<a href="https://www.wionews.com/business-economy/gdp-growth-falls-to-5-per-cent-in-in-april-june-2019-246664">India's GDP growth falls to 5 per cent in April-June 2019</a>

India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20 indicating that that slowdown in the Indian economy persists.

<a href="https://www.wionews.com/business-economy/finance-minister-nirmala-sitharaman-announces-4-state-run-banks-mergers-246642">Mega bank reforms: Finance Minister Nirmala Sitharaman announces 4 state-run banks mergers</a>

Finance Minister Nirmala Sithraman on Friday announced four state-run banks mergers. India will now have 12 Public Sector Banks from 27.

<a href="https://www.wionews.com/world/brexit-endgame-its-pm-boris-johnson-versus-parliament-in-historic-showdown-246685">Brexit endgame: It's PM Boris Johnson versus parliament in historic showdown</a>

After more than 1,000 days of political brawling, hordes of headlines and dizzying lurches in sterling, the battle of Brexit enters the endgame.

<a href="https://www.wionews.com/world/warsaw-washington-agree-on-locations-for-new-us-troops-in-poland-defence-minister-246680">Warsaw, Washington agree on locations for new US troops in Poland: Defence minister</a>

Warsaw and Washington have agreed on six locations for new US troops to be stationed in Poland, the country's Defence Minister Mariusz Blaszczak said on Friday, a day after Donald Trump cancelled a trip to the eastern European nation.

<a href="https://www.wionews.com/world/hong-kong-mass-rally-called-off-as-pro-democracy-lawmaker-arrested-in-protest-crackdown-246649">Hong Kong: Mass rally called-off as pro-democracy lawmaker arrested in protest crackdown</a>

Prominent Hong Kong democracy activists including a lawmaker were arrested Friday in a protest crackdown -- a move described by rights groups as a well-worn tactic deployed by China to suffocate dissent ahead of key political events.

&nbsp;

India's GDP growth falls to 5 per cent in April-June 2019 India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20 indicating that that slowdown in the Indian economy persists.

India's GDP growth falls to 5 per cent in April-June 2019 India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20 indicating that that slowdown in the Indian economy persists. Mega bank reforms: Finance Minister Nirmala Sitharaman announces 4 state-run banks mergers Finance Minister Nirmala Sithraman on Friday announced four state-run banks mergers. India will now have 12 Public Sector Banks from 27. Brexit endgame: It's PM Boris Johnson versus parliament in historic showdown After more than 1,000 days of political brawling, hordes of headlines and dizzying lurches in sterling, the battle of Brexit enters the endgame. Warsaw, Washington agree on locations for new US troops in Poland: Defence minister Warsaw and Washington have agreed on six locations for new US troops to be stationed in Poland, the country's Defence Minister Mariusz Blaszczak said on Friday, a day after Donald Trump cancelled a trip to the eastern European nation. Hong Kong: Mass rally called-off as pro-democracy lawmaker arrested in protest crackdown Prominent Hong Kong democracy activists including a lawmaker were arrested Friday in a protest crackdown -- a move described by rights groups as a well-worn tactic deployed by China to suffocate dissent ahead of key political events.

News brief: Big stories of the day

India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20&nbsp;indicating that that slowdown in the Indian economy persists.

The GDP growth fell from 5.8 per cent to 5 per cent in the April to June period in 2019.

In May, the government had announced India's GDP figures for January-March quarter of 2018-19&nbsp;had slipped to 5.8 per cent against 6.6 per cent in the third quarter due to poor performance in agriculture and manufacturing sectors.

The Central Statistics Office (CSO) had said that GDP growth during 2018-19 fiscal had stood at 6.8 per cent&nbsp;lower than 7.2 per cent in the previous financial year.

India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20 indicating that that slowdown in the Indian economy persists. The GDP growth fell from 5.

India's GDP growth slowed down to 5 per cent in the first quarter of the financial year FY20 indicating that that slowdown in the Indian economy persists. The GDP growth fell from 5.8 per cent to 5 per cent in the April to June period in 2019. In May, the government had announced India's GDP figures for January-March quarter of 2018-19 had slipped to 5.8 per cent against 6.6 per cent in the third quarter due to poor performance in agriculture and manufacturing sectors. The Central Statistics Office (CSO) had said that GDP growth during 2018-19 fiscal had stood at 6.8 per cent lower than 7.2 per cent in the previous financial year.

India's GDP growth falls to 5 per cent in April-June 2019

The Economic Advisory Council to the Prime Minister (EAC-PM) said on Wednesday that <a href="https://www.wionews.com/business-economy/government-says-it-follows-accepted-procedures-for-gdp-estimation-226348">India's GDP</a> estimation methodology is at par with its global standing as a responsible, transparent and well-managed economy.

A detailed note titled 'GDP estimation in India: Perspectives and Facts'&nbsp;rubbished former Chief Economic Adviser Arvind Subramanian's claims that India's average annual growth between 2011-12 and 2016-17 May have been over-estimated by about 2.5 percentage points -- meaning that India actually grew at 4.5 per cent and not 7 per cent, between 2011-12 and 2016-17.

The note said Subramanian cherry-picked a few indicators and performed a rather unconvincing regression analysis to prove his hypothesis that India`s GDP was over-estimated post-2011-12.

For instance, Subramanian's paper selectively ignores tax data based on the argument that the period post-2011-12 witnessed major changes in direct and indirect taxes.

The note said Subramanian's analysis ended on March 31, 2017, while the only major tax change (Goods and Services Tax) was introduced on July 1, 2017.

In totality, the note highlights eight clear points with supportive facts and arguments that debunk Subramanian's paper in entirety. The new methodology that uses 2011-12 as the base year includes two major improvements: incorporation of MCA21 database and incorporation of Recommendations of System of National Accounts (SNA) 2008.

"This change was in line with other countries that have changed their methodologies in line with SNA 2008 and revised their respective GDP figures."

On average, the real GDP estimates saw an increase of 0.7 per cent among OECD countries.

The note prepared with major contributions from leading economists Bibek Debroy, Rathin Roy, Surjit Bhalla, Charan Singh, and Arvind Virmani "reject Subramanian's methodology, arguments, and conclusions on the basis of academic merit and grasp of Indian realities," according to an official statement.

The note concluded with the point that India's GDP estimation methodology is by no means a perfect exercise and the Ministry of Statistics and Programme Implementation is working on multiple aspects to improve the accuracy of economic data.

"However, the direction and pace of improvement is commendable and as of today India's GDP estimation methodology is at par with its global standing as a responsible, transparent and well-managed economy," said the statement.

"If anything, the weakness of Subramaniam's attempt to suggest that the growth numbers are over-estimated confirms that the estimation process is robust to spurious criticism," said the statement.

"Going forward, Indian National Income Accounting is bound to change for good and an important step in accomplishing that will involve criticism from experts and academics. But the country's interests are not served by imparting sensationalism through the negativity that questions the credibility of the system," added the statement.

The Economic Advisory Council to the Prime Minister (EAC-PM) said on Wednesday that India's GDP estimation methodology is at par with its global standing as a responsible, transparent and well-managed economy.

The Economic Advisory Council to the Prime Minister (EAC-PM) said on Wednesday that India's GDP estimation methodology is at par with its global standing as a responsible, transparent and well-managed economy. A detailed note titled 'GDP estimation in India: Perspectives and Facts' rubbished former Chief Economic Adviser Arvind Subramanian's claims that India's average annual growth between 2011-12 and 2016-17 May have been over-estimated by about 2.5 percentage points -- meaning that India actually grew at 4.5 per cent and not 7 per cent, between 2011-12 and 2016-17. The note said Subramanian cherry-picked a few indicators and performed a rather unconvincing regression analysis to prove his hypothesis that India`s GDP was over-estimated post-2011-12. For instance, Subramanian's paper selectively ignores tax data based on the argument that the period post-2011-12 witnessed major changes in direct and indirect taxes. The note said Subramanian's analysis ended on March 31, 2017, while the only major tax change (Goods and Services Tax) was introduced on July 1, 2017. In totality, the note highlights eight clear points with supportive facts and arguments that debunk Subramanian's paper in entirety. The new methodology that uses 2011-12 as the base year includes two major improvements: incorporation of MCA21 database and incorporation of Recommendations of System of National Accounts (SNA) 2008. "This change was in line with other countries that have changed their methodologies in line with SNA 2008 and revised their respective GDP figures." On average, the real GDP estimates saw an increase of 0.7 per cent among OECD countries. The note prepared with major contributions from leading economists Bibek Debroy, Rathin Roy, Surjit Bhalla, Charan Singh, and Arvind Virmani "reject Subramanian's methodology, arguments, and conclusions on the basis of academic merit and grasp of Indian realities," according to an official statement. The note concluded with the point that India's GDP estimation methodology is by no means a perfect exercise and the Ministry of Statistics and Programme Implementation is working on multiple aspects to improve the accuracy of economic data. "However, the direction and pace of improvement is commendable and as of today India's GDP estimation methodology is at par with its global standing as a responsible, transparent and well-managed economy," said the statement. "If anything, the weakness of Subramaniam's attempt to suggest that the growth numbers are over-estimated confirms that the estimation process is robust to spurious criticism," said the statement. "Going forward, Indian National Income Accounting is bound to change for good and an important step in accomplishing that will involve criticism from experts and academics. But the country's interests are not served by imparting sensationalism through the negativity that questions the credibility of the system," added the statement.

EAC-PM releases detailed analysis on robustness of India's GDP estimation methodology

The promise of democracy is the periodic opportunity it creates for fresh beginnings. A government re-elected with such a resounding mandate should continue with the successful aspects of its economic policies. The most notable has been promoting economic inclusion via the public provision of essential private goods and services, including toilets, housing, power, cooking gas, bank accounts, emergency medical assistance, and now a basic income for all farmers.

India Watch: Is India's GDP rate overestimated?

India’s economic growth rate slowed to five-year low of 5.8% in January-March 2018-19, due to poor performance in agriculture and manufacturing sectors, official data released on May 31 said.

India's GDP growth rate slumps to 5.8% in fourth quarter

Asserting that the strategic partnership between<a href="https://www.wionews.com/india-news/trump-to-end-trade-privileges-for-india-on-june-5-223286"> India and the US </a>has strengthened significantly during the past two decades, the Pentagon on Friday told the Congress that both countries recognise the importance of the Indo-Pacific to global trade and commerce and share a common outlook on the region.

The Indo-Pacific region contributes two-thirds of global growth in the gross domestic product (GDP) and accounts for 60 per cent of the global GDP.&nbsp;

This region includes the world's largest economies- the United States, China and Japan- and six of the world's fastest-growing economies - India, Cambodia, Laos, Myanmar, Nepal and the Philippines.

A quarter of US exports go to the Indo-Pacific. Exports to India and China have more than doubled over the past decade due to free and open trade routes through the air, sea, land, space and cyber commons that form the current global system.

"Both countries recognise the importance of the Indo-Pacific to global trade and commerce and acknowledge that developments in this region will shape the larger trajectory of the rules-based international order,"&nbsp;the Pentagon said in an Indo-Pacific Strategy Report to the Congress amidst China flexing its muscles in the South China Sea.

India, through its "Act East"&nbsp;policy, continues to make significant security, economic and development investments to secure the vision of a free and open Indo-Pacific region, said the report which is a comprehensive articulation of its role within a whole-of-government strategy for the Indo-Pacific region.&nbsp;

As an implementation document, the report provides clarity on the US National Defence Strategy as it applies to the region and highlights the role of allies and partners in implementing our shared vision for a free and open Indo-Pacific.

Noting that the Indian Ocean Region is at the nexus of global trade and commerce, with nearly half of the world's 90,000 commercial vessels and two thirds of global oil trade travelling through its sea lanes, it said the region boasts some of the fastest-growing economies on Earth and is home to a quarter of the world's population.

While the region offers unprecedented opportunity, it is also confronting a myriad of security challenges, including terrorism, transnational crime, trafficking-in-persons, and illicit drugs.&nbsp;

To combat these challenges, the United States seeks opportunities to broaden and strengthen partnerships with India, Sri Lanka, the Maldives, Bangladesh and Nepal to respond to shared regional challenges, the report said.

The US and India maintain a broad-based strategic partnership, underpinned by shared interests, democratic values and strong people-to-people ties, it said.

