World Bank predicts India will remain fastest growing economy in 2019-20

Agencies
January 9, 2019

United Nations, Jan 9: Fuelled by policy reforms and rebound in credit, India's economy is forecast to expand by 7.5 per cent during the 2019-20 fiscal year and retain its position as the fastest growing major economy in a world of slowing growth, according to the World Bank.

The Bank`s Global Economic Prospects (GEP) report released on Tuesday kept the forecasts made for India in its June report for the next fiscal year and the 7.3 per cent estimate for the current fiscal year, up from 6.7 per cent recorded in 2017-18.

However, it warned that in South Asia, the upcoming election cycle "elevates political uncertainty in the region". "The challenging political environment could adversely affect the ongoing reform agenda and economic activity in some countries," it added.

The GEP presented a gloomy outlook for the world as a whole: Growth was projected to slow to 2.9 per cent for the current year, down from the estimated 3 per cent for the last year and to grow only by 2.8 per cent in the next two years.

It blamed trade tensions and slowdown in manufacturing for the pessimism.

The report said: "India is forecast to accelerate to 7.5 per cent in fiscal year 2019-20 as consumption remains robust and investment growth continues, and as (economic) activity benefits from recent policy reforms and a rebound in credit."

For the 2020-21 and 2021-22 fiscal years, the GEP has projected a growth rate of 7.5 per cent.

The World Bank`s 7.5 per cent growth projection for the next fiscal year is slightly higher than the 7.4 per cent made by the International Monetary Fund last October.

But the GEP`s estimate of 7.3 per cent for the current fiscal year falls between India`s Central Statistics Office (CSO) figure of 7.2 per cent and the Reserve Bank of India`s 7.4 per cent.

China`s growth rate was estimated to be 6.5 per cent last year and forecast to be 6.2 per cent this year and the next, and going down further to 6 per cent in 2021.

In South Asia, Pakistan`s growth rate is forecast to fall drastically from last fiscal year`s 5.8 per cent to 3.7 per cent this fiscal year "as financial conditions tighten in the face of rising inflation and external vulnerabilities". In 2019-20 it is forecast to rebound to 4.8 per cent.

Bangladesh grew faster than India with 7.9 per cent in the last fiscal year "driven mainly by private consumption and supported by remittance inflows", the report said. But its growth is forecast to fall to 7 per cent in the current fiscal year.

Releasing the report, the Bank`s Chief Executive Officer Kristalina Georgieva said: "At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead.

"As economic and financial headwinds intensify for emerging and developing countries, the world`s progress in reducing extreme poverty could be jeopardised. To keep the momentum, countries need to invest in people, foster inclusive growth, and build resilient societies."

According to the GEP, the advanced economies are the worst performers, with a growth rate of 2.2 per cent last year that is forecast to steadily fall to 2 per cent this year, and to 1.6 per cent and 1.5 per cent in the next two years.

The US, though, is faring better in that group with a 2.9 per cent growth last year and projected growth rates of 2.5 this year and 1.7 per cent and 1.6 in the next years.

Comments

Puresanghi
 - 
Wednesday, 9 Jan 2019

No doubt it is a press release from  nagpur HQ.  Since the election dates are nearing  all we can obaserve such dirty media politics.

What ever  - Only Ballot voting will save INDIA or later 2019-20 will be a TICK 20 era for all peace loving Patriot INDIANS.

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News Network
July 18,2020

Jaipur, Jul 18: BJP leader Laxmikant Bhardwaj filed a complaint against Congress leaders including Randeep Surjewala and Govind Singh Dotasra for associating Union Minister Gajendra Singh Shekhawat's name with an alleged audio clip related to "conspiring to topple" the elected government led by Chief Minister Ashok Gehlot in Rajasthan.

"Mahesh Joshi, Randeep Surjewala, and other accused have regularly been giving false and inflammatory statements against the BJP to criminally damage its reputation so that the blame for the current sorry state of affairs of the Congress can be pinned on the BJP. With the ill-intention of damaging the BJP''s reputation, a conspiracy was formed at the Chief Minister''s residence situated at 8 Civil lines," read the letter written by BJP Rajasthan spokesperson Bhardwaj to the Station Officer of Ashok Nagar police station read.

