Growth of Indian Economy as per the World Economic Situation&Prospects 2018 report of United Nations

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
Ministry of Finance
5 -January, 2018 03:32IST

Growth of Indian Economy

As per the World Economic Situation and Prospects 2018 report of the United Nations, the Indian economy is projected to grow at 7.2 per cent in 2018-19 and 7.4 per cent in 2019-20. The report indicates that the outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms.

Share of public sector (including public financial and non-financial corporations and general government) in total Gross Fixed Capital Formation (GFCF) increased from 21.4 per cent in 2011-12 to 22.0 per cent in 2014-15 and further to 25.2 per cent in 2015-16 (the latest year for which data is available). The share of public GFCF in GDP at current prices increased from 6.7 per cent in 2014-15 to 7.4 per cent in 2015-16. From the demand side, the contribution of Public sector GFCF to GDP growth was about 20 per cent in 2015-16.

The confidence in the Indian economy has increased on account of policy measures taken up by the government and Reserve Bank of India. Recently, Moody’s rating agency upgraded India’s local and foreign currency issuer rating to Baa2 with a stable outlook from Baa3 on the expectation that continued progress in India’s economic reforms will enhance India’s growth potential over time. According to World Bank’s Ease of Doing Business 2018 Report, India’s ranking improved by 30 positions to 100th rank in 2018. As per the World Economic Forum, India’s rank in Global Competitiveness Index is 40 out of 137 countries in 2017-18, improvement over 71 out of 144 countries in 2014-15 and 55 out of 140 countries in 2015-16. The gross FDI flows to India in 2016-17 amounted to US$ 60.2 billion, as compared to US$ 55.6 billion in 2015-16 and US$ 45.1 billion in 2014-15. During first half of 2017-18, the gross FDI inflow in the economy was US$ 33.7 billion, higher as compared to the corresponding period of last year.

The Government of India has taken various initiatives to improve the confidence in the Indian economy and boost the growth of the economy and which, inter-alia, include; fillip to manufacturing, concrete measures for transport and power sectors as well as other urban and rural infrastructure and comprehensive reforms in the foreign direct investment policy. Government had also announced various measures in the budget 2017-18 which, among others, include push to infrastructure development by giving infrastructure status to affordable housing, higher allocation to highway construction, and focus on coastal connectivity. For highways development the Bharatmala Pariyojana has been launched. The government has announced a phased program for bank recapitalization to the tune of about Rs 2.11 lakh crore over the next two years. This is expected to encourage banks to enhance lending. The Insolvency and Bankruptcy Code was enacted to achieve insolvency resolution in a time bound manner. The other measures include: lower income tax for companies with annual turnover up to Rs 50 crore and, a major push to digital economy. The introduction of the Goods and Services Tax has provided a significant opportunity to improve growth momentum by reducing barriers to trade, business and related economic activities. Reserve Bank of India (RBI) reduced the repo rate by 200 basis points in 3 years (2015 to 2017). RBI undertook many steps to address the vulnerabilities in the banking system, that inter-alia include, issuing the framework to revitalise the distressed assets in the economy and establishment of Central Repository of Information on Large Credits to reduce information asymmetry.

This information was shared by Union Minister of Finance and Corporate Affairs Shri Arun Jaitley in Lok Sabha today.



*****
 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
Ministry of Statistics & Programme Implementation
5 -January, 2018 05:32IST
First Advance Estimates of National Income, 2017-18


The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the First Advance estimates of national income at constant (2011-12) and current prices, for the financial year 2017-18. These are presented in Statements 1-4.

2. The First Advance Estimates of GDP have been released in accordance with the release calendar of National [email protected] The approach for compiling the advance estimates is based on benchmark-indicator method. The Sector-wise estimates are obtained by extrapolation of indicators like (i) Index of Industrial Production of first 7 months of the financial year, (ii) financial performance of listed companies in the private corporate sector available upto quarter ending September,2017 (iii) 1st advance estimates of crop production, (iv) accounts of Central & State Governments, information on indicators like deposits & credits, passenger and freight earnings of railways, passengers and cargo handled by civil aviation, cargo handled at major sea ports, sales of commercial vehicles etc. available for first 8 months of the financial year.With the introduction of Goods and Services Tax (GST) from 1st July 2017 and consequent changes in the tax structure, the total tax revenue used for GDP compilation include non-GST revenue and GST revenue. For the year 2017-18, the Budget estimates of tax revenue as provided by Controller General of Accounts (CGA) has been used for estimating taxes on products at current prices. For compiling taxes on products at constant prices, volume extrapolation is done using volume growth of taxed goods and services and aggregated to get the total volume of taxes. Annual forecast of indicators which are available for first 7/8 months is based on regression using seasonal dummies to account for seasonal fluctuations.Some indicators like IIP has been compiled by dividing the cumulative value for the first 7 months of the current financial year by average of ratio of cumulative value of 7 months to the annual value of past years.The salient features of the estimates are detailed below:



  1. ESTIMATES AT CONSTANT (2011-12) PRICES


Gross Domestic Product



3. Real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in the year 2017-18is likely to attain a level of `129.85 lakh crore, as against the Provisional Estimate of GDP for the year 2016-17 of ` 121.90 lakh crore, released on 31st May 2017. The growth in GDP during 2017-18 is estimated at 6.5percent as compared to the growth rate of 7.1per cent in 2016-17.





