India Budget 2019: Budget expected to announce tax sops for middle class

Indian Budget 2019: India needs to focus on sustainability of growth, says Economist Daniel Lacalle

WION Exclusive: In conversation with Gita Gopinath, IMF Chief Economist

Union Commerce and Civil Aviation Minister Suresh Prabhu Saturday said India has the potential to be a $5 trillion economy in the next 7-8 years.

Addressing a seminar on exports at Vibrant Gujarat Global Summit here, Prabhu said his department had prepared a road map to make this possible by focusing on manufacturing, service sector and agriculture.

"India has a potential to be a $5 trillion economy in 7 to 8 years, and definitely a $10 trillion economy before 2035," Prabhu said.

"Manufacturing should lead to export. This will bring quality and competitiveness. Our cumulative export stands at around half a trillion dollars. The challenge is to double it" he said.

"Today, we have great opportunity to increase exports. There are disruptions taking place in the world and India should take advantage of it," he added.

Prabhu said India can increase exports to Africa and Latin American countries.

To boost air connectivity in the country, Prabhu said 100 new airports will come up in the near future with a cumulative investment of $65 billion.

Two MoUs were Saturday signed between the Gujarat government and Airports Authority of India for establishing greenfield airports at Dholera and Ankleshwar.

The MOUs were inked in the presence of Prabhu and Gujarat chief minister Vijay Rupani.

As per one MoU, Dholera airport will be established at a cost of Rs 1,500 crore.

The other MoU was for the development and operation of the airport and MRO at Ankleshwar.&nbsp;

Union Commerce and Civil Aviation Minister Suresh Prabhu Saturday said India has the potential to be a $5 trillion economy in the next 7-8 years. Addressing a seminar on exports at Vibrant Gujarat Global Summit here, Prabhu said his department had prepared a road map to make this possible by focusing on manufacturing, service sector and agriculture.

Union Commerce and Civil Aviation Minister Suresh Prabhu Saturday said India has the potential to be a $5 trillion economy in the next 7-8 years. Addressing a seminar on exports at Vibrant Gujarat Global Summit here, Prabhu said his department had prepared a road map to make this possible by focusing on manufacturing, service sector and agriculture. "India has a potential to be a $5 trillion economy in 7 to 8 years, and definitely a $10 trillion economy before 2035," Prabhu said. "Manufacturing should lead to export. This will bring quality and competitiveness. Our cumulative export stands at around half a trillion dollars. The challenge is to double it" he said. "Today, we have great opportunity to increase exports. There are disruptions taking place in the world and India should take advantage of it," he added. Prabhu said India can increase exports to Africa and Latin American countries. To boost air connectivity in the country, Prabhu said 100 new airports will come up in the near future with a cumulative investment of $65 billion. Two MoUs were Saturday signed between the Gujarat government and Airports Authority of India for establishing greenfield airports at Dholera and Ankleshwar. The MOUs were inked in the presence of Prabhu and Gujarat chief minister Vijay Rupani. As per one MoU, Dholera airport will be established at a cost of Rs 1,500 crore. The other MoU was for the development and operation of the airport and MRO at Ankleshwar.

India can be $5 trillion economy in 7-8 years: Suresh Prabhu

<a href="http://www.wionews.com/india-news/those-stopped-from-looting-public-money-are-forming-mahagathbandhan-pm-modi-191517">Prime Minister Narendra Modi</a> on Sunday said the country had transformed from among the "fragile five" nations to the world's fastest-growing economy.

He was addressing the Bharatiya Janata Party's (BJP) booth-level workers through video-conferencing and was speaking against the backdrop of the "#5yearchallenge" currently trending on social media platforms.

"Earlier, Indian governments used to remain in national and international headlines for scams. Nowadays, there is no discussion on scams, but on new schemes," Modi said, adding that the country had moved from scams to schemes in the last five years.

Five years ago, the world saw India as a nation from where news about scams, electricity shortage and financial crises emanated, the prime minister said.

This perspective, he added, had changed and the world now viewed the country with "vishwas" (belief and trust).

Touching on the topic of Maoist violence, Modi said the menace was once overpowering but now, had been contained and restricted to very few districts.

He added that the bravery of security forces and people's support over the last five years had ensured that the nation had won the battle against&nbsp; 
Maoist violence.

Five years ago, there used to be headlines that the country did not have enough toilets, causing embarrassment to women, Modi said.

Now, nine crore toilets had been constructed and sanitation coverage in the country had gone up from 38 per cent (when the National Democratic Alliance came to power in 2014) to 98 per cent, he added.

There was a time when 70 crore Indians had to go without electricity due to the failure of the northern (power) grid, he said, adding that today, several crore households had received electricity connection.

The prime minister said the country's economy, which had once faced the challenge of high inflation and low growth, was now witnessing a low inflation and high growth -- a transformation that had happened over the last four-and-a-half years.&nbsp;

Prime Minister Narendra Modi on Sunday said the country had transformed from among the "fragile five" nations to the world's fastest-growing economy. He was addressing the Bharatiya Janata Party's (BJP) booth-level workers through video-conferencing and was speaking against the backdrop of the "#5yearchallenge" currently trending on social media platforms.

Prime Minister Narendra Modi on Sunday said the country had transformed from among the "fragile five" nations to the world's fastest-growing economy. He was addressing the Bharatiya Janata Party's (BJP) booth-level workers through video-conferencing and was speaking against the backdrop of the "#5yearchallenge" currently trending on social media platforms. "Earlier, Indian governments used to remain in national and international headlines for scams. Nowadays, there is no discussion on scams, but on new schemes," Modi said, adding that the country had moved from scams to schemes in the last five years. Five years ago, the world saw India as a nation from where news about scams, electricity shortage and financial crises emanated, the prime minister said. This perspective, he added, had changed and the world now viewed the country with "vishwas" (belief and trust). Touching on the topic of Maoist violence, Modi said the menace was once overpowering but now, had been contained and restricted to very few districts. He added that the bravery of security forces and people's support over the last five years had ensured that the nation had won the battle against Maoist violence. Five years ago, there used to be headlines that the country did not have enough toilets, causing embarrassment to women, Modi said. Now, nine crore toilets had been constructed and sanitation coverage in the country had gone up from 38 per cent (when the National Democratic Alliance came to power in 2014) to 98 per cent, he added. There was a time when 70 crore Indians had to go without electricity due to the failure of the northern (power) grid, he said, adding that today, several crore households had received electricity connection. The prime minister said the country's economy, which had once faced the challenge of high inflation and low growth, was now witnessing a low inflation and high growth -- a transformation that had happened over the last four-and-a-half years.

Once 'fragile', Indian economy now world's fastest-growing: PM Modi

Former Chief Economic Advisor (CEA) Arvind Subramanian opined that although the Reserve Bank of India's (RBI) independence is sacred, there must be "creative tension" between the central bank and government.

Subramanian, who participated in an interactive session with entrepreneur and co-founder of Infosys Nandan Nilekani, was of the view that anything that damages or undermines the RBI's reputation will cost the country dearly in the long run.

Also read: <a href="http://www.wionews.com/india-news/will-uphold-autonomy-of-rbi-new-governor-shaktikanta-das-183476">Will protect RBI's autonomy, says New Governor Shaktikanta Das</a>

"We want autonomy and independence but along with communication and cooperation because both parts of the government (i.e. RBI and government) have to work together as many of their objectives are common. There will be some objectives which are different and that's why we created RBI. They will never agree, they should never agree, there has to be a creative tension," he said.

Subramanian, however, noted that despite all shortcomings in the last 5-6 years, the RBI remains one of India's most respected institutions.

Acknowledging the connect between financial stability and robust functioning of the Reserve Bank, Subramanian, who is a visiting professor at Harvard University, said the RBI has to be accountable for glaring deficiencies and shortcomings in the financial system or economy.

"As long as autonomy (of RBI) is protected, there will be no issues," he asserted.

The recent rift between the RBI and the union government is one that has been widely debated, particularly after RBI Deputy Governor Viral Acharya stressed on the need to ensure the central bank's independence.

On Monday, Urjit Patel stepped down as the RBI Governor citing "personal reasons", weeks after differences between the central bank and the government regarding its "independence" became public.

A day later, former economic affairs secretary Shaktikanta Das was appointed as the new governor of the central bank with immediate effect.

Former Chief Economic Advisor (CEA) Arvind Subramanian opined that although the Reserve Bank of India's (RBI) independence is sacred, there must be "creative tension" between the central bank and government.

Former Chief Economic Advisor (CEA) Arvind Subramanian opined that although the Reserve Bank of India's (RBI) independence is sacred, there must be "creative tension" between the central bank and government. Subramanian, who participated in an interactive session with entrepreneur and co-founder of Infosys Nandan Nilekani, was of the view that anything that damages or undermines the RBI's reputation will cost the country dearly in the long run. Also read: Will protect RBI's autonomy, says New Governor Shaktikanta Das "We want autonomy and independence but along with communication and cooperation because both parts of the government (i.e. RBI and government) have to work together as many of their objectives are common. There will be some objectives which are different and that's why we created RBI. They will never agree, they should never agree, there has to be a creative tension," he said. Subramanian, however, noted that despite all shortcomings in the last 5-6 years, the RBI remains one of India's most respected institutions. Acknowledging the connect between financial stability and robust functioning of the Reserve Bank, Subramanian, who is a visiting professor at Harvard University, said the RBI has to be accountable for glaring deficiencies and shortcomings in the financial system or economy. "As long as autonomy (of RBI) is protected, there will be no issues," he asserted. The recent rift between the RBI and the union government is one that has been widely debated, particularly after RBI Deputy Governor Viral Acharya stressed on the need to ensure the central bank's independence. On Monday, Urjit Patel stepped down as the RBI Governor citing "personal reasons", weeks after differences between the central bank and the government regarding its "independence" became public. A day later, former economic affairs secretary Shaktikanta Das was appointed as the new governor of the central bank with immediate effect.

Creative tension should exist between RBI, Government: Former CEA Arvind Subramanian

A day after Urjit Patel resigned as RBI Governor, Niti Aayog Vice Chairman Rajiv Kumar said the central bank's institutional capabilities are 'very strong' and it will do whatever is required for the markets and economy.

Kumar further said although Patel has done an amazing work in the last two years as RBI Governor, the functioning of the central bank is not dependent on any particular individual.

"RBI's institutional capabilities are very strong and they will do whatever is required for the markets and economy. The fact is that RBI itself is such a professional institution, and such a long-standing institution that you know, the business will continue," Kumar said in New Delhi on Tuesday.

Patel, who had a run-in with the government over autonomy of the central bank, resigned as RBI governor on Monday, citing personal reasons.

The Niti Aayog vice chairman also assured that the government will do whatever is required to continue its business as usual.

"Patel has done an amazing work in the last two years...But RBI is not dependent on any one particular individual," Kumar said.

Commenting of weakening of the rupee after Patel's resignation, Kumar said: "The government also, I am sure, is seized of the matter and will take care whichever way it's possible."

The rupee on Tuesday plunged by a significant 110 paise in early trade as domestic equities saw heavy sell-off amid crucial state election results and the unexpected resignation of Reserve Bank Governor Urjit Patel.

A day after Urjit Patel resigned as RBI Governor, Niti Aayog Vice Chairman Rajiv Kumar said the central bank's institutional capabilities are 'very strong' and it will do whatever is required for the markets and economy.

A day after Urjit Patel resigned as RBI Governor, Niti Aayog Vice Chairman Rajiv Kumar said the central bank's institutional capabilities are 'very strong' and it will do whatever is required for the markets and economy. Kumar further said although Patel has done an amazing work in the last two years as RBI Governor, the functioning of the central bank is not dependent on any particular individual. "RBI's institutional capabilities are very strong and they will do whatever is required for the markets and economy. The fact is that RBI itself is such a professional institution, and such a long-standing institution that you know, the business will continue," Kumar said in New Delhi on Tuesday. Patel, who had a run-in with the government over autonomy of the central bank, resigned as RBI governor on Monday, citing personal reasons. The Niti Aayog vice chairman also assured that the government will do whatever is required to continue its business as usual. "Patel has done an amazing work in the last two years...But RBI is not dependent on any one particular individual," Kumar said. Commenting of weakening of the rupee after Patel's resignation, Kumar said: "The government also, I am sure, is seized of the matter and will take care whichever way it's possible." The rupee on Tuesday plunged by a significant 110 paise in early trade as domestic equities saw heavy sell-off amid crucial state election results and the unexpected resignation of Reserve Bank Governor Urjit Patel.

RBI's institutional capabilities very strong: Niti Aayog's Rajiv Kumar on Urjit Patel's exit

Former President Pranab Mukherjee on Wednesday expressed dissatisfaction over the current economic growth of the country and stated that India should have been a five to six trillion US dollar economy.

"Today, the Indian economy is worth 2.268 trillion US dollar. I am not satisfied. As a former Finance Minister, I think we should have done much more progress. It should have been five to six trillion US dollar economy," Mukherjee said while addressing a seminar at the Greenwood High International School here.

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Former President Pranab Mukherjee in Bengaluru: Today Indian economy is worth 2.268 trillion US dollar. I am not satisfied. As a former finance minister, I think we should have done much more progress. It should have been five to six trillion US dollar economy. (28.11.2018) <a href="https://t.co/tLrtrK5sYu">pic.twitter.com/tLrtrK5sYu</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1067876357559017472?ref_src=twsrc%5Etfw">November 28, 2018</a></blockquote>
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However, the former President appreciated the country`s achievements in the field of science and technology.

"We are the only country till today out of 184 members of the United Nations, who succeeded in sending its orbiter to Mars in its very first attempt," Mukherjee said."We are the third military power of the world," he said.

Former President Pranab Mukherjee on Wednesday expressed dissatisfaction over the current economic growth of the country and stated that India should have been a five to six trillion US dollar economy.

