Indian Economy: News and Discussion
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Butter Chicken
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China slaps 25% tariffs on US cotton.India expected to export 5 times more cotton to China as a result
Bank Of Maharashtra Chairman Arrested in Rs. 3,000 Crore Fake Loans Case
https://www.ndtv.com/business/dsk-g...ted-in-rs-3-000-crore-fake-loans-case-1870559
Damn.... This government is ruining our economy. UPA and Congress was much better.
https://www.ndtv.com/business/dsk-g...ted-in-rs-3-000-crore-fake-loans-case-1870559
Damn.... This government is ruining our economy. UPA and Congress was much better.
AMCA
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India showed no signs of domestic, financial risks in 3 yrs: Nomura
Press Trust of India | New Delhi Last Updated at June 21, 2018 16:50 IST
India only major economy with talent surplus by 2030: Study[/paste:font]
India to have talent surplus of 245 mn workers by 2030: Study
About 21% Indians face language barriers during travel: Survey
Japan's clothing brand UNIQLO to enter India next year
West resistance to China's OBOR rising
India fared well on Nomura's early warning indicators (EWI) index showing no signs of domestic or financial risks during the last three years.
On the other hand, economies of China, Hong Kong, Japan, Canada and Australia threw up several warning signals between 2015-2017, said a Nomura report.
The report also observed that emerging markets are much more vulnerable than developed markets with Asia being most risky, led by Hong Kong. However, for China, the risk is subsiding.
Nomura's EWIs flash signals of potential financial crisis which could occur within the next 12 quarters.
The analysis is based on the past 50 financial crisis indicators, which are designed to warn of domestic credit and financial risks, rather than balance of payments risk.
In the EWI Index, India has been placed at par with developed countries like United States, United Kingdom, Sweden and France with zero crisis signal for three years ending 2017.
Nomura said that Hong Kong showed a maximum of 52 signals, followed by 33 in case of China and 21 for Thailand.
As regards the other BRICS nations, Brazil shows 11 risk indicators, followed by Russia at 5 and South Africa at zero.
BRICS is a grouping of 5 major emerging economies -- Brazil, Russia, India, China, South Africa.
Press Trust of India | New Delhi Last Updated at June 21, 2018 16:50 IST
India only major economy with talent surplus by 2030: Study[/paste:font]India to have talent surplus of 245 mn workers by 2030: Study
About 21% Indians face language barriers during travel: Survey
Japan's clothing brand UNIQLO to enter India next year
West resistance to China's OBOR rising
India fared well on Nomura's early warning indicators (EWI) index showing no signs of domestic or financial risks during the last three years.
On the other hand, economies of China, Hong Kong, Japan, Canada and Australia threw up several warning signals between 2015-2017, said a Nomura report.
The report also observed that emerging markets are much more vulnerable than developed markets with Asia being most risky, led by Hong Kong. However, for China, the risk is subsiding.
Nomura's EWIs flash signals of potential financial crisis which could occur within the next 12 quarters.
The analysis is based on the past 50 financial crisis indicators, which are designed to warn of domestic credit and financial risks, rather than balance of payments risk.
In the EWI Index, India has been placed at par with developed countries like United States, United Kingdom, Sweden and France with zero crisis signal for three years ending 2017.
Nomura said that Hong Kong showed a maximum of 52 signals, followed by 33 in case of China and 21 for Thailand.
As regards the other BRICS nations, Brazil shows 11 risk indicators, followed by Russia at 5 and South Africa at zero.
BRICS is a grouping of 5 major emerging economies -- Brazil, Russia, India, China, South Africa.
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Looks like OPEC has decided to increase oil production by 1 million bpd.
Since there are production problems in Venezuela and Iraq, actual production increase may not reach 1 million bpd.
In 2016 OPEC decided to reduce oil production by 1.6 bpd.
It’s interesting that no news channels are reporting this, but they were blaming govt for petrol price rise.
