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IMF predictions prove India on the right path; the disruptions have diminished

India is moving on and Modi’s economic agenda makes sense. After IMF, now Fitch is also upbeat on India’s growth

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Based on numbers alone, Indian prime minister Narendra Modi had been cornered by experts and politicians alike for the slowdown of India’s economy. Now, the scene has changed, the numbers rebounded strongly, and India again touted as the fastest growing major economy in the world. Will the same critics shower praise on Modi for this turnaround?

That’s up to them. However, the IMF (International Monetary Fund) reiterated their predictions on Indian economy last week with positive traits, saying the Indian economy is recovering from temporary disruptions from the currency ban and the much-celebrated tax reform, the Goods and Services Tax.

The first half of the last fiscal year marked a financial growth rate of 6.1 per cent, but surviving the adverse situations the growth has rebounded to 7.2 per cent in the third quarter of financial year 2017-18. The Consumer Price Index inflation also looks bright at an estimated 3.6 per cent.

A 7.4 per cent projected growth rate seems to be good for India as the nation has been recovering from a tumultuous phase.

 

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Business & Economy

India Inc sees NaMo riding high ahead of elections

Indian markets and investors are sensing a victory for Narendra Modi in the impending general election. Coming the saga of Modi 2.0

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Illustration/Jijin M K/The Indic Post

It seems the markets and investors are upbeat about Indian Prime Minister Narendra Modi’s victory in the upcoming general elections. Prem Watsa, one of the most celebrated billionaire-investors in the world, opened his mind the other day on Indian election.

Often known as the Warren Buffet of Canada, Watsa has been a cheer leader for Modinomics since 2014. According to media reports, the chief executive of Fairfax Holdings is of the view that Narendra Modi’s economic reforms have taken India to new horizons of growth, transforming the world’s largest democracy into a business-friendly state by all means.

>> Indian markets and investors are sensing a victory for Narendra Modi in the impending general election. Coming the saga of Modi 2.0

In a recent letter to the shareholders of FairFax Holdings, Watsa mentioned about India’s jump in the World Bank’s Ease of Doing Business rankings.

The World Bank ranking helped Narendra Modi accentuating his reformist credentials as India jumped 23 places to 77 among 190 countries in the list last year.

When Modi came to power in 2014, India was at 142nd rank in World Bank’s Ease of Doing Business report. In 2017, India witnessed a quick jump of 30 places to reach 100th rank in the report.


Upbeat on Modi 2.0, FIIs have invested over Rs 10,000 crore in Indian equities till March 12


Bullish market

Noted investor Porinju Veliyath is damn positive about Indian economy and Modinomics. In an interview with the Economic Times, Porinju said he believes that Modi will be able to come back in power for the next five years this May.

Post-Pulwama attack, there has been a strong feeling among the investors about Modi 2.0. The uncertainties are gone, the sky is clear now, and that is reflecting in the behaviour of markets.

According to BSE data, there’s an increase of Rs 12 lakh crore in the market capitalisation of BSE-listed firms when we compare it with the figures as on February 19.

Upbeat on Modi 2.0, the FIIs (Foreign Institutional Investors) have invested over Rs 10,000 crore in Indian equities till March 12.

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Here goes PM Modi’s masterstroke project for workers in the informal sector

It is for the first time since independence that this kind of a scheme is envisaged for the workers in the informal sector. Modi again scored

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Indian Prime Minister Narendra Modi. Image/PIB

Aiming at the workers in the unorganized sector, Indian Prime Minister Narendra Modi has launched one more popular scheme ahead of general elections.

Modi’s new scheme, which is termed as Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Yojana, will assure a monthly pension of Rs. 3,000 to the workers in the unorganized sector during their old age.

Prime Minister Modi thinks that respecting dignity of labour will take the nation forward

As a major portion of India’s labour force is working in the unorganized sector, the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) Yojana is expected to have a profound impact in the lives of people.

Over forty two crore workers in the unorganized sector will be benefited from the scheme, according to the government.

During the launch of the project, on Tuesday (March 05, 2019), Modi said that it is for the first time since independence that such a scheme is envisaged for the workers in the informal sector.

The workers who earn less than Rs. 15,000 per month in the informal sector can enroll as beneficiaries under the scheme.

Simple process

What the workers need to do is filling up a single form with Aadhar number and bank details at any common service centre in the country. There’s no charge for the process.

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TikTok fined a record $5.7 million by the US for violating child privacy

TikTok violated child privacy. US Federal Trade Commission asked them to pay record $5.7 million

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China-based popular video-sharing platform TikTok has managed to settle allegations on child privacy by agreeing to pay $5.7 million, according to a statement issued by US Federal Trade Commission.

TikTok landed in trouble following some serious allegations that the company illegally collected personal information from children. According to US Federal Trade Commission, this is the highest civil penalty ever for any case related to child privacy.

According to Children’s Online Privacy Protection Act, websites, apps and online services need children to obtain parental consent before collecting personal information from children under the age of 13.

TikTok (earlier known as Muscial.ly) is owned by the Chinese Internet technology startup ByteDance which is operating several machine learning-oriented content platforms including Flipagram.

Musical.ly was a video-sharing platform which was merged with TikTok in August last year after ByteDance acquired it in 2017.

 

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