Former President Pranab Mukherjee on Wednesday expressed dissatisfaction over the current economic growth of the country and stated that India should have been a five to six trillion US dollar economy. "Today, the Indian economy is worth 2.268 trillion US dollar. I am not satisfied. As a former Finance Minister, I think we should have done much more progress. It should have been five to six trillion US dollar economy," Mukherjee said while addressing a seminar at the Greenwood High International School here. Former President Pranab Mukherjee in Bengaluru: Today Indian economy is worth 2.268 trillion US dollar. I am not satisfied. As a former finance minister, I think we should have done much more progress. It should have been five to six trillion US dollar economy. (28.11.2018) pic.twitter.com/tLrtrK5sYu — ANI (@ANI) November 28, 2018 × However, the former President appreciated the country`s achievements in the field of science and technology. "We are the only country till today out of 184 members of the United Nations, who succeeded in sending its orbiter to Mars in its very first attempt," Mukherjee said."We are the third military power of the world," he said.

India should have been a $5-6 trillion economy by now: Pranab Mukherjee

Prime Minister Narendra Modi is in Singapore this week to attend the East Asia Summit, ASEAN-India informal meet and the Regional Comprehensive Economic Partnership (RCEP) Summit. The Indian prime minister became the first head of government to deliver an address at the Singapore Fintech Festival, one of the largest events on financial technology, where he launched APIX, a banking technology designed to reach two billion people worldwide who are still without bank accounts.&nbsp;

PM Modi underlined the growing digitisation of the Indian economy and showcased India’s role in the shaping of global financial technologies which are not merely disruptive but also inclusive.

It is, however, the geopolitics and geo-economics of the changing Indo-Pacific which will be the focus of most of Modi’s engagements at various levels. The RCEP, accounting for almost 40 per cent of global trade, remains an important grouping for the 16 members — the 10-member ASEAN plus India, China, Japan, South Korea, Australia and New Zealand. It is a rather ambitious undertaking and despite repeated calls for an early conclusion, it remains mired in multiple issues which are thorny in nature. Though progress on the negotiations has been slow since they began in 2013, the Trump administration’s protectionist policies have given the negotiations a new momentum. It is now being hoped that the pact may now be concluded next year. India too has found it difficult to generate a domestic consensus on RCEP and it is likely that tough decisions on tariff reductions will now be taken only after elections next year, though Commerce Minister Suresh Prabhu underscored that New Delhi was “very happy that India’s concerns have been taken on board, and... country will benefit from it.”

The East Asia Summit will be India exploring wide-ranging issues pertaining to smart cities, IT, communication, maritime cooperation and terrorism with 17 other participating leaders. EAS has now emerged as the most critical multilateral framework in the Indo-Pacific where multiple stakeholders engage each other annually. The East Asia Summit, which includes India, China, Japan, South Korea, Australia, New Zealand, the US and Russia apart from the 10 ASEAN member states, also gives India an opportunity to underline its credentials as an important stakeholder in regional developments.

PM Modi will also participate in the ASEAN India Bilateral Summit where progress in the goals set in the Delhi Declaration of the ASEAN India Commemorative Summit will be discussed. Addressing last year’s ASEAN-India Summit in Manila, Modi underscored India’s relationship with ASEAN is a key pillar of its foreign policy. Referring to India’s Act East Policy, he had underlined that “its centrality in the regional security architecture of the Indo-Pacific region is evident”. In a symbolic move, all 10 ASEAN heads of State were invited to be guests of honour for this year’s Republic Day function. Targeting China, Modi had also assured ASEAN of “steady support towards achieving a rules-based regional security architecture that best attests to the region’s interests and its peaceful development.”

India has repeatedly underscored the centrality of the ASEAN in its Indo-Pacific vision. In his keynote address at the Shangri La Dialogue earlier this year too, Modi had suggested that India will promote a democratic and rules-based international order in the Indo-Pacific with ASEAN at its heart, that allows free access to common spaces and is not limited to a ‘club of limited members.’

It is in this context, it is interesting that despite suggestions that nothing much has been happening on the Quad front, the third meeting of Quad countries — India, the US, Japan and Australia — at the joint secretary-level will also take place in Singapore. It is clear that these four nations do not want to let go of the momentum that is gradually building up. There may be little substance in the engagement at the moment but all four states remain keen to leverage it in some form.

The Indo-Pacific region is now central to global politics and economics, and recent days have merely reinforced the trends that have been emerging for some time. China is the most important player in the region, and Beijing is now more confident than ever of projecting regional and global power. In this, China has had the good fortune of having an administration in the US that lacks seriousness of purpose and is unable to communicate effectively its priorities for the region. This makes this period of transition very significant for countries like India that have a stake in the long-term stability of the region. As China’s profile grows, there is a new opportunity for India in the region. Unlike in the past, New Delhi is no longer diffident about engaging with other regional players if it helps to further Indian interests in maintaining a stable balance of power in the region.

(This article was originally published on DNA. Read the <a href="https://www.dnaindia.com/analysis/column-asean-furthering-india-s-interests-in-indo-pacific-2685730">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL) 
&nbsp;

Prime Minister Narendra Modi is in Singapore this week to attend the East Asia Summit, ASEAN-India informal meet and the Regional Comprehensive Economic Partnership (RCEP) Summit.

Prime Minister Narendra Modi is in Singapore this week to attend the East Asia Summit, ASEAN-India informal meet and the Regional Comprehensive Economic Partnership (RCEP) Summit. The Indian prime minister became the first head of government to deliver an address at the Singapore Fintech Festival, one of the largest events on financial technology, where he launched APIX, a banking technology designed to reach two billion people worldwide who are still without bank accounts. PM Modi underlined the growing digitisation of the Indian economy and showcased India’s role in the shaping of global financial technologies which are not merely disruptive but also inclusive. It is, however, the geopolitics and geo-economics of the changing Indo-Pacific which will be the focus of most of Modi’s engagements at various levels. The RCEP, accounting for almost 40 per cent of global trade, remains an important grouping for the 16 members — the 10-member ASEAN plus India, China, Japan, South Korea, Australia and New Zealand. It is a rather ambitious undertaking and despite repeated calls for an early conclusion, it remains mired in multiple issues which are thorny in nature. Though progress on the negotiations has been slow since they began in 2013, the Trump administration’s protectionist policies have given the negotiations a new momentum. It is now being hoped that the pact may now be concluded next year. India too has found it difficult to generate a domestic consensus on RCEP and it is likely that tough decisions on tariff reductions will now be taken only after elections next year, though Commerce Minister Suresh Prabhu underscored that New Delhi was “very happy that India’s concerns have been taken on board, and... country will benefit from it.” The East Asia Summit will be India exploring wide-ranging issues pertaining to smart cities, IT, communication, maritime cooperation and terrorism with 17 other participating leaders. EAS has now emerged as the most critical multilateral framework in the Indo-Pacific where multiple stakeholders engage each other annually. The East Asia Summit, which includes India, China, Japan, South Korea, Australia, New Zealand, the US and Russia apart from the 10 ASEAN member states, also gives India an opportunity to underline its credentials as an important stakeholder in regional developments. PM Modi will also participate in the ASEAN India Bilateral Summit where progress in the goals set in the Delhi Declaration of the ASEAN India Commemorative Summit will be discussed. Addressing last year’s ASEAN-India Summit in Manila, Modi underscored India’s relationship with ASEAN is a key pillar of its foreign policy. Referring to India’s Act East Policy, he had underlined that “its centrality in the regional security architecture of the Indo-Pacific region is evident”. In a symbolic move, all 10 ASEAN heads of State were invited to be guests of honour for this year’s Republic Day function. Targeting China, Modi had also assured ASEAN of “steady support towards achieving a rules-based regional security architecture that best attests to the region’s interests and its peaceful development.” India has repeatedly underscored the centrality of the ASEAN in its Indo-Pacific vision. In his keynote address at the Shangri La Dialogue earlier this year too, Modi had suggested that India will promote a democratic and rules-based international order in the Indo-Pacific with ASEAN at its heart, that allows free access to common spaces and is not limited to a ‘club of limited members.’ It is in this context, it is interesting that despite suggestions that nothing much has been happening on the Quad front, the third meeting of Quad countries — India, the US, Japan and Australia — at the joint secretary-level will also take place in Singapore. It is clear that these four nations do not want to let go of the momentum that is gradually building up. There may be little substance in the engagement at the moment but all four states remain keen to leverage it in some form. The Indo-Pacific region is now central to global politics and economics, and recent days have merely reinforced the trends that have been emerging for some time. China is the most important player in the region, and Beijing is now more confident than ever of projecting regional and global power. In this, China has had the good fortune of having an administration in the US that lacks seriousness of purpose and is unable to communicate effectively its priorities for the region. This makes this period of transition very significant for countries like India that have a stake in the long-term stability of the region. As China’s profile grows, there is a new opportunity for India in the region. Unlike in the past, New Delhi is no longer diffident about engaging with other regional players if it helps to further Indian interests in maintaining a stable balance of power in the region. (This article was originally published on DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Furthering India’s interests in Indo-Pacific region

Two years of Demonetisation: Opposition marks Nov 8th as 'dark day'

US President Donald Trump's protectionism has got India Inc worried. Amidst the challenges global economies are facing and the uncertain environment, business leaders and politicians gathered together in Mumbai at India Summit 2018 on Thursday to discuss the way forward.

At the summit, corporate leaders deliberated upon challenges world's sixth largest economy India is facing and how to turn those into advantages.

Corporate India sees the global trade wars as a threat and fear that it can lead to global recession.

"I am great believer of the free trade, and I think it promotes global growth. However, if there is unfair practices then we need to protect ourselves," said Adi Godrej, Chairman of the Godrej Group.

But at the same time, the problems in Indian economy can't be overlooked. Skilled workforce is a problem corporate India is grappling with. Though the reforms undertaken by the BJP-led NDA government including Goods and Services Tax (GST) are lauded by the businessmen and industrialists, the problems are now being faced on ground in implementation of the recent reforms.

But despite the challenges, India is expected to register a healthy growth.

“We will grow between 7.3-7.5%. We are operating at full capacity,” said Kumar Manglam Birla, Chairman of Aditya Birla Group.

“The ease of doing business initiative is making a difference. When we talk to people in Centre, they are very focussed. The execution has to happen at state level; it’s currently a mixed bag, there is little or no co-relation,” said Anand Kripalu, MD, Diageo India

The theme for India Summit 2018 this year was “States of the Nation”, placing the spotlight on the role states must play in driving the national economic and social agenda. Keeping the state of the economy in mind, experts agreed the competition among the states on ease of doing business ranking has brought about a considerable change in the way states deal with businesses and entrepreneurs.

US President Donald Trump's protectionism has got India Inc worried. Amidst the challenges global economies are facing and the uncertain environment, business leaders and politicians gathered together in Mumbai at India Summit 2018 on Thursday to discuss the way forward.

US President Donald Trump's protectionism has got India Inc worried. Amidst the challenges global economies are facing and the uncertain environment, business leaders and politicians gathered together in Mumbai at India Summit 2018 on Thursday to discuss the way forward. At the summit, corporate leaders deliberated upon challenges world's sixth largest economy India is facing and how to turn those into advantages. Corporate India sees the global trade wars as a threat and fear that it can lead to global recession. "I am great believer of the free trade, and I think it promotes global growth. However, if there is unfair practices then we need to protect ourselves," said Adi Godrej, Chairman of the Godrej Group. But at the same time, the problems in Indian economy can't be overlooked. Skilled workforce is a problem corporate India is grappling with. Though the reforms undertaken by the BJP-led NDA government including Goods and Services Tax (GST) are lauded by the businessmen and industrialists, the problems are now being faced on ground in implementation of the recent reforms. But despite the challenges, India is expected to register a healthy growth. “We will grow between 7.3-7.5%. We are operating at full capacity,” said Kumar Manglam Birla, Chairman of Aditya Birla Group. “The ease of doing business initiative is making a difference. When we talk to people in Centre, they are very focussed. The execution has to happen at state level; it’s currently a mixed bag, there is little or no co-relation,” said Anand Kripalu, MD, Diageo India The theme for India Summit 2018 this year was “States of the Nation”, placing the spotlight on the role states must play in driving the national economic and social agenda. Keeping the state of the economy in mind, experts agreed the competition among the states on ease of doing business ranking has brought about a considerable change in the way states deal with businesses and entrepreneurs.

Trump's protectionism policy worries India Inc

Prime Minister Narendra Modi is chairing a high-level meeting&nbsp;in Delhi on the state of the economy and oil sector with an agenda aimed to curb the rupee's continuous slide.

The main focus of the meeting is the rupee's continuing weakness against the dollar.

According to reports, the government could announce measures to control the current account deficit and the crude oil prices in the light of the upcoming sanctions on Iran by us. It may also announce a fresh set of measures that could include higher customs duties and import restrictions on certain non-essential items.

Finance Minister Arun Jaitley, Petroleum Minister Dharmendra Pradhan and Commerce Minister Suresh Prabhu are part of the meeting.

The government recently increased import duty on several electronic and consumer items including refrigerators, air conditioners and telecom equipment to rein in current account deficit and stabilise the rupee.

It also hiked duty on footwear, diamonds, and jet fuel as a part of its plan to get foreign funds flowing back to India recently.

According to WION's sources, there could be a new list of items that would attract higher import duty and there could be quantitative restrictions on inward shipments. &nbsp;

India's current account deficit widened to 2.4 per cent of GDP in April-June and the rupee is hovering around 74 to a dollar.

Prime Minister Narendra Modi is chairing a high-level meeting in Delhi on the state of the economy and oil sector with an agenda aimed to curb the rupee's continuous slide.