Since there are production problems in Venezuela and Iraq, actual production increase may not reach 1 million bpd.
In 2016 OPEC decided to reduce oil production by 1.6 bpd.
It’s interesting that no news channels are reporting this, but they were blaming govt for petrol price rise.
AMCA
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UAE plans to invest $75 billion in India, says nation’s foreign minister
UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan will be on a week-long visit to India beginning Sunday.
BUSINESS Updated: Jun 24, 2018 09:53 IST
Hindustan Times, New Delhi
UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan.(File Photo)
The United Arab Emirates plans to invest up to $75 billion in India over the next few years, and trade and investment constitute one of the three pillars driving the bilateral relationship, foreign minister Sheikh Abdullah bin Zayed Al Nahyan has said. In an interview with Jayanth Jacob ahead of a week-long visit to India beginning Sunday, the minister said the UAE is committed to increasing bilateral trade, which was worth $40 billion last year. Edited excerpts:
This is the first time you will visit Delhi, and five other states. What do you hope to achieve?
My visit indicates the growing strength and depth of bilateral relations between India and the UAE. It shows the UAE’s desire for its relationship with India to be multifaceted: not only political but also one steeped in strong economic, cultural, and technological ties. I hope to engage the business community in Chennai, Hyderabad, and Mumbai; and visit India’s Space Research Organisation in Bengaluru. I hope to visit more states in the future. On a personal level, a very important aspect of this trip is that it also allows me to explore and engage with India’s fascinating and diverse history and people.
What do you see as the key pillars of the relationship now and in the future?
I see the UAE-India relationship as founded on three key pillars. The first is the natural sense of closeness. This comes from a shared history of trade and cultural exchanges that go back centuries, as well as from our strong people-to-people ties. The Indian community in the continues to be an integral part of our society, and we greatly appreciate their daily contributions to our way of life.
As we are taking a shared stake in each other’s prosperity, trade and investment ties are an essential, second pillar to our relationship. Our bilateral trade stood at around $40 billion last year, and we are committed to seeing this grow even further. To this end, the UAE plans to invest up to $75 billion in India over the next few years, alongside a number of other important steps. These include an agreement to store UAE oil underground in Mangalore, which helps ensure India’s energy security and opens up new market opportunities in Asia for the UAE. A historic first cargo of UAE crude destined for India was dispatched last month.
The third pillar is based on a shared vision for peace and stability in our regions, and this in many ways is a direct consequence of the pillars I have mentioned.
Has there been any progress on the $75 billion investment fund? What can India look forward to?
Ever since we reached agreement to establish an investment fund during Prime Minister Narendra Modi’s first visit to the UAE, we have taken many steps to set up the proper governance structures for the investment fund, and provide confidence to investors. We also have a high-level task force on investments, which meets regularly to assess progress and set directions for the future. We are beginning to meet our goals.
A few months ago, the Abu Dhabi Investment Authority, one of the largest sovereign wealth funds in the world, signed a $1 billion agreement with the fund set up by India in 2015, and became a shareholder in its management company. This effectively operationalises our decision to invest in infrastructure projects in India. Also this year, the fund and DP World announced they had agreed to invest up to $3 billion in ports, terminals, transportation, and logistics businesses in India. These partnerships bring us closer to achieving our investment targets.
Some UAE investors have faced issues in India in the past. Are these being resolved?
We have received assurances from the Indian government that it would resolve some issues from the past. We do not intend for legacy issues to become a roadblock to future investments. When we speak to our investors, they say they feel the need for transparent and clear regulations, which is understandable. At the same time, they are keen to explore investment opportunities in India. Global CEOs place India in the top ten most attractive investment destinations in the world. We share this view, and are eager to tap into its enormous potential, to the benefit of both countries.
What are new areas of cooperation in counterterrorism field?