"From there (CM's residence) imitation of (voices) of people were falsely told to be of that of reputed leaders from the BJP and a fake phone conversation was created through which the false narrative of crores of rupees being offered to buy off Congress MLAs was created. The accused involved in this conspiracy have severely misused their position and power and the whole crime has been conducted by one named Lokesh Sharma, who calls himself an OSD of the Chief Minister," the letter further stated.

The complaint letter also said that Lokesh Sharma had "released three audio tapes to media workers on July 16, 2020, somewhere around 8:25 pm through WhatsApp so that the defamatory material can be circulated on a large scale to fulfill the criminal intent."

Mr Bhardwaj said that a news report in the Jaipur edition of a Hindi newspaper, published on July 17, 2020, had conveyed that the audiotape was released by Mr Sharma.

He further said that Congress leaders Randeep Surjewala, Govind Singh Dotasra, in a press conference held on Friday read out the conversation in the audio tapes publically and "using them as a basis accused the BJP of throttling democracy, sabotaging the mandate, and toppling the government."

Through this conspiracy, Mr Bhardwaj said that hateful and insulting comments are being made on the BJP and its supporters, and "on the basis of this the Special Operation Group (SOG) has filed fake lawsuits under Section 124A of the Indian Penal Code and is also threatening BJP leaders of arrest."

The BJP leader has urged the police officer to file a complaint against Mr Sharma, Mr Surjewala, Mr Dotasra, and others involved in the alleged conspiracy and take necessary action and recover the equipment used by them.

On June 17, Congress spokesperson Randeep Surjewala had accused Union Cabinet Minister Gajendra Singh Shekhawat and Congress legislator Bhanwarlal Sharma of conspiring to topple the elected government led by Chief Minister Ashok Gehlot in Rajasthan and subvert the voters' mandate.

"Yesterday, shocking tapes were aired by the media in which Union Minister Gajendra Singh Shekhawat, BJP leader Sanjay Jain and Congress MLA Bhanwar Lal Sharma spoke about bribing MLAs and bringing down Rajasthan government. Congress has suspended MLAs Bhanwar Lal Sharma and Vishvendra Singh from the primary membership of the party. The party has also issued show-cause notices to them," Mr Surjewala had said.

"We demand Rajasthan government and Special Operations Group (SOG) to register FIR and arrest the culprits as plenty of evidence has surfaced now," he had further stated.

Mr Surjewala had read out a transcript of an audio of alleged horse-trading between rebel MLAs and BJP, stating, "BJP has breached the trust of people. The audio clip reveals a horse-trading deal. This is a dark chapter in the history of democracy."

"This time the Narendra Modi government has challenged the wrong state," the Congress leader had said. He had alleged that the BJP has been "conspiring to topple Rajasthan government and buy legislators' allegiance."

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News Network
April 23,2020

New Delhi, Apr 23: The entire Muslim community cannot be held responsible for one group's "crime", Minority Affairs Minister Mukhtar Abbas Naqvi said on Thursday while reacting to instances of Muslims being blamed for the spurt in COVID-19 cases after Tablighi Jamaat congregation here, and asserted that most of the minority community members have condemned the group's action.

In an interview to news agency, Naqvi also expressed confidence that Muslims will abide by lockdown guidelines during the holy month of Ramzan.

He said across the India, imams, Ulema and Muslim organizations have unanimously decided that during Ramzan (the Islamic holy month), Muslims will not congregate in mosques, religious places and perform all rituals like 'Iftaar' (breaking of fast) and 'taraweeh' (special prayers) at home keeping in mind social distancing norms.

Naqvi said he has spoken with state waqf board officials, social and religious leaders, imams on adherence to the lockdown and social distancing guidelines during the Ramzan month starting Friday or Saturday evening and they have begun creating awareness among the people.