Prime Minister Narendra Modi is chairing a high-level meeting in Delhi on the state of the economy and oil sector with an agenda aimed to curb the rupee's continuous slide. The main focus of the meeting is the rupee's continuing weakness against the dollar. According to reports, the government could announce measures to control the current account deficit and the crude oil prices in the light of the upcoming sanctions on Iran by us. It may also announce a fresh set of measures that could include higher customs duties and import restrictions on certain non-essential items. Finance Minister Arun Jaitley, Petroleum Minister Dharmendra Pradhan and Commerce Minister Suresh Prabhu are part of the meeting. The government recently increased import duty on several electronic and consumer items including refrigerators, air conditioners and telecom equipment to rein in current account deficit and stabilise the rupee. It also hiked duty on footwear, diamonds, and jet fuel as a part of its plan to get foreign funds flowing back to India recently. According to WION's sources, there could be a new list of items that would attract higher import duty and there could be quantitative restrictions on inward shipments. India's current account deficit widened to 2.4 per cent of GDP in April-June and the rupee is hovering around 74 to a dollar.

PM Modi chairs high-level meeting on economy, finance & oil ministers attend

World Economic Forum President Borge Brende was in New Delhi recently. Brende, who is the former foreign minister of Norway, spoke extensively with WION's Principal Diplomatic Correspondent Sidhant Sibal on a host of issues from #MeToo, to global economic growth, to India's reform process.&nbsp;

Sidhant Sibal: What brings you here?&nbsp; 
Borge Brende: We are formally marking the opening of the centre for the 4th Industrial Revolution. It's a cooperation between WEF and important businesses. It's a follow up of PM Modi's speech at Davos that India will leapfrog and will be on top of 4th Industrial Revolution. It is a great collaboration.&nbsp;

SS: How do you see India's reform process? 
BB: Indian economy is doing well. But one can't be complacent. India is the sixth-largest economy and seeing the fastest economic growth of any of the leading economies. Eight per cent growth expected this year is an achievement. To keep that kind of growth in a difficult environment where we are seeing a lot of risk factors — overheating, inflationary pressure — India needs to keep reform going.

SS: And ease of doing business has improved in the country... 
BB: That is positive and I hope this will continue. There should be Investment in education and infrastructure moving forward and make sure India is leading in new technologies like blockchain, artificial intelligence and drones.

SS: The focus of your visit is the 4th Industrial Revolution. What are its basic pillars? 
BB: 4th Industrial Revolution is really technologies being introduced that are changing things at an unprecedented pace. Artificial intelligence is one piece of it. We have 3D printing, block chains, precision medicine, autonomous vehicles and if you're not on top of it, you are going to lose out to international competition. For India which has a young population, these are great opportunities provided you have necessary skills in mathematics, and also in computer science.

SS: India has programmes like Digital India or payment platforms like BHIM. What would you say about them? 
BB: These reforms are critical. They are not sufficient because in the 4th Industrial Revolution we will need skills and world-class education. It is very important to make sure that the young population has access to quality education based on that you can make sure you have right abilities to capitalise of opportunities. 1.3 billion people can have positive outcomes of these technologies.&nbsp;

SS: Trade war has broken out. There is political protectionism. How will it impact global growth? 
BB: The world economy is looking strong. 3.8% economic growth this year and also next year but you are right, there are risk factors that need to be addressed. Trade is one of them. Trade has changed a lot in the last decade. If you say this is made in India due to the global value chain, maybe 50% is produced somewhere else. It's put together in India. So trade barriers and tariffs can also hurt existing industries in countries that are introducing these barriers. In a globalised world, all are in the same boat and we have to act accordingly. Currently, we are not seeing this. There are opportunities to solve this. There were big challenges on NAFTA — between US, Mexico and Canada. They agreed on a new trade deal, hope this spirit will reach other trade negotiations.

SS: What is your take on the #MeToo movement? It is gathering pace in India...&nbsp; 
BB: &nbsp;Gender and rights of women are very important. What we have seen at WEF and also via reports, companies that take gender issues and sustainable issues very seriously, recruit smarter people and best people. These companies move from capitalism to talentism. These companies are more profitable. They recruit better talent. Young people want to work in progressive companies.

World Economic Forum President Borge Brende was in New Delhi recently. Brende, who is the former foreign minister of Norway, spoke extensively with WION's Principal Diplomatic Correspondent Sidhant Sibal on a host of issues from #MeToo, to global economic growth, to India's reform process.

World Economic Forum President Borge Brende was in New Delhi recently. Brende, who is the former foreign minister of Norway, spoke extensively with WION's Principal Diplomatic Correspondent Sidhant Sibal on a host of issues from #MeToo, to global economic growth, to India's reform process. Sidhant Sibal: What brings you here? Borge Brende: We are formally marking the opening of the centre for the 4th Industrial Revolution. It's a cooperation between WEF and important businesses. It's a follow up of PM Modi's speech at Davos that India will leapfrog and will be on top of 4th Industrial Revolution. It is a great collaboration. SS: How do you see India's reform process? BB: Indian economy is doing well. But one can't be complacent. India is the sixth-largest economy and seeing the fastest economic growth of any of the leading economies. Eight per cent growth expected this year is an achievement. To keep that kind of growth in a difficult environment where we are seeing a lot of risk factors — overheating, inflationary pressure — India needs to keep reform going. SS: And ease of doing business has improved in the country... BB: That is positive and I hope this will continue. There should be Investment in education and infrastructure moving forward and make sure India is leading in new technologies like blockchain, artificial intelligence and drones. SS: The focus of your visit is the 4th Industrial Revolution. What are its basic pillars? BB: 4th Industrial Revolution is really technologies being introduced that are changing things at an unprecedented pace. Artificial intelligence is one piece of it. We have 3D printing, block chains, precision medicine, autonomous vehicles and if you're not on top of it, you are going to lose out to international competition. For India which has a young population, these are great opportunities provided you have necessary skills in mathematics, and also in computer science. SS: India has programmes like Digital India or payment platforms like BHIM. What would you say about them? BB: These reforms are critical. They are not sufficient because in the 4th Industrial Revolution we will need skills and world-class education. It is very important to make sure that the young population has access to quality education based on that you can make sure you have right abilities to capitalise of opportunities. 1.3 billion people can have positive outcomes of these technologies. SS: Trade war has broken out. There is political protectionism. How will it impact global growth? BB: The world economy is looking strong. 3.8% economic growth this year and also next year but you are right, there are risk factors that need to be addressed. Trade is one of them. Trade has changed a lot in the last decade. If you say this is made in India due to the global value chain, maybe 50% is produced somewhere else. It's put together in India. So trade barriers and tariffs can also hurt existing industries in countries that are introducing these barriers. In a globalised world, all are in the same boat and we have to act accordingly. Currently, we are not seeing this. There are opportunities to solve this. There were big challenges on NAFTA — between US, Mexico and Canada. They agreed on a new trade deal, hope this spirit will reach other trade negotiations. SS: What is your take on the #MeToo movement? It is gathering pace in India... BB: Gender and rights of women are very important. What we have seen at WEF and also via reports, companies that take gender issues and sustainable issues very seriously, recruit smarter people and best people. These companies move from capitalism to talentism. These companies are more profitable. They recruit better talent. Young people want to work in progressive companies.

Indian economy doing well but one can't be complacent: WEF President to WION

The bloodbath in Indian markets continued on Friday as the Sensex fell more than 900 points after a monetrary policy review by the Reserve Bank of India where the central bank of India kept key rates unchanged.

Minutes before closing, the Sensex was trading at 34,267.

The Sensex had fell over 300 points in the morning session, extending its losing run for the third day, amid weak global cues.

It lost 1,356.98 points in the previous two sessions on rupee woes and boiling crude oil prices.

Sectoral indices led by oil and gas, PSU, infrastructure, auto and banking stocks cracked up to 10.27 per cent.

The NSE Nifty also dropped by 90.40 points on Friday morning, or 0.85 per cent, to 10,508.85.

Shares in state-owned oil marketing companies slumped more than 20 percent to multi-year lows on Friday, after the government on Thursday announced a 2.50 rupees-per-litre cut in gasoline and diesel prices to reduce the burden on the Indian masses from all-time high prices at fuel pumps.

The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government. Petrol prices were regulated until 2012, while diesel prices remained so until 2014.

(With inputs from agencies)

The bloodbath in Indian markets continued on Friday as the Sensex fell more than 900 points after a monetrary policy review by the Reserve Bank of India where the central bank of India kept key rates unchanged.

The bloodbath in Indian markets continued on Friday as the Sensex fell more than 900 points after a monetrary policy review by the Reserve Bank of India where the central bank of India kept key rates unchanged. Minutes before closing, the Sensex was trading at 34,267. The Sensex had fell over 300 points in the morning session, extending its losing run for the third day, amid weak global cues. It lost 1,356.98 points in the previous two sessions on rupee woes and boiling crude oil prices. Sectoral indices led by oil and gas, PSU, infrastructure, auto and banking stocks cracked up to 10.27 per cent. The NSE Nifty also dropped by 90.40 points on Friday morning, or 0.85 per cent, to 10,508.85. Shares in state-owned oil marketing companies slumped more than 20 percent to multi-year lows on Friday, after the government on Thursday announced a 2.50 rupees-per-litre cut in gasoline and diesel prices to reduce the burden on the Indian masses from all-time high prices at fuel pumps. The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government. Petrol prices were regulated until 2012, while diesel prices remained so until 2014. (With inputs from agencies)

Sensex down over 900 points, trading below 35,000-mark

The government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when US&nbsp;sanctions on Iran snap back again in November.

The move would be another step to tackle a slide in the rupee, as oil prices are putting pressure on India, which imports some 80 per cent of its crude demand. Its currency has fallen sharply this year against the US&nbsp;dollar, amid a wider sell-off in emerging markets.

"The futures should be locked in when the crude price is down," said the source, who is familiar with deliberations on the matter, adding the step should have been taken earlier.

The rupee, Asia's worst performing currency this year, has depreciated about 12 per cent year-to-date against the US&nbsp;dollar, closing at 72.39 on Wednesday, after a record low of 72.99 on Tuesday. Markets were closed on Thursday.

The government is expected to announce a set of measures to discourage non-essential imports to stem the slump in the currency.

Separately, a senior finance ministry official said there was a view that the rupee could weaken further in the next two months if proposed steps failed to kill "speculation in the rupee market".

"The gap between the announcement of steps and action is creating a space for speculation. We have to stop this," said the official.

Officials at oil companies said they were open to the idea of locking in futures if the government asked.

A senior official at Indian Oil Corp, a state-owned oil marketing company, said they were considering some options in terms of forwarding contracts. He declined to give details saying this was "market sensitive information".

An official at BPCL, another state-owned oil firm, said they were trying to hedge margins, under a policy reviewed every quarter.

BPCL is also studying a proposal to buy dollars directly from the Reserve Bank of India instead of the market, in a bid to quell strong dollar demand that is denting the rupee.

"Whenever there is sharp volatility in exchange rates, this dollar window is opened. We're studying the proposal," he said.

Another official at state-run HPCL said the government had not officially asked for it to examine forward contracts.

"In case it is needed, or the government wants us to, we will then look into it," the HPCL official said.

The officials declined to be named as the proposals are still under consideration.

Country's risk-averse state-owned refiners have in the past been reluctant to engage in futures trading or hedging strategies, fearing administrative blow-back if bets go wrong.

The refiners typically buy up to 70 per cent of their oil needs through term deals and the remainder through spot markets.

Unlike state refiners, private players Reliance Industries and Nayara Energy use hedging tools to lock in costs on the international market.

The government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when US sanctions on Iran snap back again in November.

The government is planning to ask state oil firms to lock in their crude futures purchase prices, a government source said on Thursday, anticipating a spike when US sanctions on Iran snap back again in November. The move would be another step to tackle a slide in the rupee, as oil prices are putting pressure on India, which imports some 80 per cent of its crude demand. Its currency has fallen sharply this year against the US dollar, amid a wider sell-off in emerging markets. "The futures should be locked in when the crude price is down," said the source, who is familiar with deliberations on the matter, adding the step should have been taken earlier. The rupee, Asia's worst performing currency this year, has depreciated about 12 per cent year-to-date against the US dollar, closing at 72.39 on Wednesday, after a record low of 72.99 on Tuesday. Markets were closed on Thursday. The government is expected to announce a set of measures to discourage non-essential imports to stem the slump in the currency. Separately, a senior finance ministry official said there was a view that the rupee could weaken further in the next two months if proposed steps failed to kill "speculation in the rupee market". "The gap between the announcement of steps and action is creating a space for speculation. We have to stop this," said the official. Officials at oil companies said they were open to the idea of locking in futures if the government asked. A senior official at Indian Oil Corp, a state-owned oil marketing company, said they were considering some options in terms of forwarding contracts. He declined to give details saying this was "market sensitive information". An official at BPCL, another state-owned oil firm, said they were trying to hedge margins, under a policy reviewed every quarter. BPCL is also studying a proposal to buy dollars directly from the Reserve Bank of India instead of the market, in a bid to quell strong dollar demand that is denting the rupee. "Whenever there is sharp volatility in exchange rates, this dollar window is opened. We're studying the proposal," he said. Another official at state-run HPCL said the government had not officially asked for it to examine forward contracts. "In case it is needed, or the government wants us to, we will then look into it," the HPCL official said. The officials declined to be named as the proposals are still under consideration. Country's risk-averse state-owned refiners have in the past been reluctant to engage in futures trading or hedging strategies, fearing administrative blow-back if bets go wrong. The refiners typically buy up to 70 per cent of their oil needs through term deals and the remainder through spot markets. Unlike state refiners, private players Reliance Industries and Nayara Energy use hedging tools to lock in costs on the international market.

India may look to lock in oil futures to stem rupee slide: Report

Former finance minister P Chidambaram&nbsp;blamed the NDA government on Monday for the prevailing state of the Indian economy.

He said that the policies implemented by the NDA were responsible for the bad economy of the state.

He further said the tyres of three of the four wheels on which the economy rides were punctured.

"The tyres of three of the four wheels on which the economy rides are punctured. Firstly exports: the growth rate in the last four years have been negative. Secondly, private investment: it is in the doldrums, if not dead. Gross fixed capital formation is stuck at 28.5 per cent for three years. Thirdly, private consumption: it was limping until a few months ago, there is a mild up-pick, and we keep our fingers crossed".