Both the UAE and India have a strong commitment to combating terrorism, and we work in partnership to tackle this threat, as evidenced by the two joint military exercises that were conducted in March and May. We acknowledge that this requires a multifaceted approach, including joint collaboration on counter-terrorism operations, intelligence sharing, and capacity building. In short, a strengthening of security and defence ties. It also requires joint efforts to combat transnational crimes, including money laundering and drug trafficking. Beyond this, however, it requires open and tolerant societies, and both the UAE and India have built diverse societies.
What is the next big thing in bilateral ties?
The UAE and India have made significant progress over the last three years, including several official visits at the highest levels, and the establishment of a strategic partnership. The political leadership in both countries have a strong personal relationship, and we engage openly and efficiently with one another. I think there is a sense of excitement on both sides, that under these conditions, truly impressive things can happen. I think there is a real energy in this relationship, and it is this energy that will help us achieve new heights.
The Indian Premier League may be partly held in the UAE next year because of elections in India. Do you enjoy the IPL?
If that decision is made, we would be happy to again host part of the IPL in the UAE. The IPL offers some very exciting cricket, with remarkable players from across India and the world, and I think that makes for a fantastic competition every year. Test games will always show the best skills of the players, but the excitement and energy of the IPL is just unmatched. If the UAE does host the IPL next year, I will look forward to it very much.
UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan will be on a week-long visit to India beginning Sunday.
BUSINESS Updated: Jun 24, 2018 09:53 IST
Hindustan Times, New Delhi
UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan.(File Photo)
The United Arab Emirates plans to invest up to $75 billion in India over the next few years, and trade and investment constitute one of the three pillars driving the bilateral relationship, foreign minister Sheikh Abdullah bin Zayed Al Nahyan has said. In an interview with Jayanth Jacob ahead of a week-long visit to India beginning Sunday, the minister said the UAE is committed to increasing bilateral trade, which was worth $40 billion last year. Edited excerpts:
This is the first time you will visit Delhi, and five other states. What do you hope to achieve?
My visit indicates the growing strength and depth of bilateral relations between India and the UAE. It shows the UAE’s desire for its relationship with India to be multifaceted: not only political but also one steeped in strong economic, cultural, and technological ties. I hope to engage the business community in Chennai, Hyderabad, and Mumbai; and visit India’s Space Research Organisation in Bengaluru. I hope to visit more states in the future. On a personal level, a very important aspect of this trip is that it also allows me to explore and engage with India’s fascinating and diverse history and people.
What do you see as the key pillars of the relationship now and in the future?
I see the UAE-India relationship as founded on three key pillars. The first is the natural sense of closeness. This comes from a shared history of trade and cultural exchanges that go back centuries, as well as from our strong people-to-people ties. The Indian community in the continues to be an integral part of our society, and we greatly appreciate their daily contributions to our way of life.
As we are taking a shared stake in each other’s prosperity, trade and investment ties are an essential, second pillar to our relationship. Our bilateral trade stood at around $40 billion last year, and we are committed to seeing this grow even further. To this end, the UAE plans to invest up to $75 billion in India over the next few years, alongside a number of other important steps. These include an agreement to store UAE oil underground in Mangalore, which helps ensure India’s energy security and opens up new market opportunities in Asia for the UAE. A historic first cargo of UAE crude destined for India was dispatched last month.
The third pillar is based on a shared vision for peace and stability in our regions, and this in many ways is a direct consequence of the pillars I have mentioned.
Has there been any progress on the $75 billion investment fund? What can India look forward to?
Ever since we reached agreement to establish an investment fund during Prime Minister Narendra Modi’s first visit to the UAE, we have taken many steps to set up the proper governance structures for the investment fund, and provide confidence to investors. We also have a high-level task force on investments, which meets regularly to assess progress and set directions for the future. We are beginning to meet our goals.
