Economy & News
Difficult job ahead, no magic wand to push growth: CEA Arvind Subramanian
The
government will have to go through a "very difficult process" of
pushing reforms and projects to propel India to a high-growth path as it
will not happen through some magic wand, Chief Economic Advisor Arvind
Subramanian said today. The CEA said he has taken a "realistic" view
while projecting a growth rate of 7-7.75 per cent for the next fiscal
and the growth path could be derailed in the event of an 2008-like
"extreme crisis" in the world. "We highlight somethings which could have
been [….] Read more at:
Nitin Gadkari bats for robust infrastructure in North-East region
Development
of road and rail connectivity as well as robust power and communication
network will bring development, attract industries and give employment
to youth in Assam, Union Minister Nitin Gadkari said today.
Acknowledging connectivity is the biggest problem of the north east
region, Gadkari said, "After our government came to power last year, we
decided to work for the development of the region and set the National
Highway Road Development Corporation". Stating [….] Read more at:
India will post double digit growth despite bottlenecks: KV Kamath
Indian
economy will eventually touch double digit growth rate despite
bottlenecks like the stalemate over Goods and Services Tax (GST) as it
has conducive conditions, eminent banker and President of BRICS New
Development Bank KV Kamath said today. "I am wearing a different hat. I
will talk wearing that hat. India is one of outlier in what is happening
around the world. In economic context we are stable. We have both the
deficits under control," he said, commenting on the economic [….]
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Eco Survey 2016: PM Narendra Modi’s chiding of the rich taken seriously
The
Economic Survey estimates India's potential growth rate to be 8-10 per
cent, but concludes that, given global headwinds, economic growth in
2016-17 is likely to be capped at 7.75 per cent. Inflation will be kept
in check, too, it says because the government will stay committed to
fiscal discipline, never mind having to implement the 7th Pay Commission
recommendations that will add about half a percentage point of GDP to
the Centre's wage bill. While the Centre might be [….] Read more at:
Hilsa preservation and research centre set up in Sultanpur
The
West Bengal government has set up a Hilsa preservation and research
centre in Sultanpur. The state government has also provided
temperature-controlled mobile vans and cycle-mounted ice boxes for
selling fish. These activities are regulated by fishermen's cooperatives
have ensured a steady income for the cooperatives. Counting the success
of the fish farming segment in Bengal, state finance Minister Amit
Mitra said, "Fish farming in West Bengal is a big industry now [….]
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Export of coconut & coconut products grow in rupee terms between April-January 2015-16
Export
of coconut and coconut products grew in rupee terms for the period
April-January 2015-16. Cumulative value of exports of coconut and
coconut products from India other than coir and coir products was Rs
1188.27 crore as against Rs. 1092.90 crore during the corresponding
period of 2014-15, thus registering a growth of 8.73%. Activated carbon,
virgin coconut oil, coconut oil, dry coconut, desiccated coconut,
copra, coconut shell charcoal etc. are the major coconut products
[….] Read more at:
Karnataka CM Siddaramaiah asks for hike in professional tax ceiling and better devolution of funds to states
Ahead
of the union budget, chief minister Siddaramaiah of Congress-ruled
Karnataka has sought a five-time increase in the ceiling of professional
tax and suggested better management of centrally-devolved funds to the
states. In a memorandum submitted to union finance minister Arun Jaitley
last week, Siddaramaiah, who holds the finance portfolio and has
presented 10 budgets under three different governments in the state,
pointed out that the ceiling of Rs 2,500 per annum on [….] Read more
at:
Major economies to slow down, India's demographics favourable: DBS
The
decline in growth rate of some major economies including some Asian
countries will continue in the coming years barring India, where
demographics will favour growth numbers, says a DBS report. According to
the global financial services major, a sharp fall in working age
population growth has lowered potential growth in the US, Japan,
Germany, France, Italy, the UK and Asia, and will continue to do so in
the coming years. This share of working age population will fall sharply
in the [….] Read more at:
Government to mobilise Rs 10 lakh crore investment under Sagarmala project
Under
its ambitious Sagarmala project, the government is looking to mobilise
at least Rs 10 lakh crore investment, including Rs 4 lakh crore in the
infrastructure sector alone. Sagarmala is a project unveiled by the
Narendra Modi government that aims to accelerate economic development by
harnessing the potential of India's 7,500 km coastline. "Sagarmala NPP
(national perspective plan) envisages viable infrastructure investment
worth Rs 4 lakh crore and industrial investment [….] Read more at:
Dinesh Sharma elected as Chairperson of IFAD
Additional
Finance Secretary Dinesh Sharma has been elected as the Chairperson of
the Governing Council of International Fund for Agriculture Development
(IFAD). Sharma, who is India's governor to Rome-based IFAD was
unanimously elected as the chairperson of the Governing Council for a
period of two years in 39th session held in Rome on February 17-18, a
Finance Ministry press release said. According to the statement,
speaking on the occasion, the Italian President Sergio [….] Read more
at:
First BRICS bank loan to India likely for solar project: Kamath
The
New Development Bank set up by BRICS countries aims to lend up to USD 2
billion this year starting in about two months and the multilateral
lender's first loan to India could be for a green solar energy project,
its president K V Kamath said. "For this year, if we can approve
one-and-a-half to two billion dollars I will be happy. We are six months
into setting up the bank. We do not want to take steps which are too
fast," Kamath told PTI. While the bank is in the process of finalising
its set of loans [….] Read more at:
Why Make in India is stumbling over our labour laws
What's
the one assurance investors want before setting up manufacturing base
in India? The ease of making workforce adjustments in line with changing
market conditions. In this area, Indian labour laws are among the most
restrictive. The Industrial Disputes Act of 1947 has two provisions in
the way of workforce adjustments. Chapter VB of the Act requires prior
approval of the appropriate government before resorting to any layoff,
retrenchment or closure in establishments employing 100 or more [….]
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Thanks & Regards,
Meetesh Shiroya
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