Hitting out at the government's GST and Demonetisation policies, he said a flawed road to GST continues to haunt trade and business, and the adverse effect of demonetisation have been established 'beyond doubt'.

He added that the various sections of the country like the farmers and the youth were distressed due to the unavailability of enough remunerative prices for their produce and unemployment.

"The only tyre that seems to be inflated is government expenditure, but here too the government's options are getting limited because of the pressure on the current account deficit and the fiscal deficit," he said.

"So far nobody has bought the innovative idea that 'frying pakoras is also a job'," he quipped.&nbsp;

Chidambaram was addressing a press conference in New Delhi on Monday.

&nbsp;

(With inputs from PTI)

'The tyres of three of the four wheels on which the economy rides are punctured. Firstly exports: the growth rate in the last four years have been negative. Secondly, private investment: it is in the doldrums, if not dead'

Former finance minister P Chidambaram blamed the NDA government on Monday for the prevailing state of the Indian economy. He said that the policies implemented by the NDA were responsible for the bad economy of the state. He further said the tyres of three of the four wheels on which the economy rides were punctured. "The tyres of three of the four wheels on which the economy rides are punctured. Firstly exports: the growth rate in the last four years have been negative. Secondly, private investment: it is in the doldrums, if not dead. Gross fixed capital formation is stuck at 28.5 per cent for three years. Thirdly, private consumption: it was limping until a few months ago, there is a mild up-pick, and we keep our fingers crossed". Hitting out at the government's GST and Demonetisation policies, he said a flawed road to GST continues to haunt trade and business, and the adverse effect of demonetisation have been established 'beyond doubt'. He added that the various sections of the country like the farmers and the youth were distressed due to the unavailability of enough remunerative prices for their produce and unemployment. "The only tyre that seems to be inflated is government expenditure, but here too the government's options are getting limited because of the pressure on the current account deficit and the fiscal deficit," he said. "So far nobody has bought the innovative idea that 'frying pakoras is also a job'," he quipped. Chidambaram was addressing a press conference in New Delhi on Monday. (With inputs from PTI)

Tyres of Indian economy are punctured: Chidambaram

India has retained the tag of fastest growing economy in the January-March quarter, with its Gross Domestic Product (GDP) clocking an impressive 7.7 per cent growth rate as against 5.6 per cent, 6.3 per cent and 7.0 per cent respectively, in the first three quarters of 2017-18.

According to government data released on Thursday evening, India surpassed China's growth of 6.8 per cent in the January to March quarter..

Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction sectors (11.5%) contributed to the overall growth, according to the government data.

The growth forecast for the coming financial year is however tapered down to 6.7 per cent. At the sectoral level, the growth rate for agriculture & allied sectors, industry and services sectors for the year 2017-18 are estimated at 3.4 per cent, 5.5 per cent, and 7.9 per cent respectively.

Thursday's data is likely to be a welcomed by Prime Minister Narendra Modi, who is set to seek a second term next year.

To help businesses tide over multiple taxation, his government launched a nation-wide goods and services tax but a widely-criticised implementation of the GST nearly scuttled India's growth prospects in the near term.

"Seems like we have moved beyond the teething troubles related to GST implementation," said Tushar Arora, a senior economist at HDFC Bank. "The pick-up in investment activity is also a good sign."

The faster pace of growth in the latest quarter might also strengthen expectations for a rate hike by the Indian central bank when it reviews monetary policy next week.

The growth forecast for the coming financial year is however tapered down to 6.7 per cent.

India has retained the tag of fastest growing economy in the January-March quarter, with its Gross Domestic Product (GDP) clocking an impressive 7.7 per cent growth rate as against 5.6 per cent, 6.3 per cent and 7.0 per cent respectively, in the first three quarters of 2017-18. According to government data released on Thursday evening, India surpassed China's growth of 6.8 per cent in the January to March quarter.. Rapid growth in agriculture (4.5%), manufacturing (9.1%) and construction sectors (11.5%) contributed to the overall growth, according to the government data. The growth forecast for the coming financial year is however tapered down to 6.7 per cent. At the sectoral level, the growth rate for agriculture & allied sectors, industry and services sectors for the year 2017-18 are estimated at 3.4 per cent, 5.5 per cent, and 7.9 per cent respectively. Thursday's data is likely to be a welcomed by Prime Minister Narendra Modi, who is set to seek a second term next year. To help businesses tide over multiple taxation, his government launched a nation-wide goods and services tax but a widely-criticised implementation of the GST nearly scuttled India's growth prospects in the near term. "Seems like we have moved beyond the teething troubles related to GST implementation," said Tushar Arora, a senior economist at HDFC Bank. "The pick-up in investment activity is also a good sign." The faster pace of growth in the latest quarter might also strengthen expectations for a rate hike by the Indian central bank when it reviews monetary policy next week.

India fastest growing economy now with 7.7 per cent GDP growth rate

<a href="http://www.wionews.com/business-&-economy/walmart-buying-77-stake-in-flipkart-for-16-billion-135737">Walmart buying 77% stake in Flipkart for $16 billion</a>

Walmart Inc has agreed to pay $16 billion for a roughly 77 per cent stake in Indian online shopping site Flipkart, the US retailer's biggest foreign investment as it battles rival Amazon.com Inc in one of the world's biggest emerging markets.

The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake.

<a href="http://www.wionews.com/business-&-economy/india-to-grow-at-74-in-2018-78-in-2019-imf-135754">India to grow at 7.4% in 2018, says IMF</a>

The Indian economy is expected to grow at 7.4 per cent in the current fiscal and accelerate further to 7.8 per cent as it recovers from the impact of demonetisation and GST roll out, IMF said today.

Asia continues to be the main engine of the world's economy, accounting for more than 60 per cent of global growth, three-quarters of which comes from China and India alone, as per IMF's Regional Economic Outlook: Asia and Pacific (REO).

<a href="http://www.wionews.com/world/irans-khamenei-says-will-quit-nuke-deal-without-european-guarantees-135725">Iran supreme leader Khamenei says will quit nuclear deal without European guarantees</a>

Iran's supreme leader Ayatollah Ali Khamenei said Wednesday that Tehran would quit the landmark 2015 nuclear deal unless European signatories offered solid guarantees that trade relations would continue after the US withdrawal.

Addressing Iran's government in a televised speech, Khamenei said: "We hear that you want to continue the nuclear deal with the three European countries. I don't have confidence in these three countries."

<a href="http://www.wionews.com/india-news/chinas-xi-is-worlds-most-powerful-person-modi-is-9th-forbes-135739">China's Xi is world's most powerful person, Modi is 9th: Forbes</a>

Prime Minister Narendra Modi has been ranked among the top 10 most powerful people in the world by Forbes in a list that has been topped for the first time ever by Chinese President Xi Jinping, who dethroned Russian President Vladimir Putin as the most influential person on the planet.&nbsp;

Modi ranks 9th on the Forbes 2018 list of 75 of the World's Most Powerful People who make the world turn.

<a href="http://www.wionews.com/world/pompeo-returning-from-north-korea-with-three-us-detainees-trump-135759">Pompeo returning from North Korea with three US detainees: Trump</a>

US President Donald Trump said on Wednesday that three Americans detained by North Korea have been released and are on their way home with Secretary of State Mike Pompeo.

"I am pleased to inform you that Secretary of State Mike Pompeo is in the air and on his way back from North Korea with the 3 wonderful gentlemen that everyone is looking so forward to meeting. They seem to be in good health," Trump wrote in a post on Twitter.

Walmart buying 77% stake in Flipkart for $16 billion Walmart Inc has agreed to pay $16 billion for a roughly 77 per cent stake in Indian online shopping site Flipkart, the US retailer's biggest foreign investment as it battles rival Amazon.com Inc in one of the world's biggest emerging markets. The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake. India to grow at 7.4% in 2018, says IMF The Indian economy is expected to grow at 7.4 per cent in the current fiscal and accelerate further to 7.8 per cent as it recovers from the impact of demonetisation and GST roll out, IMF said today. Asia continues to be the main engine of the world's economy, accounting for more than 60 per cent of global growth, three-quarters of which comes from China and India alone, as per IMF's Regional Economic Outlook: Asia and Pacific (REO). Iran supreme leader Khamenei says will quit nuclear deal without European guarantees Iran's supreme leader Ayatollah Ali Khamenei said Wednesday that Tehran would quit the landmark 2015 nuclear deal unless European signatories offered solid guarantees that trade relations would continue after the US withdrawal. Addressing Iran's government in a televised speech, Khamenei said: "We hear that you want to continue the nuclear deal with the three European countries. I don't have confidence in these three countries." China's Xi is world's most powerful person, Modi is 9th: Forbes Prime Minister Narendra Modi has been ranked among the top 10 most powerful people in the world by Forbes in a list that has been topped for the first time ever by Chinese President Xi Jinping, who dethroned Russian President Vladimir Putin as the most influential person on the planet. Modi ranks 9th on the Forbes 2018 list of 75 of the World's Most Powerful People who make the world turn. Pompeo returning from North Korea with three US detainees: Trump US President Donald Trump said on Wednesday that three Americans detained by North Korea have been released and are on their way home with Secretary of State Mike Pompeo. "I am pleased to inform you that Secretary of State Mike Pompeo is in the air and on his way back from North Korea with the 3 wonderful gentlemen that everyone is looking so forward to meeting. They seem to be in good health," Trump wrote in a post on Twitter.

News brief: Big stories of the day

India will claim the top spot among the world’s fastest-growing major economies this year, but rising trade tensions between the United States and China may restrain that growth, a Reuters poll of economists showed.

The recent tit-for-tat import tariffs imposed by the US and China have raised concerns about a full-fledged global trade war which could throw an otherwise-strong world economy off-course.

Twenty of 29 economists who answered an extra question said India’s economy will be hurt by the ongoing trade dispute.

“India runs the risk of being caught in the middle of the trade spat between the US and China,” said Hugo Erken, senior economist at Rabobank.

Erken said growth will take a hit if India takes sides as the side not chosen may retaliate by imposing duties.

“The damage would especially be large if India retaliated with an import duty on either US or Chinese imports,” said Erken, adding that such a scenario was unlikely.

However, not all economists shared that view. Nine respondents said India’s economy would benefit from the dispute.

“Though in the short-term a trade war between US and China may impact global trade including India, in the long-term, India is likely to benefit as China will be forced to devaluate its currency to remain a dominant player in the world market,” wrote RK Gupta, managing director at Taurus Asset Management.

“In that scenario, India’s exports will be more competitive with China.”

The latest poll, taken April 11-18, predicted India’s economy will expand 7.4 per cent in the fiscal year that began this month. That is in line with the International Monetary Fund’s projection, and is a slight upgrade from the January poll.

For the next fiscal year, growth is expected to average 7.5 per cent, a touch lower than the IMF’s forecast of 7.8 per cent.

After growth slowed sharply for much of last year, India regained its status as the world’s fastest-growing major economy in the quarter ending December 2017.

The slowdown was mainly driven by the government’s sudden decision in November 2016 to scrap high-value currency notes and a botched implementation of a goods and services tax (GST) in July last year.

But the impact of those moves has now faded.

“The investment cycle is recovering, and there is steady improvement in consumption,” noted Sonal Verma and Aurodeep Nandi at Nomura.

Inflation to push higher

While India’s retail inflation has eased this year and hit a five-month low in March, it remained above the Reserve Bank of India’s medium-term target of 4 per cent.

But increased government spending ahead of national elections next year is yet to kick in and that is expected to be inflationary.

Inflation is forecast to average 4.7 per cent in the fiscal year ending next March, and 4.9 per cent the following year, the poll showed.

The state-run India Meteorological Department has forecast a normal monsoon in 2018 - a boon for the farm sector that accounts for about 15 per cent of India’s $2 trillion economy and employs more than half its 1.3 billion people.

A normal monsoon would boost grain production and keep a lid on food price inflation, which tends to be volatile, but especially in India.

The Reserve Bank of India has kept interest rates steady after a 25 basis-point cut to the repo rate in August last year. It is forecast to keep rates on hold until the second half of next year, according to the poll of almost 50 economists.

But economists have shifted their expectation for a repo rate hike to the quarter ending September next year from a move in the first three months of 2019.

'India runs the risk of being caught in the middle of the trade spat between the US and China,'said Hugo Erken, senior economist at Rabobank

India will claim the top spot among the world’s fastest-growing major economies this year, but rising trade tensions between the United States and China may restrain that growth, a Reuters poll of economists showed. The recent tit-for-tat import tariffs imposed by the US and China have raised concerns about a full-fledged global trade war which could throw an otherwise-strong world economy off-course. Twenty of 29 economists who answered an extra question said India’s economy will be hurt by the ongoing trade dispute. “India runs the risk of being caught in the middle of the trade spat between the US and China,” said Hugo Erken, senior economist at Rabobank. Erken said growth will take a hit if India takes sides as the side not chosen may retaliate by imposing duties. “The damage would especially be large if India retaliated with an import duty on either US or Chinese imports,” said Erken, adding that such a scenario was unlikely. However, not all economists shared that view. Nine respondents said India’s economy would benefit from the dispute. “Though in the short-term a trade war between US and China may impact global trade including India, in the long-term, India is likely to benefit as China will be forced to devaluate its currency to remain a dominant player in the world market,” wrote RK Gupta, managing director at Taurus Asset Management. “In that scenario, India’s exports will be more competitive with China.” The latest poll, taken April 11-18, predicted India’s economy will expand 7.4 per cent in the fiscal year that began this month. That is in line with the International Monetary Fund’s projection, and is a slight upgrade from the January poll. For the next fiscal year, growth is expected to average 7.5 per cent, a touch lower than the IMF’s forecast of 7.8 per cent. After growth slowed sharply for much of last year, India regained its status as the world’s fastest-growing major economy in the quarter ending December 2017. The slowdown was mainly driven by the government’s sudden decision in November 2016 to scrap high-value currency notes and a botched implementation of a goods and services tax (GST) in July last year. But the impact of those moves has now faded. “The investment cycle is recovering, and there is steady improvement in consumption,” noted Sonal Verma and Aurodeep Nandi at Nomura. Inflation to push higher While India’s retail inflation has eased this year and hit a five-month low in March, it remained above the Reserve Bank of India’s medium-term target of 4 per cent. But increased government spending ahead of national elections next year is yet to kick in and that is expected to be inflationary. Inflation is forecast to average 4.7 per cent in the fiscal year ending next March, and 4.9 per cent the following year, the poll showed. The state-run India Meteorological Department has forecast a normal monsoon in 2018 - a boon for the farm sector that accounts for about 15 per cent of India’s $2 trillion economy and employs more than half its 1.3 billion people. A normal monsoon would boost grain production and keep a lid on food price inflation, which tends to be volatile, but especially in India. The Reserve Bank of India has kept interest rates steady after a 25 basis-point cut to the repo rate in August last year. It is forecast to keep rates on hold until the second half of next year, according to the poll of almost 50 economists. But economists have shifted their expectation for a repo rate hike to the quarter ending September next year from a move in the first three months of 2019.

