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GDP numbers indicate turnaround, no change in FY19 forecast: Government
New Delhi, May 31 (IANS) Maintaining the growth forecast for the financial year 2018-19 at 7.5 per cent, the government on Friday said the GDP figures for the fourth quarter of the previous fiscal were in line with expectations and indicated a turnaround in India’s growth story.
India’s GDP for the fourth quarter of FY18 grew at 7.7 per cent as per the official data released earlier in the day.
Economic Affairs Secretary Subhash Chandra said all sectors of the economy, including manufacturing, construction and agriculture, did well in the fourth quarter of the last fiscal.
“The capital formation is another good story. The growth is 9.8 per cent. There has been improvement in growth rate in manufacturing and construction… Construction especially at 11.5 per cent on the back of negative growth reported in the previous year,” he told the media here.
“So manufacturing at 9.1 per cent and construction at 11.5 per cent indicate a turnaround in the economy which going forward would also give a big momentum to growth,” he said.
Garg said the GDP growth for the whole year at 6.7 per cent was revised upward from 6.6 per cent in the earlier estimate.
“We have been saying that the fourth quarter will be good which is reflected in the 7.7 per cent. That is one big highlight,” he added.
Asked if the rising oil prices would affect the growth rate in the current financial year, Garg said there was no one to one relation between growth in oil prices and the GDP.
“I don’t think we are revising our estimates or the forecast for the current year which is about 7.5 per cent. We retain it at that level even though there has been some downward revision by Moody’s and others taking oil prices into consideration.
“But as I had been saying in the past as well, there is no one to one relation between the oil price growth and the GDP growth. There have been various quarters and years when the oil prices have gone up but there has been growth also. So we at this moment feel that we should retain (the growth estimate),” he said.
On Wednesday, Moody’s Investors Service report had cut India’s GDP growth forecast to 7.3 per cent from previous forecast of 7.5 per cent due to higher oil prices and tighter financial conditions.
Meanwhile, Finance Secretary Hasmukh Adhia said the constant increasing trend of quarterly GDP numbers in FY18 (at 5.6 per cent, 6.3 per cent, 7 per cent and 7.7 per cent) indicated that the structural reforms undertaken by the government were “now bringing rich dividends”.
“What is most noticeable is the increase in the growth rate of GVA (Gross Value Added – which includes taxes but excludes subsidies) of manufacturing sector in the last two quarters of 2017-18 at 8.5 per cent and 9.1 per cent at constant price. We would like to believe that GST has given a big boost to the industrial sector,” he tweeted.
Showing signs of fully coming out of the shadows of demonetisation and Goods and Services Tax (GST), India’s GDP for the fourth quarter of 2017-18 grew at 7.7 per cent, while for the full financial year 2017-18 it touched 6.7 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
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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