A few months ago, the Abu Dhabi Investment Authority, one of the largest sovereign wealth funds in the world, signed a $1 billion agreement with the fund set up by India in 2015, and became a shareholder in its management company. This effectively operationalises our decision to invest in infrastructure projects in India. Also this year, the fund and DP World announced they had agreed to invest up to $3 billion in ports, terminals, transportation, and logistics businesses in India. These partnerships bring us closer to achieving our investment targets.
Some UAE investors have faced issues in India in the past. Are these being resolved?
We have received assurances from the Indian government that it would resolve some issues from the past. We do not intend for legacy issues to become a roadblock to future investments. When we speak to our investors, they say they feel the need for transparent and clear regulations, which is understandable. At the same time, they are keen to explore investment opportunities in India. Global CEOs place India in the top ten most attractive investment destinations in the world. We share this view, and are eager to tap into its enormous potential, to the benefit of both countries.
What are new areas of cooperation in counterterrorism field?
Both the UAE and India have a strong commitment to combating terrorism, and we work in partnership to tackle this threat, as evidenced by the two joint military exercises that were conducted in March and May. We acknowledge that this requires a multifaceted approach, including joint collaboration on counter-terrorism operations, intelligence sharing, and capacity building. In short, a strengthening of security and defence ties. It also requires joint efforts to combat transnational crimes, including money laundering and drug trafficking. Beyond this, however, it requires open and tolerant societies, and both the UAE and India have built diverse societies.
What is the next big thing in bilateral ties?
The UAE and India have made significant progress over the last three years, including several official visits at the highest levels, and the establishment of a strategic partnership. The political leadership in both countries have a strong personal relationship, and we engage openly and efficiently with one another. I think there is a sense of excitement on both sides, that under these conditions, truly impressive things can happen. I think there is a real energy in this relationship, and it is this energy that will help us achieve new heights.
The Indian Premier League may be partly held in the UAE next year because of elections in India. Do you enjoy the IPL?
If that decision is made, we would be happy to again host part of the IPL in the UAE. The IPL offers some very exciting cricket, with remarkable players from across India and the world, and I think that makes for a fantastic competition every year. Test games will always show the best skills of the players, but the excitement and energy of the IPL is just unmatched. If the UAE does host the IPL next year, I will look forward to it very much.
nongaddarliberal
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They said the same thing 2 years ago. What is the progress since then?UAE plans to invest $75 billion in India, says nation’s foreign minister
UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan will be on a week-long visit to India beginning Sunday.
BUSINESS Updated: Jun 24, 2018 09:53 IST
Hindustan Times, New Delhi
UAE foreign minister Sheikh Abdullah bin Zayed Al Nahyan.(File Photo)
The United Arab Emirates plans to invest up to $75 billion in India over the next few years, and trade and investment constitute one of the three pillars driving the bilateral relationship, foreign minister Sheikh Abdullah bin Zayed Al Nahyan has said. In an interview with Jayanth Jacob ahead of a week-long visit to India beginning Sunday, the minister said the UAE is committed to increasing bilateral trade, which was worth $40 billion last year. Edited excerpts:
This is the first time you will visit Delhi, and five other states. What do you hope to achieve?
My visit indicates the growing strength and depth of bilateral relations between India and the UAE. It shows the UAE’s desire for its relationship with India to be multifaceted: not only political but also one steeped in strong economic, cultural, and technological ties. I hope to engage the business community in Chennai, Hyderabad, and Mumbai; and visit India’s Space Research Organisation in Bengaluru. I hope to visit more states in the future. On a personal level, a very important aspect of this trip is that it also allows me to explore and engage with India’s fascinating and diverse history and people.
What do you see as the key pillars of the relationship now and in the future?
I see the UAE-India relationship as founded on three key pillars. The first is the natural sense of closeness. This comes from a shared history of trade and cultural exchanges that go back centuries, as well as from our strong people-to-people ties. The Indian community in the continues to be an integral part of our society, and we greatly appreciate their daily contributions to our way of life.