India claims top spot for 2018 growth among major economies: Poll

<a href="http://www.wionews.com/business-&-economy/indian-economy-to-grow-at-73-per-cent-this-fiscal-76-per-cent-in-2019-20-asian-development-bank-129728'">Indian economy to grow at 7.3 </a><a href="http://www.wionews.com/business-&-economy/indian-economy-to-grow-at-73-per-cent-this-fiscal-76-per-cent-in-2019-20-asian-development-bank-129728'">per cent</a><a href="http://www.wionews.com/business-&-economy/indian-economy-to-grow-at-73-per-cent-this-fiscal-76-per-cent-in-2019-20-asian-development-bank-129728'"> this fiscal, 7.6 </a><a href="http://www.wionews.com/business-&-economy/indian-economy-to-grow-at-73-per-cent-this-fiscal-76-per-cent-in-2019-20-asian-development-bank-129728'">per cent</a><a href="http://www.wionews.com/business-&-economy/indian-economy-to-grow-at-73-per-cent-this-fiscal-76-per-cent-in-2019-20-asian-development-bank-129728'"> in 2019-20: Asian Development Bank</a>

Manila-based Asian Development Bank(ADB) today projected India's economic growth to pick up to 7.3 per cent this fiscal.

<a href="http://www.wionews.com/south-asia/facebook-needs-to-do-more-to-stop-hate-speech-in-myanmar-says-zuckerberg-to-us-lawmakers-129710">Facebook needs to do more to stop hate speech in Myanmar,' says Zuckerberg to US lawmakers</a>

Embattled Facebook chief Mark Zuckerberg faced a US congressional committee over data leak to Cambridge Analytica on Tuesday.

<a href="http://www.wionews.com/india-news/pm-modi-bjp-lawmakers-to-fast-tomorrow-over-parliament-washout-129708">PM Modi, BJP lawmakers to fast tomorrow over Parliament 'washout'</a>

Prime Minister Narendra Modi along with BJP lawmakers will be observing a day-long fast on Thursday in Delhi against the recent Parliment washout by the opposition parties.&nbsp;

<a href="http://www.wionews.com/sports/ipl-2018-jadeja-hits-second-last-ball-six-to-give-chennai-its-2nd-win-129701">IPL 2018: Jadeja hits second last ball six to give Chennai its 2nd win</a>

Ravindra Jadeja hit a six at the second last ball of the match to give Chennai its second win in the Indian Premier League (IPL) 2018.&nbsp;

<a href="http://www.wionews.com/sports/champions-league-roma-crush-barcelona-enter-semi-final-129717">Champions League: Roma crush Barcelona, enter </a><a href="http://www.wionews.com/sports/champions-league-roma-crush-barcelona-enter-semi-final-129717">semi-final</a>

AS Roma made a historic comeback in the Champions League encounter against Barcelona dumping the former champions with an impressive 3-0 scoreline.

Indian economy to grow at 7.3 per cent this fiscal, 7.6 per cent in 2019-20: Asian Development Bank Manila-based Asian Development Bank(ADB) today projected India's economic growth to pick up to 7.3 per cent this fiscal. Facebook needs to do more to stop hate speech in Myanmar,' says Zuckerberg to US lawmakers Embattled Facebook chief Mark Zuckerberg faced a US congressional committee over data leak to Cambridge Analytica on Tuesday. PM Modi, BJP lawmakers to fast tomorrow over Parliament 'washout' Prime Minister Narendra Modi along with BJP lawmakers will be observing a day-long fast on Thursday in Delhi against the recent Parliment washout by the opposition parties. IPL 2018: Jadeja hits second last ball six to give Chennai its 2nd win Ravindra Jadeja hit a six at the second last ball of the match to give Chennai its second win in the Indian Premier League (IPL) 2018. Champions League: Roma crush Barcelona, enter semi-final AS Roma made a historic comeback in the Champions League encounter against Barcelona dumping the former champions with an impressive 3-0 scoreline.

WION Morning News Brief,  April 11, 2018

India will have to create and nurture a very healthy and supportive macro-economic environment to become USD 10 trillion economy by 2030, Economic Affairs Secretary Subhash Chandra Garg today said here.

Garg further said the Modi government has taken many reform measures since 2014, including GST (Goods and Service Tax) and IBC (Insolvency and Bankruptcy Code).

"We are USD 2.5 trillion economy... growing reasonably well... By 2030, to become USD 10 trillion economy, we will have to create and nurture very healthy and supportive macro-economic environment," he said while participating in panel discussion organised by industry body CII.

Garg also said the government is working on an overseas investment policy with an aim to provide support to Indian businesses which will invest abroad.

Speaking at the event, Department of Industrial Policy & Promotion (DIPP) Secretary Ramesh Abhishek said India should not be only in top 50 in ease of doing business rank, but the country should do even better.

Abhishek pointed out that India is the most open economy as far as FDI is concerned.

C K Mishra, Secretary, Ministry of Environment, Forest and Climate Change, said in 2014, it used to take 600 days to get environment clearance, now it takes 121 days to get environment clearances.

"By August, it will come down to 100 days," Mishra added.

K P Krishnan, Secretary, Ministry of Skill Development and Entrepreneurship, said India requires 10 times the number of skilled force that the country is currently producing. 
&nbsp

Speaking at the event, Department of Industrial Policy & Promotion (DIPP) Secretary Ramesh Abhishek said India should not be only in top 50 in ease of doing business rank, but the country should do even better.

India will have to create and nurture a very healthy and supportive macro-economic environment to become USD 10 trillion economy by 2030, Economic Affairs Secretary Subhash Chandra Garg today said here. Garg further said the Modi government has taken many reform measures since 2014, including GST (Goods and Service Tax) and IBC (Insolvency and Bankruptcy Code). "We are USD 2.5 trillion economy... growing reasonably well... By 2030, to become USD 10 trillion economy, we will have to create and nurture very healthy and supportive macro-economic environment," he said while participating in panel discussion organised by industry body CII. Garg also said the government is working on an overseas investment policy with an aim to provide support to Indian businesses which will invest abroad. Speaking at the event, Department of Industrial Policy & Promotion (DIPP) Secretary Ramesh Abhishek said India should not be only in top 50 in ease of doing business rank, but the country should do even better. Abhishek pointed out that India is the most open economy as far as FDI is concerned. C K Mishra, Secretary, Ministry of Environment, Forest and Climate Change, said in 2014, it used to take 600 days to get environment clearance, now it takes 121 days to get environment clearances. "By August, it will come down to 100 days," Mishra added. K P Krishnan, Secretary, Ministry of Skill Development and Entrepreneurship, said India requires 10 times the number of skilled force that the country is currently producing.

'India needs healthy macro-economic environment to become $10 trillion economy'

There has been an interesting twist in the world of cryptocurrencies. While India is linking the concept of Bitcoin to a Ponzi scheme and is dismissing the idea of making it legal, many countries, on the other hand, have been aggressively working on issuing their own virtual currencies. Interestingly, a couple of them have already released state-backed digital tokens.&nbsp;

Cryptocurrencies, such as Bitcoin and Ethereum have gained momentum in the last few months.

And it&rsquo;s not just private players which are backing this new-age currency. In fact, governments across the globe have also started to consider releasing their own cryptocurrencies.&nbsp;

Countries such as China, Estonia, and Iran have already floated ideas for their own digital currency.

&nbsp;Venezuela has gone ahead and released the world&rsquo;s first sovereign cryptocurrency - the Petro. The oil-backed digital token raised about 735 million us dollars on the first day of its pre-sale earlier this month. The country is now preparing for a new cryptocurrency called &quot;petro gold&quot; that will be backed by precious metals.

Apart from Venezuela, the Marshall Islands are also going to issue a cryptocurrency that will be circulated as legal tender. The new currency will be called SOV and it will act like regular money.&nbsp;

Its legal tender status has been approved by the country&rsquo;s parliament. It&rsquo;s interesting to note that the country has capped the SOV supply at 24 million tokens in order to prevent inflation.

While some countries are in the process of issuing digital currencies, others are still working on regulations to govern them. For instance, Switzerland has started to treat some digital currencies as securities under regulatory guidelines. &nbsp;

Singapore&#39;s central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies. Other countries like South Korea, where trading in cryptocurrencies is more popular, are also looking at more efficient ways to regulate them.

But India has taken a different path. The country is planning to bar cryptocurrencies from its payments system. India&#39;s finance ministry has already cautioned investors about the risks of trading in cryptocurrencies. While many countries are embracing cryptocurrencies, there is still speculation whether it can transform economies into cashless societies. &nbsp;

&nbsp;

The article was written with inputs from Reuters.

&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp;

While many countries are embracing cryptocurrencies, India's finance ministry has cautioned investors about the risks of trading in cryptocurrencies

There has been an interesting twist in the world of cryptocurrencies. While India is linking the concept of Bitcoin to a Ponzi scheme and is dismissing the idea of making it legal, many countries, on the other hand, have been aggressively working on issuing their own virtual currencies. Interestingly, a couple of them have already released state-backed digital tokens. Cryptocurrencies, such as Bitcoin and Ethereum have gained momentum in the last few months. And it’s not just private players which are backing this new-age currency. In fact, governments across the globe have also started to consider releasing their own cryptocurrencies. Countries such as China, Estonia, and Iran have already floated ideas for their own digital currency. Venezuela has gone ahead and released the world’s first sovereign cryptocurrency - the Petro. The oil-backed digital token raised about 735 million us dollars on the first day of its pre-sale earlier this month. The country is now preparing for a new cryptocurrency called "petro gold" that will be backed by precious metals. Apart from Venezuela, the Marshall Islands are also going to issue a cryptocurrency that will be circulated as legal tender. The new currency will be called SOV and it will act like regular money. Its legal tender status has been approved by the country’s parliament. It’s interesting to note that the country has capped the SOV supply at 24 million tokens in order to prevent inflation. While some countries are in the process of issuing digital currencies, others are still working on regulations to govern them. For instance, Switzerland has started to treat some digital currencies as securities under regulatory guidelines. Singapore's central bank is assessing whether additional regulations are required to protect investors in cryptocurrencies. Other countries like South Korea, where trading in cryptocurrencies is more popular, are also looking at more efficient ways to regulate them. But India has taken a different path. The country is planning to bar cryptocurrencies from its payments system. India's finance ministry has already cautioned investors about the risks of trading in cryptocurrencies. While many countries are embracing cryptocurrencies, there is still speculation whether it can transform economies into cashless societies. The article was written with inputs from Reuters. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: While the world plans to embrace cryptocurrencies, India is suspicious

By Manoj Dora*

Climate change could hurt farmers&rsquo; income by up to 20-25% in the medium term, according to the Indian government&rsquo;s latest annual economic survey. Extreme weather events, temperature rise, and lower rainfall all threaten to derail the Indian government&rsquo;s agenda of doubling farmers&rsquo; income across the country.

There are ways to counter this, however. New technology and better farm management can be deployed to improve irrigation systems. And, to ensure long-term impact, it is also important that the Indian government invests in agricultural research.

Agriculture is central to the Indian economy. It accounts for 50% of the country&rsquo;s employment and 18% of its GDP. And in India, about 80% of farmers are smallholders &ndash; which is generally considered to mean they have two hectares or less of land. The main crops are wheat, maize, rice, millets, pulses, sugarcane, and oil-seeds.

Indian farmers must contend with a number of risks, including adverse weather, competition from larger landowners or food corporations and price surges. Small farmers are a vulnerable population where social, market and economic pressures are huge, often leading to considerable distress. India is home to nearly 25% of the world&rsquo;s hungry population and has an alarming rate of farmer suicide (around 60,000 cases in the past three decades).

So the effects of fluctuations in weather, temperature, and rainfall on agricultural productivity will have a significant impact on the wider population.

Climate change

Extensive meteorological data in the recent government report shows that average temperatures are rising across the country and annual rainfall is declining. It also shows a rise in the number of days with extremely high temperatures and a corresponding decline in the number of days with low temperatures.

Extreme temperature shocks, when a district is significantly hotter than usual, results in a 4.7% decline in agricultural yields. Similarly, when it rains significantly less than usual there is a 12.8% decline.

Areas lacking in irrigation are worst affected by these extreme weather conditions. A temperature shock in an area that is not irrigated reduces yields by 7.6%. Similarly, the effects of extreme rainfall shocks are 14.7% higher in areas without irrigation &ndash; much larger than the effects these shocks have in irrigated districts.

Lower yields mean lower incomes for farmers. The report estimated that extreme temperature shocks will reduce farmers&rsquo; incomes by 4.3% and extreme rainfall shocks will reduce incomes by 13.7%. In a year where temperatures are 1℃ higher, farmers&rsquo; incomes would fall by 6.2% in unirrigated districts. Similarly, in a year when rainfall levels were 100mm less than average, farmers&rsquo; incomes would fall by 15%.

