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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News Network
February 6,2020

Washington, Feb 6: The US has expressed concern over the current situation of religious freedom in India and raised the issue with Indian officials, a senior State Department official has said.

The remarks came in the wake of widespread protests held across India against the Citizenship Amendment Act (CAA).

The senior State Department official, on condition of anonymity, said that he has met with officials in India about what is taking place in the nation and expressed concern.

"We are concerned about what's taking place in India. I have met with the Indian foreign minister. I've met with the Indian ambassador (to express my concern)," the official, who was recently in India, told reporters on Wednesday.

The US has also "expressed desire first to try to help and work through some of these issues", the official said as Secretary of State Mike Pompeo launched a 27-nation International Religious Freedom Alliance.

"To me, the initial step we try to do in most places is say what can we do to be of help you work through an issue to where there's not religious persecution. That's the first step, is just saying can we work with you on this," the official said.

India maintains that the Indian Constitution guarantees fundamental rights to all its citizens, including its minority communities.

It is widely acknowledged that India is a vibrant democracy where the Constitution provides protection of religious freedom, and where democratic governance and rule of law further promote and protect fundamental rights, a senior official of the Ministry of External Affairs has said.

According to the CAA, members of Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities who have come from Pakistan, Bangladesh and Afghanistan till December 31, 2014 following religious persecution there will get Indian citizenship.

The Indian government has been emphasising that the new law will not deny any citizenship rights, but has been brought to protect the oppressed minorities of neighbouring countries and give them citizenship.

Defending the CAA, Prime Minister Narendra Modi last month said that the law is not about taking away citizenship, it is about 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 said.

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Agencies
May 19,2020

New Delhi, May 19: Former Union Minister P Chidambaram said that as the fourth phase of the nationwide lockdown amid the coronavirus scare began from Monday, his thoughts were with the people of Kashmir who were in a "terrible lockdown within a lockdown."

The senior Congress leader said that at least now, the people in the rest of India will understand that he dubbed the "enormity of the injustice" done to those who were detained in Kashmir and those still under detention" immediately before and after the abrogation of Article 370 of the Indian Constitution on August 5, 2019.

Chidambaram said that former Jammu and Kashmir Chief Minister Mehbooba Mufti was the "worst sufferer" of preventive detention and even courts had shirked their constitutional duty with respect to detainees.

"The worst sufferers are Mehbooba Mufti and her senior party colleagues who are still in custody in a locked-down state in a locked-down country. They are deprived of every human right," he said in a statement.

"I cannot believe that for nearly 10 months, the courts will shirk their constitutional duty to protect the human rights of citizens," he added.

The detention on Mehbooba Mufti under the Public Safety Act (PSA) had been extended for three more months on May 5. Booked under the stringent PSA, she was initially kept at the Hari Niwas guesthouse in Srinagar but later shifted to a Tourism Department hut in the Chashma Shahi area.

She was shifted to her Gupkar Road official residence on April 7.

Besides Mehbooba Mufti, two other former Chief Ministers -- Omar Abdullah and his father Farooq Abdullah -- were also detained under the PSA but later released.

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News Network
June 12,2020

Jun 12: The global number of COVID-19 cases has increased to over 7.5 million, while the death toll was nearing 421,000, according to the Johns Hopkins University.

As of Friday morning, the overall number of cases stood at 7,500,777, while the deaths increased to 420,993, the University's Center for Systems Science and Engineering (CSSE) revealed in its latest update.

The US continues with the world's highest number of confirmed cases and deaths at 2,022,488 and 113,803, respectively, according to the CSSE.

In terms of cases, Brazil comes in the second place with 802,828 infections.

This was followed by Russia (501,800), the UK (292,860), India (286,605), Spain (242,707), Italy (236,142), Peru (214,788), France (192,493), Germany (186,691), Iran (180,156), Turkey (174,023), Chile (154,092), Mexico (133,974), Pakistan (125,933) and Saudi Arabia (116,021), the CSSE figures showed.

Regarding fatalities, the UK continues in the second position after the US with 41,364 COVID-19 deaths, which also accounts for the highest number of fatalities in Europe.

The other countries with over 10,000 deaths are Brazil (40,919), Italy (34,167), France (29,349), Spain (27,136) and Mexico (15,944).

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