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3 international organisations concur India’s economy world’s fastest growing
By Arul Louis
United Nations, Jan 21 (IANS) Three international organisations have endorsed India’s growth story recognising it as the world’s fastest growing major economy for this and the next three years and in two reports raised some of their earlier projections.
On Monday, the International Monetary Fund’s (IMF) report released in Davos estimated India’s gross domestic product growth rate for this fiscal year at 7.3 per cent, while the UN’s report in New York pegged it slighly higher at 7.4 per cent.
From their previous projections, the IMF raised the growth forecast for 2019-20 by 0.1 per cent to 7.5 per cent and the UN upped the estimate for the current fiscal year by 0.2 per cent and also for the next fiscal year by 0.2 per cent to 7.6 per cent.
The World Bank last week earlier this month concurred with the IMF, putting this fiscal year’s growth rate at 7.3 per cent.
On the Indian side, the Central Statistics Office (CSO) put the current fiscal year’s growth at 7.2 per cent and the Reserve Bank at 7.4 per cent.
For 2020-21, the IMF forecast India’s growth rate at 7.7, the UN at 7.4 and the WB at 7.5 per cent.
In contrast for the world as a whole, the three organisations painted a less optimistic picture.
Gita Gopinath, presenting her first outlook report as IMF’s chief economist, said in Davos, “The global expansion is weakening and at a rate that is somewhat faster than expected.”
The IMF’s World Economic Outlook estimated the global growth for last year to be 3.7 per cent and forecast it to go down to 3.5 per cent this year and go up to 3.6 next year.
The UN’s World Economic Situation and Prospects 2019 estimated the global economy to have expanded by 3.1 per cent last year and forecast it to slow to 3 per cent for this year and the next.
The World Bank’s Global Economic Prospects estimated last year’s growth at 3 percent and forecast it to dip to 2.9 per cent this year and to 2.8 per cent in the next two years.
The UN’s report said, “Economic growth continues to be underpinned by robust private consumption, a more expansionary fiscal stance and benefits from previous reforms.
But it added, “Yet, a more robust and sustained recovery of private investment remains a crucial challenge to uplifting medium-term growth.”
It expressed some concern over the size of the fiscal deficit in India, and said medium-term consolidation plans have to be undertaken.
“In India the size and composition of public budgets have been important in promoting growth, prioritizing public investments in infrastructure, subsidies and welfare payments, and the rural economy,” the report pointed out. “This will prevent any reduction of the fiscal deficit in the near term.”
All three said that China’s economy was slowing down, even though its growth rate is nearly double the global rate.
The IMF and the UN estimated China’s growth last year at 6.6 per cent. While the IMF forecast it go down to 6.2 per cent this year, the UN gave the figure of 6.3 per cent.
The World Bank estimate for the East Asian giant’s growth rate was 6.5 per cent for 2018 and 6.2 this year.
(Arul Louis can be contacted at [email protected] and followed on Twitter @arulouis)
–IANS
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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.
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