Wednesday 28 June 2017

Opposition Prez candidate Meira Kumar files nomination papers today

She is slated to launch a campaign from the Sabarmati Ashram in Gujarat on June 30

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Opposition presidential candidate Ram Nath Kovind VS Meira Kumar on Wednesday filed her nomination in the presence of top Congress and opposition leaders.

Kumar, who filed her papers with Congress chief Sonia Gandhi on one side and former prime minister Manmohan Singh on the other, will launch her campaign from Sabarmati Ashram in Gujarat on June 30.

Politics News : Accompanying the former Lok Sabha Speaker as she filed her nomination in Parliament House were a host of opposition leaders, including NCP's Sharad Pawar and CPI-M general secretary Sitaram Yechury.


Sonia Gandhi and other top Congress and opposition leaders were amongst those who proposed and seconded her nomination.

The nomination papers will be scrutinised on Thursday.

Kumar, who will contest against NDA's Ram Nath Kovind in the July 17 presidential elections, had said yesterday that it was a battle of ideologies and not a 'Dalit versus Dalit' fight as was being made out by some.

Tuesday 27 June 2017

Modi-Trump meet: India, US name Pakistan, demand action on 26/11, Pathankot

Joint statement issued after visit vows action against Pak-based LeT, JeM and D-Company

U.S. President Trump welcomes Indian Prime Minister Modi to the White House in Washington

Current Affairs : India and the US today vowed to strengthen cooperation against terror outfits like Jaish-e- Mohammad, Lashkar-e-Taiba and D-Company, while urging Pakistan to ensure that its soil is not used for terror strikes against other nations.

In a joint statement released after talks between Prime Minister Narendra Modi and President Donald Trump, the two nations also called on Islamabad to "expeditiously bring to justice the perpetrators of the 26/11 Mumbai, Pathankot, and other cross-border terrorist attacks perpetrated by Pakistan- based groups."

Briefing reporters on the meeting, Foreign Secretary, S Jaishankar said counter-terrorism was a major issue that was discussed between Trump and Modi Trump Meet during the day.


On the reference to Pakistan, he said the joint statement could not have been more explicit on the issue of cross border-terrorism being perpetrated by terror groups from the neighbouring country's soil.

"There was a broad and extensive discussion on Pakistan. On certain issues it was very detailed," he said, adding that there was a converging viewpoint of what is the problem and diagnose the problem. Read Full Story >>>

Monday 26 June 2017

Eid 2017: Delhi to get respite from heat today, says IMD

There are fair chances of rains on Monday night or early Tuesday: IMD

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The national capital on Sunday sizzled at 39.4 degree Celsius, two notches above the season's average, but respite is likely on Monday, when Eid Mubarak falls this year, would see light rains, said the weather department.

Current Affairs : According to the India Meteorological Department (IMD), there are fair chances of rains on Monday night or early Tuesday. Beside, thundery conditions on Sunday night would abate the weather situation and bring down the mercury to 35-36 degrees.

"Sunday was humid but Monday, the day of Eid, would be calm and weather would be pleasant throughout the day. Rains are most likely towards night, followed by early morning," an IMD official said.

The minimum temperature on Sunday was 30 degrees, two notches above the season's average, while the humidity oscillated between 40 to 80 per cent.

The maximum temperature on Saturday settled at 37.6 degrees Celsius, normal for the season's average and the minimum temperature was recorded at at 26.8 degrees Celsius.

Thursday 22 June 2017

Cartosat-2 launch tomorrow: Countdown for Isro's 'eye in the sky' begins

When Indian Army soldiers conducted surgical strikes, they had help from an 'eye in the sky'
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The 28-hour countdown operation of the PSLV-C38/Cartosat-2 series satellite mission started on Thursday at 05:29 hours IST.

This comes after the Mission Readiness Review Committee and Launch Authorisation Board cleared the countdown on Wednesday.

