India's real GDP growth in 2019-20 fiscal is expected to be slightly below 5 per cent as the impact of stimulus measures will take time to filter through to the economy, IHS Markit has said.
The RBI should carry out an asset quality review of the NBFCs for their exposure to realty, infra.
The drop coincides with a deepening slowdown in the economy and rising worries about employment.
Speaking about a draft consumer expenditure survey (CES) report for 2017-18, the minister said the government has not published the report from the Central Statistics Office (CSO) as concerns were raised about its "ability and sensibility". The minister noted that the report has neither been accepted nor rejected.
"There is nothing to be worried about it. 4.5 per cent is the second quarter (September quarter) assessment. In the next quarter, we hope that it would go up again," said Singh, who is Minister of State for Statistics, Programme Implementation and Planning, in the Rajya Sabha.
Not a single economist among the 43 surveyed by Bloomberg News predicted no rate cuts happening.
Following the slide in economic growth to 4.5 per cent the last quarter — the worst numbers in more than six and half years — the RBI was expected to further cut policy rates, but ended up holding the repo rate at 5.15 per cent.
Despite the slowdown, global carbon dioxide emissions are projected to rise by 0.6 percent in 2019. This increase though substantially lower compared to the previous two years--1.5% in 2017 and 2.1% in 2018—is due to a robust growth in natural gas and oil use. Natural gas has been the dominant driver of global emissions since 2012.
Rigid land and labor laws and protectionist trade policies are hindering investment in India, it said.
The United Nations Conference on Trade and Development's Business-to-Consumer (B2C) E-commerce Index 2019 has been topped by the Netherlands for the second consecutive year. The index scores 152 nations on their readiness for online shopping, worth an estimated USD 3.9 trillion globally in 2017, up 22 per cent from the previous year.
The study, published in the journal Nature Climate Change, said the total emissions of the greenhouse gas, carbon dioxide (CO2), from human activities are set to reach almost 43 billion tonnes in 2019. The researchers said emissions in India are projected to rise by 1.8 per cent in 2019, considerably lower than in 2018, likely due to weaker growth.
"The main positive to be taken from November's survey was a renewed increase in new work, which provided the platform for growth of services activity and employment whilst resulting in an improvement in business confidence," said Pollyanna De Lima, principal economist at IHS Markit, in a press release.
The Ministry of Statistics and Programme Implementation plans to introduce checks for data collection and increase the sample size of surveys to improve accuracy. “Challenges which we face today are of data quality. The ministry is concerned with data quality and will take measures to improve it,” said an official aware of the details
“We expect that the slowdown episode that began in January 2018, to end soon, in response to better global growth, easier domestic financial conditions, positive fiscal impulse, some uplift in sentiment, and an easing of supply bottlenecks” said Prachi Mishra, India economist for Goldman Sachs.
“S&P has reaffirmed sovereign rating of India at BBB- with stable outlook. They have stated that India’s economy continues to achieve impressive long-term growth rates despite a recent deceleration,” economic affairs secretary Atanu Chakraborty said in a tweet.
The Council of Scientific and Industrial Research (CSIR) filed 2,413 patent applications; 3,751 applications were filed by the Indian Institutes of Technology (IITs), 2,016 by the National Institutes of Technology (NITs) and 998 by the Defence Research and Development Organisation (DRDO).
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