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7% is no downward GDP growth for FY19: Garg

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New Delhi, March 1 (IANS) The government on Friday said there was no downward revision of GDP growth for 2018-19 (at 7 per cent) if seen in the context of growth rates for the last two financial years.

Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA), said on Friday the Second Advance Estimates of GDP factored in a higher base.

“The growth needs to be looked at in view of the higher base,” Garg said.

On Thursday, the Central Statistics Office (CSO) lowered the FY19 GDP growth in the Second Advance Estimates of national income to 7 per cent from 7.2 per cent in the First Advance Estimates, attributing it to a slowdown in agriculture and manufacturing.

“The GDP was revised last year as well as the year before. This growth is on top of that. The real GDP has been revised upwards to Rs 144 lakh crore from the GDP in the first estimates for 2018-19, which was Rs 141 lakh crore. So the GDP has actually gone up from the earlier estimates,” Garg said.

“Likewise, the nominal GDP has been revised upwards from Rs 188 lakh crore to Rs 190 lakh crore. So there is an upward revision in GDP as compared to the first estimates. Therefore, the 7 per cent growth has to be seen in the context of a much higher base due to the revisions which have been made.

“Last year’s GDP was initially 6.7 per cent while this year’s projection was 7.2 per cent. Now the previous year’s GDP has been revised to 7.2 per cent while the projection for 2018-19 has been revised to 7 per cent. If these factors are taken together, the GDP has actually gone up from 6.9 per cent to about 7.1 per cent. There is no downward revision,” the DEA Secretary said.

India’s economic growth slowed to a five-quarter low of 6.6 per cent in the October-December period of the present fiscal, according to the CSO statement released on Thursday.

Slower growth in Q3, and the downward revisions in Q1 and Q2, has brought down the overall GDP projection for 2018-19 to 7 per cent from the earlier estimate of 7.2 per cent.

–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

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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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