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India’s 2015-16 GDP growth to exceed 7.5 percent: Official
New Delhi: With the government committed to ensuring the country remains a “bright spot” in the world economy, India’s growth in the current fiscal will exceed 7.5 percent as there are “silver linings” in the global financial turmoil, a senior official said on Monday.
“This year we are targeting about 7.5 percent to 8 percent growth. We are quite confident that upwards of 7.5 percent is what we can reasonably expect,” Secretary, Economic Affairs, in the finance ministry, Shaktikanta Das said at the Indian Council for Research on International Economic Relations (ICRIER) here.
“There are silver linings and while we recognise that world economy today has become volatile, which many people say has become the new normal, there are also opportunities, there are also silver linings,” he said.
He listed the events that hold promise for the global economy as being the US-Iran deal, the shale gas revolution, the expected innovation in solar energy and developments around combating black money and terror funding.
He said India the view of India being one of the very few bright spots in the global economy, has been voiced by the International Monetary Fund as well, and noted this was because its current account and fiscal deficits are under control, and forex reserves are fairly comfortable.
“But that is no cause for complacency and government is committed to continue to take necessary measures to retain that position for India,” he added.
The Indian economy grew 7 percent in the first quarter of this fiscal, slower than the 7.5 percent expansion in the quarter before. But the growth was much higher than 6.7 percent registered in the first quarter of the last fiscal, earning it the description of currently being the fastest growing among major economies.
Finance Minister Arun Jaitley at an event here on Monday also said declining oil and other commodity prices in this phase of global financial turmoil have helped India as the country is a net importer of commodities.
In this connection, changing the base year to 2011-12 from 2004-05 in January, the Central Statistics Office (CSO) said that India’s real GDP, that is adjusted for inflation, grew 6.9 percent in 2013-14 instead of the earlier projected 4.7 percent, and by 5.1 percent in the year before compared to 4.5 percent under the previous system.
Advance estimates for 2014-15, released in February, projected India’s GDP to grow at 7.4 percent.
However, even after seven months since India’s GDP data was unveiled under a new series, the controversy over the changed methodology employed by the CSO refuses to die down – with economists even terming it obscure.
A committee headed by the National Statistical Commission chairman Pronab Sen has been set up to examine the estimation methodology. But critics say he has been a vocal supporter of the new series — hence questioning if the findings will be impartial.
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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