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Enhancement in productivity important for higher GDP: Bibek Debroy
New Delhi, Oct 10 (IANS) NITI Aayog member Bibek Debroy, who heads the five-member Economic Advisory Council (EAC), on Tuesday said enhancement of productivity was important for a country to increase its national income.
“National income of any country is the productivity of its citizens in the working age group. There are different sources of growth and national income. Growth can come either through increase in land etc. But it is limited. Enhancement in productivity thus becomes important,” Debroy said at the Internet of Things Summit 2017 organised here by the Confederation of Indian Industry (CII).
He said that internet of things (IoT) holds promise of being inclusive as it enables the relatively poor to access various opportunities that it brings.
“It helps bridge asymmetry in formation.”
Debroy heads the five-member EAC that was constituted by Prime Minister Narendra Modi on September 25 after the Indian economy growth during the first quarter of this fiscal fell to 5.7 per cent, the lowest GDP growth rate under Modi dispensation.
When asked, on the sidelines of the event, what was on the immediate agenda of the council, Debroy said the EAC would brief the media on the same on Wednesday.
According to reports, the EAC is scheduled to have its first meeting on Wednesday.
The Economic Advisory Council to the Prime Minister (EAC-PM) is entrusted with analysing economic issues, addressing issues of macroeconomic importance and advising the Prime Minister on them. This could be either suo-motu or on reference from the Prime Minister or anyone else.
Ratan Watal, Principal Advisor, NITI Aayog, is the member-secretary of the EAC-PM. Other part-time members of the council are Surjit Bhalla, Rathin Ray and Ashima Goyal.
The EAC-PM has been constituted several times since independence. The last chairman of the council, former Reserve Bank of India (RBI) Governor C. Rangarajan, resigned in May 2014 after the defeat of the Congress-led UPA regime in the general elections.
According to data from the Central Statistics Office (CSO), India’s gross domestic product (GDP) for the first quarter at Rs 31.10 lakh crore grew 5.7 per cent over the same quarter last year. During the previous quarter, the GDP had grown by 6.1 per cent.
The principal reason for the decline in growth is a fall in the manufacturing sector, where the Gross Value Added (GVA) fell sharply to 1.2 per cent, from 10.7 per cent a year ago.
The major reason for slowdown in growth at 5.7 per cent is on account of manufacturing, where the GVA is largely contributed by the private sector. In all, 74 per cent of the GVA comes from the corporate sector.
However, Chief Statistician T.C.A. Anant had earlier said that there was a likely revival in the growth from the second quarter onwards.
–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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