Bahrain tops London and Silicon Valley for percentage of female startup founders

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.

New Delhi, May 17: Eight of the 10 most valued domestic firms suffered a combined erosion of Rs 1,37,311.31 crore in market valuation last week, with Reliance Industries (RIL) taking the biggest knock.

Only Bharti Airtel and ITC from the top-10 list managed to close the week with gains.

RIL's market cap plunged Rs 65,232.46 crore to Rs 9,24,855.56 crore.

The market valuation of HDFC Bank declined Rs 22,347.07 crore to Rs 4,87,083.88 crore and that of Hindustan Unilever Limited tanked Rs 13,192.26 crore to Rs 4,77,458.89 crore.

ICICI Bank's market cap dropped Rs 9,770.06 crore to Rs 2,08,900.79 crore.

Infosys witnessed a decline of Rs 9,518.84 crore in valuation to reach Rs 2,77,814.09 crore while that of HDFC tumbled Rs 9,370.38 crore to Rs 2,83,293.70 crore.

The m-cap of Kotak Mahindra Bank slipped by Rs 7,805.2 crore to Rs 2,25,327.22 crore.

Tata Consultancy Services' market valuation dipped Rs 75.04 crore to Rs 7,10,439 crore.

In contrast, Bharti Airtel added Rs 13,147.89 crore to its valuation to stand at Rs 3,02,292.43 crore.

ITC's valuation also rose by Rs 7,744.11 crore to Rs 2,02,330.13 crore.

In the ranking of top-10 firms, RIL retained the number one spot, followed by TCS, HDFC Bank, HUL, Airtel, HDFC, Infosys, Kotak Mahindra Bank, ICICI Bank and ITC.

During the last week, the Sensex declined 544.97 points or 1.72 per cent.

Dubai, May 3: Over 150,000 Indians in the UAE, who wish to return home amid the coronavirus lockdown, have applied through the online registration process to the Indian missions here, according to media reports.

The Indian missions in the country last week opened online registration for the expatriates who wish to fly back home after getting stuck in the country amidst the lockdown due to the coronavirus pandemic.

As of 6 pm on Saturday, we received more than 150,000 registrations, Consul General of India in Dubai Vipul told the Gulf News on Saturday.

A quarter of them want to return to their homeland after losing their jobs, he said.

According to a report in the Khaleej Times on Sunday, about 40 per cent of the applicants who have registered are blue-collared workers and 20 per cent are working professionals.

"Roughly 20 per cent have suffered job losses and about 55 per cent of the total applicants are from Kerala," Neeraj Aggarwal, Consul, Press, Information, Culture was quoted as saying in the report.

Aggarwal said that the figures would change as they are expecting registrations from workers from other states, including Telangana, Uttar Pradesh, and Bihar.

About 10 per cent of the applicants are visit and tourist visa holders who got stranded here due to the ongoing lockdown in India.

India extended the ongoing lockdown by two weeks from May 4 to contain the spread of the coronavirus that has affected nearly 40,000 people in the country.

Aggarwal said that a small number of the applications constitute those from pregnant women and other medical cases.

Since the online registration process was launched, the Consulate's website crashed several times due to the heavy rush of applicants wishing to register to fly back home.

The site has been working fine now though it took a lot of time for it to stabilise in the initial phase due to the heavy traffic, the counsel general said.

He said that the missions here have not yet received any information from the Indian government about the mode of transport of the stranded citizens, the prices of the tickets or how the COVID-19 test results of applicants would be assessed for their journey.

There are high-level discussions going on regarding these things, he said in the report.

Meanwhile, Norka (The Non Resident Keralites Affairs) said it has received a total of 398,000 applications from Keralites across the globe who wish to return home.

"Of which, the highest numbers are from the UAE. At least 175,423 applicants have signed up from the UAE," Norka said in an official statement on Saturday.

It also received 54,305 registrations from Saudi Arabia, 2,437 from the UK, 2,255 from the US, and 1,958 from Ukraine from those who wish to return to India, the Khaleej Times reported.

The coronavirus has infected 13,599 people and claimed 119 lives in the UAE, the Ministry of Health and Prevention said on Saturday.