As we are taking a shared stake in each other’s prosperity, trade and investment ties are an essential, second pillar to our relationship. Our bilateral trade stood at around $40 billion last year, and we are committed to seeing this grow even further. To this end, the UAE plans to invest up to $75 billion in India over the next few years, alongside a number of other important steps. These include an agreement to store UAE oil underground in Mangalore, which helps ensure India’s energy security and opens up new market opportunities in Asia for the UAE. A historic first cargo of UAE crude destined for India was dispatched last month.
The third pillar is based on a shared vision for peace and stability in our regions, and this in many ways is a direct consequence of the pillars I have mentioned.
Has there been any progress on the $75 billion investment fund? What can India look forward to?
Ever since we reached agreement to establish an investment fund during Prime Minister Narendra Modi’s first visit to the UAE, we have taken many steps to set up the proper governance structures for the investment fund, and provide confidence to investors. We also have a high-level task force on investments, which meets regularly to assess progress and set directions for the future. We are beginning to meet our goals.
A few months ago, the Abu Dhabi Investment Authority, one of the largest sovereign wealth funds in the world, signed a $1 billion agreement with the fund set up by India in 2015, and became a shareholder in its management company. This effectively operationalises our decision to invest in infrastructure projects in India. Also this year, the fund and DP World announced they had agreed to invest up to $3 billion in ports, terminals, transportation, and logistics businesses in India. These partnerships bring us closer to achieving our investment targets.
Some UAE investors have faced issues in India in the past. Are these being resolved?
We have received assurances from the Indian government that it would resolve some issues from the past. We do not intend for legacy issues to become a roadblock to future investments. When we speak to our investors, they say they feel the need for transparent and clear regulations, which is understandable. At the same time, they are keen to explore investment opportunities in India. Global CEOs place India in the top ten most attractive investment destinations in the world. We share this view, and are eager to tap into its enormous potential, to the benefit of both countries.
What are new areas of cooperation in counterterrorism field?
Both the UAE and India have a strong commitment to combating terrorism, and we work in partnership to tackle this threat, as evidenced by the two joint military exercises that were conducted in March and May. We acknowledge that this requires a multifaceted approach, including joint collaboration on counter-terrorism operations, intelligence sharing, and capacity building. In short, a strengthening of security and defence ties. It also requires joint efforts to combat transnational crimes, including money laundering and drug trafficking. Beyond this, however, it requires open and tolerant societies, and both the UAE and India have built diverse societies.
What is the next big thing in bilateral ties?
The UAE and India have made significant progress over the last three years, including several official visits at the highest levels, and the establishment of a strategic partnership. The political leadership in both countries have a strong personal relationship, and we engage openly and efficiently with one another. I think there is a sense of excitement on both sides, that under these conditions, truly impressive things can happen. I think there is a real energy in this relationship, and it is this energy that will help us achieve new heights.
The Indian Premier League may be partly held in the UAE next year because of elections in India. Do you enjoy the IPL?
If that decision is made, we would be happy to again host part of the IPL in the UAE. The IPL offers some very exciting cricket, with remarkable players from across India and the world, and I think that makes for a fantastic competition every year. Test games will always show the best skills of the players, but the excitement and energy of the IPL is just unmatched. If the UAE does host the IPL next year, I will look forward to it very much.
I don't see media reporting the drop in Petrol and Diesel price for last 5 straight days too.
Vijay Mallya offers to sell assets to repay bank loans, says he has become ‘poster boy’ of default
https://indianexpress.com/article/b...rectorate-poster-boy-of-bank-default-5233907/
https://indianexpress.com/article/b...rectorate-poster-boy-of-bank-default-5233907/
Flame Thrower
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His loans were 9k crores in 2008. If I remember correctly.
Let's see how this goes.
And obviously credit will not go to BJP, because of poor PR by them
I wouldn't be surprised if cong grabs credit as they started the legal process in 2008.
Anyways Mallya has become symbol of taking loans and defaulting, let's hope Nirav will soon follow.
