Georgieva said India has seen a very strong growth over the past years. However, like the rest of the world, India is experiencing a slowdown. So slightly over six per cent is what we expect to see in 2019, the IMF managing director said.
The Government estimates that in the next five years, livestock farmers will not only save losses worth Rs 2.50 lakh crore, but will increase their income four times, contributing a major share in India's GDP.
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The index, released by Aayog's vice chairman Rajiv Kumar and CEO Amitabh Kant, has been developed into the lines of Global Innovation Index.
Global agencies have cut down India's GDP forecast by 80- 90 bps citing weaker than expected outlook for domestic demand, ET NOW's Ruchi Bhatia caught up with Chief Economic Advisor KV Subramanian to understand whether he believes if the forecast is fair despite reforms initiated by Govt to boost demand. He said that in the long run, the fundamentals remain unchanged and therefore we will be back to the growth rate that we deserve to be at, in the near future.
Delivering a lecture at Columbia University, Sitharaman indicated that Indian economy has been on growth trajectory even since the Modi govt came to power. She also emphasised that a $5 tn economy will make India a global economic powerhouse.
Most countries around the world do have positive costs associated with financing their public debts. And as a matter of fact, most countries around the world have rising public debt to GDP and debt service ratios, said Vitor Gaspar of IMF.
According to the report, overall the commercial credit stood at Rs 63.80 lakh crore as of June 2019 as against Rs 65.52 lakh crore in March 2019 and is up 10.4 percent compared to Rs 57.81 lakh crore as of June 2018.
The country has achieved annual growth exceeding seven per cent over the last 15 years, halved its poverty rate since the 1990s, and enjoyed strong improvements in most human development outcomes, the World Bank said.
The survey findings come at a time when nationalism is the dominant theme politically and repeated appeals are made to buy local goods over various media platforms.
India's exports contracted by 6.57 per cent to USD 26 billion in September mainly due to significant dip in shipments from key sectors such as petroleum, engineering, leather, chemicals, and gems & jewellery. Imports too declined by 13.85 per cent to USD 36.89 billion, narrowing trade deficit to USD 10.86 billion in September, according to official data released on Tuesday. Trade deficit in September last year stood at USD 14.95 billion.
The world economy is slowing to its weakest pace since the global financial crisis, as the US-China trade war undercuts business confidence and investment, the IMF said Tuesday. WEO said India's growth in 2019 is sharply lower than the 6.8 per cent in 2018 "for idiosyncratic reasons, but is expected to recover in 2020". The reduction in India's growth projection for this year "reflects a weaker-than-expected outlook for domestic demand", WEO said. However, India still retains its rank as the world's fastest-growing major economy, tying with China, with a projected growth rate of 6.1 per cent for the current fiscal year.
Trade deficit hit a 7-month low of $10.86 bn as exports of petroleum, engineering and other goods fell while imports declined to a 3-year low of $36.89 bn, indicating weak domestic demand in a slowing economy. Only 8 of 30 key sectors show growth.
In the gloomy global economic picture painted by the International Monetary Fund (IMF), India retains its rank as the world's fastest-growing major economy, tying with China, with a projected growth rate of 6.1 per cent for the current fiscal year, despite an almost one per cent cut in the forecast.
The International Monetary Fund said in the latest World Economic Outlook that its estimate for India’s growth this year is lowered to 6.1% from 7% adding that the downward revision reflected a weaker-than-expected outlook for domestic demand.
"India, being an economy with huge opportunities, could do well without this kind of a slowdown," Goyal said.
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