@http://mospi.nic.in/sites/default/files/press_releases_statements/Modification_Rev%20Policy_16.11.2016.pdf



Gross Value Added (GVA) at Basic Prices



4. Real GVA, i.e, GVA at basic constant prices (2011-12) is anticipated to increase from `111.85 lakh crore in 2016-17 to `118.71 lakh crore in 2017-18. Anticipated growth of real GVA at basic prices in 2017-18 is 6.1percent asagainst 6.6percent in 2016-17.



5. The sectors which registered growth rate of over 7.0 percent are, 'public administration, defence and other services’, ‘Trade, hotels, transport, communication and services related to broadcasting’, ‘electricity, gas, water supply and other utility services’ and 'financial, real estate and professional services'. The growth in the ‘agriculture, forestry and fishing’, ‘mining and quarrying’, ‘manufacturing’, and ‘construction’ is estimated to be 2.1 per cent, 2.9 per cent, 4.6 percent and3.6percent respectively.



Agriculture, forestry and fishing



6. The ‘agriculture, forestry and fishing’ sector is likely to show a growth of 2.1 per cent in its GVA during 2017-18, as against the previous year’s growth rate of 4.9percent. The GVA estimates of this sector have been compiled using the First Advance Estimates of production of major kharif crops for 2017-18 and targets based onrabi sowings. According to the information furnished by the Department of Agriculture and Cooperation (DAC), the production of food grains during the Kharif season of agriculture year 2017-18 was 134.67 million tonnes as compared to 138.52 million tonnes during the same period in 2016-17. In case of livestock sector, estimates of production, mainly in the form of production targets for milk, egg, meat and wool from the Department of Animal Husbandry, Ministry of Agriculture has been used.



Mining and quarrying



7. GVA at basic prices for 2017-18 from ‘mining and quarrying’ sector is estimated to grow by 2.9percent as compared to growth of 1.8 percent in 2016-17. The key indicators of mining sector, namely, production of coal, crude oil and natural gas registered growth rates of 1.5 per cent, (-)0.2percent and 3.7percent respectively during April-November,2017-18. Annual forecast of production estimated in respect of these items have been used to extrapolate the Provisional Estimates of value of output of coal, crude petroleum, and other major and minor minerals, respectively.IIP ofmining registered growth rate of 3.4percentduring April-October, 2017-18.The advance estimate of IIP of Mining compiled for the current year has been used for compilation. The private corporate sector growth in the mining sector for 2017-18 is estimated using the information available on the performance of major listed companies during the first half of financial year 2017-18.



Manufacturing

8. GVA at basic prices for 2017-18 from ‘manufacturing’ sector is estimated to grow by 4.6

percent as compared to growth of 7.9percent in 2016-17. Theprivate corporate sector growth in





the manufacturing sector for 2017-18 is estimated using latest available information on major listed companies during first half of financial year 2017-18. The private corporate sector growth (which has a share of over 70 percent in the manufacturing sector) as estimated from available data of listed companies is 7.4percent at current prices during 2017-18. The quasi corporate and unorganized segment (which include individual proprietorship and partnerships and khadi& village Industries has a share of around 21percent in the manufacturing sector)has been estimated using IIP of manufacturing.The advance estimates of IIP for the current year at 2-digit level is used toextrapolate the previous year’s value added estimates at 2-digit level, separately for the quasi corporate and household sectors. IIP manufacturing registered growth of 2.1percentduring April-October,2017-18. The Wholesale Price Index (WPI), in respect of the manufactured products registered a growth of 2.6percent during April-November,2017-18.



Electricity,gas, water supply and other utility services



9. GVA at basic prices for 2017-18 from ‘Electricity, Gas,water supply and other utility services’ sector is expected to grow by 7.5percent as compared to growth of 7.2percent in 2016-17. Advance Estimate of IIP of Electricity compiled for 2017-18 has been used for compilation. IIP of Electricity registered a growth rate of 5.3percent during April-October, 2017-18.



Construction

10.GVA at basic prices for 2017-18 from ‘Construction’ sector is expected to grow by3.6percent as compared to growth of 1.7percent in 2016-17. Key indicators of construction sector, namely, production of cement and consumption of finished steel registered growth rates of 0.6percent and 4.2percentrespectively during April-November,2017-18.





