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Economic Survey projects 7 per cent growth rate for financial year 2019-20

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Economic Survey projects 7 per cent growth rate for financial year 2019-20

The Economic Survey, tabled in Parliament today (Thursday, July 4) by finance minister Nirmala Sitharaman has projected a 7 per cent growth rate for GDP (gross domestic product) in the 2019-20 financial year.

This indicates a higher than the estimated 6.8 per cent growth rate for the previous year ended March 31. The Economic Survey cited investment rate picking up in FY20 on higher credit growth and improved demand as the factors for the higher growth rate.

The projected growth rate could help India overtake China and regain the status of world’s fastest-growing major economy.

Prepared by Chief Economic Adviser (CEA) Krishnamurthy Subramanian, today’s Economic Survey is the first by the re-elected Narendra Modi government. The release of Economic Survey 2018-19 comes a day ahead of the presentation of Union Budget in Parliament.

“Given the macro-economic situation and the structural reforms being undertaken by the government, the economy is projected to grow at 7% in 2019-20. Growth in investment, which had slowed down for many years, has bottomed out and has started to recover since 2017-18,” the Survey said.

Growth is expected to pick up in 2019-20 as macroeconomic conditions continue to be stable while structural reforms initiated in the previous few years are continuing on course. The survey said India maintained its macro-economic stability by containing inflation within 4% and by maintaining a manageable current account deficit to GDP ratio. “The current account deficit to GDP was higher in 2018-19 as compared to 2017-18, primarily due to higher oil prices, which were about $14/barrel higher in 2018-19 vis-à-vis the previous year. However, the CAD started to narrow in the third quarter of the year,” it added.

It also highlighted that lower global oil prices are expected to decline in FY20. Lower global growth and increased uncertainty over trade tension may hit exports, it added.

Sharing his view on the survey, Prime Minister Narendra Modi tweeted: “The Economic Survey 2019 outlines a vision to achieve a $5 trillion economy. It also depicts the gains from advancement in the social sector, adoption of technology and energy security.”

CEA Subramanian said: “Our team has put in a lot of effort with a lot of dedication. I hope results are good, and we are able to contribute to the ideas for the economy.”

This year’s survey brings “an effective minimum wage policy that targets the vulnerable bottom rung of wage earners can help in driving up aggregate demand and building and strengthening the middle class,” he added.

In a series of tweets, CEA Subramanian stated that the survey “is inspired by (Mahatma) Gandhiji’s Talisman: ‘…Recall the face of the poorest man [woman], and ask yourself, if the step you contemplate is going to be of any use to him [her].’

He also mentioned that “one of the biggest hurdles to $5 trillion economy is poor enforcement of contracts and dispute resolution. Steps to speed up legal process should be top priority.”

He added that the survey “is imbued by the spirit ‘blue sky thinking’ in thinking about the appropriate economic model for India. This is reflected in the sky blue cover of the survey.”

“The theme of the survey – ‘Shifting Gears’ – is intended to achieve a sustained growth rate of 8 per cent. Using the learning from the Global Financial Crisis, the Survey departs from traditional thinking to view the economy in either a vicious or a virtuous cycle,” said Subramanian. “The Survey makes a sincere effort to live up to the expectation of being an indispensable guide for following, understanding and thinking about the Indian economy.”

Rural wages growth seems to have bottomed out and has started to increase since mid-2018. Further growth in rural wages should help spur rural demand, according to the Economic Survey.

Investment rate, which was declining from 2011-12, seems to have bottomed out and is expected to pick up in the year 2019-20 on the back of higher credit growth, said the Economic Survey.

The government stood by its path of fiscal consolidation in financial year 2018-19, stated the Economic Survey, which expects the general fiscal deficit at 5.8 per cent in 2018-19 as against 6.4 per cent in 2017-18.

The projections come after some disheartening trends earlier this year. In January-March, annual growth slumped to 5.8 per cent, the slowest pace in 20 quarters. Growth for the financial year that ended in March was 6.8 per cent, also a five-year low, and indicators such as plummeting industrial output and automobile sales have stoked fears of a deeper slowdown.

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Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

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Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

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Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

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Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

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Facebook chief Mark Zuckerberg shares pictures from 2nd day of Anant Ambani and Radhika Merchant pre-wedding celebrations

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

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Facebook boss Mark Zuckerberg and wife Priscilla Chan joined the star- studded pre-wedding celebrations of Anant Ambani and Radhika Merchant in Jamnagar on Friday. The event was attended by many prominent figures from different fields. Zuckerberg took to his Instagram handle congratulated the couple and said he loved Indian weddings.

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

The theme of the opening day of the pre-wedding celebrations was Evening in Everland as the guests wore cocktail attire. The first day of the grand celebrations elevated the expectations of the guests for the following days. The theme of the 2nd day of the pre-wedding bash is known as a Walk on the Wildside and the guests can be seen in Jungle Fever attire.

Zuckerberg has opted for an animal print shirt with white trousers, Chan is complementing his look in a strappy one piece in black and golden. The Jungle theme is aligned to Vantara, Reliance’s animal welfare initiative undertaken and launched by Anant Ambani a few days back.

International pop star Rihana electrified the pre wedding celebrations on Friday with an amazing performance, marking her debut appearance in India. The chart topping artist engaged the audience with performances of her iconic hits which included Pour it Up, Work and Diamonds.

Zuckerberg graced the opening day, wearing a black-on-black firefly blazer and shoes from Alexander McQueen while his wife Priscilla wore a black gown with gold flower details and other accessories such as dainty chain bracelet, gold necklace and stud earrings. Mark Zuckerberg and wife Priscilla Chan are one of the Power couples invited from the global business community for the festivities currently underway at Jamnagar.

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