"The US-India strategic partnership has strengthened significantly during the past two decades, based on a convergence of strategic interests, and the United States and India continue to use their deepening relationship to build new partnerships within and beyond the Indo-Pacific,"&nbsp;the Pentagon said.

Noting that in June 2016, the US designated India a "Major Defense Partner,"&nbsp;a status unique to India, the Pentagon said the designation seeks to elevate the US defence partnership with India to a level commensurate with that of the United States' closest allies and partners.

The establishment of the US-India 2+2 Ministerial Dialogue in September 2018 also serves as a tangible demonstration of our commitment to promoting the shared principles of a free and open Indo-Pacific, it said.

According to the Pentagon, the US continues to pursue a range of initiatives with India to enable cooperation, strengthen their inter-operability, and establish a strong foundation for defence trade, technology sharing, industrial collaboration, and broader cooperation on defence innovation.

The signing of the Communications, Compatibility and Security Agreement in 2018 represents a significant development in our military-to-military relationship, facilitating greater inter-operability and real-time secure information-sharing. Department of Defense and the Indian Ministry of Defence are increasing the scope, complexity, and frequency of our military exercises.

Later this year, the US and India will conduct their first tri-service exercise, it said.&nbsp;

Asserting that the strategic partnership between India and the US has strengthened significantly during the past two decades, the Pentagon on Friday told the Congress that both countries recognise the importance of the Indo-Pacific to global trade and commerce and share a common outlook on the region.

Asserting that the strategic partnership between India and the US has strengthened significantly during the past two decades, the Pentagon on Friday told the Congress that both countries recognise the importance of the Indo-Pacific to global trade and commerce and share a common outlook on the region. The Indo-Pacific region contributes two-thirds of global growth in the gross domestic product (GDP) and accounts for 60 per cent of the global GDP. This region includes the world's largest economies- the United States, China and Japan- and six of the world's fastest-growing economies - India, Cambodia, Laos, Myanmar, Nepal and the Philippines. A quarter of US exports go to the Indo-Pacific. Exports to India and China have more than doubled over the past decade due to free and open trade routes through the air, sea, land, space and cyber commons that form the current global system. "Both countries recognise the importance of the Indo-Pacific to global trade and commerce and acknowledge that developments in this region will shape the larger trajectory of the rules-based international order," the Pentagon said in an Indo-Pacific Strategy Report to the Congress amidst China flexing its muscles in the South China Sea. India, through its "Act East" policy, continues to make significant security, economic and development investments to secure the vision of a free and open Indo-Pacific region, said the report which is a comprehensive articulation of its role within a whole-of-government strategy for the Indo-Pacific region. As an implementation document, the report provides clarity on the US National Defence Strategy as it applies to the region and highlights the role of allies and partners in implementing our shared vision for a free and open Indo-Pacific. Noting that the Indian Ocean Region is at the nexus of global trade and commerce, with nearly half of the world's 90,000 commercial vessels and two thirds of global oil trade travelling through its sea lanes, it said the region boasts some of the fastest-growing economies on Earth and is home to a quarter of the world's population. While the region offers unprecedented opportunity, it is also confronting a myriad of security challenges, including terrorism, transnational crime, trafficking-in-persons, and illicit drugs. To combat these challenges, the United States seeks opportunities to broaden and strengthen partnerships with India, Sri Lanka, the Maldives, Bangladesh and Nepal to respond to shared regional challenges, the report said. The US and India maintain a broad-based strategic partnership, underpinned by shared interests, democratic values and strong people-to-people ties, it said. "The US-India strategic partnership has strengthened significantly during the past two decades, based on a convergence of strategic interests, and the United States and India continue to use their deepening relationship to build new partnerships within and beyond the Indo-Pacific," the Pentagon said. Noting that in June 2016, the US designated India a "Major Defense Partner," a status unique to India, the Pentagon said the designation seeks to elevate the US defence partnership with India to a level commensurate with that of the United States' closest allies and partners. The establishment of the US-India 2+2 Ministerial Dialogue in September 2018 also serves as a tangible demonstration of our commitment to promoting the shared principles of a free and open Indo-Pacific, it said. According to the Pentagon, the US continues to pursue a range of initiatives with India to enable cooperation, strengthen their inter-operability, and establish a strong foundation for defence trade, technology sharing, industrial collaboration, and broader cooperation on defence innovation. The signing of the Communications, Compatibility and Security Agreement in 2018 represents a significant development in our military-to-military relationship, facilitating greater inter-operability and real-time secure information-sharing. Department of Defense and the Indian Ministry of Defence are increasing the scope, complexity, and frequency of our military exercises. Later this year, the US and India will conduct their first tri-service exercise, it said.

India, US strategic partnership has strengthened significantly: Pentagon

Congress party on Saturday urged the new government led by Prime Minister Narendra Modi to come up with a multi-phased roadmap to kick-start the economy and evolve an employment generating strategy.

"Slump in economic growth and runaway unemployment are two important challenges before the country. I hope the Prime Minister and the Finance Minister will address them by laying a short-medium-long term roadmap of kick-starting the growth engine as also employment generating strategy," said Congress leader Randeep Surjewala.

Government data showed on Friday that the country recorded a GDP growth of 6.8 per cent in 2018-19, the lowest in five years. In FY 2017-18, the GDP growth rate was 7.2 per cent.

The slowdown was largely attributed to lacklustre growth in the agriculture and mining sectors.

Data released by the Ministry of Statistics and Programme Implementation on Friday also showed that 5.8 per cent of men and 3.8 per cent of women are unemployed in rural India.

In urban areas, the numbers are much higher at 7.1 per cent of men and 10.8 per cent women being unemployed.

Congress leader PL Punia also urged the government to take concrete steps to reverse the economic slowdown which, he said, is causing a lot of hardship to people.

The industrial output is down, the manufacturing sector is not growing, resulting in massive unemployment in urban and rural regions across the country, he said.

The news of unemployment in 2017-18 at 6.1 per cent came as when the Cabinet of Prime Minister Narendra Modi began its second term on Friday.

Congress party on Saturday urged the new government led by Prime Minister Narendra Modi to come up with a multi-phased roadmap to kick-start the economy and evolve an employment generating strategy.

Congress party on Saturday urged the new government led by Prime Minister Narendra Modi to come up with a multi-phased roadmap to kick-start the economy and evolve an employment generating strategy. "Slump in economic growth and runaway unemployment are two important challenges before the country. I hope the Prime Minister and the Finance Minister will address them by laying a short-medium-long term roadmap of kick-starting the growth engine as also employment generating strategy," said Congress leader Randeep Surjewala. Government data showed on Friday that the country recorded a GDP growth of 6.8 per cent in 2018-19, the lowest in five years. In FY 2017-18, the GDP growth rate was 7.2 per cent. The slowdown was largely attributed to lacklustre growth in the agriculture and mining sectors. Data released by the Ministry of Statistics and Programme Implementation on Friday also showed that 5.8 per cent of men and 3.8 per cent of women are unemployed in rural India. In urban areas, the numbers are much higher at 7.1 per cent of men and 10.8 per cent women being unemployed. Congress leader PL Punia also urged the government to take concrete steps to reverse the economic slowdown which, he said, is causing a lot of hardship to people. The industrial output is down, the manufacturing sector is not growing, resulting in massive unemployment in urban and rural regions across the country, he said. The news of unemployment in 2017-18 at 6.1 per cent came as when the Cabinet of Prime Minister Narendra Modi began its second term on Friday.

Congress urges new government to reverse economic slowdown

India's GDP is expected to grow at <a href="http://www.wionews.com/business-economy/world-economy-to-slow-this-year-due-to-us-china-trade-conflict-world-bank-189112">7.3 per cent in the fiscal year 2018-19</a>, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment.

The bank said India will <a href="http://www.wionews.com/business-economy/government-estimates-gdp-growth-at-72-for-2018-19-188853">continue to be the fastest</a> growing major economy in the world.

China's economic growth is projected to slow down to 6.2 each in 2019 and 2020 and 6 per cent in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday.

In 2018, the Chinese economy is estimated to have grown by 6.5 per cent as against India's 7.3 per cent.&nbsp;

In 2017, China with 6.9 per cent growth was marginally ahead of India's 6.7 per cent, mainly because the slowdown in the Indian economy due to demonetisation and implementation of the Goods and Services Tax (GST), the report said. 
&nbsp; 
"India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said.

"With investment picking up and consumption remaining strong, we expect India to grow 7.3 per cent in the fiscal year 2018-2019, and average 7.5 per cent in 2019 and 2020. India registered quite a bit of pick up in doing business ranking. The growth momentum is there (in India)," Kose informed.

In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report.&nbsp;

Domestic demand has strengthened as the benefits of structural reforms such as the Goods and Services Tax (GST) harmonisation and bank recapitalisation take effect.

"India's growth accelerated to an estimated 7.3 per cent in FY2018/19 (April to March) as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid the GST harmonisation and a rebound of credit growth, consumption remained the major contributor to growth," the World Bank said.

According to the report, India's GDP is forecast to grow by 7.3 per cent in FY2018/19 and 7.5 per cent thereafter, in line with June forecasts.&nbsp;

Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialise and credit rebounds.

Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India's target range of 2 to 6 per cent, mainly owing to energy and food prices, the bank said. 
&nbsp;&nbsp; &nbsp; 
It said in India the recent introduction of the GST and steps toward demonetisation are expected to encourage a shift from the informal to the formal sector.

"India's recent growth numbers suggest that the economy remains robust despite temporary setbacks (due top demonetisation and GST)," Kose said.&nbsp;

The World Bank's estimate suggest that India's potential growth rate is around seven per cent, and is expected to remain around seven per cent, he said in response to a question.&nbsp;

"The fact is that Indian economy is being able to deliver growth slightly above its potential is a very good sign," he added.

Refraining from commenting on the economic performance of the Modi government that too in an election year, the World Bank official said growth performance of India as compared to other emerging markets has been quite impressive.&nbsp;

"India's growth performance has been quite impressive. Year after year it has delivered strong numbers around its potential growth," he said.

India's GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment.

India's GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment. The bank said India will continue to be the fastest growing major economy in the world. China's economic growth is projected to slow down to 6.2 each in 2019 and 2020 and 6 per cent in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday. In 2018, the Chinese economy is estimated to have grown by 6.5 per cent as against India's 7.3 per cent. In 2017, China with 6.9 per cent growth was marginally ahead of India's 6.7 per cent, mainly because the slowdown in the Indian economy due to demonetisation and implementation of the Goods and Services Tax (GST), the report said. "India's growth outlook is still robust. India is still the fastest growing major economy," World Bank Prospects Group Director Ayhan Kose said. "With investment picking up and consumption remaining strong, we expect India to grow 7.3 per cent in the fiscal year 2018-2019, and average 7.5 per cent in 2019 and 2020. India registered quite a bit of pick up in doing business ranking. The growth momentum is there (in India)," Kose informed. In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report. Domestic demand has strengthened as the benefits of structural reforms such as the Goods and Services Tax (GST) harmonisation and bank recapitalisation take effect. "India's growth accelerated to an estimated 7.3 per cent in FY2018/19 (April to March) as economic activity continued to recover with strong domestic demand. While investment continued to strengthen amid the GST harmonisation and a rebound of credit growth, consumption remained the major contributor to growth," the World Bank said. According to the report, India's GDP is forecast to grow by 7.3 per cent in FY2018/19 and 7.5 per cent thereafter, in line with June forecasts. Private consumption is projected to remain robust and investment growth is expected to continue as the benefits of recent policy reforms begin to materialise and credit rebounds. Strong domestic demand is envisioned to widen the current account deficit to 2.6 per cent of GDP next year. Inflation is projected to rise somewhat above the midpoint of the Reserve Bank of India's target range of 2 to 6 per cent, mainly owing to energy and food prices, the bank said. It said in India the recent introduction of the GST and steps toward demonetisation are expected to encourage a shift from the informal to the formal sector. "India's recent growth numbers suggest that the economy remains robust despite temporary setbacks (due top demonetisation and GST)," Kose said. The World Bank's estimate suggest that India's potential growth rate is around seven per cent, and is expected to remain around seven per cent, he said in response to a question. "The fact is that Indian economy is being able to deliver growth slightly above its potential is a very good sign," he added. Refraining from commenting on the economic performance of the Modi government that too in an election year, the World Bank official said growth performance of India as compared to other emerging markets has been quite impressive. "India's growth performance has been quite impressive. Year after year it has delivered strong numbers around its potential growth," he said.

