National
Demonetisation to cut GDP growth by 2 per cent in Q3: HSBC
New Delhi : The demonetisation will cloud the GDP growth in the current and next quarter, pulling it down by as much as two percentage points, HSBC said on Friday.
“Growth is going to be weaker for a few quarters. The GDP growth over this quarter and the next will be two per cent lower at 5.5 per cent from the earlier expected 7.5 per cent,” HSBC Chief India Economist Pranjul Bhandari told BTVi. “FY 18 first quarter will see normalisation. But come April, 7.5 per cent for Indian economy will not be back,” Bhandari added.
She, however, said the impact of demonetisation on the growth is temporary because the currency in circulation has been contracted by as much as 70 per cent. “Permanent wealth shock is not that drastic. A lot is coming back. At least 75 per cent is already back and whole of December is left,” she added. Bhandari said the disruptions were in the short run as consumers figure how to use the digital means, especially in rural areas.
HSBC said it was the unclarity on demonetisation that the Reserve Bank of India took the accommodative stance in the monetary policy but by February when the data starts coming in the apex bank is likely to go for a rate cut. “By February, maybe RBI sees the data and provides some rate cut. It was a big surprise in this monetary policy as the markets had a consensus of 25 bps cut,” she said. The Congress had alleged that the RBI Governor was working under government pressure and so had not spoken on the November 8 move to declare 500 and 1,000 rupee notes illegal.
“What RBI did was ascertain its independence. Post-demonetisation there was a question on RBI’s independence. In one swoop, the RBI said it will stand its ground despite any pressure,” she said.
The RBI seems to be in the wait and watch mode, she added. On increasing the Market Stabilisation Scheme ceiling to Rs 6 lakh crore, she said: “RBI has taken a right attitude on the banking sector liquidity. They will take away any surplus in banking sector liquidity. Any excesses may lead to risky investment.”
National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
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.