Current Affairs : The Indian Space Research Organisation (Isro) is gearing up to launch its Cartosat-2 series satellite for earth observation along with 30 co-passenger satellites.

Isro's workhorse, the Polar Satellite Launch Vehicle (PSLV), in its 40th flight (PSLV-C38), will carry these satellites into orbit. The rocket is scheduled to take off from the Sriharikota space port near Chennai at 9.29 am on Friday.

The rocket will carry the 712 Kg Cartosat-2 series satellite and 30 co-passenger satellites, together weighing about 243 Kg at lift-off, into a 505 Km polar Sun Synchronous Orbit.


The PSLV-C38 will be launched from the first launch pad of the Satish Dhawan Space Centre, Sriharikota. This will be the seventeenth flight of the PSLV in its 'XL' configuration (with the use of solid strap-on motors).

The primary Cartosat-2 series satellite is a remote sensing satellite. The imagery sent by the satellite will be useful for cartographic applications, urban and rural applications, coastal land use and regulation, utility management like road network monitoring, water distribution, creation of land use maps, change detection to bring out geographical and man-made features, and various other land information systems, as well as for geographical information system (GIS) applications.

The co-passenger satellites comprise 30 nano satellites from India and 14 other countries — Austria, Belgium, Chile, Czech Republic, Finland, France, Germany, Italy, Japan, Latvia, Lithuania, Slovakia, United Kingdom, and the United States of America. The total weight of all the satellites carried onboard PSLV-C38 is about 955 Kg.

The 30 international customer nano satellites are being launched as part of commercial arrangements with Antrix Corporation Limited (Antrix), Isro's commercial arm.

Wednesday 21 June 2017

Full text of Kumble's resignation letter as he quits as India head coach

Kumble stayed back in England instead of travelling with the team for their next assignment

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Current Affairs : Legendary leg-spinner Anil Kumble has decided against continuing as the head coach of the Indian cricket team, it was announced on Tuesday.

According to reports, Kumble, whose one-year tenure was scheduled to end at the conclusion of the ICC Champions Trophy in England and Wales, stayed back in England instead of travelling with the team for their next assignment in the West Indies.

Anil Kumble


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Tuesday 20 June 2017

Why NDA chose Bihar Governor Kovind, a Dalit leader, as President nominee

Kovind's name was a surprise to those who wanted somebody with a Hindutva image to be the candidate

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Politics News : Bihar Governor Ram Nath Kovind, a Dalit leader of the Bharatiya Janata Party (BJP), will be the presidential candidate of the National Democratic Alliance (NDA), and in all likelihood the next President of India.

The BJP Parliamentary Board decided Kovind's candidature at its meeting on Monday. Kovind is widely respected among political circles for his integrity and people remember his family to have led an abstemious lifestyle during his political career, including when he was a Rajya Sabha member from 1994 to 2006.

The BJP-led NDA has 48.6 per cent votes in the electoral college and has been promised support from regional parties like the Telangana Rashtra Samiti, YSR Congress Party, and All India Anna Dravida Munnetra Kazhagam.


BJP chief Amit Shah said his party has informed Opposition parties, including the Congress, about its decision. He said that Prime Minister Narendra Modi has spoken with Congress president Sonia Gandhi and former prime minister Manmohan Singh regarding the matter too. Shah expressed hope that other parties will support the NDA candidate. Kovind's name was a surprise to most, including those within the BJP and the Rashtriya Swayamsevak Sangh (RSS) who had been insisting that somebody with a Hindutva image be the NDA candidate. In the choice of Kovind, Modi and Shah seem to have outmanoeuvred not just the Opposition but also convinced the RSS leadership.

Given the political symbolism, several in the Opposition might find it difficult to oppose Kovind’s candidature. While the Left parties are set to field their own candidate as they consider this an ideological fight with the Sangh Parivar, many others like the Janata Dal (United) and Bahujan Samaj Party might not find it politically sagacious to oppose Kovind. Both parties have a significant Dalit support base. Other parties were yet to make their position public at the time of filing of this report. It would be very difficult even for the Congress to oppose his candidature.