India's GDP to grow at 7.3%, China to grow at 6.5% this year: World Bank

<a href="http://www.wionews.com/business-economy/indias-second-quarter-gdp-slips-to-71-per-cent-180485">India's </a><a href="http://www.wionews.com/business-economy/indias-second-quarter-gdp-slips-to-71-per-cent-180485">second quarter</a><a href="http://www.wionews.com/business-economy/indias-second-quarter-gdp-slips-to-71-per-cent-180485"> GDP slips to 7.1 per cent</a>

India recorded its second quarter(Q2) GDP at 7.1 per cent which was slower than the last quarter.

<a href="http://www.wionews.com/india-news/congress-central-leadership-asked-me-to-go-to-kartarpur-navjot-singh-sidhu-on-pakistan-visit-180481">Congress central leadership asked me to go to Kartarpur: Sidhu</a>

Amid the criticism over Pakistan visit, Punjab Cabinet Minister, Navjot Singh Sidhu said that he went for the Kartapur Corridor inauguration ceremony with the consent of his party's central leadership.

<a href="http://www.wionews.com/world/g20-trump-meets-argentine-president-mauricio-macri-discuss-trade-military-ties-180467">G20: Trump meets Argentine President Mauricio Macri; discuss trade, military ties</a>

President Trump met Argentine President Mauricio Macri ahead of the G20 opening at Buenos Aires in Argentina on Friday.

<a href="http://www.wionews.com/india-news/delhi-rahul-gandhi-arvind-kejriwal-farooq-abdullah-join-farmers-protest-at-jantar-mantar-180470">Delhi: Rahul, Kejriwal join farmers' protest at Jantar Mantar</a>

Opposition leaders including Congress President Rahul Gandhi, Delhi Chief Minister Arvind Kejriwal and National Conference Chairman Farooq Abdullah participated in massive farmers protest in Delhi on Friday.&nbsp;

<a href="http://www.wionews.com/india-news/telangana-cm-kcr-under-fire-for-snapping-at-man-querying-about-12-quota-for-muslims-180499">Telangana CM KCR under fire for snapping at man querying about 12% quota for Muslims</a>

TRS leader and Telangana caretaker Chief Minister K Chandrasekhar Rao lost his cool and asked a man to remain silent when he raised a question on the proposed 12 per cent reservation for Muslims during an election meeting in Komaram Bheem Asifabad district.

&nbsp;

India's second quarter GDP slips to 7.1 per cent India recorded its second quarter(Q2) GDP at 7.1 per cent which was slower than the last quarter. Congress central leadership asked me to go to Kartarpur: Sidhu Amid the criticism over Pakistan visit, Punjab Cabinet Minister, Navjot Singh Sidhu said that he went for the Kartapur Corridor inauguration ceremony with the consent of his party's central leadership.

India's second quarter GDP slips to 7.1 per cent India recorded its second quarter(Q2) GDP at 7.1 per cent which was slower than the last quarter. Congress central leadership asked me to go to Kartarpur: Sidhu Amid the criticism over Pakistan visit, Punjab Cabinet Minister, Navjot Singh Sidhu said that he went for the Kartapur Corridor inauguration ceremony with the consent of his party's central leadership. G20: Trump meets Argentine President Mauricio Macri; discuss trade, military ties President Trump met Argentine President Mauricio Macri ahead of the G20 opening at Buenos Aires in Argentina on Friday. Delhi: Rahul, Kejriwal join farmers' protest at Jantar Mantar Opposition leaders including Congress President Rahul Gandhi, Delhi Chief Minister Arvind Kejriwal and National Conference Chairman Farooq Abdullah participated in massive farmers protest in Delhi on Friday. Telangana CM KCR under fire for snapping at man querying about 12% quota for Muslims TRS leader and Telangana caretaker Chief Minister K Chandrasekhar Rao lost his cool and asked a man to remain silent when he raised a question on the proposed 12 per cent reservation for Muslims during an election meeting in Komaram Bheem Asifabad district.

At a time when policymakers are grappling on how to reduce inequalities, a wealth report Tuesday said there has been a 34 per cent increase in the number of Indians having a net worth of Rs 1,000 crore or more.

Significantly, these individuals who number 831, collectively own a quarter of the nation's GDP with a net worth of $719 billion, says the report, which quotes the IMF April 2018 data pegs GDP at $2.85 trillion.

Led by Reliance Industries chairman Mukesh Ambani with a net worth of Rs 3.71 trillion, there were 831 Indians having a net worth of Rs 1,000 crore or more in 2018, which is 214 individuals more than the 2017 list, according to a Barclays- Hurun India rich list.

In a January 2018 report presented by Oxfam at the World Economic Forum, had expressed concern on the rising inequalities, stating that 1 per cent of the country's population holds 73 per cent of the wealth.

The financial capital, which presents stark contrasts like housing the largest slums in the continent as also costliest mansions like Ambani's Antilla, has the highest number of contributors to the rich list, with 233 rich, followed by 163 in the national Capital and 70 in Bengaluru.

Anas Rahman Junaid, managing director and chief researcher at Hurun India says the country is the fastest growing when it comes to people entering the rich list.

"The number of Rs 1,000 crore-plus wealthy Indians have nearly doubled in the past two years-from 339 in 2016 to 831 in 2018," he said.

From a demographic perspective, the average age on the list is 60, the 24-year-old Ritesh Agarwal of Oravel Stays which runs Oyo Rooms, being the youngest and 95-year-old Dharam Pal Gulati of the masala brand MDH being the eldest.

There was a massive, 157 per cent spike in the number of women on the list, which grew to 136.

Pharma sector promoters/executives dominate the list with a 13.7 per cent occupancy, followed by software and services at 7.9 per cent and fast moving consumer goods at 6.4 per cent.

Nine individuals on the list saw a doubling of wealth in 2018, with Krishna Kumar Bangur of Graphite India being the biggest gainer with a 430 per cent jump in his personal fortunes.

At a time when policymakers are grappling on how to reduce inequalities, a wealth report Tuesday said there has been a 34 per cent increase in the number of Indians having a net worth of Rs 1,000 crore or more.

At a time when policymakers are grappling on how to reduce inequalities, a wealth report Tuesday said there has been a 34 per cent increase in the number of Indians having a net worth of Rs 1,000 crore or more. Significantly, these individuals who number 831, collectively own a quarter of the nation's GDP with a net worth of $719 billion, says the report, which quotes the IMF April 2018 data pegs GDP at $2.85 trillion. Led by Reliance Industries chairman Mukesh Ambani with a net worth of Rs 3.71 trillion, there were 831 Indians having a net worth of Rs 1,000 crore or more in 2018, which is 214 individuals more than the 2017 list, according to a Barclays- Hurun India rich list. In a January 2018 report presented by Oxfam at the World Economic Forum, had expressed concern on the rising inequalities, stating that 1 per cent of the country's population holds 73 per cent of the wealth. The financial capital, which presents stark contrasts like housing the largest slums in the continent as also costliest mansions like Ambani's Antilla, has the highest number of contributors to the rich list, with 233 rich, followed by 163 in the national Capital and 70 in Bengaluru. Anas Rahman Junaid, managing director and chief researcher at Hurun India says the country is the fastest growing when it comes to people entering the rich list. "The number of Rs 1,000 crore-plus wealthy Indians have nearly doubled in the past two years-from 339 in 2016 to 831 in 2018," he said. From a demographic perspective, the average age on the list is 60, the 24-year-old Ritesh Agarwal of Oravel Stays which runs Oyo Rooms, being the youngest and 95-year-old Dharam Pal Gulati of the masala brand MDH being the eldest. There was a massive, 157 per cent spike in the number of women on the list, which grew to 136. Pharma sector promoters/executives dominate the list with a 13.7 per cent occupancy, followed by software and services at 7.9 per cent and fast moving consumer goods at 6.4 per cent. Nine individuals on the list saw a doubling of wealth in 2018, with Krishna Kumar Bangur of Graphite India being the biggest gainer with a 430 per cent jump in his personal fortunes.

Led by Mukesh Ambani, richest 831 collectively own a quarter of India's GDP

With remittances from the Middle East in decline, India may face problems in the domestic labor market.

India remains the world&rsquo;s leading recipient of international personal remittances, claiming 10.9% of global inflows, followed by China (10.6%) and Philippines (5.4%), according to latest data released by World Bank for 2016. Total remittance inflow to India was $62 billion in 2016, down from $68 billion in 2015. A major fall (9.5%) is noted from the Middle Eastern countries, whose share constitutes 55.7% ($35 billion) of India&rsquo;s total remittances, as the average annual income per Indian migrant across the region decreased from $5,973 in 2015 to $5,407 in 2016.

Remittances are a major component in terms of contribution to GDP, especially for developing nations like India where domestic resources and national production are insufficient to provide full employment for the existing labor supply. Average wage rate is also lower in India compared to the countries where remittances originate. Also, while India&rsquo;s remittance inflows are similar to China&rsquo;s, the share of remittances as a percentage of GDP is higher in India (2.5%), against China&rsquo;s 0.6%. This difference reflects a higher dependency of India&rsquo;s domestic economy on foreign remittances. Since the Middle East, and specifically the Gulf states, is a major source for India&rsquo;s remittance inflow, a decline in earning in the region could adversely affect India&rsquo;s employment and balance of payment.

The Middle East accommodates the highest number of Indian migrants around the world, with an estimated 8 million residing in the region, accounting for 19.7% of total global migrants in the Middle East and 53.7% of total Indian migrants globally. Over the last four years, the number of Indian workers to emigration check required (ECR) countries fell from 804,000 in 2014 to 391,000 in 2017. ECR, a protective measure for the non-matriculate Indian migrants to 17 countries across the Middle East and Southeast Asia, was adopted under the Migration Act 1983. Out of 17 ECR countries, 12 are in the Middle East. According to RBI survey report for 2012, 42% of migrants to the Middle East were classified as unskilled labor.

A discrepancy in earnings is illustrative: While an average salary in India is $2,860 a year, in Qatar&nbsp;Indian migrants earn $6,916 a year on average, followed by $5,713 in Kuwait, $5,544 in the United Arab Emirates $5,112 in Saudi Arabia. Indians occupy various positions ranging from managerial roles to laborers. Around 10% are employed as doctors, engineers, charted accountants and scientists, while a further 10% work in in white-collar jobs such as storekeepers clerks, secretaries and accountants in both government and private sectors. The majority, around 75%-80%, makes up laborers and technicians working in construction and as home servants.

The ongoing economic downturn in the Gulf countries due to the fall in crude oil prices, internal political disturbances, the extra burden of taxes on expats (like the family-dependent tax in Saudi Arabia) and the growing inclination to recruit locals could account for the fall in remittances. Further, Indian workers in the Middle East report violations of contractual terms, adverse working conditions, poor wages as well as problems related to medical, insurance and compensation claims. As a result, many Indian workers have shown an interest in returning home. By February 2017, 3,015 workers in the Middle East have requested repatriation from Indian authorities (a vast majority of these from Saudi Arabia), while 594 Indians were in jail across the Middle East this time last year.&nbsp;

Besides external pressures, Indian policies toward the ECR migrants heading to the Gulf are also major causes for the decline, like the introduction of a tax on conversion of remittances, extra regularization of foreign recruiting markets and now the color coding of ECR passports. The color coding scheme was part of a reform to minimize the number of passport pages that contain unnecessary information. Since ECR status was included on a separate page, India&rsquo;s government had the intention to remove this page by coloring the passport jacket orange to identify ECR emigrants. This could create a sense of inferiority among the ECR passport holders due to their poor economic and educational status and further decrease labor flow.

