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Demonetisation: India Inc urges more public spending to limit GDP fall

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8 years ago

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Demonetisation, GDP, India Inc, industry chamber,New Delhi: With private consumption being grossly affected by the cash crunch because of the demonetisation of high value bank notes, industry chamber Assocham on Sunday urged the government to ramp up expenditure in order to partly limit the major impact on India’s GDP.

“With 86 per cent of the cash out of circulation and replenishment facing difficulties, the Private Final Consumption Expenditure (PFCE) in the third quarter is expected to see a sizeable reduction to the extent of at least 35-40 per cent and slightly lower in the fourth quarter,” the Associated Chambers of Commerce and Industry of India said in a statement here.

“In terms of expenditure, PFCE, popularly known as — India consumption story — accounts for close to 60 per cent of the country’s Gross Domestic Product at current prices and 55 per cent at constant prices (base 2011-12),” it said pointing to the enormity of the figures involved in case of the GDP.The maths of the Assocham estimates point to a contraction of 2.5 per cent of the GDP in the ongoing third quarter, which will become worse for the final quarter of the fiscal.

“When an important component accounting for 60 per cent of the GDP takes a hit to this extent, the overall impact is bound to be significant,” Assocham Secretary General D. S. Rawat told .”We urge that as against Rs 5.15 lakh crore in the second quarter, government expenditure, at market prices, should be jacked up to Rs 7 lakh crore for each of the third and fourth quarter for the sake of growth,” he said.”India’s informal economy has been badly hit by demonetisation, jobs will be hit and we urge the government to minimise the impact,” he added.

Assocham suggested that various ministries, which have been earmarked in the annual budget, should exceed their expenditure aggressively towards damage control.”Government expenditure itself accounts for a good part of the GDP to the extent of 14 per cent,” the business chamber said.

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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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2 months ago

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September 19, 2024

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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