Temperatures in India are likely to rise by 3 to 4℃ by the end of the 21st century. It follows that in the absence of any adaptation by farmers, farm incomes will be lower by 20 to 25% on average in the coming years, especially in the unirrigated areas.

There are five important ways to mitigate against this that the Indian government could start investing in now.

Smart irrigation

There is a significant need for an appropriate irrigation system considering rising water scarcity and depleting groundwater resources. Less than 50% of agriculture in India is irrigated.

States such as Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Chhattisgarh, and Jharkhand are still extremely vulnerable to climate change due to poor irrigation. Smart irrigation systems such as drip, sprinklers and efficient water management should be made a priority and allocated across the country where needed.

Reduce post-harvest loss

Post-harvest loss of major agricultural production is estimated at US$13 billion. About 16% of fruits and vegetables, valued at US$6 billion were lost in the year 2015. Only 2.2% of fruits and vegetables, the most perishable of agricultural produces, are sorted and packed for consumption in India, increasing the chances of wastage as it gets sent abroad. In contrast, the US (65%) and China (23%) are far ahead of India in processing their own crops.

Small landholders lose out the most from this. It is not economically viable for most of them to transport their produce for centralised large-scale processing &ndash; and they lack local processing and preservation technologies. This results in a lot of wastage. This is then compounded by inadequate transport infrastructure &ndash; produce gets damaged on the journey because of bad roads, gets contaminated from repeated loading and unloaded, as well as lack of refrigeration.

Small farms also suffer from their reliance on middlemen to sell their product. As a result, they are sometimes compelled to sell it at less than the cost of producing it.&nbsp;

So there is an overwhelming need to develop technologies for local processing, smart packaging, and transport facilities which do not disadvantage small farmers.

Data driven supply-chain management

India must start using data to continuously improve the efficiency of its agricultural supply chains. New technologies such as sensors, GPS, and satellite imaging can help collect meaningful data to make India&rsquo;s agriculture system more resilient.

This enables different sections of the supply chain to monitor environmental and other conditions. It can be used to adapt how crops are produced, stored and distributed to reduce waste.

Farmer-centric crop insurance

To compensate for the uncertainty caused by climate change, an effective crop insurance programme is required to protect farmers from bad yields. Many already pay into insurance programmes but they provide little protection. The system needs overhauling so that small farmer is protected by low premium and long-term insurance cover, instead of being designed, as it seems to be at the moment, purely for the profit of insurance companies.

Evidence-based research

Agricultural research will be vital in increasing yields but also in increasing resilience to all the problems that could come with climate change &ndash; including extreme heat and precipitation, pests and crop disease. The research will be especially important for crops such as pulses and soybean, which are crucial crops and highly vulnerable to weather and climate change.

These measures will improve crop and water management practices. They are tailored to small farmers and to the fragmented, small-scale agricultural landscape &ndash; to directly improve efficiency, boost productivity and minimize the environmental impact on farming.&nbsp;

* Manoj Dora is a Senior Lecturer in Operations &amp; Supply Chain Management, Brunel University London.

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Climate change could hurt Indian farmers' income by up to 20-25% in the medium term.

By Manoj Dora* Climate change could hurt farmers’ income by up to 20-25% in the medium term, according to the Indian government’s latest annual economic survey. Extreme weather events, temperature rise, and lower rainfall all threaten to derail the Indian government’s agenda of doubling farmers’ income across the country. There are ways to counter this, however. New technology and better farm management can be deployed to improve irrigation systems. And, to ensure long-term impact, it is also important that the Indian government invests in agricultural research. Agriculture is central to the Indian economy. It accounts for 50% of the country’s employment and 18% of its GDP. And in India, about 80% of farmers are smallholders – which is generally considered to mean they have two hectares or less of land. The main crops are wheat, maize, rice, millets, pulses, sugarcane, and oil-seeds. Indian farmers must contend with a number of risks, including adverse weather, competition from larger landowners or food corporations and price surges. Small farmers are a vulnerable population where social, market and economic pressures are huge, often leading to considerable distress. India is home to nearly 25% of the world’s hungry population and has an alarming rate of farmer suicide (around 60,000 cases in the past three decades). So the effects of fluctuations in weather, temperature, and rainfall on agricultural productivity will have a significant impact on the wider population. Climate change Extensive meteorological data in the recent government report shows that average temperatures are rising across the country and annual rainfall is declining. It also shows a rise in the number of days with extremely high temperatures and a corresponding decline in the number of days with low temperatures. Extreme temperature shocks, when a district is significantly hotter than usual, results in a 4.7% decline in agricultural yields. Similarly, when it rains significantly less than usual there is a 12.8% decline. Areas lacking in irrigation are worst affected by these extreme weather conditions. A temperature shock in an area that is not irrigated reduces yields by 7.6%. Similarly, the effects of extreme rainfall shocks are 14.7% higher in areas without irrigation – much larger than the effects these shocks have in irrigated districts. Lower yields mean lower incomes for farmers. The report estimated that extreme temperature shocks will reduce farmers’ incomes by 4.3% and extreme rainfall shocks will reduce incomes by 13.7%. In a year where temperatures are 1℃ higher, farmers’ incomes would fall by 6.2% in unirrigated districts. Similarly, in a year when rainfall levels were 100mm less than average, farmers’ incomes would fall by 15%. Temperatures in India are likely to rise by 3 to 4℃ by the end of the 21st century. It follows that in the absence of any adaptation by farmers, farm incomes will be lower by 20 to 25% on average in the coming years, especially in the unirrigated areas. There are five important ways to mitigate against this that the Indian government could start investing in now. Smart irrigation There is a significant need for an appropriate irrigation system considering rising water scarcity and depleting groundwater resources. Less than 50% of agriculture in India is irrigated. States such as Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Chhattisgarh, and Jharkhand are still extremely vulnerable to climate change due to poor irrigation. Smart irrigation systems such as drip, sprinklers and efficient water management should be made a priority and allocated across the country where needed. Reduce post-harvest loss Post-harvest loss of major agricultural production is estimated at US$13 billion. About 16% of fruits and vegetables, valued at US$6 billion were lost in the year 2015. Only 2.2% of fruits and vegetables, the most perishable of agricultural produces, are sorted and packed for consumption in India, increasing the chances of wastage as it gets sent abroad. In contrast, the US (65%) and China (23%) are far ahead of India in processing their own crops. Small landholders lose out the most from this. It is not economically viable for most of them to transport their produce for centralised large-scale processing – and they lack local processing and preservation technologies. This results in a lot of wastage. This is then compounded by inadequate transport infrastructure – produce gets damaged on the journey because of bad roads, gets contaminated from repeated loading and unloaded, as well as lack of refrigeration. Small farms also suffer from their reliance on middlemen to sell their product. As a result, they are sometimes compelled to sell it at less than the cost of producing it. So there is an overwhelming need to develop technologies for local processing, smart packaging, and transport facilities which do not disadvantage small farmers. Data driven supply-chain management India must start using data to continuously improve the efficiency of its agricultural supply chains. New technologies such as sensors, GPS, and satellite imaging can help collect meaningful data to make India’s agriculture system more resilient. This enables different sections of the supply chain to monitor environmental and other conditions. It can be used to adapt how crops are produced, stored and distributed to reduce waste. Farmer-centric crop insurance To compensate for the uncertainty caused by climate change, an effective crop insurance programme is required to protect farmers from bad yields. Many already pay into insurance programmes but they provide little protection. The system needs overhauling so that small farmer is protected by low premium and long-term insurance cover, instead of being designed, as it seems to be at the moment, purely for the profit of insurance companies. Evidence-based research Agricultural research will be vital in increasing yields but also in increasing resilience to all the problems that could come with climate change – including extreme heat and precipitation, pests and crop disease. The research will be especially important for crops such as pulses and soybean, which are crucial crops and highly vulnerable to weather and climate change. These measures will improve crop and water management practices. They are tailored to small farmers and to the fragmented, small-scale agricultural landscape – to directly improve efficiency, boost productivity and minimize the environmental impact on farming. * Manoj Dora is a Senior Lecturer in Operations & Supply Chain Management, Brunel University London. (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: Indian farmers can counter the threat of climate change

India will overtake China to be the fastest growing large economy in 2018 and the country&#39;s equity market will become the fifth largest in the world, says a report.

According to a Sanctum Wealth Management report, when the rest of the world offers low growth and insufficient structural change, India, by contrast, is seen as a reforming economy with the prospect of strong long-term growth.

&quot;India will become the fastest growing large economy in the world, eclipsing China. Indian equity market will jump to become the fifth largest in the world,&quot; the report noted.

At a time when developed economies are cheering 2-3 per cent growth, India is focused on breaching 7.5 per cent, it said.

Moreover, India also benefits from a favourable contrast to other emerging markets. In particular, the fact that China is downshifting to a slower pace of growth.

&quot;Prospective returns for equities are much higher than the 6-8 per cent that one can expect from fixed income,&quot; it noted.

However, if inflation or rates rise, markets are not likely to register further gains.

Muted earning could also impact market performance.

&quot;Considering the fact that Nifty50 is in a broader uptrend, a sustained move beyond the 10,490-10,580 levels could lead to a rally towards 11,200-11,500 levels in the medium term,&quot; it noted.

As per the report, a major factor that has changed is that the domestic buyer now sets market prices. Domestic mutual funds bought equities worth $15.3 billion against $8 billion by foreign investors in 2017.

The report that identifies various big-picture trends at play this year in the domestic and global economy, noted that Aadhaar, Jan Dhan, demonetisation, GST, are working to create a new inclusive infrastructure in India.

&quot;Given the rapid pace at which the Indian economy is developing, investors today are faced with the need to make crucial investment decisions amidst multiple cross-currents, using a complex array of choices,&quot; Sanctum Wealth Management Chief Executive Officer Shiv Gupta said.

At a time when developed economies are cheering 2-3 per cent growth, India is focused on breaching 7.5 per cent, it said

India will overtake China to be the fastest growing large economy in 2018 and the country's equity market will become the fifth largest in the world, says a report. According to a Sanctum Wealth Management report, when the rest of the world offers low growth and insufficient structural change, India, by contrast, is seen as a reforming economy with the prospect of strong long-term growth. "India will become the fastest growing large economy in the world, eclipsing China. Indian equity market will jump to become the fifth largest in the world," the report noted. At a time when developed economies are cheering 2-3 per cent growth, India is focused on breaching 7.5 per cent, it said. Moreover, India also benefits from a favourable contrast to other emerging markets. In particular, the fact that China is downshifting to a slower pace of growth. "Prospective returns for equities are much higher than the 6-8 per cent that one can expect from fixed income," it noted. However, if inflation or rates rise, markets are not likely to register further gains. Muted earning could also impact market performance. "Considering the fact that Nifty50 is in a broader uptrend, a sustained move beyond the 10,490-10,580 levels could lead to a rally towards 11,200-11,500 levels in the medium term," it noted. As per the report, a major factor that has changed is that the domestic buyer now sets market prices. Domestic mutual funds bought equities worth $15.3 billion against $8 billion by foreign investors in 2017. The report that identifies various big-picture trends at play this year in the domestic and global economy, noted that Aadhaar, Jan Dhan, demonetisation, GST, are working to create a new inclusive infrastructure in India. "Given the rapid pace at which the Indian economy is developing, investors today are faced with the need to make crucial investment decisions amidst multiple cross-currents, using a complex array of choices," Sanctum Wealth Management Chief Executive Officer Shiv Gupta said.

India to overtake China as fastest growing large economy in 2018: Report

Are pakoda jokes your cup of tea? Jokes have been doing the round on WhatsApp and Twitter about Prime Minister Narendra Modi&#39;s words that even selling the deep-fried pan-Indian delicacy for a living is employment enough.

&quot;If someone opens a &#39;pakoda&#39; shop in front of your office, does that not count as employment? The person&#39;s daily earning of Rs 200 will never come into any books or accounts. The truth is massive (numbers of) people are being employed,&quot;&nbsp;<a href="http://zeenews.india.com/india/top-10-highlights-of-pm-narendra-modis-exclusive-interview-with-zee-news-2074983.html">Modi said in an interview to Zee</a>, triggering plenty of humour, some derision, and even outrage.

India&#39;s official national dish is the dal-rice mix, khichdi, but for the moment, pakoda seems to be it.

Modi was actually speaking the truth about India, but to a mindset weaned on 8-hour-working days with 5-day weeks, provident fund dues and company loans, this was a disconnect. It is this mindset that led to even a&nbsp;<a href="http://www.business-standard.com/article/news-ani/students-sell-pakoda-outside-pm-modi-s-rally-venue-118020400750_1.html">protest by students</a>&nbsp;wearing graduate robes in Karnataka to sell pakodas at the venue of a Modi rally.

For those who believe in the dignity of labour, the outrage would seem outrageous. But we even have the&nbsp;<a href="http://www.business-standard.com/article/politics/of-pakoda-sellers-and-jobs-opposition-plans-to-embarrass-govt-in-rs-118020601895_1.html" rel="nofollow" target="_blank">opposition making it a rallying point</a>&nbsp;in Parliament to ask tough questions on joblessness, in spite of BJP president Amit Shah making a sprightly debut speech in which&nbsp;<a href="http://zeenews.india.com/india/in-his-maiden-parliament-speech-amit-shah-hits-back-at-congress-over-pakoda-jibe-2078813.html" target="_blank">he underlined that pakoda-selling is not shameful</a>&nbsp;but likening it to begging is.

We may say in jest, and with deep insight, that the French fries sold in McDonald&#39;s is nothing but aloo-chaat that went abroad for higher studies, or that the multinational chain&#39;s McNuggets is just a cool-sounding variant of the pakoda. With a market capitalisation of 133 billion US dollars (Rs 8.5 lakh crore), McDonald&#39;s is a global pakoda-seller on steroids.&nbsp;

All that humour and outrage apart, it is about time we took Pakodanomics seriously because in the age of robotics and automation, imagining jobs by the millions in manufacturing assembly lines of the kind Henry Ford set up a century ago may not be a wise idea.