After protests by politicians and activists, India&rsquo;s government rolled back its discriminatory initiative. Pointing out its repercussions, Oommen Chandy, former chief minister of Kerala, said: &ldquo;If this becomes a reality, the moment an orange color passport holder lands in a foreign country, he will be treated with disdain, and it will have a telling impact on such people&rsquo;s character and individuality. This should not happen at all.&rdquo;

Shashi Tharoor, chairman of the Parliamentary Standing Committee on External Affairs, surmised that &ldquo;the very premise of this decision &mdash; discriminating against the citizens of a country based on their economic status and educational qualifications &mdash; makes it inherently unfair.&rdquo;

A decline of remittance inflows creates a major cause for concern due to adverse impact on India&rsquo;s balance of payment and on the domestic employment adjustment. The government must take remedial measures to curb such decline and to prevent the discriminatory behavior against ECR migrants. Disputes related to wages and contract violations are also common in the Indian labor market, but the occurrence of such incidents among migrants across the Middle East should not be overstated to provide a reason for tightening recruitment rules and imposing excess regulations.

This <a href="https://www.fairobserver.com/region/middle_east_north_africa/global-remittances-middle-east-gulf-india-labor-force-news-43199/" rel="nofollow" target="blank">article</a> has been originally published in the <a href="https://www.fairobserver.com/" rel="nofollow" target="blank">Fair Observer</a>.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

A major fall is noted from the Middle Eastern countries, whose share constitutes 55.7% of India’s total remittances, as the average annual income per Indian migrant across the region decreased.

With remittances from the Middle East in decline, India may face problems in the domestic labor market. India remains the world’s leading recipient of international personal remittances, claiming 10.9% of global inflows, followed by China (10.6%) and Philippines (5.4%), according to latest data released by World Bank for 2016. Total remittance inflow to India was $62 billion in 2016, down from $68 billion in 2015. A major fall (9.5%) is noted from the Middle Eastern countries, whose share constitutes 55.7% ($35 billion) of India’s total remittances, as the average annual income per Indian migrant across the region decreased from $5,973 in 2015 to $5,407 in 2016. Remittances are a major component in terms of contribution to GDP, especially for developing nations like India where domestic resources and national production are insufficient to provide full employment for the existing labor supply. Average wage rate is also lower in India compared to the countries where remittances originate. Also, while India’s remittance inflows are similar to China’s, the share of remittances as a percentage of GDP is higher in India (2.5%), against China’s 0.6%. This difference reflects a higher dependency of India’s domestic economy on foreign remittances. Since the Middle East, and specifically the Gulf states, is a major source for India’s remittance inflow, a decline in earning in the region could adversely affect India’s employment and balance of payment. The Middle East accommodates the highest number of Indian migrants around the world, with an estimated 8 million residing in the region, accounting for 19.7% of total global migrants in the Middle East and 53.7% of total Indian migrants globally. Over the last four years, the number of Indian workers to emigration check required (ECR) countries fell from 804,000 in 2014 to 391,000 in 2017. ECR, a protective measure for the non-matriculate Indian migrants to 17 countries across the Middle East and Southeast Asia, was adopted under the Migration Act 1983. Out of 17 ECR countries, 12 are in the Middle East. According to RBI survey report for 2012, 42% of migrants to the Middle East were classified as unskilled labor. A discrepancy in earnings is illustrative: While an average salary in India is $2,860 a year, in Qatar Indian migrants earn $6,916 a year on average, followed by $5,713 in Kuwait, $5,544 in the United Arab Emirates $5,112 in Saudi Arabia. Indians occupy various positions ranging from managerial roles to laborers. Around 10% are employed as doctors, engineers, charted accountants and scientists, while a further 10% work in in white-collar jobs such as storekeepers clerks, secretaries and accountants in both government and private sectors. The majority, around 75%-80%, makes up laborers and technicians working in construction and as home servants. The ongoing economic downturn in the Gulf countries due to the fall in crude oil prices, internal political disturbances, the extra burden of taxes on expats (like the family-dependent tax in Saudi Arabia) and the growing inclination to recruit locals could account for the fall in remittances. Further, Indian workers in the Middle East report violations of contractual terms, adverse working conditions, poor wages as well as problems related to medical, insurance and compensation claims. As a result, many Indian workers have shown an interest in returning home. By February 2017, 3,015 workers in the Middle East have requested repatriation from Indian authorities (a vast majority of these from Saudi Arabia), while 594 Indians were in jail across the Middle East this time last year. Besides external pressures, Indian policies toward the ECR migrants heading to the Gulf are also major causes for the decline, like the introduction of a tax on conversion of remittances, extra regularization of foreign recruiting markets and now the color coding of ECR passports. The color coding scheme was part of a reform to minimize the number of passport pages that contain unnecessary information. Since ECR status was included on a separate page, India’s government had the intention to remove this page by coloring the passport jacket orange to identify ECR emigrants. This could create a sense of inferiority among the ECR passport holders due to their poor economic and educational status and further decrease labor flow. After protests by politicians and activists, India’s government rolled back its discriminatory initiative. Pointing out its repercussions, Oommen Chandy, former chief minister of Kerala, said: “If this becomes a reality, the moment an orange color passport holder lands in a foreign country, he will be treated with disdain, and it will have a telling impact on such people’s character and individuality. This should not happen at all.” Shashi Tharoor, chairman of the Parliamentary Standing Committee on External Affairs, surmised that “the very premise of this decision — discriminating against the citizens of a country based on their economic status and educational qualifications — makes it inherently unfair.” A decline of remittance inflows creates a major cause for concern due to adverse impact on India’s balance of payment and on the domestic employment adjustment. The government must take remedial measures to curb such decline and to prevent the discriminatory behavior against ECR migrants. Disputes related to wages and contract violations are also common in the Indian labor market, but the occurrence of such incidents among migrants across the Middle East should not be overstated to provide a reason for tightening recruitment rules and imposing excess regulations. This article has been originally published in the Fair Observer. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: India's labour market may suffer from declining remittances from Middle-East

Finance Minister Arun Jaitley on Monday tabled the economic survey in Parliament which noted that the reform measures undertaken in 2017-18 can be strengthened further in 2018-19. The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around four percentage points higher than global growth and nearly three percentage points higher than that of emerging market and developing economies.

It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world.

Here are the key takeaways from economic survey 2017-18:

GROWTH

<ul>
	<li>India&#39;s gross domestic product (GDP) growth for 2018-19 pegged at 7-7.5 per cent, current high oil prices a major concern.</li>
	<li>GDP to expand by 6.75% in 2017-18, re-instating India as world&#39;s fastest growing major economy.</li>
	<li>Economic management will be challenging in the coming year.</li>
	<li>Biggest source of upside to growth to be from exports.</li>
	<li>Cyclical conditions may lead to lower tax and non-tax revenues in 2017-18.</li>
	<li>Private investment poised for rebound.</li>
	<li>2017-18 farm sector growth seen at 2.1 per cent.</li>
</ul>

FISCAL DEFICIT

<ul>
	<li>Target for fiscal consolidation specially in a pre-election year can carry a high risk of credibility</li>
	<li>Current account deficit for 2017/18 expected to average 1.5-2 per cent of GDP</li>
	<li>Pause in general govt fiscal consolidation cannot be ruled out in 2017-18</li>
	<li>Suggests modest (fiscal) consolidation that signals a return to the path of gradual but steady deficit reductions</li>
</ul>

INFLATION, POLICY RATES

<ul>
	<li>Persistently high oil prices remain a key risk, to affect inflation</li>
	<li>If inflation doesn`t deviate from current levels policy rates can be expected to remain stable</li>
	<li>Average CPI inflation seen at 3.7 per cent in 2017-18</li>
</ul>

OTHER HIGHLIGHTS

<ul>
	<li>Economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports.</li>
	<li>Gross Value Added (GVA) expected to grow by 6.1 per cent in 2017-18 as compared to 6.6 per cent in 2016-17.</li>
	<li>Preliminary analysis of the Goods and Services Tax (GST) data reveals 50% increase in the number of indirect taxpayers.</li>
	<li>There is need to address pendency, delays and backlogs in the appellate and judicial arenas.</li>
	<li>&quot;Policy vigilance&quot; in coming year if high oil prices persist or stock prices correct sharply.</li>
	<li>India has performed better on 14 out of 17 key indicators.</li>
</ul>

The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around four percentage points higher than global growth.

Finance Minister Arun Jaitley on Monday tabled the economic survey in Parliament which noted that the reform measures undertaken in 2017-18 can be strengthened further in 2018-19. The survey points out that India can be rated as among the best performing economies in the world as the average growth during last three years is around four percentage points higher than global growth and nearly three percentage points higher than that of emerging market and developing economies. It said that the GDP growth has averaged 7.3 per cent from 2014-15 to 2017-18, which is the highest among the major economies of the world. Here are the key takeaways from economic survey 2017-18: GROWTH India's gross domestic product (GDP) growth for 2018-19 pegged at 7-7.5 per cent, current high oil prices a major concern. GDP to expand by 6.75% in 2017-18, re-instating India as world's fastest growing major economy. Economic management will be challenging in the coming year. Biggest source of upside to growth to be from exports. Cyclical conditions may lead to lower tax and non-tax revenues in 2017-18. Private investment poised for rebound. 2017-18 farm sector growth seen at 2.1 per cent. FISCAL DEFICIT Target for fiscal consolidation specially in a pre-election year can carry a high risk of credibility Current account deficit for 2017/18 expected to average 1.5-2 per cent of GDP Pause in general govt fiscal consolidation cannot be ruled out in 2017-18 Suggests modest (fiscal) consolidation that signals a return to the path of gradual but steady deficit reductions INFLATION, POLICY RATES Persistently high oil prices remain a key risk, to affect inflation If inflation doesn`t deviate from current levels policy rates can be expected to remain stable Average CPI inflation seen at 3.7 per cent in 2017-18 OTHER HIGHLIGHTS Economy accelerated in second half of current fiscal due to GST, bank recapitalisation, liberalisation of FDI and higher exports. Gross Value Added (GVA) expected to grow by 6.1 per cent in 2017-18 as compared to 6.6 per cent in 2016-17. Preliminary analysis of the Goods and Services Tax (GST) data reveals 50% increase in the number of indirect taxpayers. There is need to address pendency, delays and backlogs in the appellate and judicial arenas. "Policy vigilance" in coming year if high oil prices persist or stock prices correct sharply. India has performed better on 14 out of 17 key indicators.

Big takeaways from economic survey

<a href="http://www.wionews.com/business-economy/indias-gdp-growth-to-slow-to-four-year-low-of-65-in-2017-18-28649" target="_blank">India&#39;s GDP growth to slow to four-year low of 6.5% in 2017-18</a>

The economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors.

<a href="http://www.wionews.com/india-news/all-you-need-to-know-about-new-rs-10-note-introduced-by-rbi-28641" target="_blank">All you need to know about new Rs 10 note introduced by RBI</a>

The Reserve Bank of India on Friday introduced a new Rs 10 banknote in a new series and chocolate brown colour.

<a href="http://www.wionews.com/world/entertainment-hbo-confirms-for-first-time-game-of-thrones-to-return-in-2019-28632" target="_blank">HBO confirms for first time, &#39;Game of Thrones&#39; to return in 2019</a>

Putting speculations to rest, HBO now confirms that fan rumours were true -- the final season of &quot;Game of Thrones&quot;&nbsp;won&#39;t be back until 2019.&nbsp;

<a href="http://www.wionews.com/business-economy/disinvestment-on-cards-tata-group-and-singapore-airlines-ready-to-bid-for-air-india-28637" target="_blank">Disinvestment on cards, Tata group and Singapore Airlines ready to bid for Air India</a>

Just days after aviation minister Raju said the government does not want Air India to &quot;go the Kingfisher way&quot;, Vistara&#39;s CEO Leslie Thng said today that Tata Group and Singapore Airlines are &quot;open to bid&quot; for Air India.

<a href="http://www.wionews.com/business-economy/budget-likely-to-announce-several-features-to-strengthen-womens-safety-in-railways-28627" target="_blank">Budget likely to announce several features to strengthen women&#39;s safety in Railways</a>

The Union Budget&nbsp;<a href="http://www.wionews.com/india-news/union-budget-to-be-presented-on-february-1-28623">set to be announced on February 1</a>&nbsp;is set to include special measures to strengthen women&#39;s safety. The Railway Ministry is likely to announce 2018 as &quot;Railway Women&#39;s Safety Year&quot;.

