported 12 cases, including two foreigners.

West Bengal, Madhya Pradesh and Andhra Pradesh have reported seven cases each so far.

Chandigarh has six cases, while Jammu and Kashmir has four cases.

Uttarakhand and Himachal Pradesh have reported three cases each, while there are two cases each in Bihar and Odisha.

Puducherry and Chhattisgarh have reported a case each.

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News Network
March 27,2020

Mumbai, Mar 27: The Reserve Bank of India (RBI) on Friday lowered the key repo rate by 75 basis points to 4.4 per cent in a bid to arrest the economic slowdown amid coronavirus (COVID-19) outbreak.
The reverse repo rate now stands at 4 per cent, down by 90 basis points, said RBI Governor Shaktikanta Das adding this has been done to make it unattractive for banks to passively deposit funds with the central bank and instead lend it to the productive sectors.
The six-member monetary policy committee (MPC) met on March 24, 25 and 27 and voted 4:2 in favour of the repo rate reduction. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy while ensuring that inflation remains within the target.
"The need of the hour is to shield the economy from the pandemic," said Das. "We need to mitigate the impact of coronavirus, revive economic growth and provide financial stability."
Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them.
The RBI Governor further said that the economic growth and inflation projection will be highly contingent depending on the duration, spread and intensity of the pandemic.
"Global economic activity has come to a near standstill as COVID-19 related lockdowns and social distancing are imposed across a widening swathe of affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed," said Das.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the global economy will slip into recession," he said.
However, the RBI has injected liquidity of Rs 2.8 lakh crore via various instruments equal to 1.4 per cent of GDP. "Along with today's measures, liquidity measures equal to 3.2 per cent of GDP. The RBI will take continuous measures to ensure liquidity in the system."
The RBI governor has said that all banking institutions can offer a three-month moratorium on all loans for a period of three months. The RBI has also allowed banks to restructure the working capital cycle for companies without worrying that these will have to be classified as a non-performing asset (NPA).
The three-month moratorium will permit banks to avoid a large onset of NPAs during the 21-day lockdown and keep their books healthy.
Das said banks and other financial institutions should do all they can to keep credit flowing to economic agents facing financial stress on account of the isolation that the virus has imposed.
"Market participants should work with regulators like the RBI and the Securities and Exchange Board of India (SEBI) to ensure the orderly functioning of markets in their role of price discovery and financial intermediation," he said.

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