In the West, the term &#39;gig economy&#39; is now a fashionable one to discuss self-employed people like web designers, copywriters and software engineers who work independently for several companies or clients at once. I would say pakoda-sellers, plumbers, carpenters and even snake-charmers have been part of India&#39;s gig economy long before the term became fashionable. Nearly half of India&#39;s labour-force&nbsp;<a href="http://www.livemint.com/Opinion/0PbcxA4cO4crznlyQcsOvL/Selfemployment-elephant-in-the-room.html" rel="nofollow" target="_blank">is estimated to be self-employed</a>.&nbsp;

It is time for us to recognise their worth and raising their stature so that they enjoy some deserved benefits. In the UK, the government is&nbsp;<a href="http://www.bbc.com/news/business-42959756" rel="nofollow" target="_blank">seriously considering benefits</a>&nbsp;like sick leave and holiday benefits for gig-workers, amid&nbsp;<a href="https://www.reuters.com/article/us-britain-politics-employment/uk-to-consult-on-employment-status-after-gig-economy-concerns-idUSKBN1FR015" rel="nofollow" target="_blank">charges that they are being exploited</a>.&nbsp;

This, of course, applies mainly to people like cab drivers tied to giant tech-platform companies like Uber, but there is no reason India should not learn from Britain to step up benefits for the self-employed as a larger class. The Mudra loans and the&nbsp;<a href="http://indianexpress.com/article/opinion/is-ayushman-bharat-a-game-changer-national-health-insurance-scheme-5054394/" rel="nofollow" target="_blank">recently-announced Ayushman Bharat health insurance scheme</a>&nbsp;for the masses cover these to some extent but it would make more sense to frame a real, elaborate policy.

India does have schemes to help the self-employed, and this is not really new for NDA or Modi. The government portal has a&nbsp;<a href="https://www.india.gov.in/people-groups/community/self-employed" rel="nofollow" target="_blank">special section for this</a>. However,&nbsp;<a href="http://www.businesstoday.in/union-budget-2018-19/key-announcements/jobs-national-employment-policy-nep-budget-2018-un-labour-report-niti-aayog-pm-modi/story/266077.html" rel="nofollow" target="_blank">speculative reports</a>which said the budget this year would announce an employment policy have not come true yet. A self-employment policy seems even more elusive.

What India needs is to go one step further from Britain and look at framing a self-employment framework that would provide benefits including home loans, infrastructure, pensions, healthcare and holidays to the self-employed including pakoda-sellers who are part of India&#39;s uncelebrated gig economy. If only the Niti Aayog could take its eyes off high technology and look at low-brow employment with long-term benefits for hundreds of millions of people, Modi may have reasons to smile rather than be laughed at. Else, they will accuse him of making a khichdi out of Pakodanomics!

&nbsp;

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp;&nbsp;

Those who derided Modi's terming of pakoda-selling as employment are stuck in a mindset where employment means 9 to 5.

Are pakoda jokes your cup of tea? Jokes have been doing the round on WhatsApp and Twitter about Prime Minister Narendra Modi's words that even selling the deep-fried pan-Indian delicacy for a living is employment enough. "If someone opens a 'pakoda' shop in front of your office, does that not count as employment? The person's daily earning of Rs 200 will never come into any books or accounts. The truth is massive (numbers of) people are being employed," Modi said in an interview to Zee, triggering plenty of humour, some derision, and even outrage. India's official national dish is the dal-rice mix, khichdi, but for the moment, pakoda seems to be it. Modi was actually speaking the truth about India, but to a mindset weaned on 8-hour-working days with 5-day weeks, provident fund dues and company loans, this was a disconnect. It is this mindset that led to even a protest by students wearing graduate robes in Karnataka to sell pakodas at the venue of a Modi rally. For those who believe in the dignity of labour, the outrage would seem outrageous. But we even have the opposition making it a rallying point in Parliament to ask tough questions on joblessness, in spite of BJP president Amit Shah making a sprightly debut speech in which he underlined that pakoda-selling is not shameful but likening it to begging is. We may say in jest, and with deep insight, that the French fries sold in McDonald's is nothing but aloo-chaat that went abroad for higher studies, or that the multinational chain's McNuggets is just a cool-sounding variant of the pakoda. With a market capitalisation of 133 billion US dollars (Rs 8.5 lakh crore), McDonald's is a global pakoda-seller on steroids. All that humour and outrage apart, it is about time we took Pakodanomics seriously because in the age of robotics and automation, imagining jobs by the millions in manufacturing assembly lines of the kind Henry Ford set up a century ago may not be a wise idea. In the West, the term 'gig economy' is now a fashionable one to discuss self-employed people like web designers, copywriters and software engineers who work independently for several companies or clients at once. I would say pakoda-sellers, plumbers, carpenters and even snake-charmers have been part of India's gig economy long before the term became fashionable. Nearly half of India's labour-force is estimated to be self-employed. It is time for us to recognise their worth and raising their stature so that they enjoy some deserved benefits. In the UK, the government is seriously considering benefits like sick leave and holiday benefits for gig-workers, amid charges that they are being exploited. This, of course, applies mainly to people like cab drivers tied to giant tech-platform companies like Uber, but there is no reason India should not learn from Britain to step up benefits for the self-employed as a larger class. The Mudra loans and the recently-announced Ayushman Bharat health insurance scheme for the masses cover these to some extent but it would make more sense to frame a real, elaborate policy. India does have schemes to help the self-employed, and this is not really new for NDA or Modi. The government portal has a special section for this. However, speculative reportswhich said the budget this year would announce an employment policy have not come true yet. A self-employment policy seems even more elusive. What India needs is to go one step further from Britain and look at framing a self-employment framework that would provide benefits including home loans, infrastructure, pensions, healthcare and holidays to the self-employed including pakoda-sellers who are part of India's uncelebrated gig economy. If only the Niti Aayog could take its eyes off high technology and look at low-brow employment with long-term benefits for hundreds of millions of people, Modi may have reasons to smile rather than be laughed at. Else, they will accuse him of making a khichdi out of Pakodanomics! (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Opinion: It is time India took a serious look at Pakodanomics

India&#39;s Gross Domestic Product (GDP) growth for 2018-19 has been projected at 7 to 7.5 per cent as per the Economic Survey 2017-18.

Also read: <a href="http://www.wionews.com/business-economy/10-big-takeaways-from-economic-survey-31068" target="_blank">10 big takeaways from economic survey</a>

The document, which was tabled in Lok Sabha on Monday, noted that a series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7.0 to 7.5 per cent in 2018-19.

&quot;A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7 to 7.5 per cent in 2018-19, thereby re-instating India as the world&#39;s fastest growing major economy,&quot; it said.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Outlook 
2017-18: Real GDP growth of 6.75%, nominal growth of 10.5% 
2018-19: Real growth of 7%-7.5% <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a> <a href="https://t.co/wDBgVfFqds">pic.twitter.com/wDBgVfFqds</a>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957873340512837632?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

The reform measures undertaken in 2017-18 can be strengthened further in 2018-19, it said.

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.

&quot;That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable,&quot; it said.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Post-demonetization and GST increase in new tax filers (over and above natural increase) of about 1.8 million and some boost to individual income tax collections (Ch 1, Box 2) <a href="https://twitter.com/hashtag/economicsurvey18?src=hash&amp;ref_src=twsrc%5Etfw">#economicsurvey18</a> <a href="https://t.co/VAfz77JvGp">https://t.co/VAfz77JvGp</a> <a href="https://t.co/kMCeRt886y">pic.twitter.com/kMCeRt886y</a>
&mdash; arvind subramanian (@arvindsubraman) <a href="https://twitter.com/arvindsubraman/status/957874070665572352?ref_src=twsrc%5Etfw">January 29, 2018</a></blockquote>
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The survey also said that the real estate sector has begun to show signs of improvement with the total FDI of US $257 million in first half of 2017, which is more than double the total FDI in 2016 full year.

&quot;With the enactment of Real Estate (Regulation &amp; Development) Act, 2016, it is anticipated that accountability would lead to higher growth across the real estate value chain, while compulsory disclosures and registrations would ensure transparency,&quot; it said.

The economic survey is an annual document of the Ministry of Finance, Government of India, and reviews the developments in the Indian economy over the previous 12 months, summarises the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term.

This document is presented to both Houses of Parliament during the Budget Session.

The annual survey was released ahead of the government&#39;s annual budget statement, due to be presented by Finance Minister Arun Jaitley on Thursday.

The survey warned that the coming year could be challenging, and cautioned that persistently high oil prices remain a key risk for a country that relies on imports for much of its fuel needs.

This year's survey points out that India can be rated as among the best performing economies as the average growth during last three years is around 4 percentage points higher than global growth

India's Gross Domestic Product (GDP) growth for 2018-19 has been projected at 7 to 7.5 per cent as per the Economic Survey 2017-18. Also read: 10 big takeaways from economic survey The document, which was tabled in Lok Sabha on Monday, noted that a series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7.0 to 7.5 per cent in 2018-19. "A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7 to 7.5 per cent in 2018-19, thereby re-instating India as the world's fastest growing major economy," it said. Outlook 2017-18: Real GDP growth of 6.75%, nominal growth of 10.5% 2018-19: Real growth of 7%-7.5% #economicsurvey18 https://t.co/VAfz77JvGp pic.twitter.com/wDBgVfFqds — arvind subramanian (@arvindsubraman) January 29, 2018 × The reform measures undertaken in 2017-18 can be strengthened further in 2018-19, it said. 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. "That this growth has been achieved in a milieu of lower inflation, improved current account balance and notable reduction in the fiscal deficit to GDP ratio makes it all the more creditable," it said. Post-demonetization and GST increase in new tax filers (over and above natural increase) of about 1.8 million and some boost to individual income tax collections (Ch 1, Box 2) #economicsurvey18 https://t.co/VAfz77JvGp pic.twitter.com/kMCeRt886y — arvind subramanian (@arvindsubraman) January 29, 2018 × The survey also said that the real estate sector has begun to show signs of improvement with the total FDI of US $257 million in first half of 2017, which is more than double the total FDI in 2016 full year. "With the enactment of Real Estate (Regulation & Development) Act, 2016, it is anticipated that accountability would lead to higher growth across the real estate value chain, while compulsory disclosures and registrations would ensure transparency," it said. The economic survey is an annual document of the Ministry of Finance, Government of India, and reviews the developments in the Indian economy over the previous 12 months, summarises the performance on major development programs, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. This document is presented to both Houses of Parliament during the Budget Session. The annual survey was released ahead of the government's annual budget statement, due to be presented by Finance Minister Arun Jaitley on Thursday. The survey warned that the coming year could be challenging, and cautioned that persistently high oil prices remain a key risk for a country that relies on imports for much of its fuel needs.

Economic Survey sees accelerating GDP growth, upswing in real estate sector

Making the country malnutrition-free would be the bedrock of any achievement towards a New India by the year 2022, NITI Aayog Vice-Chairman Rajiv Kumar said here today.

&quot;As many as 38.4 per cent of our children are born stunted or suffering from malnutrition. It&#39;s a blemish, a stain on our national record that we cannot afford to live with,&quot; he said while delivering a presentation on New India @2022, at the inauguration of the two-day conference of district Collectors.

He said that removing malnutrition is a pre-requisite for building a knowledge economy.

&quot;How can we talk about a knowledge economy with that sort of a statistics? If we want to build a knowledge economy, the first thing we have to do is to remove malnutrition and achieve kuposhan-mukt Bharat by 2022.

&quot;If we do nothing else by 2022 and achieve only this...We would have done our country proud and a great service,&quot; Kumar said.

He said NITI Aayog has already launched a nutrition strategy and would closely monitor the implementation of the nutrition mission in the country.

&quot;The Prime Minister made me Chairman of National Nutrition Mission. We will be watching like a hawk, every state and every district, on how the mission is coming about,&quot; Kumar said, adding that they are using the latest technology to achieve this.

He said a real-time data dashboard will be installed for the purpose.

&quot;Hope Andhra Pradesh will lead the effort because this effort will be the bedrock of any achievement...Every achievement we actually want to make,&quot; the NITI Aayog vice-chief said.

Speaking on the economy, Kumar said the note ban move had resulted in a 19 per cent jump indirect tax collection.

&quot;People very often criticise demonetisation saying &#39;Oh the black income had actually not been caught red-handed&#39;. Believe me...Black wealth has at least become grey because now it is all sitting in the bank accounts, which is being monitored closely by the banking division and the CBDT,&quot; the noted economist said.

Without demonetisation, the country&#39;s security itself would have been jeopardised, he said, recalling the first warning note he sounded way back in 2007.

Hailing GST as a &quot;historic step unifying our economy&quot;, Kumar said it was forcing &quot;formalisation&quot; of all businesses in the country.

&quot;It is a very, very big step. About 40-50 per cent of our economy was un-formalised. GST will see at least 20 per cent hike in revenues as we go forward in the years to come,&quot; he said.

Kumar further said India would become &quot;unstoppable&quot; if efficient delivery of public goods and services was achieved by rooting out corruption and ushering in e-governance.

&quot;Once we achieve efficient delivery of public goods and services, basic education, basic health, law and order, street lighting, infrastructure and all that...If we do that, private sector in our country is as capable as us...This country will become unstoppable,&quot; he said.

He said the old story of India being a &quot;soft state, soft government, a corrupt government, and the endemically nonperforming government is now history&quot;.

&quot;This is the beginning of a new India in terms of e-governance where accountability and transparency will be right at the forefront,&quot; he observed.

Stressing that India should embrace the fourth industrial revolution, Kumar said it was vital to ensure it did not cause a &quot;trade-off&quot; with employment generation.

&quot;The fourth industrial revolution is our tomorrow. Our eyes on 2022 should be with this focus in mind. We are seeing most disruptive technologies coming up in the world. We need to see that there is no trade-off between all of this and our biggest need today--- employment generation. That&#39;s our biggest priority,&quot; he said.