&nbsp;

&nbsp;

&nbsp;

&nbsp;

&nbsp;

India's GDP growth to slow to four-year low of 6.5% in 2017-18 The economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors. All you need to know about new Rs 10 note introduced by RBI The Reserve Bank of India on Friday introduced a new Rs 10 banknote in a new series and chocolate brown colour. HBO confirms for first time, 'Game of Thrones' to return in 2019 Putting speculations to rest, HBO now confirms that fan rumours were true -- the final season of "Game of Thrones" won't be back until 2019. Disinvestment on cards, Tata group and Singapore Airlines ready to bid for Air India Just days after aviation minister Raju said the government does not want Air India to "go the Kingfisher way", Vistara's CEO Leslie Thng said today that Tata Group and Singapore Airlines are "open to bid" for Air India. Budget likely to announce several features to strengthen women's safety in Railways The Union Budget set to be announced on February 1 is set to include special measures to strengthen women's safety. The Railway Ministry is likely to announce 2018 as "Railway Women's Safety Year".

WION Evening News brief, 5 January 2018

The economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors.

The Gross Domestic Product (GDP) was 7.1 per cent in 2016-17 and 8 per cent in the preceding year. It was 7.5 per cent in 2014-15.

The Narendra Modi-led NDA government had assumed office in May 2014.

&quot;The growth in GDP during 2017-18 is estimated at 6.5 per cent as compared to the growth rate of 7.1 per cent in 2016- 17,&quot; said the Central Statistics Office (CSO) while announcing the first advance estimates of National Income 2017-18.

The growth of real Gross Value Added (GVA) in 2017-18 is anticipated at 6.1 per cent as against 6.6 per cent in the previous year.

Economic activities were affected by demonetisation announced on November 8, 2016 and subsequent implementation of a new indirect tax regime (GST) from July 1 in the current financial year.

As per the CSO data, the expansion in activities in &#39;agriculture, forestry and fishing&#39; is likely to slow to 2.1 per cent in the current fiscal from 4.9 per cent in the preceding year.

The growth in manufacturing sector too is expected to decelerate to 4.6 per cent this fiscal, down from 7.9 per cent in 2016-17.

The Gross Domestic Product (GDP) was 7.1 per cent in 2016-17 and 8 per cent in the preceding year. It was 7.5 per cent in 2014-15.

The economic growth is expected to slow to a four-year low of 6.5 per cent in 2017-18, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors. The Gross Domestic Product (GDP) was 7.1 per cent in 2016-17 and 8 per cent in the preceding year. It was 7.5 per cent in 2014-15. The Narendra Modi-led NDA government had assumed office in May 2014. "The growth in GDP during 2017-18 is estimated at 6.5 per cent as compared to the growth rate of 7.1 per cent in 2016- 17," said the Central Statistics Office (CSO) while announcing the first advance estimates of National Income 2017-18. The growth of real Gross Value Added (GVA) in 2017-18 is anticipated at 6.1 per cent as against 6.6 per cent in the previous year. Economic activities were affected by demonetisation announced on November 8, 2016 and subsequent implementation of a new indirect tax regime (GST) from July 1 in the current financial year. As per the CSO data, the expansion in activities in 'agriculture, forestry and fishing' is likely to slow to 2.1 per cent in the current fiscal from 4.9 per cent in the preceding year. The growth in manufacturing sector too is expected to decelerate to 4.6 per cent this fiscal, down from 7.9 per cent in 2016-17.

India's GDP growth to slow to four-year low of 6.5% in 2017-18

New Delhi, Jan 2 (PTI) India&#39;s growth rate is expected to accelerate over the coming year and is likely to improve further to 7.6 per cent by 2019-20 as key sectors would revive from disruptions related to the implementation of GST and demonetisation, says an HSBC report.

According to the global financial services major, GDP growth in India is expected to accelerate to 7.0 per cent in 2018-19 from 6.5 per cent in this fiscal, shaking off the disruptions from demonetisation and introduction of the Goods and Services Tax (GST).

&quot;India&#39;s growth story has a two-part narrative. The first is a slowdown and gradual recovery in the short run, likely over FY18 and FY19, as key sectors revive from disruptions related to the implementation of GST,&quot; HSBC said in a research note.

The subsequent narrative is of brighter growth prospects in the medium term (FY20 and beyond), when growth is expected to reap the benefits of recently undertaken structural reforms, it added.

HSBC expects India&#39;s growth at around 6.5 per cent in 2017-18, 7.0 per cent in 2018-19 and 7.6 in 2019-20, respectively.

The report further said the recovery in India&#39;s GDP growth will likely be relatively gradual, preventing price pressures from rebounding and allowing the Reserve Bank of India to keep rates on hold for the time being.

According to HSBC, once the impact of transient factors wanes, inflation will settle around RBI&#39;s 4 per cent target.

&quot;We expect inflation to average 3.4 per cent over FY18 (ending the year in March at 4.3 per cent),&quot; it said adding &quot;accordingly, we forecast RBI will keep the repo rate on hold, as the rate-cutting cycle of the central bank looks set to have ended, with most inflation risks tilted to the upside&quot;.

The Reserve Bank in its fifth bi-monthly review of this fiscal kept repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent while raising the inflation forecast for the remainder of 2017-18 to 4.3-4.7 per cent. PTI 
&nbsp;

GDP growth in India is expected to accelerate to 7.0% in 2018-19 from 6.5% in this fiscal, the global financial services major said

New Delhi, Jan 2 (PTI) India's growth rate is expected to accelerate over the coming year and is likely to improve further to 7.6 per cent by 2019-20 as key sectors would revive from disruptions related to the implementation of GST and demonetisation, says an HSBC report. According to the global financial services major, GDP growth in India is expected to accelerate to 7.0 per cent in 2018-19 from 6.5 per cent in this fiscal, shaking off the disruptions from demonetisation and introduction of the Goods and Services Tax (GST). "India's growth story has a two-part narrative. The first is a slowdown and gradual recovery in the short run, likely over FY18 and FY19, as key sectors revive from disruptions related to the implementation of GST," HSBC said in a research note. The subsequent narrative is of brighter growth prospects in the medium term (FY20 and beyond), when growth is expected to reap the benefits of recently undertaken structural reforms, it added. HSBC expects India's growth at around 6.5 per cent in 2017-18, 7.0 per cent in 2018-19 and 7.6 in 2019-20, respectively. The report further said the recovery in India's GDP growth will likely be relatively gradual, preventing price pressures from rebounding and allowing the Reserve Bank of India to keep rates on hold for the time being. According to HSBC, once the impact of transient factors wanes, inflation will settle around RBI's 4 per cent target. "We expect inflation to average 3.4 per cent over FY18 (ending the year in March at 4.3 per cent)," it said adding "accordingly, we forecast RBI will keep the repo rate on hold, as the rate-cutting cycle of the central bank looks set to have ended, with most inflation risks tilted to the upside". The Reserve Bank in its fifth bi-monthly review of this fiscal kept repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent while raising the inflation forecast for the remainder of 2017-18 to 4.3-4.7 per cent. PTI

GDP growth in India to accelerate over coming year: HSBC

India can achieve an 8 per cent growth rate for the next two decades if it unleashes the next set of reforms that could help it in realising its full potential, according to a senior UN official.

The UN, in its latest report, projected India&#39;s growth rate to be 7.2 per cent in 2018 and 7.4 per cent in 2019.

Describing India&#39;s economic condition as largely positive and &quot;favourable to growth&quot;, Sebastian Vergara, an Economic Affairs Officer at the UN, said the country needs to unleash the next set of reforms to achieve its potential.

&quot;It needs to think as to how to maintain and consolidate its growth for a very long period of time. India in our assessment has the potential to grow at eight per cent, not for a few years, but 20 years,&quot; Vergara said.

&quot;For that, India needs to come out with the next series of reforms, for example, promote investment and improve the living condition of its population,&quot; he said.

The annual &#39;World Economic Situation Prospects&#39; report, released last week, said the GDP growth for India in 2017 is projected to be 6.7 per cent.

Despite the positive economic condition, Vergara said, India&#39;s economic growth could be a little lower in comparison to some of the earlier forecasts.

One of this is the growth of private consumption and sound macroeconomic policies. The monetary policy, which has been able to control inflation, also has a role to play, he said.

&quot;Also fiscal policy in India, in our assessment has been prudent. At the same time, it has provided another quite support for the economic activity,&quot; Vergara said.

The UN officer praised the Indian government&#39;s emphasis on public investment and infrastructure projects.

&quot;This has been very important to promote growth in the short term and to encourage economic activity in the medium term,&quot; he said.

The series of regulatory reforms that has happened in the previous year and the current one has also helped India&#39;s cause, said the UN official who keeps a tab on India&#39;s economic health and development.

&quot;Demonetisation clearly had an impact in early 2017. This resulted in a significant liquidity crunch, but was temporary,&quot; he said.

&quot;As the year went on, measures were implemented, financial relief were introduced, steps like credit support for small enterprise to help contain the shock that this demonetisation policy created,&quot; he said, adding that demonetisation has benefited the banking sector and increased the tax base - which will help the fiscal accounts.

&quot;So, in the medium term, we think that this policy will help the Indian economy,&quot; Vergara said.

According to the top UN economic official, 2017 has been a year of major economic reforms in India, particularly in the banking sector.

&quot;There has been deregulation and further liberalisation of the policies regarding foreign direct investment,&quot; he said.

Vergara said these reforms are helping the Indian economy to improve its efficiency and increase the medium-term prospects of its economy.

&quot;In that sense these policy reforms are positive. Of course, we will see how these policies are implemented,&quot; he said.

The UN, in its latest report, projected India's growth rate to be 7.2 per cent in 2018 and 7.4 per cent in 2019.

India can achieve an 8 per cent growth rate for the next two decades if it unleashes the next set of reforms that could help it in realising its full potential, according to a senior UN official. The UN, in its latest report, projected India's growth rate to be 7.2 per cent in 2018 and 7.4 per cent in 2019. Describing India's economic condition as largely positive and "favourable to growth", Sebastian Vergara, an Economic Affairs Officer at the UN, said the country needs to unleash the next set of reforms to achieve its potential. "It needs to think as to how to maintain and consolidate its growth for a very long period of time. India in our assessment has the potential to grow at eight per cent, not for a few years, but 20 years," Vergara said. "For that, India needs to come out with the next series of reforms, for example, promote investment and improve the living condition of its population," he said. The annual 'World Economic Situation Prospects' report, released last week, said the GDP growth for India in 2017 is projected to be 6.7 per cent. Despite the positive economic condition, Vergara said, India's economic growth could be a little lower in comparison to some of the earlier forecasts. One of this is the growth of private consumption and sound macroeconomic policies. The monetary policy, which has been able to control inflation, also has a role to play, he said. "Also fiscal policy in India, in our assessment has been prudent. At the same time, it has provided another quite support for the economic activity," Vergara said. The UN officer praised the Indian government's emphasis on public investment and infrastructure projects. "This has been very important to promote growth in the short term and to encourage economic activity in the medium term," he said. The series of regulatory reforms that has happened in the previous year and the current one has also helped India's cause, said the UN official who keeps a tab on India's economic health and development. "Demonetisation clearly had an impact in early 2017. This resulted in a significant liquidity crunch, but was temporary," he said. "As the year went on, measures were implemented, financial relief were introduced, steps like credit support for small enterprise to help contain the shock that this demonetisation policy created," he said, adding that demonetisation has benefited the banking sector and increased the tax base - which will help the fiscal accounts. "So, in the medium term, we think that this policy will help the Indian economy," Vergara said. According to the top UN economic official, 2017 has been a year of major economic reforms in India, particularly in the banking sector. "There has been deregulation and further liberalisation of the policies regarding foreign direct investment," he said. Vergara said these reforms are helping the Indian economy to improve its efficiency and increase the medium-term prospects of its economy. "In that sense these policy reforms are positive. Of course, we will see how these policies are implemented," he said.

India can grow at 8 per cent for next 20 years: UN expert

Ahead of <a href="http://www.wionews.com/world/brics-summit-day-2-pm-modi-president-xi-set-to-meet-today-19868">President Xi&#39;s re-election on October&nbsp;18th</a> by the Communist Party of China, India is being seen more as a &quot;frenemy&quot;, especially post-Doklam.

In a move which can be seen as a shift in <a href="http://www.wionews.com/world/china-first-quarter-gdp-grows-69-per-cent-better-than-expected-14590">relations with India, China&#39;s right-leaning Global Times </a>in its op-ed piece said economic competition between China and India should not be just limited to the comparison of GDP growth rates.