ED moves court for Nirav Modi's extradition from multiple countries, including UK, Hong Kong
https://www.businesstoday.in/curren...tion-uk-hong-kong-pnb-fraud/story/279551.html
As you wish.....
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https://timesofindia.indiatimes.com...hibitive-finds-study/articleshow/64739424.cms
I'm hoping they can reverse this decision with Goyal heading the FM right now.
Even if the numbers don't get that high, any significant number of jobs lost due to this scheme are atrocious. Literally no one was protesting or demanding this as a political issue, and those who did were likely not BJP voters anyway.
I'm hoping they can reverse this decision with Goyal heading the FM right now.
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Female workforce has been reducing for some time, because their husbands are earning well enough to support the whole family on one salary.
This news article is conflating one of the factors as the only factor.
nongaddarliberal
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India is no longer home to the world's largest poor population. Apparently Nigeria has taken that distinction from us, despite having a much smaller population and higher per capita income.
https://timesofindia.indiatimes.com...est-no-of-poor-study/articleshow/64754988.cms
https://timesofindia.indiatimes.com...est-no-of-poor-study/articleshow/64754988.cms
indiatester
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Damn... some credit for reduction of poverty from 2004 to 2011
A long way to go still. We must be better than China.
Why so serious?
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India no longer home to the largest number of poor: Study
TNN | Updated: Jun 27, 2018, 07:05 IST
TNN
Representative image
HIGHLIGHTS
If present trends continue, India could drop to No. 3 later this year, with the Democratic Republic of the Congo taking the number 2 spot. Defining extreme poverty as living on less than $1.9 a day, a recent study published in a Brookings blog says that by 2022, less than 3% of Indians will be poor and extreme poverty could be eliminated altogether by 2030.
The study, published in the ‘Future Development’ blog of Brookings, says, “At the end of May 2018, our trajectories suggest that Nigeria had about 87 million people in extreme poverty, compared with India’s 73 million. What is more, extreme poverty in Nigeria is growing by six people every minute, while poverty in India continues to fall.”
However, the estimates of extreme poverty reduction may not match with Indian numbers because of differences in how poverty is measured. According to the World Bank, between 2004 and 2011 poverty declined in India from 38.9% of the population to 21.2% (2011
purchasing power parity
at $1.9 per person per day).
Economists said the finding of the study supports the argument that rapid economic growth had helped make a dent in extreme poverty. “Basically it supports the growth story and the 1991 economic reforms that have helped reduce poverty,” said N R Bhanumurthy, professor at the National Institute of Public
Finance
and Policy. “Going ahead, the challenge is to meet the Sustainable Development Goals, which will help realise the study’s findings that India would be able to eliminate extreme poverty by 2030,” he said.
Bhanumurthy said the assumption that India would be able to eliminate extreme poverty by 2030 seems realistic given the country’s record in the past 10 years in reducing poverty and its ability to meet the Millennium Development Goals. “But to achieve that we must continue to grow at 7%-8% for the remaining period,” he said. The UN-sponsored Sustainable Development Goals aim to eliminate global poverty by 2030.
The benchmark projections of poverty by country imply a high speed of poverty reduction in South Asia, East Asia and the Pacific, fuelled by the high rates of income per capita growth in India,
Indonesia
, Bangladesh, the
Philippines
, China and
Pakistan
, the study says. It showed global income increases in the last decades have led to systematic decreases in poverty rates worldwide, with the experience in India and China having played the most important role when it comes to the overall number of persons escaping absolute poverty.
At the heart of the study is the World Poverty Clock. It takes into account household surveys and projections of economic growth from the IMF’s World Economic Outlook. These form the basic building blocks for poverty trajectories computed for 188 countries. The study said that Africa accounts for about two-thirds of the world’s extreme poor.