Trade, hotels and transport & communication and services related to broadcasting

11. The estimated growth in GVA for the trade, hotels, transport and communication and services related to broadcasting services during 2017-18 is placed at 8.7 per cent as against growth of 7.8percent in the previous year. GVA from Trade sector is estimated using an index of turnover based on Sales tax. With introduction of GST, sales tax data is now subsumed under GST. Therefore, a comparable estimate of turnover based on sales tax has been estimated. Methodology of estimation is as explained in the Annexure to the press note on estimates of GDP for the second quarter (July-September) of 2017-18released on 30th November, 2017. Amongtheother servicessectors, the key indicatorsof railways, namely, the nettonnekilometres and passenger kilometres have shown growth rate of 4.8percent and 3.2percent respectively duringApril-November2017-18. Cargo handled at major sea ports registered growth of 3.5percentduring April-November, 2017-18. Passengers and cargo handled by civil aviation increased by 15.1percent and 18.2percent respectively during April- November,2017-18. Sales of commercial vehicles registered growth of 10.6percentduringApril-November,2017-18.



Financial, insurance, real estate and professional services

12. The estimated growth in GVA for this sector during 2017-18 is placed at 7.3percent as compared to growth of 5.7 percent in 2016-17. The key indicators of this sector are the growth of



corporate sector for real estate sector and computer related activities which areestimated usinglatest available information on listed companies for the first half of financial year 2017-18. The combined growth in aggregate bank deposits and creditsas on 10 November 2017 was 8.4per cent.



Public administration and defence and other services



13. GVA at basic prices for 2017-18 from this sector is expected to grow by 9.4percent as compared to growth of 11.3percent in 2016-17. The key indicator of this sector namely, Union Government expenditure net of interest payments and subsidies grew by 14.6percent during April-November 2017-18.



Per Capita Income



14. The per capita income in real terms (at 2011-12 prices) during 2017-18 is likely to attain a level of `86660 as compared to `82269 for the year 2016-17. The growth rate in per capita income is estimated at 5.3 per cent during 2017-18, as against5.7per cent in the previousyear.



B. ESTIMATES AT CURRENT PRICES



15. Price indices used as deflators



The wholesale price index (WPI), in respect of the groups - food articles, manufactured products, electricity and all commodities, has risen by 2.0 per cent, 2.6 per cent, 0.4percent and 2.8percent, respectively during April-November2017-18. The Consumer Price Index(CPI) has shown a rise of 3.0 per cent during April-November,2017-18.



Gross Domestic Product



16. GDP is derived by adding taxes on products net of subsidies on products to GVA at basic prices.GDP at current prices in the year 2017-18 is likely to attain a level of `166.28 lakh crore, as against `151.84 lakh crorein 2016-17showing a growth rate of 9.5 per cent.



National Income



17. The nominal Net National Income (NNI), also known as national income (at current prices) is likely to be `147.11 lakh crore during 2017-18, as against `134.08 lakh crore for the year 2016-17. In terms of growth rates, the national income registered a growth rate of 9.7 per cent in 2017-18 as against the previous year’s growth rate of 11.0 per cent.



Per Capita Income



18. The per capita net national income during 2017-18 is estimated to be `111,782 showing a rise of 8.3 per cent as compared to `103,219 during 2016-17 with the growth rate of 9.7percent.





C. ANNUALESTIMATES OF FINAL EXPENDITURES OF GDP, 2017-18



19. Along with the First Advance Estimates of GVA at basic prices by economic activity, the First Advance Estimates of expenditures of the GDP at current and constant (2011-12) prices are also released. These estimates have been compiled using the data from the same sources as those used for compiling GVA estimates by economic activity, detailed data available on merchandise trade in respect of imports and exports, balance of payments, and expenditure of Central and State Government. As various components of expenditure on gross domestic product, namely, consumption expenditure and capital formation, are normally measured at market prices, the discussion in the following paragraphs is in terms of market prices only.



Private Final Consumption Expenditure



20. Private Final Consumption Expenditure (PFCE) at current prices is estimated at `97.75lakh crore in 2017-18 as against `89.27 lakh crore in 2016-17. At constant (2011-12) prices, the PFCE is estimated at `72.38 lakh crore in 2017-18 as against `68.07lakh crore in 2016-17. In terms of GDP, the rates of PFCE at current and constant (2011-12) prices during 2017-18 are estimated at 58.8 percent and 55.7 percent, respectively, as against the corresponding rates of 58.8 per cent and 55.8 per cent, respectively in 2016-17.



Government Final Consumption Expenditure



21. Government Final Consumption Expenditure (GFCE) at current prices is estimated at ` 19.77 lakh crore in 2017-18 as against `17.69 lakh crore in 2016-17. At constant (2011-12) prices, the GFCE is estimated at `14.54 lakh crore in 2017-18as against `13.40 lakh crore in 2016-17. In terms of GDP, the rates of GFCE at current and constant (2011-12) prices during2017-18 are estimated at 11.9 per cent and 11.2 per cent, respectively, as against the corresponding rates of 11.7 per cent and 11.0 per cent, respectively in 2016-17.



