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Latest GDP data makes India fastest growing economy: President

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Pranab-Mukherjee-Speech-Budget-Session-2015

New Delhi: Announcing it as the Narendra Modi-led government’s most significant achievement till date, President Pranab Mukherjee Monday said the latest estimates of India’s gross domestic product (GDP) growth makes it the fastest growing large economy in the world.

“As a result of my government’s sustained efforts and series of policy initiatives, our economy is again on the high growth trajectory,” Mukherjee told the joint sitting of parliament on the opening day of the budget session.

“According to the latest estimates, our GDP is growing at 7.4 percent, which makes India the fastest growing large economy in the world,” he added.

Earlier this month government statisticians came out with GDP data calculated with a new base year, which makes it harder for Finance Minister Arun Jaitley to assess the size of the fiscal stimulus required to help boost the economy.

The government said it expects the annual gross domestic product (GDP) to grow at 7.4 percent in the current fiscal under a new method for computing national accounts, thereby resulting in the upward economic growth rate.

Shifting the base year from 2004-05 to 2011-12, the Central Statistical Office last week estimated GDP growth during 2014-15 at 7.4 percent as compared to 6.9 percent in 2013-14. It has also revised the growth rate for the first half of 2014-15 to 7.4 percent from the 5.5 percent it had earlier reported under the old method.

“Real GDP at constant (2011-12) prices in the year 2014-15 is likely to attain a level of Rs.106.57 lakh crore, as against the first revised estimate of GDP for the year 2013-14 of Rs.99.21 lakh crore, released on Jan 30, 2015,” the CSO said in its advance estimates of national income 2014-15.

While the growth rate calculated under the new system for the second quarter has been revised to 8.2 percent, that for the first quarter has been pegged at 6.5 percent.

Commenting on data procedures, Reserve Bank Governor Raghuram Rajan said last month: “We may be reaching the outskirts of the woods but we are not out of the woods yet. So I don’t think any data that suggests we are out of the woods at this point, we would put too much weight on it.”

Under the new method, CSO measures GDP by market prices instead of factor costs, to take into account gross value addition (GVA) in goods and services and indirect taxes.

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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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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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