If current trends persist, they will account for nine-tenths by 2030. Fourteen out of 18 countries in the world where the number of extreme poor is rising are in Africa, it added. The study model estimated that on September 1, 2017, 647 million people lived in extreme poverty. “Every minute 70 people escape poverty (or 1.2 people per second). This is close to the Sustainable Development Goal target (92 people per minute, or 1.5 per second) and allows us to estimate that around 36 million people have escaped extreme poverty in the year 2016,” it added.
TNN | Updated: Jun 27, 2018, 07:05 IST
Representative image
HIGHLIGHTS
- India has finally shed the dubious distinction of being home to the largest number of poor, with Nigeria taking that unwanted position in May 2018
- If present trends continue, India could drop to No. 3 later this year, with the Democratic Republic of the Congo taking the number 2 spot
If present trends continue, India could drop to No. 3 later this year, with the Democratic Republic of the Congo taking the number 2 spot. Defining extreme poverty as living on less than $1.9 a day, a recent study published in a Brookings blog says that by 2022, less than 3% of Indians will be poor and extreme poverty could be eliminated altogether by 2030.
The study, published in the ‘Future Development’ blog of Brookings, says, “At the end of May 2018, our trajectories suggest that Nigeria had about 87 million people in extreme poverty, compared with India’s 73 million. What is more, extreme poverty in Nigeria is growing by six people every minute, while poverty in India continues to fall.”
However, the estimates of extreme poverty reduction may not match with Indian numbers because of differences in how poverty is measured. According to the World Bank, between 2004 and 2011 poverty declined in India from 38.9% of the population to 21.2% (2011
purchasing power parity
at $1.9 per person per day).
Economists said the finding of the study supports the argument that rapid economic growth had helped make a dent in extreme poverty. “Basically it supports the growth story and the 1991 economic reforms that have helped reduce poverty,” said N R Bhanumurthy, professor at the National Institute of Public
Finance
and Policy. “Going ahead, the challenge is to meet the Sustainable Development Goals, which will help realise the study’s findings that India would be able to eliminate extreme poverty by 2030,” he said.
Bhanumurthy said the assumption that India would be able to eliminate extreme poverty by 2030 seems realistic given the country’s record in the past 10 years in reducing poverty and its ability to meet the Millennium Development Goals. “But to achieve that we must continue to grow at 7%-8% for the remaining period,” he said. The UN-sponsored Sustainable Development Goals aim to eliminate global poverty by 2030.
The benchmark projections of poverty by country imply a high speed of poverty reduction in South Asia, East Asia and the Pacific, fuelled by the high rates of income per capita growth in India,
Indonesia
, Bangladesh, the
Philippines
, China and
Pakistan
, the study says. It showed global income increases in the last decades have led to systematic decreases in poverty rates worldwide, with the experience in India and China having played the most important role when it comes to the overall number of persons escaping absolute poverty.
At the heart of the study is the World Poverty Clock. It takes into account household surveys and projections of economic growth from the IMF’s World Economic Outlook. These form the basic building blocks for poverty trajectories computed for 188 countries. The study said that Africa accounts for about two-thirds of the world’s extreme poor.
If current trends persist, they will account for nine-tenths by 2030. Fourteen out of 18 countries in the world where the number of extreme poor is rising are in Africa, it added. The study model estimated that on September 1, 2017, 647 million people lived in extreme poverty. “Every minute 70 people escape poverty (or 1.2 people per second). This is close to the Sustainable Development Goal target (92 people per minute, or 1.5 per second) and allows us to estimate that around 36 million people have escaped extreme poverty in the year 2016,” it added.
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Here's the study based on which this report has been written....India no longer home to the largest number of poor: Study
TNN | Updated: Jun 27, 2018, 07:05 IST
TNN
Representative image
HIGHLIGHTS
NEW DELHI: In the time that it takes you to read this article, several Indians will have escaped the clutches of extreme poverty. In fact, about 44 Indians come out of extreme poverty every minute, one of the fastest rates of poverty reduction in the world. As a result, India has finally shed the dubious distinction of being home to the largest number of poor, with Nigeria taking that unwanted position in May 2018.
