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India likely to overtake Britain as 5th largest economy next year: Jaitley

Press Trust of India

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New Delhi:Union Minister Arun Jaitley exuded confidence that India will pip Great Britain to become the fifth largest economy in the world next year if economic expansion continues at the projected rate.
However, rising international crude oil prices and the global trade war would throw up challenges going forward, he said.
“If we keep growing at the rate which is being projected, it is likely that next year we will be the fifth largest economy ahead of Great Britain,” Jaitley said in a Facebook post titled ‘The Congress Gave Slogans to Rural India – Prime Minister Modi Gave Resources’.
“This is in consonance with the rest of the narrative. Being the fastest growing economy for the last four years, we can look at the next decade as one of economic expansion,” he added.
A latest World Bank report has said that the Indian economy has become world’s sixth-biggest economy, pushing France to seventh place. The US tops the list followed by China, Japan, Germany and Britain.
The new calculations were arrived on the basis of Indian economy’s performance in 2017.
India’s gross domestic product (GDP) was valued at $2.597 trillion at the end of 2017 overtaking the French economy, which was amounted at $2.582 trillion last year.
“We have already seen a significant move up in India’s ranking in the ease of doing business and as a preferred investment destination. Today we stand to be tested in the midst of a global challenge thrown up on account of the international crude oil prices and the trade war,” Jaitley said.
Crude oil prices, which were around $66 a barrel, in April are now hovering around $75 a barrel.
The Indian economy is estimated to grow at 7-7.5 per cent in the current fiscal, higher than 6.7 per cent growth clocked in 2017-18 fiscal.
“The recently released World Bank data reveals that India has now become the sixth largest economy relegating France to the seventh position. Obviously, on account of disparity in the size of the population, there would be a very significant difference in the per capita of the two countries,” he said.
The NDA government, under Prime Minister Narendra Modi, has ensured that rural India and the less privileged get the first right on resources and if this, along with increased expenditure, continues for the next decade the impact on India’s rural poor would be significant, he said.
“This benefits all – irrespective of religion, caste or community. The Congress provided India’s poor with slogan. Prime Minister Modi has given them resources. This will ensure faster growth and lead to a faster depletion in the poverty,” Jaitley added.
He said the Congress party in 1970s and 1980s followed the model of “populist slogans” rather than “sound policy and actual expenditure for the welfare of the poor”.
“The 1971 ‘Garibi Hatao’ model was one of redistribution of poverty rather than the generation of wealth and resources. The result of this misguided approach was that the lives of the poor did not move up significantly.
“On the contrary, the present Prime Minister is a man of many words and many more actions. He announces stiff targets and programmes which at first sight appear to be difficult, if not impossible. He follows it up with the actual implementation and delivers the promise,” Jaitley said.
He said the government’s programmes for rural India will lead to increased incomes, increased social security, improved quality of life, higher income from agriculture and better healthcare.
Jaitley said ever since the present government took over, it has been working to translate the advantages of faster growth to rural India as well as to bring a significant section of people into the neo-middle class and bring people out of poverty.


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Business

RBI needs to ensure stability: Shaktikanta Das

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New Delhi: The head of the Reserve Bank of India (RBI) said he would take the steps necessary to maintain financial stability in the country and help create favourable conditions for growth.

India’s economy has grown because of measures such as the nationwide goods and services tax and the insolvency and bankruptcy code that prevents wilful defaulters from bidding for stressed assets, Shaktikanta Das said in his address to an investor roundtable.

The country’s growth story is backed by its strong domestic fundamentals, he said, citing lower inflation.

 

Annual retail inflation rate dropped to an 18-month low of 2.19 per cent in December, strengthening the views of some economists that the central bank could ease monetary policy next month.

India’s top business groups on Thursday urged the central bank to cut its benchmark interest rate by at least half a percentage point and lower the cash reserve ratio it imposes on banks.

The country also needs to watch out for any sudden turbulence in the gloal financial market, Das said.