Gross Fixed Capital Formation

22. Gross Fixed Capital Formation (GFCF) at current prices is estimated at `43.84 lakh crore in 2017-18 as against `41.18 lakh crore in 2016-17. At constant (2011-12) prices, the GFCF is estimated at `37.65 lakh crore in 2017-18 as against `36.02 lakh crore in 2016-17. In terms of GDP, the rates of GFCF at current and constant (2011-12) prices during 2017-18 are estimated at 26.4 per cent and 29.0 per cent, respectively, as against the corresponding rates of 27.1 per cent and 29.5 per cent, respectively in 2016-17.The GFCF is expected to register growth rate of 6.5percent at current prices and 4.5percent at constant prices.



23. Estimates of Gross/Net National Income and Per Capita Income along with GVA at basic prices by kind of economic activity and the Expenditures of GDP for the years 2015-16,2016-17 and 2017-18, at constant (2011-12) and current prices are given in Statements 1 to 4.


24. The release of Second Advance Estimates of national income for the year 2017-18and quarterly GDP estimate for the third quarter (October-December), 2017-18 (Q3 of 2017-18) will be on 28.02.2018.




STATEMENT 1: First Advance Estimates of National Income and Expenditures on GDP, 2017-18
( At 2011- 12 Prices)
(` crore)



2015-16
2016-17
2017-18
Percentage change over previous year


S.No
Item
(PE)
(IstAE)
2016-17
2017-18


Domestic Product

1
GVA at basic prices
10490514
11185440
11871320
6.6
6.1

2
Net taxes on products
890488
1004414
1114043
12.8
10.9

3
GDP (1+2)
11381002
12189854
12985363
7.1
6.5

4
NDP
10116809
10841917
11554772
7.2
6.6

Final Expenditures


5
PFCE
6262373
6806624
7238252
8.7
6.3

6
GFCE
1109725
1340086
1454468
20.8
8.5

7
GFCF
3518446
3602041
3765058
2.4
4.5

8
CIS
274447
291179
301116
6.1
3.4

9
VALUABLES
180274
148700
254795
-17.5
71.3

10
Exports of goods and services
2378687
2486007
2598033
4.5
4.5

11
Less Imports of goods and services
2510753
2568680
2826793
2.3
10.0

12
Discrepancies
167803
83897
200434



13
GDP
11381002
12189854
12985363
7.1
6.5



RATES TO GDP

14
PFCE
55.0
55.8
55.7


15
GFCE
9.8
11.0
11.2


16
GFCF
30.9
29.5
29.0



17
CIS
2.4
2.4
2.3


18
VALUABLES
1.6
1.2
2.0


19
Eports of goods and services
20.9
20.4
20.0



20
Less Imports of goods and services
22.1
21.1
21.8



21
Discrepancies
1.5
0.7
1.5


22
GDP
100.0
100.0
100.0


23
GNI
11246305
12034713
12835004
7.0
6.6
24

NNI
9982112
10686776
11404413
7.1
6.7

Per Capita Income, Product and Final Consumption


25
Population* (in million)
1283
1299
1316
1.2
1.3

26
Per Capita GDP
88706
93840
98673
5.8
5.1

27
Per Capita GNI
87656
92646
97530
5.7
5.3

28
Per Capita NNI
77803
82269
86660
5.7
5.3

29
Per Capita PFCE
48810
52399
55002
7.4
5.0


* Relates to mid-financial year


PE: Provisional Estimates; AE: Advance Estimates



STATEMENT 2: First Advance Estimates of National Income and Expenditures on GDP, 2017-18

( At CurrentPrices)

(` crore)