&quot;China has done much<a href="http://www.wionews.com/india-news/born-of-chaos-india-lumbers-amid-turmoil-says-china-daily-21017"> better than India in terms of poverty reduction</a> and raising living standards,&quot; the editorial said, &quot;thanks in large part to its effective and efficient policy implementation under the central government.&quot;

However, the editorial admitted that &quot;lifting the remaining poor out of poverty in China will be much more difficult&quot; compared with the past. &nbsp;&nbsp;

&quot;China&#39;s Gini coefficient, a measure of income distribution, rose from 33 in 1990 to 53 in 2013, while the Gini coefficient in India jumped from 45 in 1990 to 51 in 2013, according to another IMF report released in March 2016,&quot; the daily observed.

The Chinese daily said in India, cultural and political diversity &quot;increase difficulties for unified policy implementation&quot;, hindering the progress of anti-poverty efforts - a fact which many India experts would agree.

&quot;During the past three decades, China lifted 800 million people out of poverty, &nbsp;as for India, it obviously faces more difficulties in poverty reduction, with 30 per cent of its population living below the globally accepted poverty line of $1.90 a day,&quot; the daily said.&nbsp;

&quot;Given the consensus that high levels of inequality can do harm to the sustainability of growth, both countries have made great efforts to alleviate poverty in recent years,&quot; the daily said.&nbsp;

However, the China daily added that &quot;the key is which of them(China or India) can do more to reduce inequality and poverty&quot;.

&quot;The outcome will also identify the ones that have more genuine potential for economic growth,&quot; the op-ed piece concluded.

The editorial admitted that 'lifting the remaining poor out of poverty in China will be much more difficult' compared with the past ??

Ahead of President Xi's re-election on October 18th by the Communist Party of China, India is being seen more as a "frenemy", especially post-Doklam. In a move which can be seen as a shift in relations with India, China's right-leaning Global Times in its op-ed piece said economic competition between China and India should not be just limited to the comparison of GDP growth rates. "China has done much better than India in terms of poverty reduction and raising living standards," the editorial said, "thanks in large part to its effective and efficient policy implementation under the central government." However, the editorial admitted that "lifting the remaining poor out of poverty in China will be much more difficult" compared with the past. "China's Gini coefficient, a measure of income distribution, rose from 33 in 1990 to 53 in 2013, while the Gini coefficient in India jumped from 45 in 1990 to 51 in 2013, according to another IMF report released in March 2016," the daily observed. The Chinese daily said in India, cultural and political diversity "increase difficulties for unified policy implementation", hindering the progress of anti-poverty efforts - a fact which many India experts would agree. "During the past three decades, China lifted 800 million people out of poverty, as for India, it obviously faces more difficulties in poverty reduction, with 30 per cent of its population living below the globally accepted poverty line of $1.90 a day," the daily said. "Given the consensus that high levels of inequality can do harm to the sustainability of growth, both countries have made great efforts to alleviate poverty in recent years," the daily said. However, the China daily added that "the key is which of them(China or India) can do more to reduce inequality and poverty". "The outcome will also identify the ones that have more genuine potential for economic growth," the op-ed piece concluded.

India has lessons to learn from China's poverty reduction campaign: China daily

Finance Minister Arun Jaitley said on Wednesday that the<a href="http://www.wionews.com/business-economy/india-q1-economic-growth-slips-to-57-19725"> slowdown in India&#39;s GDP growth in the first quarter</a> to 5.7 per cent was a matter of concern.

&quot;It is certainly a matter of concern that first quarter GDP has come down to 5.7 per cent and it&#39;s obvious therefore that it throws a challenge for the economy,&quot; the finance minister said.

He said there was a requirement to improve policy and investment to improve upon these figures.

The finance minister attributed the de-stocking of inventories by the industry in anticipation of the Goods and Services Tax (GST)&nbsp;for an increase in sales and the reduction in manufacturing.

&quot;That manufacturing has fallen is essentially due to the anticipatory impact of GST. Since it came in July, most manufacturers were de-stocking,&quot; he said, noting that services growth had, however, improved during the quarter in question.

&quot;De-stocking of the manufacturing sector seems to have been completed, so the dip in manufacturing could be bottoming out from this quarter,&quot; he said.

&quot;Gross fixed capital ratio turned positive, investment improved...services improved,&quot; during the first quarter, he added.&nbsp;

The finance minister attributed the roll-out of the GST for the &quot;contradiction between services improving and manufacturing going down.&quot;

He said he was optimistic that the &quot;curve could turn for the better&quot; once GST was implemented.

The finance minister attributed the de-stocking of inventories by the industry in anticipation of the GST for an increase in trading and sales and the reduction in manufacturing.

Finance Minister Arun Jaitley said on Wednesday that the slowdown in India's GDP growth in the first quarter to 5.7 per cent was a matter of concern. "It is certainly a matter of concern that first quarter GDP has come down to 5.7 per cent and it's obvious therefore that it throws a challenge for the economy," the finance minister said. He said there was a requirement to improve policy and investment to improve upon these figures. The finance minister attributed the de-stocking of inventories by the industry in anticipation of the Goods and Services Tax (GST) for an increase in sales and the reduction in manufacturing. "That manufacturing has fallen is essentially due to the anticipatory impact of GST. Since it came in July, most manufacturers were de-stocking," he said, noting that services growth had, however, improved during the quarter in question. "De-stocking of the manufacturing sector seems to have been completed, so the dip in manufacturing could be bottoming out from this quarter," he said. "Gross fixed capital ratio turned positive, investment improved...services improved," during the first quarter, he added. The finance minister attributed the roll-out of the GST for the "contradiction between services improving and manufacturing going down." He said he was optimistic that the "curve could turn for the better" once GST was implemented.

Slowdown in GDP matter of concern: Arun Jaitley

India defied expectations on Tuesday to retain the title of the world&#39;s fastest growing major economy, despite the pain caused by Prime Minister Narendra Modi&#39;s shock crackdown on cash.

Annual gross domestic product (GDP) growth for the October-December period came in at 7.0 percent, a tad slower than 7.4 percent in the previous quarter but much faster than the 6.4 percent expansion forecast by economists in a Reuters poll.

It was also higher than China&#39;s 6.8 percent growth for the last three months of 2016.

PM Modi&#39;s decision last November to outlaw old 500 rupee and 1,000 rupee banknotes was widely expected to exact a heavy toll on an economy where most people are paid in cash and buy what they need with cash.

Little surprise, then, that Tuesday&#39;s robust GDP figures have left economists dazed, and have also raised fresh doubts about the quality of India&#39;s official economic data reporting.

<div class="ui-state-default" contenteditable="false">
<div class="row">
<div class="article-blockquote">
<div class="col-sm-10 col-sm-offset-1 blockquote-content quoteshare">
<blockquote>
<h5>Perhaps this data is not capturing the impact of demonetisation,&#39; said Aneesh Srivastava, chief investment officer, IDBI Federal Life Insurance Co. &#39;I am totally surprised and stunned to see this number&#39;</h5>
</blockquote>
</div>

<div class="col-sm-1 blockquote-content">
<div class="share-blockquote"><a class="twitter popup" href="http://twitter.com/intent/tweet?text=Perhaps this data is not capturing the impact of demonetisation,' said Aneesh Srivastava, chief investment officer, IDBI Federal Life Insurance Co. 'I am totally surprised and stunned to see this number'" target="_blank">&nbsp;</a></div>
</div>
<a class="close-mark close-div" href="#" id="jqquoteclosemark">&times;</a></div>
</div>
</div>

&quot;Perhaps this data is not capturing the impact of demonetisation,&quot; said Aneesh Srivastava, chief investment officer, IDBI Federal Life Insurance Co.

&quot;I am totally surprised and stunned to see this number.&quot;

Vindication

PM Modi had received flak for his shock monetary therapy from political opponents as well as prominent economists such as Amartya Sen and Paul Krugman. The move sucked 86 percent of the currency out of circulation virtually overnight and left many companies, farmers and households in misery.

Anecdotal evidence suggested massive job losses following the cash crunch in India&#39;s vast informal sector, which not only supports the formal sector but also employs nine out of 10 workers.

The government as well as the Reserve Bank of India (RBI), however, all maintained the pain would be short-lived and predicted a sharp economic rebound.

The latest GDP data vindicated their assessment.

&quot;The numbers completely negate the kind of negative projections and speculations which were made about the impact of demonetisation,&quot; Economic Affairs Secretary Shaktikanta Das told reporters after the data release.

The strong performance in the Oct-Dec period allowed the government statistics office to retain its growth forecast for the fiscal year that ends in March 2017 at 7.1 percent.

Strong growth figures would also dash hopes of further interest rate cuts by the central bank, which has shifted its focus squarely to inflation.

The Reserve Bank of India (RBI) left the policy repo rate on hold at 6.25 percent for a second meeting in a row this month and signalled an end to its longest easing cycle since the global financial crisis, citing growing inflationary risks.

&quot;With inflation pressures also building, we think that the RBI could begin hiking rates over the next 12-18 months,&quot; analysts at Capital Economics wrote in a note.

Credibilty

The strong data have also reignited the debate about the credibility as well as the quality of the official GDP data.

Ever since India changed its methodology to measure economic activity two years back, which transformed a sluggish economy into the world&#39;s fastest-growing major economy overnight, private economists have been struggling to square it with the not so rosy reality on the ground.

The latest data has only added to the confusion.

For example, the official figures show economic growth was primarily driven by consumer spending, offsetting a fall in government expenditure. However, this is not backed up by the earnings of consumer goods firms in the last quarter.

As cash-strapped households turned wary, sales of various goods from beverages to domestic appliances to cars all plunged. The lacklustre consumer spending prompted several companies to trim their revenue outlook.

Consumer confidence also fell sharply, with households uncertain about their income, employment and spending capability, according to an RBI survey published this month.

&quot;There are widespread doubts about the accuracy of the national accounts numbers,&quot; analysts at Capital Economics wrote. &quot;The unexpected strength of today&#39;s data will do nothing to allay these concerns.&quot;

(Reuters)

Tuesday's GDP figures have left economists dazed & raised fresh doubts about the quality of the country's official economic data reporting

India defied expectations on Tuesday to retain the title of the world's fastest growing major economy, despite the pain caused by Prime Minister Narendra Modi's shock crackdown on cash. Annual gross domestic product (GDP) growth for the October-December period came in at 7.0 percent, a tad slower than 7.4 percent in the previous quarter but much faster than the 6.4 percent expansion forecast by economists in a Reuters poll. It was also higher than China's 6.8 percent growth for the last three months of 2016. PM Modi's decision last November to outlaw old 500 rupee and 1,000 rupee banknotes was widely expected to exact a heavy toll on an economy where most people are paid in cash and buy what they need with cash. Little surprise, then, that Tuesday's robust GDP figures have left economists dazed, and have also raised fresh doubts about the quality of India's official economic data reporting. Perhaps this data is not capturing the impact of demonetisation,' said Aneesh Srivastava, chief investment officer, IDBI Federal Life Insurance Co. 'I am totally surprised and stunned to see this number' × "Perhaps this data is not capturing the impact of demonetisation," said Aneesh Srivastava, chief investment officer, IDBI Federal Life Insurance Co. "I am totally surprised and stunned to see this number." Vindication PM Modi had received flak for his shock monetary therapy from political opponents as well as prominent economists such as Amartya Sen and Paul Krugman. The move sucked 86 percent of the currency out of circulation virtually overnight and left many companies, farmers and households in misery. Anecdotal evidence suggested massive job losses following the cash crunch in India's vast informal sector, which not only supports the formal sector but also employs nine out of 10 workers. The government as well as the Reserve Bank of India (RBI), however, all maintained the pain would be short-lived and predicted a sharp economic rebound. The latest GDP data vindicated their assessment. "The numbers completely negate the kind of negative projections and speculations which were made about the impact of demonetisation," Economic Affairs Secretary Shaktikanta Das told reporters after the data release. The strong performance in the Oct-Dec period allowed the government statistics office to retain its growth forecast for the fiscal year that ends in March 2017 at 7.1 percent. Strong growth figures would also dash hopes of further interest rate cuts by the central bank, which has shifted its focus squarely to inflation. The Reserve Bank of India (RBI) left the policy repo rate on hold at 6.25 percent for a second meeting in a row this month and signalled an end to its longest easing cycle since the global financial crisis, citing growing inflationary risks. "With inflation pressures also building, we think that the RBI could begin hiking rates over the next 12-18 months," analysts at Capital Economics wrote in a note. Credibilty The strong data have also reignited the debate about the credibility as well as the quality of the official GDP data. Ever since India changed its methodology to measure economic activity two years back, which transformed a sluggish economy into the world's fastest-growing major economy overnight, private economists have been struggling to square it with the not so rosy reality on the ground. The latest data has only added to the confusion. For example, the official figures show economic growth was primarily driven by consumer spending, offsetting a fall in government expenditure. However, this is not backed up by the earnings of consumer goods firms in the last quarter. As cash-strapped households turned wary, sales of various goods from beverages to domestic appliances to cars all plunged. The lacklustre consumer spending prompted several companies to trim their revenue outlook. Consumer confidence also fell sharply, with households uncertain about their income, employment and spending capability, according to an RBI survey published this month. "There are widespread doubts about the accuracy of the national accounts numbers," analysts at Capital Economics wrote. "The unexpected strength of today's data will do nothing to allay these concerns." (Reuters)

Govt says India grew at 7% but was the data right?

