Top News
India to regain rank as fastest growing economy at 7.4% in 2018-19: IMF (Lead)
By Arul Louis
United Nations, Jan 22 (IANS) The International Monetary Fund (IMF) on Monday reaffirmed that India’s economy is projected to grow by 7.4 percent in the next fiscal year, regaining the rank of the world’s fastest-growing large economy as China slows down.
Like India’s improving economic performance, the global economy was also on the uptick, estimated to have grown by 3.7 percent last year and forecast to grow this year and the next by 3.9 percent, according to the Fund’s World Economic Outlook Update.
At the release of the Update in Davos, IMF head Christine Lagarde said that for the world economy, “all signs point to a further strengthening both this year and next,” but cautioned that “complacency would be a mistake.”
“We should certainly appreciate this season of broad-based growth momentum,” she said. “But we should also use this time to find lasting solutions to the challenges facing the global economy in 2018.”
The Update gave a rosier estimate for the current year than the Indian government’s. It estimated the Indian gross domestic product (GDP) growth at 6.7 percent in 2017-18, compared to the 6.5 percent figure given by the Ministry of Statistics and Programme Implementation.
Saying it expected a “pick up in India,” the Update stood by all the projections it made last October. It projected a growth of 7.8 percent in 2019-20.
China, which is 2017’s growth champion with a growth rate of 6.8 percent, is expected to slow down to 6.6 percent in this year and 6.4 percent next year, according to the Update.
IMF Research Director Maurice Obstfeld warned that while the current “momentum will carry through into the near term”, without reforms “the next downturn will come sooner and be harder to fight”.
“Political leaders and policymakers must stay mindful that the present economic momentum reflects a confluence of factors that is unlikely to last for long,” he told reporters in Davos.
Although the world seems to have come out of the global financial crisis, “without prompt action to address structural growth impediments, enhance the inclusiveness of growth, and build policy buffers and resilience,” another may be round the corner.
“Global economic activity continues to firm up,” the Update said, raising last year’s estimate by 0.1 percent from the October Outlook report to 3.7 percent, and 0.5 percent higher than the growth rate in 2016.
For next year and 2019, the Update revised global growth projections upward by 0.2 percent to 3.9 percent.
It said the growth pickup “has been broad based, with notable upside surprises in Europe and Asia”.
Obstfeld said that the recent tax reforms in the US will contribute noticeably to its growth over the next few years with a positive effect on its trade partners “largely because of the temporary exceptional investment incentives that it offers”.
But it will be short-lived and “will also likely widen the US current account deficit, strengthen the dollar, and affect international investment flows”, he added.
The Update estimated US growth at 2.3 percent for last year and forecast a growth rate of 2.7 percent this year and 2.5 percent next year.
An important feature of the tax reforms is the reduction in the corporate tax rate from 35 percent to 21 percent, which gives US companies an incentive to bring back their holdings stashed away abroad.
(Arul Louis can be reached at [email protected])
–IANS
al/vd/bg
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