S.No
Item
2015-16
2016-17
2017-18
Percentage change over previous year



(PE)
(IstAE)
2016-17
2017-18



Domestic Product




1
GVA at basic prices
12458642
13669914
14897653
9.7
9.0

2
Net taxes on products
1223393
1513795
1729931
23.7
14.3

3
GDP (1+2)
13682035
15183709
16627585
11.0
9.5

4
NDP
12236662
13597811
14899252
11.1
9.6


Final Expenditures



5
PFCE
7932331
8927010
9774547
12.5
9.5

6
GFCE
1411460
1769036
1976644
25.3
11.7

7
GFCF
4002781
4117674
4383589
2.9
6.5

8
CIS
301923
328198
346238
8.7
5.5

9
VALUABLES
197256
166287
253587
-15.7
52.5

10
Exports of goods and services
2728643
2911700
3116710
6.7
7.0

11
Less Imports of goods and services
3044917
3133081
3525371
2.9
12.5

12
Discrepancies
152559
96886
301640


13
GDP
13682035
15183709
16627585
11.0
9.5

RATES TO GDP

14
PFCE
58.0
58.8
58.8




15
GFCE
10.3
11.7
11.9



16
GFCF
29.3
27.1
26.4



17
CIS
2.2
2.2
2.1



18
VALUABLES
1.4
1.1
1.5


19
Exports of goods and services
19.9
19.2
18.7


20
Less Imports of goods and services
22.3
20.6
21.2


21
Discrepancies
1.1
0.6
1.8


22
GDP
100.0
100.0
100.0



23
GNI
13522256
14994109
16438895
10.9
9.6
24

NNI
12076882
13408211
14710563
11.0
9.7
25

GNDI
13935339
15379509
16831155
10.4
9.4

26
NNDI
12489965
13793611
15102823
10.4
9.5

Per Capita Income, Product and Final Consumption



27
Per Capita GDP
106641
116888
126349
9.6
8.1

28
Per Capita GNI
105396
115428
124916
9.5
8.2

29
Per Capita NNI
94130
103219
111782
9.7
8.3

30
Per Capita GNDI
108615
118395
127896
9.0
8.0

31
Per Capita PFCE
61826
68722
74275
11.2
8.1




PE: Provisional Estimates; AE: Advance Estimates




STATEMENT 3:First Advance Estimates of GVA at Basic Price by Economic Activity(At 2011-12 prices)

(` crore)


Industry
2015-16
2016-17
(PE)
2017-18
( IstAE)
Percentage change over previous year



2016-17
2017-18

1. Agriculture, forestry & fishing

1,617,208
1,696,175
1,732,371
4.9
2.1

2. Mining & quarrying
324,740
330,485
339,972
1.8
2.9

3. Manufacturing
1,872,115
2,019,927
2,112,345
7.9
4.6

4. Electricity, gas,water supply& other utility services
224,447
240,590
258,672
7.2
7.5

5. Construction
879,782
894,668
927,085
1.7
3.6

6. Trade, hotels, transport, communication and services related to broadcasting
1,989,161
2,143,956
2,329,801
7.8
8.7

7. Financial, real estate & professional services
2,298,798
2,429,638
2,606,602
5.7
7.3

8. Public administration, defence and Other Services
1,284,263
1,430,002
1,564,473
11.3
9.4

GVA at Basic Price

10,490,514
11,185,440
11,871,320
6.6
6.1



PE: Provisional Estimates; AE: Advance Estimates






STATEMENT 4: First Advance Estimates of GVA at Basic Price by Economic Activity(At current prices)
(` crore)



Industry
2015-16
2016-17
(PE)
2017-18
( IstAE)
Percentage change over previous year



2016-17
2017-18


1. Agriculture, forestry & fishing
2,175,547
2,372,085
2,438,546
9.0
2.8

2. Mining & quarrying
296,253
301,921
341,843
1.9
13.2

3. Manufacturing
2,064,820
2,257,413
2,422,101
9.3
7.3

4. Electricity, gas,water supply& other utility services
321,651
342,422
368,269
6.5
7.5

5. Construction
1,006,403
1,041,343
1,109,608
3.5
6.6

6. Trade, hotels, transport, communication and services related to broadcasting
2,294,364
2,519,999
2,825,708
9.8
12.1

7. Financial, real estate & professional services
2,631,120
2,889,048
3,186,115
9.8
10.3

8. Public administration, defence and Other Services
1,668,486
1,945,683
2,205,463
16.6
13.4

GVA at Basic Price
12,458,642
13,669,914
14,897,653
9.7
9.0



PE: Provisional Estimates; AE: Advance Estimates



























 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
NITI Aayog
5 -January, 2018 06:21IST

GDP growth will become more robust in 2018-19: NITI Aayog

The Vice Chairman of NITI Aayog, Dr. Rajiv Kumar has said that theGDP growth will become more robust in 2018-19. Reacting on the growth estimates released today, he said that the Second half GDP growth in 2017-18 has risen to 7% bringing the annual growth rate to 6.5%. The Vice Chairman, NITI Aayog pointed out that economic activity has been picking up over the last three quarters and can be expected to strengthen in the coming period with the manufacturing PMI now reading at a five year high of 54%, and FMCG demand picking up briskly. Hence the GDP growth will become more robust in 2018-19. He added that the estimates assume significance in the wake of the fact that the higher second half growth has come despite a weaning of public sector expenditures which had peaked in 2016-17 on account of the implementation of the recommendations of the Seventh Pay Commission.
 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
President's Secretariat
14-January, 2018 16:41 IST


President of India Inaugurates Economic Democracy Conclave


The President of India, Shri Ram Nath Kovind, inaugurated the ‘Economic Democracy Conclave’ organised by Rambhau Mhalgi Prabodhini at Thane, Maharashtra, today (January 14, 2018).

Speaking on the occasion, the President said that it is very important for our country and society to strengthen economic democracy through entrepreneurship. He praised the Prabodhini team for its contribution to strengthening the political, economic and social dimensions of our democracy for the past 35 years.

The President said that political democracy cannot be strong in the absence of economic and social democracy. Improvement in the economic condition of deprived sections is imperative. Many initiatives have been taken in our country with the aim of ‘Sabka Sath, Sabka Vikas’ and ‘Sabka Samman, Sabka Utthan’. These have a singular goal of strengthening economic and social democracy. The idea behind these programmes is that if anyone has to really help someone, then he/she should be made financially self-reliant.

