National
Economy will witness higher growth in coming quarters: Jaitley
New Delhi, Nov 30 (IANS) Lauding the upward movement of the GDP number for the second quarter of 2017-18, Finance Minister Arun Jaitley said the rise in growth after five quarters marks the reversal of the trend and the economy will witness high growth rates in the coming quarters.
“Last five quarters have witnessed downward trend. The 6.3 per cent rise during Q2 of 2017-18 marks the reversal of that trend. This additionally indicates that the impact of demonetisation and Goods and Services Tax is now behind us and hopefully in the coming quarters will take an upward trajectory,” Jaitley said at a press meet here on Thursday.
He said while this was broadly an initial analysis of the figures, “hopefully we can take to higher growth rate in the coming quarters.”
Jaitley said if one looked at the overall picture since May 2014, out of 13 quarters the economy clicked 7 per cent growth eight times. “We have fallen behind 6 per cent only once. This marks a reversal and it has been largely enabled by manufacturing while investment has moved up. These are the two significant features.”
Official data released revealed that a rise in the manufacturing sector’s output pushed India’s growth rate higher to 6.3 per cent during the second quarter of 2017-18 breaking a five quarters slump.
On a sequential basis, India’s GDP growth for Q2 of the current fiscal went up to 6.3 per cent, from 5.7 per cent reported during the first quarter of 2017-18.
In a statement the finance ministry said the real GDP growth for the second quarter of fiscal 2017-18, just released by the CSO, is estimated at 6.3 percent, a substantial increase from 5.7 percent in the first quarter.
Real Gross Value Added growth has shown a similar increase from 5.6 percent in the first quarter to 6.1 percent in the second quarter, despite a deceleration in agricultural growth from 2.3 percent in the first quarter to 1.7 percent in the second.
The deceleration in overall growth witnessed since the first quarter of the last fiscal year has been reversed, the statement added.
“The acceleration in growth this quarter has been helped by a rapid growth in manufacturing which increased from 1.2 percent in the first quarter to 7 percent in the second quarter. Robust growth of 7.6 percent in electricity and other utilities, and 9.9 percent in trade, transportation and communications also powered this acceleration,” the ministry said.
Overall, the services sector recorded a growth of 7.1 percent in the second quarter.
It stated the rate of growth of gross fixed capital formation has also increased from 1.6 percent in the first quarter to 4.7 percent in the second quarter. Real private consumption growth has broadly held steady at 6.5 percent.
“In summary, the economy now seems to have weathered the transitional challenges experienced earlier in the year and appears poised for a durable recovery going forward.”
–IANS
ag-vv-vsc/vsc/bg
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.