The BJP’s choice of Kovind comes at a time when Dalit groups have protested in Uttar Pradesh against the Yogi Adityanath government and raised their voice about the increasing atrocities against Dalits by upper castes and cow vigilantes. Selecting Kovind should help the BJP’s efforts at consolidating its Dalit support base in the run up to the 2019 Lok Sabha polls. Kovind would become the second Dalit President of India, after KR Narayanan who served as the President from 1997 to 2002.

Shah said that Kovind will file his nomination on June 23. Kovind is a two-term Rajya Sabha member. His terms were from 1994 to 2000 and 2000 to 2006. Kovind is a lawyer by profession and he hails from the Kanpur rural district. "He is from the Dalit community and from humble beginnings he has struggled to reach a high office," Shah said. He said the NDA is yet to decide upon its vice-presidential candidate.

Monday 19 June 2017

ICC Champions Trophy: Pakistan army mocks India after victory

Pakistan won the Champions Trophy cricket final on Sunday by defeating India by 180 runs

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Current Affairs : Pakistan Army has mocked India after the country’s resounding victory in the Champions Trophy cricket final, sharing photos of celebrations in restive Balochistan with a caption “To whom it may concern’. Lay off”.

After posting photos of Army chief General Qamar Javed Bajwa with victory sign and soldiers dancing over Pakistani triumph over India at the Oval, military spokesman Major General Asif Ghafoor shared pictures from Balochistan where people were celebrating the victory.

“And this is Our Balochistan. ‘To whom it may concern’. Lay off,” he wrote along with photos.
The pictures were apparently in response to Prime Minister Narendra Modi’s Independence Day speech last year in which he had raised the issue Pakistan’s atrocities on people of Baluchistan and Pakistan-occupied Kashmir.

Ghafoor also posted a video showing people in Srinagar purportedly celebrating Pakistan’s victory over India.

“And this is………Srinagar!!” he wrote.

In another tweet, he said, “Valiant soldiers of Pakistan congrat Team Pak & Nation. United we shall defend Pak against all threats our enemies hatch.”

Pakistan won the Champions Trophy cricket final on Sunday by defeating India by 180 runs.

Thursday 15 June 2017

Where is no sex in booklet? AYUSH min slams reports on 'lust guidelines' for pregnancy

AYUSH said media paid selective attention to the suggestions on page 14 of the booklet

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Current Affairs : The Ministry of AYUSH on Wednesday termed the reports incorrect that said that an AYUSH booklet stated that pregnant women should control lust, hang "beautiful" pictures on the wall and shun non-vegetarian food to deliver a healthy baby.

In a statement, the AYUSH said, "Some reports have appeared in the print and electronic media since June 13, 2017 concerning the publication 'Mother and Child Care' of Central Council for Research in Yoga and Naturopathy (CCRYN), an autonomous body under the Ministry of AYUSH. Unfortunately, many of these reports are seen to be inaccurate, and some are even seen to misrepresent facts."

The Ministry said that nowhere in the booklet 'no sex' has been mentioned.

"Some news reports carry an assertion that the booklet puts forward the 'prescription' that 'pregnant women in India' should 'say no to sex after conception'. This is far from the truth. In fact, the words 'no sex' do not feature at all in the booklet," it added.

The AYUSH Ministry statement said that the media paid selective attention to the suggestions on page 14 of the booklet.

"The suggestion on page 14 of the booklet regarding avoiding certain types of food like tea, coffee, white flour products, fried and oily items and non-veg during pregnancy, is seen to have received selective attention. The suggestion that non-vegetarian food may be avoided (as Yoga & Naturopathy don't advocate non-vegetarian food in its practice) has been singled out for high-lighting in some reports, omitting the mention of white flour products, fried and oily items etc," it added.

The Ministry also termed the media claims 'incorrect' that the report that it was released by the Minister of State (IC) for AYUSH in the recent past.