Asked about some people blaming Muslims for the spread of the pandemic after a large number of cases were found linked to the Tablighi Jamaat event at Nizamudddin here, Naqvi said the whole community cannot be held responsible for the "crime" of one organisation or one person.

"Whatever that organisation did, criminal negligence or crime...most Muslims have strongly reacted to it, condemned it and called for action against it. Entire community cannot be held responsible for one person or one organisation's crime," he asserted, adding that this has always been India's culture.

Last week, the Union Health Ministry had said 29.8 per cent of the total COVID-19 cases — 4,291 out of 14,378 COVID-19 infections — in the country were linked to the Tablighi Jamaat congregation in March at the group's headquarters in Delhi following which some sections of the society severely criticised Muslims, and blamed them for the spread of the pandemic in the country.

Naqvi's comments also assume significance in view of the 57-member prominent international Mulim grouping, Organisation of Islamic Cooperation (OIC), asking India to take "urgent steps" to protect the rights of its minority Muslim community and stop the incidents of "Islamophobia" in the country.

Hitting out at the OIC, the minister had said the country is "heaven for Muslims" and those trying to vitiate the atmosphere of prosperity cannot be friends of Indian Muslims.

Naqvi said those targeting Muslims are few isolated people who are trying to spread "misinformation" and "we should be united and isolate such elements".

On the COVID-19 lockdown restrictions during Ramzan, Naqvi said no Muslim wants to stay away from mosques during the holy month, but everyone has resolved to win this battle against coronavirus.

During this month, everyone should pray to God that not only India but also the entire world is freed from this COVID-19 pandemic, he said.

Asked whether Muslims have followed lockdown and social distancing guidelines till now, Naqvi said, "absolutely, the entire country is standing united in this fight against coronavirus."

"When Prime Minister Narendra Modi had appealed to people with folded hands, he had appealed to 130 crore Indians, it was not based on caste or religion. And everybody responded to his appeal and acted on it," he said.

People have faith that whatever Prime Minister Modi does is for the health and safety of the people, Naqvi said.

Asked about the role of the Opposition in the fight against COVID-19 and Congress chief Sonia Gandhi and Rahul Gandhi's suggestions, Naqvi said,"some people have criticized, but that is their habit, we don't take any offence to it."

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News Network
January 31,2020

New Delhi, Jan 31: Chief Economic Adviser K V Subramanian on Friday said India's GDP is expected to grow at 6-6.5 per cent next fiscal as the economic slowdown has bottomed out.

As per the first advance estimates released by the National Statistical Organisation (NSO), the country's economic growth is likely to hit an 11-year low of 5 per cent in the current fiscal ending March 2020.

The Economic Survey 2019-20, prepared by a team lead by Subramanian, has projected the GDP to expand in the range of 6-6.5 per cent during 2020-21.

The Indian economy has hit the bottom and it will see an uptick from here, he said in a media briefing post the Economic Survey.

Amidst a weak environment for global manufacturing, trade and demand, the Indian economy slowed down with GDP growth moderating to 4.8 per cent in the first half of 2019-20, lower than 6.2 per cent in H2 of 2018-19.

Based on NSO's first advance estimates of GDP growth for 2019-20 at 5 per cent, an uptick in GDP growth is expected in the second half of the fiscal, it said.

According to it, the uptick in second half of 2019-20 would be mainly due to ten positive factors like picking up of Nifty India Consumption Index for the first time this year, an upbeat secondary market, higher FDI flows, build-up of demand pressure, positive outlook for rural consumption, rebound of industrial activity, steady improvement in manufacturing, growth in merchandise exports, higher build-up of foreign exchange reserves and positive growth rate of GST revenue collection.

The survey also emphasised that merger of public sector banks may increase the financial strength of the merged entities, lower the risk aversion and result in lowering of lending rates.

Further, as the implementation of GST further settles down, the increased unification of the domestic market may reduce business costs and facilitate fresh investment.

Reforms in land and labour market may further reduce business costs, said the survey, presented a day before Sitharaman's Union Budget 2020-21.

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