Andhra Pradesh Chief Minister N Chandrababu Naidu, Deputy Chief Ministers K E Krishna Murthy, N China Rajappa, Chief Secretary Dinesh Kumar, Chief Commissioner of Land Administration Anil Chandra Punetha, ministers and bureaucrats attended the programme.

Later, Real-Time Governance CEO Babu Ahamed showed the NITI Aayog Vice-Chairman the functioning of RTG Centre at the state Secretariat.Kumar praised the facility saying it is unparalleled in the country.

&quot;Visit to RTG is just startling. It&#39;s an eye-opener. Will do my best to showcase this to all the other states and to the Central government, if I can. I don&#39;t think such a facility exists anywhere in the country.

This is the best idea of an accountable, transparent and digitally-driven governance. I think this is the future. This is the future for the rest of the country,&quot; he said.

Rajiv Kumar said a real-time data dashboard will be installed for the purpose

Making the country malnutrition-free would be the bedrock of any achievement towards a New India by the year 2022, NITI Aayog Vice-Chairman Rajiv Kumar said here today. "As many as 38.4 per cent of our children are born stunted or suffering from malnutrition. It's a blemish, a stain on our national record that we cannot afford to live with," he said while delivering a presentation on New India @2022, at the inauguration of the two-day conference of district Collectors. He said that removing malnutrition is a pre-requisite for building a knowledge economy. "How can we talk about a knowledge economy with that sort of a statistics? If we want to build a knowledge economy, the first thing we have to do is to remove malnutrition and achieve kuposhan-mukt Bharat by 2022. "If we do nothing else by 2022 and achieve only this...We would have done our country proud and a great service," Kumar said. He said NITI Aayog has already launched a nutrition strategy and would closely monitor the implementation of the nutrition mission in the country. "The Prime Minister made me Chairman of National Nutrition Mission. We will be watching like a hawk, every state and every district, on how the mission is coming about," Kumar said, adding that they are using the latest technology to achieve this. He said a real-time data dashboard will be installed for the purpose. "Hope Andhra Pradesh will lead the effort because this effort will be the bedrock of any achievement...Every achievement we actually want to make," the NITI Aayog vice-chief said. Speaking on the economy, Kumar said the note ban move had resulted in a 19 per cent jump indirect tax collection. "People very often criticise demonetisation saying 'Oh the black income had actually not been caught red-handed'. Believe me...Black wealth has at least become grey because now it is all sitting in the bank accounts, which is being monitored closely by the banking division and the CBDT," the noted economist said. Without demonetisation, the country's security itself would have been jeopardised, he said, recalling the first warning note he sounded way back in 2007. Hailing GST as a "historic step unifying our economy", Kumar said it was forcing "formalisation" of all businesses in the country. "It is a very, very big step. About 40-50 per cent of our economy was un-formalised. GST will see at least 20 per cent hike in revenues as we go forward in the years to come," he said. Kumar further said India would become "unstoppable" if efficient delivery of public goods and services was achieved by rooting out corruption and ushering in e-governance. "Once we achieve efficient delivery of public goods and services, basic education, basic health, law and order, street lighting, infrastructure and all that...If we do that, private sector in our country is as capable as us...This country will become unstoppable," he said. He said the old story of India being a "soft state, soft government, a corrupt government, and the endemically nonperforming government is now history". "This is the beginning of a new India in terms of e-governance where accountability and transparency will be right at the forefront," he observed. Stressing that India should embrace the fourth industrial revolution, Kumar said it was vital to ensure it did not cause a "trade-off" with employment generation. "The fourth industrial revolution is our tomorrow. Our eyes on 2022 should be with this focus in mind. We are seeing most disruptive technologies coming up in the world. We need to see that there is no trade-off between all of this and our biggest need today--- employment generation. That's our biggest priority," he said. Andhra Pradesh Chief Minister N Chandrababu Naidu, Deputy Chief Ministers K E Krishna Murthy, N China Rajappa, Chief Secretary Dinesh Kumar, Chief Commissioner of Land Administration Anil Chandra Punetha, ministers and bureaucrats attended the programme. Later, Real-Time Governance CEO Babu Ahamed showed the NITI Aayog Vice-Chairman the functioning of RTG Centre at the state Secretariat.Kumar praised the facility saying it is unparalleled in the country. "Visit to RTG is just startling. It's an eye-opener. Will do my best to showcase this to all the other states and to the Central government, if I can. I don't think such a facility exists anywhere in the country. This is the best idea of an accountable, transparent and digitally-driven governance. I think this is the future. This is the future for the rest of the country," he said.

Getting rid of malnutrition crucial to build New India by 2022: NITI Aayog Vice-Chairman

The benchmark BSE Sensex rose by 92 points to 34,936.03 in early trade on Tuesday on continued buying by investors driven by encouraging quarterly earnings amid a firm trend in other Asian bourses.

The 30-share index, which gained 410.44 points in the previous three sessions, rose further by 92.52 points, or 0.26 per cent, at 34,936.03.

IT, capital goods, consumer durables and FMCG stocks were leading the rally.

The NSE Nifty was also trading higher by 20.25 points, or 0.18 per cent, at 10,761.80.

Brokers said that the market mood remained buoyant, bolstered by foreign institutional investors&#39; buying coupled with a firming trend at other Asian markets.

They said, however, concerns prevailed over trade deficit ballooning to a three-year high.

Trade deficit or difference between imports and exports was USD 14.88 billion in December, up about 41 per cent year- on-year, as crude oil and gold import bill inflated, the commerce ministry data showed.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 32.92 crore on net basis while domestic institutional investors (DIIs) sold equities to the tune of Rs 173.28 crore yesterday, provisional data showed.

In the Asian region, Hong Kong&#39;s Hang Seng was up 1.08 per cent, Japan&#39;s Nikkei gained 0.55 per cent while Shanghai Composite index edged higher by 0.28 per cent in early trade on Tuesday.

The US markets were shut on Monday for the Martin Luther King Jr. Holiday.

IT, capital goods, consumer durables and FMCG stocks were leading the rally.

The benchmark BSE Sensex rose by 92 points to 34,936.03 in early trade on Tuesday on continued buying by investors driven by encouraging quarterly earnings amid a firm trend in other Asian bourses. The 30-share index, which gained 410.44 points in the previous three sessions, rose further by 92.52 points, or 0.26 per cent, at 34,936.03. IT, capital goods, consumer durables and FMCG stocks were leading the rally. The NSE Nifty was also trading higher by 20.25 points, or 0.18 per cent, at 10,761.80. Brokers said that the market mood remained buoyant, bolstered by foreign institutional investors' buying coupled with a firming trend at other Asian markets. They said, however, concerns prevailed over trade deficit ballooning to a three-year high. Trade deficit or difference between imports and exports was USD 14.88 billion in December, up about 41 per cent year- on-year, as crude oil and gold import bill inflated, the commerce ministry data showed. Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 32.92 crore on net basis while domestic institutional investors (DIIs) sold equities to the tune of Rs 173.28 crore yesterday, provisional data showed. In the Asian region, Hong Kong's Hang Seng was up 1.08 per cent, Japan's Nikkei gained 0.55 per cent while Shanghai Composite index edged higher by 0.28 per cent in early trade on Tuesday. The US markets were shut on Monday for the Martin Luther King Jr. Holiday.

Sensex gains 92 points on earnings, global cues

The BSE Sensex hit a fresh record high of 34,487.52 while NSE Nifty touched life-time high of 10,659.15 in the opening session on Tuesday on smart gains in Coal India, Tata Motors and SBI.

Rising for the third straight day, the 30-share index spurted by 134.73 points, or 0.39 per cent, to hit a new peak of 34,487.52.

The gauge gained 559.41 points in previous three sessions to close at a record high at 34,352.79 in Monday&#39;s session. It had also touched an intra-day lifetime high of 34,385.67 in the previous session.

Sectoral indices, led by IT, teck and metal were trading in the positive zone with gains up to 0.22 per cent.

The 50-share NSE Nifty gained 35.55 points, or 0.33 per cent, to scale its lifetime high of 10,659.15. The gauge had touched an intra-day high of 10,631.20 on Monday.

Coal India soared by over seven per cent after its board approved a hike in prices of non-coking coal for power and non-power sectors with immediate effect.

The price hike would boost its revenue by Rs 1,956 crore in the remaining part of the 2017-18 fiscal.

Among other gainers, Wipro, ONGC, Tata Motors, M&amp;M, SBI, Infosys, Hindustan Unilever, Tata Steel, HDFC Ltd, TCS, Axis Bank, Bharti Airtel, Kotak Bank and Maruti Suzuki rose up to two per cent.

Continuous foreign fund inflows and raising of bets by investors amid optimism over third quarterly earnings and upcoming budget helped the key indices to hit record hits, traders said.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 692.83 crore, while domestic institutional investors (DIIs) sold shares worth Rs 206.30 crore yesterday, according to provisional exchange data.

Among other Asian markets, Hong Kong&#39;s Hang Seng gained 0.26 per cent, while Shanghai Composite Index rose 0.13 per cent in their early deals. Japan&#39;s Nikkei too edged higher 0.54 per cent.

The US Dow Jones Industrial Average, however, closed 0.05 per cent lower yesterday.

Rising for the third straight day, the 30-share index spurted by 134.73 points, or 0.39 per cent, to hit a new peak of 34,487.52.

The BSE Sensex hit a fresh record high of 34,487.52 while NSE Nifty touched life-time high of 10,659.15 in the opening session on Tuesday on smart gains in Coal India, Tata Motors and SBI. Rising for the third straight day, the 30-share index spurted by 134.73 points, or 0.39 per cent, to hit a new peak of 34,487.52. The gauge gained 559.41 points in previous three sessions to close at a record high at 34,352.79 in Monday's session. It had also touched an intra-day lifetime high of 34,385.67 in the previous session. Sectoral indices, led by IT, teck and metal were trading in the positive zone with gains up to 0.22 per cent. The 50-share NSE Nifty gained 35.55 points, or 0.33 per cent, to scale its lifetime high of 10,659.15. The gauge had touched an intra-day high of 10,631.20 on Monday. Coal India soared by over seven per cent after its board approved a hike in prices of non-coking coal for power and non-power sectors with immediate effect. The price hike would boost its revenue by Rs 1,956 crore in the remaining part of the 2017-18 fiscal. Among other gainers, Wipro, ONGC, Tata Motors, M&M, SBI, Infosys, Hindustan Unilever, Tata Steel, HDFC Ltd, TCS, Axis Bank, Bharti Airtel, Kotak Bank and Maruti Suzuki rose up to two per cent. Continuous foreign fund inflows and raising of bets by investors amid optimism over third quarterly earnings and upcoming budget helped the key indices to hit record hits, traders said. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 692.83 crore, while domestic institutional investors (DIIs) sold shares worth Rs 206.30 crore yesterday, according to provisional exchange data. Among other Asian markets, Hong Kong's Hang Seng gained 0.26 per cent, while Shanghai Composite Index rose 0.13 per cent in their early deals. Japan's Nikkei too edged higher 0.54 per cent. The US Dow Jones Industrial Average, however, closed 0.05 per cent lower yesterday.

Sensex, Nifty scale fresh record high as Coal India spurts

Indian shares ended lower on Monday, recording their biggest daily percentage fall in a month, with financial and IT stocks leading the losses.

The benchmark BSE Sensex closed down 244.08 points or 0.72 per cent at 33,812.75.

The broader NSE Nifty ended 95.15 points down or 0.90 per cent lower at 10,435.55.

Both the indexes ended 2017 with the biggest annual gain since 2014, with equities on a record-setting run last year.

Pharma stocks edged higher, with Sun Pharmaceutical Industries Ltd up 1.8 percent, among the top percentage gainers.

IT stocks fell, with the Nifty IT index down 0.4 percent after it climbed 12 percent last year.

Most global markets were shut on Monday.

Both the indexes ended 2017 with the biggest annual gain since 2014, with equities on a record-setting run last year.

Indian shares ended lower on Monday, recording their biggest daily percentage fall in a month, with financial and IT stocks leading the losses. The benchmark BSE Sensex closed down 244.08 points or 0.72 per cent at 33,812.75. The broader NSE Nifty ended 95.15 points down or 0.90 per cent lower at 10,435.55. Both the indexes ended 2017 with the biggest annual gain since 2014, with equities on a record-setting run last year. Pharma stocks edged higher, with Sun Pharmaceutical Industries Ltd up 1.8 percent, among the top percentage gainers. IT stocks fell, with the Nifty IT index down 0.4 percent after it climbed 12 percent last year. Most global markets were shut on Monday.

Sensex, Nifty start 2018 on weak note; see worst day in a month

The rupee edged higher by five paise to trade at 63.82 against the US dollar on the first trading day of 2018 on the back of increased selling of the American currency by banks and exporters.

At the Interbank Foreign Exchange, the rupee was trading higher by 5 paise against the previous close of 63.82. It opened higher by two paise at 63.85 and touched a high of 63.81 in early trade.

Dealers said increased selling of the dollar by exporters supported the rupee.

The rupee had appreciated 21 paise to end at a fresh four-month high of 63.87 against the greenback on Friday.

Meanwhile, stock markets <a href="http://www.wionews.com/business-economy/sensex-begins-2018-on-negative-note-down-18-points-28215">opened flat on Monday</a> with the benchmark BSE Sensex opening marginally higher at 34,059.99.

Dealers said increased selling of the dollar by exporters supported the rupee.

The rupee edged higher by five paise to trade at 63.82 against the US dollar on the first trading day of 2018 on the back of increased selling of the American currency by banks and exporters. At the Interbank Foreign Exchange, the rupee was trading higher by 5 paise against the previous close of 63.82. It opened higher by two paise at 63.85 and touched a high of 63.81 in early trade. Dealers said increased selling of the dollar by exporters supported the rupee. The rupee had appreciated 21 paise to end at a fresh four-month high of 63.87 against the greenback on Friday. Meanwhile, stock markets opened flat on Monday with the benchmark BSE Sensex opening marginally higher at 34,059.99.

Rupee starts 2018 on a better note, up 5 paise against dollar

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