"This publication has been in distribution through the units of the erstwhile Department of AYUSH and CCRYN since 2013. The report that it was released by the Minister of State (Independent Charge) for AYUSH in the recent past is incorrect," said the AYUSH in a statement. ReadMore

Wednesday 14 June 2017

Intense hate campaign against me by media knows no bounds: Vijay Mallya

Former Indian politician and billionaire businessman Vijay Mallya, centre, arrives for his extradition hearing arrives at Westminster Magistrates Court in London.

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After mocking India saying "keep dreaming about a billion pounds", fugitive loan defaulter Vijay Mallya took on the media for running an "intense hate campaign" against him.

"Intense hate campaign by Indian media against me knows no bounds. The GOI (Government of India) has filed a case which is before a UK court. Wait for verdict," he tweeted.

The Twitter post came after a London court pushed back the date of a hearing to decide whether he should be extradited to India.
Intense hate campaign by Indian media against me knows no bounds. The GOI has filed a case which is before a U.K. court. Wait for verdict.
— Vijay Mallya (@TheVijayMallya) June 14, 2017
Current Affairs : Mallya has had run-ins with the media previously as well. After his brazen appearance at a Champions Trophy cricket match, he had on June 4 tweeted: "Wide sensational media coverage on my attendance at the India vs Pakistan match at Edgbaston. I intend to attend all games to cheer the Indian team."

On Tuesday, the 61-year-old liquor baron had claimed he has "enough evidence" to plead his case in the Rs 9,000 crore loan default case and taunted India saying, "you can keep dreaming about a billion pounds".

"I deny all allegations that have been made and I will continue to deny them," he said after appearing before the Westminster Magistrates' Court for the hearing of an extradition case against him.
Chief Magistrate Emma Louise Arbuthnot granted him bail until December 4. The next hearing has been set for July 6.

He denied media reports that he was booed by Indian cricket fans when he arrived to watch the India vs South Africa cricket match at The Oval on Sunday, saying only a "couple of drunk" people had chanted "chor, chor" (thief, thief) but there were several others who came up to him and wished him well.

Monday 12 June 2017

India crush SA; to face Bangladesh in Champions Trophy semi-final

Man of the Match Jasprit Bumrah (2/28 in 8 overs) was on target with his blockhole deliveries
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Defending champions India VS South Africa in all departments of the game to enter the semi-finals of the ICC Champions Trophy with a comprehensive eight-wicket victory in London on Sunday.

India will meet Bangladesh in the semi-finals in Birmingham on Thursday.

The Proteas lived up to their 'Perennial Chokers' tag in a virtual quarter-final clash that turned out to be a thoroughly one-sided encounter.

Shikhar Dhawan (78 off 83 balls) and skipper Virat Kohli (76 off 101 balls) made it look like a walk in the park as India chased down a target of 192 in only 38 overs.

Current Affairs : It was Dhawan's third 50-plus score in the competition, while skipper Kohli made amends for a rare failure against Sri Lanka in style, notching up his 41st ODI half-century.

On a day when it mattered the most, India brought their A-game to the fore while AB de Villiers' men wilted under pressure, as it has been with them in high-stakes games.

The Indian bowling was disciplined, the fielding exceptional with three run-outs, and then there was a professional batting performance.

If it's the Champions Trophy 2017 , Dhawan can hardly put a foot wrong as he hit 12 fours and a flicked six off Morne Morkel over deep square leg.

If Dhawan muscled the ball through the off-side cordon, Kohli caressed it with care, hitting seven fours and a six as the duo added 128 runs for the second wicket.

A rhythm player to the core, Dhawan has made the best use of the second lease of life that he has got in this Champions Trophy. The ferocity with which he drove was a treat to watch. A lot of his shots were in the arc between cover and mid-off. When Imran Tahir bowled short, he pulled him with disdain.

Skipper Kohli also made merry with no pressure. He saw off Morkel's first spell before teeing off with a cover driven six off rookie pacer Andile Phehlykwayo.