The President said that the promotion of an entrepreneurial culture in the country is not the sole responsibility of the Government. Family, educational institutions, private sector banks and entrepreneurs, NGOs, etc. all have the responsibility to create an environment where private enterprise is encouraged. Together, we should create a culture in which self-employment is not chosen just due to the compulsion of not getting a job. The idea of becoming ‘job-giver’ instead of ‘job-seeker’ should be embraced.

Later in the day, the President visited the Global Vipassana Pagoda in Mumbai.

Speaking on the occasion, the President said that in today’s world, it has become important to spread the Buddha's teachings. And Vipassana is one of those methods that can bring his message to the people. The President congratulated the Global Vipassana Foundation for its various social welfare initiatives.

****

The President, Shri Ram Nath Kovind in a group photograph at the inauguration of the Economic Democracy Conclave, at Rambhau Mhalgi Prabodhini (RMP), Keshav Srushti, Uttan Village, Thane, in Maharashtra on January 13, 2018. The Governor of Maharashtra, Shri C. Vidyasagar Rao, the Chief Minister of Maharashtra, Shri Devendra Fadnavis and the Minister of State for Finance, Shri Shiv Pratap Shukla are also seen.
 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
Prime Minister's Office
21-January, 2018 19:22 IST
PM’s statement prior to his departure to Davos

Following is the text of the Prime Minister, Shri Narendra Modi’s departure statement prior to his visit to Davos.

“I look forward to my first visit to the World Economic Forum at Davos, at the invitation of India’s good friend and Founder of the WEF, Prof Klaus Schwab. The theme of the Forum, “Creating a Shared Future in a Fractured World” is both thoughtful and apt.

The existing and emerging challenges to the contemporary international system and global governance architecture deserve serious attention of leaders, governments, policy makers, corporates and civil societies around the world.

In recent years, India’s engagement with the outside world has become truly and effectively multi-dimensional covering the political, economic, people to people, security and other spheres.

At Davos, I look forward to sharing my vision for India’s future engagement with the international community.

Apart from the events for the World Economic Forum, I look forward to my separate bilateral meetings with the President of the Swiss Confederation H. E. Mr. Alain_Berset and Prime Minister of Sweden H. E. Mr. Stefan Lofven.

I am confident that these bilateral meetings would be fruitful and give a boost to our relations with these countries and further strengthen economic engagement”.

***
The Prime Minister, Shri Narendra Modi arrives at Zurich International Airport to participate in the World Economic Forum, on January 22, 2018.


The Prime Minister, Shri Narendra Modi arrives at Zurich International Airport to participate in the World Economic Forum, on January 22, 2018.

The Prime Minister, Shri Narendra Modi arrives at Zurich International Airport to participate in the World Economic Forum, on January 22, 2018.
 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
Vice President's Secretariat
23-January, 2018 12:34 IST

India’s tax-to-GDP ratio is 16.6 per cent in FY2017, which compares with 26.0 per cent in the USA, 20.1 per cent in China, and 34.3 per cent in OECD countries. India needs to significantly ramp up its tax-to-GDP ratio to fund a modern 21st century government which can offer basic public goods and social security to its citizens. Direct tax collected in FY2018YTD has grown at 18.2 per cent. This increase in collection has been driven by increase in compliances with the number of taxpayers increasing for both direct and indirect taxes. 5.9 million tax-payers have registered for GST and 28.2 million people filed their income-tax returns for FY2017.


Demonetization, SIT on black money and notification of the Benami Transactions Act, 1988 are some of the strong steps taken to bring more economic activity into the tax net, even as the war on black money needs to continue unabated.

Following liberalization in the 90s, India’s economic growth picked up momentum and the country emerged as the fastest growing large economy. India’s GDP has grown at 8.9 per cent CAGR (compounded annual growth rate) in real terms since 1991 – taking India from being a US$225 billion economy in 1991 to a more than US$ 2 trillion economy now.

While the first major economic reforms were initiated by the P V Narasimha Rao government, the second sweeping reforms were introduced by Shri Vajpayee and the third set of reforms initiated by the present government are drastically transforming the Indian economy.

External agencies like the World Bank and IMF have projected India’s growth rate to be 7.3 per cent in 2018. India is projected to become the third largest economy in the next 10-15 years. A massive recapitalization of the public sector banks at Rs.2.11 lakh crore is expected to improve credit growth and private sector investment. The other major reform of Insolvency and Bankruptcy Code, 2016 has strengthened the rights of the creditors.

Economic growth and reforms have created a large consuming class of citizens in India who now have consumption patterns very similar to the best in the world. Around 50-100 million people in India have broken out into the ranks of the global consuming class. There is an aspiring class of 200-300 million middle-class Indians (many of them now own four wheelers and electronic gadgets). Another class of 500-600 million people is now breaking out of the poverty and graduating from cycles to motor cycles and mobiles.
 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
The Prime Minister, Shri Narendra Modi with the President of the Swiss Confederation, Mr. Alain Berset and the Chairman of the World Economic Forum, Professor Klaus Schwab, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi with the President of the Swiss Confederation, Mr. Alain Berset and the Chairman of the World Economic Forum, Professor Klaus Schwab, in Davos on January 23, 2018.

