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India to achieve 9 per cent growth rate by 2022

May 22, 2018

NITI Aayog vice-chairman Rajiv Kumar today exuded confidence that Indian economy will achieve 9 per cent growth rate on sustained basis by 2022 on the back of reforms like GST, demonetisation and the Insolvency and Bankruptcy Code (IBC). 
 
Indian economy grew by 6.6 per cent in 2017-18 and expected to grow at 7.5 per cent this fiscal. 
 
Given that we have done GST, demonetisation, IBC, recapitalisatioon of bank, we will grow at 9 per cent growth by 2022. We will also able to sustain it at that level, Kumar said in facebook live organised by NITI Aayog. 
 
He pointed out that Indian economy averaged 8.3 per cent from 2003-11. 
 
    
Source: The Economic Times



Boosting exports: Beyond formalisation – reforming MSME financing

May 22, 2018

My recent columns have been about India’s Coastal Economic Zone (CEZ) policy, including comparisons with, and possible lessons from China. If we step back and consider India’s recent export performance, the need for, and limits of, CEZ policy become even clearer. Recent news reports highlight the country’s sluggish export performance in recent years. The problems began earlier, but demonetisation, a less-than-optimal rollout of the Goods and Services Tax (GST), and the mess in the banking sector—with new cases of fraud piled on a legacy of distressed assets—have prolonged the pain.
 
Although export growth has picked up, labour-intensive sectors such as textiles, jewellery, and leather have continued to lag. Anaemic exports in general can contribute to macroeconomic vulnerabilities, especially when oil prices remain high, but the big issue is really the need to create more good jobs, and labour-intensive exports have to be part of the strategy of meeting that need. In my last column, I noted that China is emphasising innovation, finance, and talent for its major CEZs, in ways that India has not. In India’s case, even the supply of workers with basic skills suitable for a range of labour-intensive production is relatively small. CEZ policy has to address this in ways that China did even before it began pursuing a more capitalist route: in short, India still needs to improve the basic health, nutrition and literacy of much of its population. This seems like a tall order for CEZs, but one can think of historical examples of employers, enlightened or just pragmatic, who found that it made sense to invest in their workers and the workers’ families to increase productivity. So, it is not outside the realms of possibility.
    
Source: Financial Express



India, Turkey to enhance bilateral ties

May 22, 2018

Ambassador-Designate of India to the Republic of Turkey Mr Sanjay Bhattacharyya on Monday stressed on the importance of cultural ties between Kolkata and Turkey. He laid emphasis on the promotion of tourism between the two countries. He was addressing a special session: 'Economic Climate and Business Opportunities in Turkey and Egypt' organised by Bharat Chamber of Commerce at its office. He briefed the business community of Kolkata to new opportunities of trade and investment in Turkey and Egypt while addressing the session.
 
    
Source: millenniumpost



New Export Policy for Agro & Other Such Products on Cards: Commerce Secretary

May 22, 2018

The Union Commerce Secretary Ms. Rita Teaotia informed that the government is coming out with an export policy for agro and other such products and asked all the state governments to send their inputs to the Centre as the draft export policy has been put in public domain already.
 
The Commerce Secretary also asked the APEDA to explore the higher possibilities as to how the exports of agri products could be multiplied with sea route. This channel would be cheaper and reduce the exporting cost for the exporters, she felt.
 
The Commerce Secretary elaborated that despite India growing multiple varieties of mangoes yet their exports are confined to only two to three varieties, therefore, APEDA should take initiatives to promote multiple varieties of mangoes so that exports could be accelerated.
    
Source: Business Standard



Agro exports, line of credit to strengthen India-Egypt economic ties: Envoy

May 22, 2018

Pointing out that trade exchanges between India and Egypt have picked up pace in the last one year, outgoing Indian Ambassador to the Arab nation Sanjay Bhattacharya on Monday said the growth in agro-exports from India to Egypt and its acceptance of India's line of credit facility can further boost bilateral economic ties.
 
The trade exchanges between India and Egypt have a scope of improvement. It reached around $5.5 billion in 2012 but has been on the decline since the Egyptian revolution. However, last year there was 15 percent increase in the trade between the two countries, said Bhattacharya, who would shortly be moving to Turkey as Ambassador.
 
There has also been a growth of agro-exports. Egypt relies entirely on irrigation for its cultivation. There are some issues about the Nile water resources. India can emerge as a long time reliable agricultural supplier, he noted.
 
