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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

After demonetisation, 50 lakh lost jobs over 2 years: report

Agencies

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Mumbai: As per a report released by the Centre for Sustainable Employment, Azim Premji University, almost 50 lakh people lost their employment between 2018 and 2019 after November 8, 2016, when Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 notes would not be considered as legal tender.

As per the report, the beginning of the decline in employment rate coincides with the government’s note ban in 2016 but no “causal link” can be built up based on the information, says the report titled ‘State of Working India 2019’.

The employment losses are higher when women are taken under consideration. The women workforce participation has also lowered, the report said.

 

According to the report, “Whether or not this decline was caused by demonetisation, it is definitely a cause for concern and calls for urgent policy intervention,”

A government report which was leaked in January this year also recorded that the unemployment rate in India rose to a 45-year high in 2017-2018.

The overall unemployment rate was pegged at around 6 per cent in 2017-2018, according to the National Sample Survey Office’s (NSSO) Periodic Labour Force Survey, held between 2017 and 2018.

But NITI Aayog vice chairman Rajiv Kumar said the report was “not verified” and the “veracity of the data was not known”.

The report said unemployment has largely been driven by higher-educated men in both urban and rural areas, those in the age group of 20 to 24.

“Clearly, there is a large differential impact by level of education. This is consistent with the idea that the informal sector, where we can expect the share of less educated men to be higher, was hit hardest by demonetisation as well as the introduction of GST,” the report noted.

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Mallya laments ‘airline karma’ in message for cash-strapped Jet Airways

Agencies

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London: Embattled liquor tycoon Vijay Mallya on Wednesday took to social media once again, this time to express his solidarity with Jet Airways founder Naresh Goyal and repeat his own offer to repay all the money he owes to India’s public sector banks.

The 63-year-old, fighting his extradition to India on charges of fraud and money laundering amounting to an alleged Rs 9,000 crores, claims private airlines were discriminated against by the Indian government, which bailed out state-owned Air India but did not assist his own Kingfisher Airlines and now Jet Airways.

“Even though Jet was a major competitor to Kingfisher at the time I feel sorry to see such a large private airline on the brink of failure when government used 35K crores (Rs 35,000 crores) of public funds to bail out Air India. Just being a PSU is no excuse for discrimination,” Mallya wrote on Twitter. He added: “I invested hugely into Kingfisher which rapidly grew to become India’s largest and most awarded airline. True, Kingfisher borrowed from PSU Banks as well. I have offered to pay back 100 per cent but am being criminally charged instead. Airline Karma?”

 

The former Kingfisher Airlines boss took yet another swipe at the media as well, claiming every offer he makes to pay back funds owed by his now-defunct Kingfisher Airlines to PSU banks resulted in reports that claim he is “spooked, terrified etc” of being extradited from the UK back to India. “I am willing to pay either way whether I am in London or in an Indian Jail. Why don’t Banks take the money I offered first,” he questioned.

On a more personal note directed at Jet Airways founder Goyal and his wife Neeta, the UB Group chief expressed his sympathy for the troubles being faced by the cash-strapped private airline, which has been forced to cancel a string of flights amid a mounting crisis. “Even though we were fierce competitors, my sympathies go out to Naresh and Neeta Goyal who built Jet Airways that India should be extremely proud of. Fine Airline providing vital connectivity and class service. Sad that so many Airlines have bitten the dust in India. Why,” Mallya questioned.

Mallya remains on bail as he awaits an oral hearing to be listed by the UK High Court for his appeal against his extradition ordered by Westminster Magistrates’ Court in London last December and then signed off by UK home secretary Sajid Javid in February. A first level of that written appeal has already been rejected by the High Court, where it will now be considered during a brief hearing to determine any grounds to grant permission for Mallya’s appeal to proceed to appeal substantive hearing.

The businessman faces a series of unrelated legal battles in the UK courts, including a USD 40-million claim brought by drinks giant Diageo and an attempt by Swiss bank UBS to repossess his posh London home overlooking Regent’s Park. Meanwhile, a State Bank of India (SBI) led consortium of 13 Indian banks continue their attempt to enforce a worldwide freezing order upheld by the UK High Court in May last year through a number of follow up court orders to try and recoup some of the GBP 1.145 billion owed to them.

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BMW to recall 360,000 China cars over Takata airbags

Agencies

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Shanghai: Germany’s BMW will recall 360,000 vehicles in China as part of the worldwide effort to root out defective airbags made by now-defunct Japanese supplier Takata, regulators in Beijing said.

Around 20 people have died in accidents linked to defects in Takata airbags since 2013, prompting a massive worldwide recall of at least 100 million cars from a wide range of manufacturers.

The recall will affect nearly 273,000 models built by BMW’s joint venture with Chinese manufacturer Brilliance Automotive and more than 87,000 imported BMW cars, China’s State Administration for Market Regulation said.

 

The agency said in statement posted on its website late on Tuesday that a defect could cause the airbags to eject debris at passengers if deployed. It did not mention any specific incidents caused by the BMW-installed airbags.

The China recall affects more than two dozen different BMW models built between 2000 and 2018, including several each in the i, X and M series, along with other models.

The suspect parts will be replaced for free, the notice said. Founded in 1933, Takata went out of business in 2017 because of the airbag crisis.

The BMW announcement came as global carmakers were gathered for the Shanghai Auto Show amid a rare sales slump in the world’s largest vehicle market.

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