He later used the extra pace of Morkel to hit him down the ground, whip him through mid-wicket and slash the pacer over the off-side cordon.

By the time India's total touched 100, the match was as good as over. It was Yuvraj Singh, who finished the match with a pulled six off JP Duminy. ReadMore >>>

Petrol pumps not to buy fuel from OMCs starting June 16, may go dry

Move comes in protest of daily change in petrol, diesel prices effective from June 16
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Current Affairs : Petrol pump owners in India have decided not to purchase fuel starting from June 16, protesting against the “unilateral” decision by the government to roll-out the daily revision of fuel prices nationally.

Though the associations are not terming it as a strike, they claim that “no-purchase” from June 16 onwards means petrol pumps are likely to go dry from the day their stock gets over. “It is not a strike, but there will be no purchase of petrol or diesel, starting from June 16,” Ajay Bansal, president of All India Petroleum Dealers' Association, told Business Standard. According to industry figures, India has about 57,000 fuel retail outlets, out of which state-run Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) have a combined network of close to 53,000 outlets.

Currently, IOC, BPCL and HPCL review retail fuel prices every fortnight taking into account of the global crude oil prices. The announcement of daily price revision of petrol and diesel came after a successful trial run starting from May 1 in five locations — Pondicherry, Chandigarh, Jamshedpur, Udaipur and Vishakhapatnam. Even private fuel retailers like Essar Oil and Reliance Industries too followed the system in these cities.


The dealers were worried because of the declining stock value and were demanding an increase in dealer commission, which is between two-three per cent now. According to sources, oil marketing companies are likely to take a call on dealer commission by June 30.

“Daily price revisions of petrol and diesel will make the retail prices more reflective of the current market conditions, minimising the volatility in the retail selling price. Further, it will lead to increased transparency in the system. This will also enable smoother flow of products from refinery and depots to retail outlets,” IOC had said in a statement last week.

Thursday 8 June 2017

Virat Kohli only Indian in Forbes highest paid athletes list, earns $22 mn

Cristiano Ronaldo topped the list with a total pay of $93 mn; Serena Williams sole woman listed
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Current Affairs : Indian cricket captain Virat Kohli is the sole sportsperson from the country to feature among the world's 100 highest paid athletes in the latest Forbes list topped by soccer star Cristiano Ronaldo.
Kohli, 28, has been ranked 89th on the 2017 Virat Kohli In Forbes List of 'The World's highest paid athletes' with a total pay of $22 million, which includes $3 million from salary and winnings and another $19 million from endorsements.
Describing Kohli as the "Indian cricket phenom", Forbes said the sports star has "for good reason" already drawn comparisons to all-time great Sachin Tendulkar.
It added that Kohli has continuously shattered batting records and in 2015 was named the captain of the Indian national team, making him one of the youngest players to ever hold the job.
It noted that last year, Kohli made nearly $1 million in salary and match fees from his national team play, and he's also among the Indian Premier League's highest-paid players thanks to a $2.3 million salary from Royal Challengers Bangalore.
"The vast majority of his income, however, comes from one of the sports world's most impressive sponsorships portfolios," Forbes said.
The list has been topped by Ronaldo with a total pay of $93 million. American basketball star LeBron James comes in at the second spot with $86.2 million, followed by Argentine footballer Lionel Messi (3) with $80 million, tennis star Roger Federer (4) with $64 million and American basketball player Kevin Durant. Read Full Story >>>