The Prime Minister, Shri Narendra Modi with the President of the Swiss Confederation, Mr. Alain Berset and the Chairman of the World Economic Forum, Professor Klaus Schwab, in Davos on January 23, 2018.

The Prime Minister, Shri Narendra Modi with the President of the Swiss Confederation, Mr. Alain Berset and the Chairman of the World Economic Forum, Professor Klaus Schwab, at the plenary session of the World Economic Forum, in Davos on January 23, 2018.

The Prime Minister, Shri Narendra Modi with the President of the Swiss Confederation, Mr. Alain Berset and the Chairman of the World Economic Forum, Professor Klaus Schwab, at the plenary session of the World Economic Forum, in Davos on January 23, 2018.

The Prime Minister, Shri Narendra Modi with the President of the Swiss Confederation, Mr. Alain Berset and the Chairman of the World Economic Forum, Professor Klaus Schwab, at the plenary session of the World Economic Forum, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi delivering his keynote speech, at the plenary session of the World Economic Forum, in Davos on January 23, 2018.

The Prime Minister, Shri Narendra Modi delivering his keynote speech, at the plenary session of the World Economic Forum, in Davos on January 23, 2018.
 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
The Prime Minister, Shri Narendra Modi delivering his keynote speech, at the plenary session of the World Economic Forum, in Davos on January 23, 2018.

The Prime Minister, Shri Narendra Modi delivering his keynote speech, at the plenary session of the World Economic Forum, in Davos on January 23, 2018.

The Prime Minister, Shri Narendra Modi delivering his keynote speech, at the plenary session of the World Economic Forum, in Davos on January 23, 2018.




The Prime Minister, Shri Narendra Modi meeting the Prime Minister of Canada, Mr. Justin Trudeau, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi meeting the Prime Minister of Canada, Mr. Justin Trudeau, in Davos on January 23, 2018.



The Prime Minister, Shri Narendra Modi interacting with the Indian CEOs, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi interacting with the Indian CEOs, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi in a group photograph with the Indian CEOs, in Davos on January 23, 2018.
 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
The Prime Minister, Shri Narendra Modi meeting the President and CEO of Canada Pension Plan Investment Board, Mr. Mark G.A. Machin, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi meeting the President and CEO of Canada Pension Plan Investment Board, Mr. Mark G.A. Machin, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi meeting with Queen Maxima of the Netherlands, in Davos on January 23, 2018.

The Prime Minister, Shri Narendra Modi meeting with Queen Maxima of the Netherlands, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi meeting with Queen Maxima of the Netherlands, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi interacting with the top global CEOs, at the International Business Council event, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi interacting with the top global CEOs, at the International Business Council event, in Davos on January 23, 2018.


The Prime Minister, Shri Narendra Modi interacting with the top global CEOs, at the International Business Council event, in Davos on January 23, 2018.

 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
http://www.thehindu.com/news/nation...s-terrorism/article22500864.ece?homepage=true

At Davos meet, Modi decries new trade barriers
Sending out a strong message against protectionism and inward-focused economic policies, Prime Minister Narendra Modi on Tuesday said such tendencies can be as dangerous as terrorism and climate change as he pitched for creating a “heaven of freedom.”

Mr. Modi, who became the first Indian Prime Minister to address the World Economic Forum’s annual summit here in two decades, talked about grave concerns facing the world, including terrorism and climate change.

In an almost hour-long speech in Hindi, the Prime Minister sought to hard sell India as an investment destination, saying those wanting wealth with wellness and peace with prosperity should come to the country.

Seen as an apparent reference to policies like America First, especially since U.S. President Donald Trump would be coming to Davos later this week, Mr. Modi said, “Many countries are becoming inward focused and globalisation is shrinking and such tendencies can’t be considered lesser risk than terrorism or climate change.”

Protectionism is rearing its ugly head and there is risk of new tariff and non-tariff barriers coming up, the Prime Minister said, as he mentioned that division is not the solution to this problem of anti-globalisation.

Noting that in an interconnected world, globalisation is losing its lustre, he wondered, “Do global organisations created after the Second World War really reflect the aspirations and dreams of mankind today? With respect to the developing countries there is a very big gap.”

Asserting that India is proud of its democracy and diversity, he said the country has always contributed to global peace as well as promoted values of integration and unity.

'Don't talk of good and bad terror'
Prime Minister Narendra Modi on Tuesday said terrorism is dangerous.

Addressing the World Economic Forum’s annual summit here, he remarked that what is worse is when people say there is a difference between ‘good’ and ‘bad’ terror.

He said it is painful to see some youngsters getting radicalised.

