AV 21st April 2018

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First & Foremost Asian Weekly in Europe

Vol 46 Issue 49

R

21st April to 27th April 2018

India to grow at 7.4 per cent in 2018: IMF nThe International Monetary Fund (IMF) has predicted that India will grow at 7.4 per cent in 2018, and 7.8 per cent in 2019, leaving rival China behind at 6.6 and 6.4 per cent respectively in the two years. It said that with growth picking up after falling sharply in the second quarter of 2017 due to “one-off factors”, the country will re-emerge as one of the fastest growing major economies in 2018 and 2019. In the latest World Economic Outlook (WEO), IMF has projected the same growth rate it did last October. India's growth rate was 7.1 per cent in 2016, as against China's 6.7 per cent. The latest forecast is unchanged “with the short-term firming of growth driven by a recovery from the transitory effects of the currency exchange initiative and implementation of the national goods and services tax, and supported by strong private consumption growth,” the WEO said. According to the IMF, India has made progress on structural reforms in the recent past, including

through the implementation of the GST, which will help reduce internal barriers to trade, increase efficiency, and improve tax compliance. “While the medium-term growth outlook for India is strong, an important challenge is to enhance inclusiveness,” the report said. The IMF said main priorities for lifting constraints on job creation and ensuring that the demographic dividend is not wasted are to ease labour market rigidities, reduce infrastructure bottlenecks, and improve educational outcomes. The WEO said growth in China and India last year was supported by resurgent net exports and strong private consumption, respectively, while investment growth slowed. Continued on page 31

Let noble thoughts come to us from every side 80p

UK WELCOMES MODI Rupanjana Dutta

There is a lot of excitement surrounding Narendra Modi’s visit to London from 17-20 April. Reaching the UK at night on 17th April from Sweden for Commonwealth Heads of Government Meeting (CHOGM), his visit will focus on the Indians in Britain, who the Prime Minister calls as the ‘living bridge’. We still remember the uproar in Wembley stadium, when he slowly walked in with the then UK Prime Minister David Cameron. 40,000 people went absolutely hysteric to see and hear the Indian Prime Minister addressing his ‘mitron’ (friends) on the UK soil. Fast forward to 2018, the diaspora is equally excited to welcome NaMo and there are five vans going around London, celebrating the honourable Prime Minister of India's visit, connecting the two nations.

Modi's visit to Sweden for Nordic Summit Ditching his usual kurta, Prime Minister Narendra Modi gave his fans a surprise when he chose to wear a grey blazer paired with black trousers and a crew-neck t-shirt on his historic visit to Sweden. The Indian leader reached the Scandinavian nation on Monday and became the first Indian Prime Minister to arrive for a bilateral visit in the last 30 years. He met the Indian diaspora within minutes of arriving in the country. Modi called upon Swedish King Carl XVI Gustaf on Tuesday, and later held talks with

counterpart Stefan Löfven and Sweden's Enterprise Minister Mikael Damberg. Both the leaders later announced a joint press conference stating that Sweden would allocate 50 million kronor to an “innovation partnership” with India. Löfven listed a number of sustainable “modern solutions” his country had to offer, including smart cities, green tech and innovation. After, Modi was welcomed by children in traditional Indian costume on his arrival at the Stockholm City Hall, where he held a roundtable meeting with Swedish CEOs. He exhorted the top businessmen

to invest in India and participate in flagship initiatives. Around 30 CEOs or company representatives participated in the meeting. Swedish Trade Commissioner to India, Carsten Gronblad said, “One of the main message from the speakers was that they consid-

er India as a very strategic market and that they would like to partner India meeting certain challenges. If we look at Swedish investments, they are increasing over the last few years. Continued on page 23

See our special section ‘NAMO: THE MAKING OF A MODERN INDIA’ to celebrate Prime Minister Narendra Modi’s visit to the UK, from P13-20


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