The envoy said India's line of credit of $10 billion to the African countries have also been accepted by the Egyptian government which would lead to much closer collaboration in the economic field.
    
Source: The Quint



Open data ecosystem has the power to double farmers income by 2022.

May 22, 2018

An open data ecosystem will impact India’s GDP by $22 billion, or the equivalent of two times the amount raised through the sale of 4G spectrum in 2017, according to a study by Yes Bank along with the Ministry of Electronics and Information Technology (MeitY). The study, titled 'Open Government, Open Data – Re-imagining India,’ claims that an open data ecosystem has the power to double farmers income by 2022 , provide Universal Health coverage and provide microloans to three million plus micro, small and medium enterprises among other benefits. 
 
The study however, points out underlying execution gaps of the Open Data project which have restricted its use and recommends steps which will boost data driven governance architecture. 
    
Source: The Economic Times



Modi-Putin nine-hour informal meet gives trade, investment boost

May 22, 2018

Prime Minister Narendra Modi returned to India late on Monday after what he described as extremely productive discussions with Russian President Vladimir Putin during a nine-hour informal summit in the Black Sea resort town of Sochi.
 
Both leaders agreed to institute a Strategic Economic Dialogue between NITI Aayog of India and the Ministry of Economic Development of the Russian Federation, to identify greater synergy in trade and investment.  
 
They noted with satisfaction the expanding cooperation in the energy sector and, in this regard, welcomed the arrival of the first consignment of LNG under a long-term agreement between Gazprom and GAIL, next month, the MEA said after the meet, which included a yacht ride on the Black Sea. 
 
The two leaders also reiterated the significance of long-standing partnership in the military, security and nuclear energy fields and welcomed the ongoing cooperation in these areas.
    
Source: New Indian Express



Talks on free trade zone with EAEU and India scheduled for autumn: Lavrov

May 22, 2018

The negotiations on the creation of a free trade zone with the Eurasian Economic Union (EAEU) and India are scheduled for autumn, Russian Foreign Minister Sergei Lavrov said today after an informal summit between President Vladimir Putin and Prime Minister Narendra Modi here.
 
Prime Minister Modi and President Putin had productive discussions during their first ever informal summit in this Black Sea coastal city and the two leaders paid special attention to the economic talks.
 
The negotiations on the creation of a free trade zone with the Eurasian Economic Union and India are already scheduled for autumn, Lavrov was quoted as saying by the state-run Russian news agency RIA Novosti.
 
    
Source: Business Standard



India's GDP growth in Q4 of FY18 seen at 7.4%: Icra

May 22, 2018

Rating agency IcraNSE -0.61 % expects GDP growth in January-March 2017-18 at 7.4 per cent on account of good rabi crop harvest and improved corporate earnings, up from 7.2 per cent in the third quarter. 
 
The Central Statistics Office (CSO) is scheduled to come out with GDP estimate for the fourth quarter (Q4) of fiscal 2017-18 and provisional annual estimates for the year 2017-18 on May 31. 
 
The domestic GDP growth rate is expected to improve to 7.4 per cent in Q4 FY2018 from 7.2 per cent in Q3 FY2018, exceeding the implicit forecast of 7.1 per cent embedded in the CSO's Second Advance Estimate of National Income for 2017-18, Icra said in a release 
    
Source: The Economic Times



Room to boost India-CLMV trade

May 22, 2018

India’s trade relations with Cambodia, Laos, Myanmar and Vi?t Nam (CLMV) have immense potential to flourish, said Deputy Minister of Industry and Trade Cao Qu?c Hung.
 
Hung delivered this remark during the opening ceremony of the fifth India-CLMV Business Conclave in Phnom Penh, Cambodia on Monday.
 
Close geographic distance, fast-growing economies and large and young populations have aided trade ties between India and CLMV countries, Hung said.
 
These economies can support and complement each other.
 
India has strengths in capital, technology, new energy, renewable energy, education, pharmaceuticals and hi-tech products, while CLMV countries have advantages in textile and garments, footwear, farm produce, wood, minerals, vegetables and machinery parts.  
 
They can also help each other penetrate deeply into larger markets, he added.
 
In his speech at the event, Hung proposed several measures to accelerate economic and trade relations between India and CLMV countries.
 
Among them included improving the transport infrastructure connectivity, with a focus on bettering the connectivity of the northeastern of India and Myanmar – two important links to connect India and CLMV countries.
 
Top priority should be given to harmonising trade and investment policies and finance regulations between these four countries and facilitating the exchanges of professionals, he said.
    
Source: vietnamnews.vn



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