Wednesday 7 June 2017

Flights to Doha longer as Indian carriers skip UAE; take Pak, Iran routes

Flights from Mumbai and Kerala will also have to transit through these routes due torestrictions
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Current Affairs : Fliers from India will now spend an additional half hour on their flights to Doha, with the worsening crisis in the Persian Gulf prompting carriers to skip airspace over the UAE.
Air India Express, IndiGo and Jet Airways operate flights between Indian cities and Doha. Flights out of Delhi fly over Pakistan and Iran to reach the Qatari capital. Those from Mumbai and Kerala used to fly over Oman and the UAE. These will now also fly over Pakistan and Iran.
On Monday, Saudi Qatar Rift , the UAE, Bahrain, Egypt and Yemen severed diplomatic ties with Qatar, accusing Doha of supporting terrorism. They also suspended air, sea and land transport.
The UAE also asked all foreign airlines to obtain prior clearance to use its airspace for Doha flights. The situation worsened on Tuesday, with Bahrain and Saudi Arabia revoking the licence of Qatar Airways to operate in their territory.
With tension high, India airlines are preparing to deal with the crisis.
“All scheduled flights to and from Doha will operate on the alternative northern routes via Iran, avoiding the UAE airspace,” said a Jet Airways spokesperson. “As a result, flights will be 10 to 40 minutes longer.”
He added the airline was planning to augment its crew to deal with the additional flying time.
Jet is also trying to get clearance from the General Civil Aviation Authority (GCAA) of the UAE to fly over the country. “Our schedules have been provided to the GCAA. Once approved, we will be able to resume operating on the normal routes,” the airline said.
Last year, around 1.6 million passengers travelled between India and Doha, making it the fifth-busiest destination in the Gulf for travellers from here, after Dubai, Muscat, Kuwait and Jeddah. This figure does not include onward traffic.
Qatar Airways flies to 14 cities in India; 70-80 per cent of its passengers travel onward.
Aviation sources said Qatar Airways might drop fares to sustain its bookings. “Qatar relies on traffic from its neighbouring countries. Now, the airline will depend more on India and other such nations to fill up its flights to Europe and the US.”
Air traffic to the Gulf is thin during Ramzan, but domestic airways have experienced an increase in booking. This is because those who had booked one-stop flights, through Dubai or Sharjah, are now buying tickets on other flights, a sector executive said. Read More

Sunday 4 June 2017

ICC Champions Trophy: Top 8 memorable India vs Pakistan matches

Ahead of the Champions Trophy clash, we look at India-Pakistan ODI matches in ICC tournaments
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The most awaited contest in the ICC Champions Trophy, 2017, will be the one between arch-rivals India and Pakistan -- on Sunday, June 4, at Edgbaston, Birmingham. The match is sure to refresh the age-old rivalry followed closely over decades, and it promises to be one of the highlights of the tournament.
While India VS Pakistan Cricket matches had been more common in earlier years of this decade, things have changed in the past few years, and India-Pak clashes on cricket field have become few and far in between. Matches in marquee ICC tournaments have an added significance, given the prize that any team wins is much bigger. While India has never lost a match to Pakistan in World Cup tournaments, it has been beated in two of the three times the two teams have met in Champions Trophy tournaments.
India-Pakistan Cricket has been known to stop traffic, give people racing heartbeats and force students to skip studies even during exams. Fans expect Sunday's match to be nothing short of great, despite Indian captain Virat Kohli playing down the importance of this clash and branding it as 'any other match'. Even as we wonder if India will begin its defence of the Champions Trophy title on a successful note, let's take a look at earlier memorable India-Pakistan matches in World Cup and Champions Trophy tournaments.
1. 1992 World Cup
2. 1996 World Cup
3. 2003 World Cup
4. 2004 Champions Trophy
5. 2009 Champions Trophy
6. 2011 World Cup
7. 2013 Champions Trophy
8. 2015 World Cup
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Thursday 1 June 2017

How to link your Aadhaar with PAN through just an SMS

Link Aadhaar with PAN because from July 1, 2017 all tax returns will have to mention Aadhaar number

