Feature
GDP growth for 2014-15 revised downward to 7.2 percent
New Delhi:The government on Friday slightly revised downwards India’s gross domestic product (GDP) growth for 2014-15 to 7.2 percent from the 7.3 percent estimated earlier, according to an official statement here.
“The real GDP or GDP at constant (2011-12) prices for the years 2014-15 and 2013-14 stands at Rs.105.52 lakh crore and Rs.98.39 lakh crore, respectively, showing growth of 7.2 percent during 2014-15, and 6.6 percent during 2013-14,” Central Statistics Office’s (CSO) revised estimates of national accounts released here showed.
The GDP growth rate for 2013-14 has also been revised downwards to 6.6 percent from the earlier 6.9 percent.
The CSO said estimates of GDP and other figures for the years 2011-12 to 2013-14 have also undergone revision, as a result of latest available data on agricultural and industrial production.
In terms of real gross value added (GVA) at 2011-12 basic prices, there has been a growth of 7.1 percent in 2014-15 as compared to a growth of 6.3 percent in 2013-14. GVA for 2014-15 was earlier estimated at 7.2 percent.
The downward revision in GVA for 2014-15 is owing to subdued performance of the secondary sector comprising manufacturing, electricity, gas, water supply & other utility services, and construction, the government said.
The per capita net national income at current prices has been estimated as Rs.79,412 for 2013-14 and at Rs.86,879 in 2014-15.
The per capita private final consumption expenditure at current prices, for the years 2013-14 and 2014-15 is estimated at Rs.52,022 and Rs.56,772, respectively.
Gross savings during 2014-15 is estimated as Rs.41.17 lakh crore as compared to Rs.37.25 lakh crore during 2013-14.
The rate of gross saving to gross national disposable income (GNDI) for the year 2014-15 is estimated as 32.3 percent, which was the same as in 2013-14.
Household sector contribution to gross saving declined from 63.4 percent in 2013-14 to 57.8 percent in 2014-15 which the government attributed to a decline in household savings in physical assets, which has declined from Rs.14.61 lakh crore in 2013-14 to Rs.13.79 lakh crore in 2014-15.
Dis-saving of central government has decreased from 4 percent in 2013-14 to 3.2 percent in 2014-15, the CSO added in this regard.
In gross capital formation (GCF), while the highest contributor – non-financial corporations’ – share has been rising steadily from 45.7 percent in 2011-12 to 52 percent in 2014-15, the share of the household sector has declined from 43.4 percent in 2011-12 to 33.9 percent in 2014-15.
Gross fixed capital formation (GFCF) amounted to Rs.38.44 lakh crore in 2014-15 as against Rs 35.64 lakh crore in 2013-14, the government said.
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
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