India&#39;s economic growth rate fell to seven percent in the third quarter of the financial year after the controversial ban on high-value banks notes in November, the government said Tuesday.

Gross domestic product in one of the world&#39;s fastest growing economies expanded 7.0 percent year-on-year in the three months to the end of December, down from 7.3 percent in the previous quarter, official figures showed.

While growth came in lower than the previous quarter, it exceeded most analysts&#39;&nbsp;predictions in the wake of the government&#39;s shock move to remove all 500 and 1,000 rupee notes from circulation immediately.

Prime Minister Narendra Modi has defended his so-called demonetisation scheme as a necessary strike against corruption.

But the move triggered massive lines outside banks in the weeks afterwards as authorities struggled to print replacement notes fast enough.&nbsp;

India&#39;s chief statistician TCA Anant told reporters after the data was announced on Tuesday that it was difficult to assess the full impact of demonetisation, which the government had already acknowledged has hit growth.

&quot;Policies like demonetisation are very difficult to assess without a lot of data,&quot; Anant told a press conference.

&quot;We will keep evaluating the numbers. I will not like to draw any conclusions at this stage.&quot;

Anant said some sectors such as agriculture and mining had in fact performed better than expected in the third quarter.

&quot;The only two sectors in which it is distinctly worse is finance and the real estate category,&quot; he added.

&quot;The aggregate of deposits and credits is comparable but on the lower side.&quot;

(AFP)

Most analysts had predicted a much larger slump in growth because of the note ban

India's economic growth rate fell to seven percent in the third quarter of the financial year after the controversial ban on high-value banks notes in November, the government said Tuesday. Gross domestic product in one of the world's fastest growing economies expanded 7.0 percent year-on-year in the three months to the end of December, down from 7.3 percent in the previous quarter, official figures showed. While growth came in lower than the previous quarter, it exceeded most analysts' predictions in the wake of the government's shock move to remove all 500 and 1,000 rupee notes from circulation immediately. Prime Minister Narendra Modi has defended his so-called demonetisation scheme as a necessary strike against corruption. But the move triggered massive lines outside banks in the weeks afterwards as authorities struggled to print replacement notes fast enough. India's chief statistician TCA Anant told reporters after the data was announced on Tuesday that it was difficult to assess the full impact of demonetisation, which the government had already acknowledged has hit growth. "Policies like demonetisation are very difficult to assess without a lot of data," Anant told a press conference. "We will keep evaluating the numbers. I will not like to draw any conclusions at this stage." Anant said some sectors such as agriculture and mining had in fact performed better than expected in the third quarter. "The only two sectors in which it is distinctly worse is finance and the real estate category," he added. "The aggregate of deposits and credits is comparable but on the lower side." (AFP)

Government says India grew at 7% between Oct-Dec despite demonetisation

The Indian government on Friday forecast a slowdown in the country&#39;s GDP growth to to 7.1 per cent in 2016-17, from 7.6 per cent last year. The government data released today attributed the lower growth rate mainly to a slump in manufacturing, mining and construction sectors.

In a break from departure, the estimates are based on data of seven months till October without taking into account &quot;volatile&quot; figures post post-demonetisation in the months of November and December.

Chief Statistician TCA Anant, who released the data compiled by the Central Statistics Office (CSO), said the figures for November were available and examined but &quot;it was felt in view of the policy of denotification of notes there is a high degree of volatility in these figures and conscious decision was taken not make projection using the November figures.&quot;

&quot;The growth in GDP during 2016-17 is estimated at 7.1 per cent as compared to the growth rate of 7.6 per cent in 2015- 16,&quot; the CSO said.&nbsp;

As per the data, the per capita net national income (current prices) during 2016-17 is estimated to be Rs 1,03,007 &mdash; a &nbsp;rise of 10.4 per cent as compared to Rs 93,293 during 2015-16 with the growth rate of 7.4 per cent.&nbsp;

Until last year, the government&#39;s statisticians would wait for GDP data for the quarter through December before putting out full-year estimates. This year December quarter figures will not be available before the end of February, making the projection largely reliant on the economy&#39;s performance in the period before demonetisation, when consumer demand was strong, Reuters reported.

The CSO will release the demonetisation data on February 28, along with revised full-year growth estimates.

&#39;Agriculture, forestry and fishing&#39; is expected to grow by 4.1 per cent in 2016-17 from 1.2 per cent last fiscal, PTI reported citing data released by the government. Mining and quarrying is likely to contract by 1.8 per cent after growing at 7.4 per cent in 2015-16. Growth in manufacturing is expected to slow to 7.4 per cent (from 9.3 per cent) and construction activities to 2.9 per cent (from 3.9 per cent).

Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2016-17 is likely to attain a level of Rs 121.55 lakh crore, as against the Provisional Estimate of GDP for the year 2015-16 of Rs 113.50 lakh crore, released May 31, 2016.

The CSO also said projections on national income are now in line with estimates of India&#39;s central bank, Reserve Bank of India, which too has lowered the GDP growth prospects to 7.1 per cent. &quot;Anticipated growth of real &nbsp;Gross Value Added (GVA) at basic prices in 2016-17 is 7 per cent against 7.2 per cent in 2015-16,&quot; the CSO said.

In value terms, the (GVA) at constant prices is anticipated to increase from Rs 104.27 lakh crore in 2015-16 to Rs 111.53 lakh crore in 2016-17.

Private economists&#39; projections&nbsp;at 6.3-6.4%

Most private economists have pegged India&#39;s growth forecast to 6.3 per cent to 6.4 per cent for 2016-17 fiscal year, citing the impact of the demonetisation, Reuters reports. They estimate that the impact of demonetisation of Rs 500 and Rs 1000 notes, which came into effect from November 8, would linger for one more year.

Aneesh srivastava, chief investment officer, IDBI Federal Life Insurance company told Reuters, &quot;I am very worried with the projected growth rate. The methodology followed excludes demonetisation, but still the projected rate of 7.1 per cent is below my estimate of 7.5 per cent.

&quot;Take demonetisation into account, the rate will substantially drop. My estimates taking demonetisation into account was 6.8 percent, but now it will much lesser than that, he added.&quot;

&quot;Since the dollar is strengthening and global dynamics are not in our favour, I expect RBI to cut rate by 25 bps as early as February.&quot;&nbsp;

Varun Khandelwal, managing director, Bullero Capital, told Reuters, &quot;Based on statistical measures, it is very difficult to factor in the impact on demonetisation. Mostly the impact of demonetisation will be proportionally higher in micro, smaller and medium scale enterprises.

&quot;For FY17 our growth estimate range is lower at 5.5-6.5 per cent and this will depend on the future course of policy actions, the time taken for cash to come back into the system and what kind of budget we have.&quot; 
Friday&#39;s GDP estimate is a vital input for Finance Minister Arun Jaitley&#39;s budget on February 1.&nbsp;

(WION with inputs from agencies)

 
&nbsp;

The growth rate has slowed down from 7.6% a year earlier. The data does not take into account the post-demonetisation figures

The Indian government on Friday forecast a slowdown in the country's GDP growth to to 7.1 per cent in 2016-17, from 7.6 per cent last year. The government data released today attributed the lower growth rate mainly to a slump in manufacturing, mining and construction sectors. In a break from departure, the estimates are based on data of seven months till October without taking into account "volatile" figures post post-demonetisation in the months of November and December. Chief Statistician TCA Anant, who released the data compiled by the Central Statistics Office (CSO), said the figures for November were available and examined but "it was felt in view of the policy of denotification of notes there is a high degree of volatility in these figures and conscious decision was taken not make projection using the November figures." "The growth in GDP during 2016-17 is estimated at 7.1 per cent as compared to the growth rate of 7.6 per cent in 2015- 16," the CSO said. As per the data, the per capita net national income (current prices) during 2016-17 is estimated to be Rs 1,03,007 — a rise of 10.4 per cent as compared to Rs 93,293 during 2015-16 with the growth rate of 7.4 per cent. Until last year, the government's statisticians would wait for GDP data for the quarter through December before putting out full-year estimates. This year December quarter figures will not be available before the end of February, making the projection largely reliant on the economy's performance in the period before demonetisation, when consumer demand was strong, Reuters reported. The CSO will release the demonetisation data on February 28, along with revised full-year growth estimates. 'Agriculture, forestry and fishing' is expected to grow by 4.1 per cent in 2016-17 from 1.2 per cent last fiscal, PTI reported citing data released by the government. Mining and quarrying is likely to contract by 1.8 per cent after growing at 7.4 per cent in 2015-16. Growth in manufacturing is expected to slow to 7.4 per cent (from 9.3 per cent) and construction activities to 2.9 per cent (from 3.9 per cent). Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2016-17 is likely to attain a level of Rs 121.55 lakh crore, as against the Provisional Estimate of GDP for the year 2015-16 of Rs 113.50 lakh crore, released May 31, 2016. The CSO also said projections on national income are now in line with estimates of India's central bank, Reserve Bank of India, which too has lowered the GDP growth prospects to 7.1 per cent. "Anticipated growth of real Gross Value Added (GVA) at basic prices in 2016-17 is 7 per cent against 7.2 per cent in 2015-16," the CSO said. In value terms, the (GVA) at constant prices is anticipated to increase from Rs 104.27 lakh crore in 2015-16 to Rs 111.53 lakh crore in 2016-17. Private economists' projections at 6.3-6.4% Most private economists have pegged India's growth forecast to 6.3 per cent to 6.4 per cent for 2016-17 fiscal year, citing the impact of the demonetisation, Reuters reports. They estimate that the impact of demonetisation of Rs 500 and Rs 1000 notes, which came into effect from November 8, would linger for one more year. Aneesh srivastava, chief investment officer, IDBI Federal Life Insurance company told Reuters, "I am very worried with the projected growth rate. The methodology followed excludes demonetisation, but still the projected rate of 7.1 per cent is below my estimate of 7.5 per cent. "Take demonetisation into account, the rate will substantially drop. My estimates taking demonetisation into account was 6.8 percent, but now it will much lesser than that, he added." "Since the dollar is strengthening and global dynamics are not in our favour, I expect RBI to cut rate by 25 bps as early as February." Varun Khandelwal, managing director, Bullero Capital, told Reuters, "Based on statistical measures, it is very difficult to factor in the impact on demonetisation. Mostly the impact of demonetisation will be proportionally higher in micro, smaller and medium scale enterprises. "For FY17 our growth estimate range is lower at 5.5-6.5 per cent and this will depend on the future course of policy actions, the time taken for cash to come back into the system and what kind of budget we have." Friday's GDP estimate is a vital input for Finance Minister Arun Jaitley's budget on February 1. (WION with inputs from agencies)

Indian government forecasts lower growth rate of 7.1% in 2016-17

India remained the fastest growing major economy with its GDP accelerating to 7.3 per cent in the September quarter, pushed mainly by farm output, although the momentum may be hit in the coming months by the impact of demonetisation.

The Gross Domestic Product (GDP) or national income which rose from 7.1 per cent in the previous quarter is, however, lower than 7.6 per cent recorded in the same period last year.