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Now you can link your Aadhaar with PAN using just an SMS. Your mobile number and e-mail id will help you receive alerts related to your Aadhaar and to access Aadhaar services easily. The Income Tax Department on Wednesday issued advertisements and described how both the unique identity numbers of an individual can be linked by sending an SMS to either 567678 or 56161.
Here is how you can use the SMS facility to link Aadhaar with PAN
Send SMS to 567678 or 56161 in following format:
UIDPAN<SPACE><12 digit Aadhaar><Space><10 digit PAN>
Example:
UIDPAN 111133333321 AAAAAEEEEE
Why is it important to link Aadhaar with PAN?
The Income Tax Department is urging taxpayers to link their Aadhaar with their PAN, using an SMS-based facility because from July 1, 2017, all tax returns will have to mention the Aadhaar number.
If you have both the permanent account number (PAN) and Aadhaar, you need to link the two. If you fail to do so, your PAN number could become invalid.
How to link your Aadhaar to PAN online:
1. Log on to incometa-xindiaefiling.gov.in. (This step is not compulsory. You can directly jump to Step 2, if you do not wish to log in)
2. Click on ‘Link Aadhaar’
3. A pop up window will appear. Enter your Aadhaar number, PAN number and name as per Aadhaar
4. Enter captcha and click on ‘Link Aadhaar’.
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ALSO READ: Link Aadhaar with PAN using SMS: I-T dept
Linking mobile number with Aadhaar
You need to do this offline.
—Visit your nearest Aadhaar centre to get the Aadhar Update/Correction Form or download it from the UIDAI website.
— Fill out the form correctly; submit it to the concerned person at the centre and mention on the form that only mobile number is to be updated.
— While submitting the update form, along with photocopy of your Aadhaar card you also need to provide photocopy of an Identity proof document such as PAN Card, Passport, Voter ID card
— Following the submission, your biometrics will be verified at the enrolment centre. Your thumb impression will be verified. While applying for Aadhaar your biometrics were recorded and to authenticate the changes, they are verified.
— After verifying the biometrics, you will be given an acknowledgement slip. Usually, it takes 2-5 working days for the update to happen but as per the UIDAI helpline, the turnaround time for the update is 10 days. | READMORE…

India GDP to grow faster in FY18 at 7.5%: Moody's

Moody’s said the inflation rate in India has steadily declined to 3 per cent as of April

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The Indian economy will grow at 7.5 per cent in the current fiscal, which rate will accelerate to 8 per cent in about four years, US rating agency Moody’s said on Wednesday ahead of the release of GDP figures for 2016-17 later in the day.
“We expect marginally faster growth in India. According to our forecast the economy will grow 7.5 per cent in fiscal year 2017 (2017-18) and 7.7 per cent in fiscal year 2018 (2018-19),” Moody’s Investors Service said in its Global Macro Outlook.
“Overall, we continue to believe that economic growth will gradually accelerate to around 8 per cent over the next three to four years,” it said,
The American agency also said that the negative impact of the November 8 demonetisation of high-value currency on the economy was limited in size and duration.
“The ruling BJP’s victory in the Uttar Pradesh state elections indicates that the government has remained politically popular despite the demonetisation exercise,” the report said.
The government has pushed through major reforms like further liberalising foreign direct investment (FDI) rules in a number of key sectors, the Direct Benefit Transfer scheme for food, fertiliser and kerosene subsidies, the Goods and Services Tax (GST) and a National Bankruptcy Code.
“Together, these will help reduce inefficiencies and improve trend growth over the long run,” Moody’s said.
The rating agency, however, cautioned that “persistent banking sector weakness from a high proportion of delinquent loans on bank balance sheets will weigh on growth, if not resolved, by constraining credit for investment-related activity”.
“Private sector investment has remained weak despite progress on reforms, suggesting that some hurdles to investment remain binding in many cases.”
Moody’s said the inflation rate in India has steadily declined to 3 per cent as of April, owing to weaker food price inflation.
“We believe that the inflation rate will rise to around 5 per cent by the end of this year, once the effect of this temporary factor fades,” it said. | READMORE…

Triple Talaq: Patriarchy not just a 'women's issue', marriage no holy cow

From academic jargon, the word 'patriarchy' has come a long way in the Indian public sphere. But it has a long way to go yet ...