He emphasised that a predictable, stable, transparent and progressive India is good news in an otherwise uncertain global environment.

“Let us create a ‘heaven of freedom’, where there is cooperation and not division, fractures,” Mr. Modi told the gathering.
 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
http://indianexpress.com/article/wo...erging-world-raghuram-rajan-at-davos-5035942/
Former RBI Governor Raghuram Rajan on Tuesday said the Western world must realise they cannot go a long way without the help of the emerging economies and warned that no one would be able to resolve any problem of a ‘fractured world’ if things are not set right soon.

Without naming any country, he said the West must realise that their population is ageing and the demand for their products would mostly come from the emerging world.

Speaking in Davos at a session of the World Economic Forum (WEF) Annual Meeting, Rajan said there is a risk that by the time the West goes to the emerging world for their support, they may have to answer quite a few questions about why they did not share the benefits earlier.

He warned that the approach of the Western world must change soon for the good, or else there may be a chance that we are not able to solve any of the problems of the ‘fractured world’.

About issues facing the Western world, he listed technology, ageing population and climate change. Rajan was speaking at a session on the power of economic narratives and how policymakers can address the challenges of the 21st century.

He said some governments such as Singapore have done something to address the problems arising out of income inequality and the divisions in the society by setting up housing projects where middle class and lower middle class families can live together.

Rajan said he’s not sure about the US but some countries are doing things in this area and certainly the governments can play a role here.

The Chicago University professor is known for his frank views on various economic and monetary policy matters and is credited with having predicted the global financial crisis of 2007.

Rajan also took on the economists who frown upon the idea of economic narratives and said it has become difficult to make people believe in them for setting things right.

“When the economist hears the word narratives and stories he thinks it’s below me. They believe they are beyond the tradition of narratives,” he said.

Post World War II, we realised we have to come together once again and we need to break barriers of trade and everything else, he said.

Asked whether he is optimistic or pessimistic on the issue of narratives, Rajan said politicians just pick the economic theory that fits in their scheme of things but he hopes things do not go out of hand and there is a solution before that. He also said that for a long time technocrats were given a free hand.

“That pushed growth for a long time but then frictions began including between right and the left,” Rajan said, adding that since the global financial crisis, the world has begun to question the technocrats.

He cautioned that the economists have a much harder task today and there are a lot of answers that they need to come up with. “But the even harder task is to convince people that believe us and we will set things right,” he said.

Rajan said we should realise that big ideas are always thought at least 15-20 years in advance. “So if we talk about universal basic income, we can’t brush it aside and today we are seeing people are talking about it,” he said while giving examples.

In another example, he said driverless cars are on the horizon today but we should also assess their impact on jobs. “We need to think what we are going to do when these people go jobless once driverless cars become widespread reality on our roads,” he said.
 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
Ministry of Personnel, Public Grievances & Pensions
World today looking for ‘global’ roadmap, says Dr Jitendra Singh at World Economic Forum

Posted On: 24 JAN 2018 10:55AM by PIB Delhi

The Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh said that the world is looking for a new “global” roadmap with uniform parameters, in spite of the diversity and heterogeneity. He was speaking at a panel discussion on “From Fragile Cities to Renewal” at the World Economic Forum in Davos, Switzerland on January 23, 2018. He said that it might not be possible to easily visualise the local perspective in different countries because of their diverse characteristics. For example, the population of Switzerland is only 8 million which is less than the population of Delhi, but nevertheless, with an accountable government and citizen participation, maximum problems arising in a growing world could be addressed. Other panellists included Mr David Cameron former Prime Minister of United Kingdom and Mr Berset , President of Switzerland.



Dr Jitendra Singh further said that more than 239 cities in the world were classified as “fragile” due to pollution, conflict, terrorism, unemployment and lack of electricity, besides other factors. What was needed, he said, was to upgrade the urban space and offer better facilities to the population. When asked to narrate his experience of fragile cities in the context of insurgency in the North Eastern region of India, Dr Jitendra Singh said, in the last three and half years of the Modi Government, a lot of stability in the region has been established. He asserted that insurgency and “fragility” also have a correlation with lack of development and ineffective political leadership. He said, corruption not only leads to loss of moral authority of the State leadership but also causes a huge pilferage of the State exchequer, which would otherwise be gainfully utilized to address the fragility.



Dr Jitendra Singh added that with the growing aspirations among the youth, which is a welcome development, there will always be a certain amount of fragility noticeable even in the most ideal situations because fragility itself is a relative term and what was fragile yesterday may not be fragile today, and what is fragile today may not fragile tomorrow.



***
 

Hindustani78

Senior Member
Joined
Nov 19, 2017
Messages
1,326
Likes
369
The Minister of State for Development of North Eastern Region (I/C), Prime Minister’s Office, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr. Jitendra Singh with experts from world’s leading security agencies, during a workshop on “Future of Security in Travel”, at World Economic Forum, at Davos, Switzerland on January 24, 2018.


 

Latest Replies

Global Defence

Articles

Top