India overtook China in economic growth rate in 2015, and continues to be the world&#39;s fastest growing large economy.

Meanwhile, monthly macro-economic data on performance of eight infrastructure sectors showed six-month high growth of 6.6 per cent in October.

According to the data released today by the Central Statistics Office (CSO), the Gross Value Added (GVA), which is estimated at the basic price, growth decelerated to 7.1 per cent as compared 7.3 per cent both in the previous as well as the year ago period.

The data revealed that over 7 per cent growth was recorded by &#39;public administration, defence and other services&#39;, &#39;financial, insurance, real estate and professional services&#39;, &#39;manufacturing&#39; and &#39;trade, hotels and transport and communication and services related to broadcasting&#39;.

Growth rates in agriculture, forestry and fishing; mining and quarrying; electricity, gas, water supply and other utility services; and construction were at 3.3 per cent, (-)1.5 per cent, 3.5 per cent and 3.5 per cent respectively. This compares with 2 per cent, 5 per cent, 7.5 per cent and 0.8 per cent year ago period.

Manufacturing slowed to 7.1 per cent from 9.2 per cent in the year-ago period. On the impact of demonetisation of old Rs 500/1000 notes on growth prospects, Chief Statistician T C A Anant said statements made by experts on the adverse impact of demonetisation is made without any data.

&quot;People make assumptions and based on that they make statements. Once the data comes in, I will make a statement,&quot; he said at a press conference.

Chief Economic Adviser Arvind Subramanian said: &quot;What we have for first half are actual numbers. It shows good consistent performance. For second half we will have to see, there are a lot of uncertainties. We have to analyse it before we say something&quot;.

What is worrying, however, is the decline in Gross Fixed Capital Formation (GFCF) an indicator of investment.

GFCF growth rates at current and constant prices are estimated at (-)3.2 per cent and (-)5.6 per cent during Q2 of 2016-17 as compared to 7.5 per cent and 9.7 per cent during Q2 of 2015-16.&nbsp;

Talking about challenges, Subramanian said investment was down substantially in the second quarter and that is something that needs to be watched.

Referring to the impact of demonetisation of 500 and 1000 rupee notes by the government earlier this month, CII Director General Chandrajit Banerjee said that it would be a &quot;temporary setback&quot; to growth in the coming quarter.

As per CSO, GDP at constant (2011-12) prices in the second quarter of 2016-17 is estimated at Rs 29.63 lakh crore, as against Rs 27.62 lakh crore in the year-ago period.

The quarterly GVA at basic price at constant (2011-12) prices for July-September is estimated at Rs 27.33 lakh crore, as against Rs 25.52 lakh crore year-on-year.

Government Final Consumption Expenditure (GFCE) at current prices is estimated at Rs 5.15 lakh crore for the second quarter as against Rs 4.27 lakh crore year ago.

At constant (2011-2012) prices, the GFCE is estimated at Rs 3.84 lakh crore as against Rs 3.33 lakh crore.

In terms of GDP, the rates of GFCE at current and constant prices during the second quarter are estimated at 14.1 per cent and 13 per cent respectively, as against the corresponding rate of 13.1 per cent and 12.1 per cent in the same period of 2015-16.

Chief Statistician Anant also informed that the &#39;advance estimates&#39; for national accounts data for the current fiscal will be released on January 7, a month in advance.

The data release date is being advanced as government would be presenting the annual budget a month ahead of the usual practice of unveiling it on last working day of February.

The data on eight core infrastructure sectors recorded a growth rate of 6.6 per cent in October on the back of impressive performance by steel and refinery products.

However, growth rate of power generation, fertiliser production and cement output fell considerably on a year-on-year basis. Coal production continued to fall for the third straight month.

The core infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- showed 3.8 per cent in October last year.

Core sector contributes 38 per cent to the total industrial production. 
 
(PTI)

The GDP was, however, lower than 7.6 per cent recorded in the same period last year.

India remained the fastest growing major economy with its GDP accelerating to 7.3 per cent in the September quarter, pushed mainly by farm output, although the momentum may be hit in the coming months by the impact of demonetisation. The Gross Domestic Product (GDP) or national income which rose from 7.1 per cent in the previous quarter is, however, lower than 7.6 per cent recorded in the same period last year. India overtook China in economic growth rate in 2015, and continues to be the world's fastest growing large economy. Meanwhile, monthly macro-economic data on performance of eight infrastructure sectors showed six-month high growth of 6.6 per cent in October. According to the data released today by the Central Statistics Office (CSO), the Gross Value Added (GVA), which is estimated at the basic price, growth decelerated to 7.1 per cent as compared 7.3 per cent both in the previous as well as the year ago period. The data revealed that over 7 per cent growth was recorded by 'public administration, defence and other services', 'financial, insurance, real estate and professional services', 'manufacturing' and 'trade, hotels and transport and communication and services related to broadcasting'. Growth rates in agriculture, forestry and fishing; mining and quarrying; electricity, gas, water supply and other utility services; and construction were at 3.3 per cent, (-)1.5 per cent, 3.5 per cent and 3.5 per cent respectively. This compares with 2 per cent, 5 per cent, 7.5 per cent and 0.8 per cent year ago period. Manufacturing slowed to 7.1 per cent from 9.2 per cent in the year-ago period. On the impact of demonetisation of old Rs 500/1000 notes on growth prospects, Chief Statistician T C A Anant said statements made by experts on the adverse impact of demonetisation is made without any data. "People make assumptions and based on that they make statements. Once the data comes in, I will make a statement," he said at a press conference. Chief Economic Adviser Arvind Subramanian said: "What we have for first half are actual numbers. It shows good consistent performance. For second half we will have to see, there are a lot of uncertainties. We have to analyse it before we say something". What is worrying, however, is the decline in Gross Fixed Capital Formation (GFCF) an indicator of investment. GFCF growth rates at current and constant prices are estimated at (-)3.2 per cent and (-)5.6 per cent during Q2 of 2016-17 as compared to 7.5 per cent and 9.7 per cent during Q2 of 2015-16. Talking about challenges, Subramanian said investment was down substantially in the second quarter and that is something that needs to be watched. Referring to the impact of demonetisation of 500 and 1000 rupee notes by the government earlier this month, CII Director General Chandrajit Banerjee said that it would be a "temporary setback" to growth in the coming quarter. As per CSO, GDP at constant (2011-12) prices in the second quarter of 2016-17 is estimated at Rs 29.63 lakh crore, as against Rs 27.62 lakh crore in the year-ago period. The quarterly GVA at basic price at constant (2011-12) prices for July-September is estimated at Rs 27.33 lakh crore, as against Rs 25.52 lakh crore year-on-year. Government Final Consumption Expenditure (GFCE) at current prices is estimated at Rs 5.15 lakh crore for the second quarter as against Rs 4.27 lakh crore year ago. At constant (2011-2012) prices, the GFCE is estimated at Rs 3.84 lakh crore as against Rs 3.33 lakh crore. In terms of GDP, the rates of GFCE at current and constant prices during the second quarter are estimated at 14.1 per cent and 13 per cent respectively, as against the corresponding rate of 13.1 per cent and 12.1 per cent in the same period of 2015-16. Chief Statistician Anant also informed that the 'advance estimates' for national accounts data for the current fiscal will be released on January 7, a month in advance. The data release date is being advanced as government would be presenting the annual budget a month ahead of the usual practice of unveiling it on last working day of February. The data on eight core infrastructure sectors recorded a growth rate of 6.6 per cent in October on the back of impressive performance by steel and refinery products. However, growth rate of power generation, fertiliser production and cement output fell considerably on a year-on-year basis. Coal production continued to fall for the third straight month. The core infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- showed 3.8 per cent in October last year. Core sector contributes 38 per cent to the total industrial production. (PTI)

India's GDP increases to 7.3% in second quarter

India&rsquo;s GDP growth will remain strong, a World Bank report released Tuesday has said.

According to the report, India will grow at&nbsp;7.6 per cent in 2016 and at 7.7 per cent in 2017. &nbsp;

&quot;In India, GDP growth will remain strong at 7.6 per cent in 2016 and 7.7 per cent in 2017, supported by expectations of a rebound in agriculture, civil service pay reforms supporting consumption, increasingly positive contributions from exports and a recovery of private investment in the medium term,&quot; the World Bank said in its latest report on South Asia Economic Focus released yesterday, PTI reported.

&quot;However, India faces the challenge of further accelerating the responsiveness of poverty reduction to growth, promoting inclusion, and extending gains to a broader range of human development outcomes related to health, nutrition, education and gender,&quot; said the biannual report.

The report&nbsp;added&nbsp;that South Asia remains a global growth hotspot and has not been affected by the slowdown in China, uncertainty around stimulus policy in advanced economies, and slowing remittances, PTI reported.

The report also talked&nbsp;about GDP growth in Pakistan and Bangladesh.

In Pakistan, economic activity is projected to gradually accelerate over the medium term reaching 5&nbsp;per cent in 2017 and 5.4 per cent in 2018, building upon 4.7 per cent GDP growth at factor cost in 2016 (5.7 per cent at market prices), PTI reported.

Growth in Bangladesh has remained robust despite internal and external headwinds, it said. Growth will be sustained at 6.8 per cent in 2017, coming slightly down from 7.1 per cent in 2016, the report added.

(WION with inputs from PTI)

The bank said the country's GDP would grow at 7.6% in 2016 and 7.7% in 2017

India’s GDP growth will remain strong, a World Bank report released Tuesday has said. According to the report, India will grow at 7.6 per cent in 2016 and at 7.7 per cent in 2017. "In India, GDP growth will remain strong at 7.6 per cent in 2016 and 7.7 per cent in 2017, supported by expectations of a rebound in agriculture, civil service pay reforms supporting consumption, increasingly positive contributions from exports and a recovery of private investment in the medium term," the World Bank said in its latest report on South Asia Economic Focus released yesterday, PTI reported. "However, India faces the challenge of further accelerating the responsiveness of poverty reduction to growth, promoting inclusion, and extending gains to a broader range of human development outcomes related to health, nutrition, education and gender," said the biannual report. The report added that South Asia remains a global growth hotspot and has not been affected by the slowdown in China, uncertainty around stimulus policy in advanced economies, and slowing remittances, PTI reported. The report also talked about GDP growth in Pakistan and Bangladesh. In Pakistan, economic activity is projected to gradually accelerate over the medium term reaching 5 per cent in 2017 and 5.4 per cent in 2018, building upon 4.7 per cent GDP growth at factor cost in 2016 (5.7 per cent at market prices), PTI reported. Growth in Bangladesh has remained robust despite internal and external headwinds, it said. Growth will be sustained at 6.8 per cent in 2017, coming slightly down from 7.1 per cent in 2016, the report added. (WION with inputs from PTI)

India to grow at over 7% in 2016 & 17: World Bank

india-gdp

India Gdp, News on India Gdp, stories on India Gdp, articles on India Gdp, India Gdp stories at Wion, India Gdp news, India Gdp latest news

india gdp

News brief: Big stories of the day

India's GDP growth falls to 5 per cent in April-June 2019

EAC-PM releases detailed analysis on robustness of India's GDP estimation methodology

India Watch: Is India's GDP rate overestimated?

India's GDP growth rate slumps to 5.8% in fourth quarter

India, US strategic partnership has strengthened significantly: Pentagon

Congress urges new government to reverse economic slowdown

India's GDP to grow at 7.3%, China to grow at 6.5% this year: World Bank

News brief: Big stories of the day

Led by Mukesh Ambani, richest 831 collectively own a quarter of India's GDP

Opinion: India's labour market may suffer from declining remittances from Middle-East

Big takeaways from economic survey

WION Evening News brief, 5 January 2018

India's GDP growth to slow to four-year low of 6.5% in 2017-18

GDP growth in India to accelerate over coming year: HSBC

India can grow at 8 per cent for next 20 years: UN expert

India has lessons to learn from China's poverty reduction campaign: China daily

Slowdown in GDP matter of concern: Arun Jaitley

Govt says India grew at 7% but was the data right?

Government says India grew at 7% between Oct-Dec despite demonetisation

Indian government forecasts lower growth rate of 7.1% in 2016-17

India's GDP increases to 7.3% in second quarter

India to grow at over 7% in 2016 & 17: World Bank