- India has finally shed the dubious distinction of being home to the largest number of poor, with Nigeria taking that unwanted position in May 2018
- If present trends continue, India could drop to No. 3 later this year, with the Democratic Republic of the Congo taking the number 2 spot
If present trends continue, India could drop to No. 3 later this year, with the Democratic Republic of the Congo taking the number 2 spot. Defining extreme poverty as living on less than $1.9 a day, a recent study published in a Brookings blog says that by 2022, less than 3% of Indians will be poor and extreme poverty could be eliminated altogether by 2030.
The study, published in the ‘Future Development’ blog of Brookings, says, “At the end of May 2018, our trajectories suggest that Nigeria had about 87 million people in extreme poverty, compared with India’s 73 million. What is more, extreme poverty in Nigeria is growing by six people every minute, while poverty in India continues to fall.”
However, the estimates of extreme poverty reduction may not match with Indian numbers because of differences in how poverty is measured. According to the World Bank, between 2004 and 2011 poverty declined in India from 38.9% of the population to 21.2% (2011
purchasing power parity
at $1.9 per person per day).
Economists said the finding of the study supports the argument that rapid economic growth had helped make a dent in extreme poverty. “Basically it supports the growth story and the 1991 economic reforms that have helped reduce poverty,” said N R Bhanumurthy, professor at the National Institute of Public
Finance
and Policy. “Going ahead, the challenge is to meet the Sustainable Development Goals, which will help realise the study’s findings that India would be able to eliminate extreme poverty by 2030,” he said.
Bhanumurthy said the assumption that India would be able to eliminate extreme poverty by 2030 seems realistic given the country’s record in the past 10 years in reducing poverty and its ability to meet the Millennium Development Goals. “But to achieve that we must continue to grow at 7%-8% for the remaining period,” he said. The UN-sponsored Sustainable Development Goals aim to eliminate global poverty by 2030.
The benchmark projections of poverty by country imply a high speed of poverty reduction in South Asia, East Asia and the Pacific, fuelled by the high rates of income per capita growth in India,
Indonesia
, Bangladesh, the
Philippines
, China and
Pakistan
, the study says. It showed global income increases in the last decades have led to systematic decreases in poverty rates worldwide, with the experience in India and China having played the most important role when it comes to the overall number of persons escaping absolute poverty.
At the heart of the study is the World Poverty Clock. It takes into account household surveys and projections of economic growth from the IMF’s World Economic Outlook. These form the basic building blocks for poverty trajectories computed for 188 countries. The study said that Africa accounts for about two-thirds of the world’s extreme poor.
If current trends persist, they will account for nine-tenths by 2030. Fourteen out of 18 countries in the world where the number of extreme poor is rising are in Africa, it added. The study model estimated that on September 1, 2017, 647 million people lived in extreme poverty. “Every minute 70 people escape poverty (or 1.2 people per second). This is close to the Sustainable Development Goal target (92 people per minute, or 1.5 per second) and allows us to estimate that around 36 million people have escaped extreme poverty in the year 2016,” it added.
http://www.worldpoverty.io/
Mallya Seeks Karnataka HC’s Permission To Sell Assets And Repay Dues – Four Reasons Why He’s Paying Up Now
1. The Insolvency and Bankruptcy Code (IBC) passed
2. The Economic Offenders Ordinance and the Benami Transactions (Prohibitions) Act
3. Passport revoked
4. Extradition case heading to a conclusion
https://swarajyamag.com/insta/mally...repay-dues-four-reasons-why-hes-paying-up-now
1. The Insolvency and Bankruptcy Code (IBC) passed
2. The Economic Offenders Ordinance and the Benami Transactions (Prohibitions) Act
3. Passport revoked
4. Extradition case heading to a conclusion
https://swarajyamag.com/insta/mally...repay-dues-four-reasons-why-hes-paying-up-now