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Centre removes two PNB executive directors for lapses in Rs 13,500-cr fraud

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Chennai:The Central government has removed two Punjab National Bank (PNB) Executive Directors — Sanjiv Sharan and K.Veera Brahmaji Rao — for the lapses in the Rs 13,500 crore fraud allegedly perpetrated by absconding diamantaire Nirav Modi.

The PNB has intimated the action to the stock exchanges.

“We welcome the Central government’s action to dismiss the two Executive Directors. The scam of such proportions could not have happened without the knowledge of the top management,” C.H. Venkatachalam, General Secretary, All India Bank Employees’ Association (AIBEA), told IANS.

 

“Perhaps for the first time, the Centra has removed the Executive Directors of a nationalised bank under the Nationalised Banks (Management and Miscellaneous Provision) Scheme, 1970. All these days it was said the top management of government-owned banks — Chairman, Managing Director, Executive Directors — are governed only by the contract of appointment.

“It is also good that the central government has followed the due process of giving the two PNB Executive Directors opportunity to put forth their views before dismissing them,” Venkatachalam added.

According to the Central government’s notification, on July 3, 2018, Sharan and Rao were issued a show cause notice as to why they could not be removed from office for having failed to exercise proper control over the functioning of PNB, thus enabling the fraud through the misuse of SWIFT at the bank’s Brady House branch in Mumbai.

After considering Sharan and Rao’s replies and the comments of the bank’s Board, the Centre removed them from office as it found it was expedient in the interests of PNB.

According to the notification, the dismissal of Rao is subject to the outcome of a plea in the Delhi High Court.

“We are happy to see some action being taken. Whether it is only the two Executive Directors and other officials are also involved in the scam has to be probed in full,” Venkatachalam said.

According to him, in the past, low-level officers would have been the scapegoats for such massive scams.

“With the action taken on the top management, people will be satisfied that public sector bank officials are answerable for their lapses,” Venkatachalam added.

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In this new world, data is the new wealth: Ambani

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Mumbai: Reliance Industries chairman and managing director Mukesh Ambani urged Prime Minister Narendra Modi to take steps against ‘data colonisation’, specially by global corporations, stating that Indian data must be owned by Indians.

Invoking Mahatma Gandhi’s movement against political colonisation, Ambani said India now needs a new movement against data colonisation.

“Gandhiji led India’s movement against political colonisation. Today, we have to collectively launch a new movement against data colonisation,” he said Gandhinagar at the Vibrant Gujarat Global Summit.

 

Stressing that, in this new world, data is the new wealth, Ambani said, “India’s data must be controlled and owned by Indian people and not by corporate, especially global corporations.”

He further said, “For India to succeed in this data driven revolution, we will have to migrate the control and ownership of Indian data back to India. In other words, give Indian wealth back to every Indian.”

Stating that the “entire world has come to recognise” Modi “as a man of action”, Ambani said, “Honorable Prime Minister, am sure you will make this one of the principal goals of your digital India mission.”

Later in the day, countering Ambani’s call, Governor – Commonwealth of Kentucky, Matthew Griswold, asked Modi “to think in the opposite” in order to realise the tremendous opportunity that lies in Indo-US partnership.

“Honorable prime minister you have been asked from this stage to think about limiting the amount of competition, limiting the exchange of ideas, information and goods. I would encourage you to think in the opposite,” he said.

While stating that it is important to put the people of India first, Griswold said, “It is also important to put their opportunity and our opportunity as citizens of the world to trade with one another and exchange ideas because iron sharpens iron.”

The greatest possibility comes from the exchange of these idea, he added.

“If we can cut the regulations, cut the bureaucracy, cut the red tape, the opportunity is enormous between our nations,” he added that India is now the 10th largest trading partner for the US and “climbing quickly”.

“The opportunity before us between India and the United States is incredible, but responsibility falls on each of one us, those of us in elected positions, those of you in the industry, those of you who represent various constituencies, we have much work to do…we must do this, ” Griswold said.

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