First & Foremost Asian Weekly in Europe
INDIA SET TO BECOME WORLD'S FASTEST GROWING ECONOMY Vol 46 Issue 38
3rd Febuary to 9th February 2018
In a strong clapback at sceptics of the ruling government, it has been predicted that India's economic growth would accelerate to 7 to 7.5 per cent in the 2018-19 financial year. The Economic Survey 2018, which was tabled in the Parliament on Monday, has vouched that the country will bounce back as the world's fastest-growing major economy, adding that even though the Finance Ministry had planned to reduce the fiscal deficit from an estimated 3.2 per cent of GDP this year to 3 per cent in 2018-19, the economic momentum can be credited to a pause in the move towards a lower deficit. India's Chief Economic Adviser Arvind Subramanian and his team, while preparing the report, wittingly laid out the policy agenda for the coming year. They have called out to support agriculture, stabilise GST, finish resolution and recapitalisation, privatise Air India, and head off macroeconomic pressures. “The cycle calls for ambitious consolidation but the political cycle calls for maybe a more modest consolidation so it has to be a balance between the two,” Subramanian told the press after the report was released to both the Houses by Finance Minister Arun Jaitley. The
annual report card of the economy said, “A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent during this fiscal year (2017-18) and will rise to 7 to 7.5 per cent in 2018-19, thereby reinstating India as the world's fastest-growing major economy.” Boosted by stronger private investment and exports, the recovery forecast comes at a time when rival China expects its economy to slow to a 6.56.8 per cent growth rate this year. Subramanian said, “The economy seems to be picking up quite nicely and robustly as the temporary impact of
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Let noble thoughts come to us from every side 80p
In the afternoon of the Republic Day of India, scene outside the iconic building of the High Commission of India in Aldwych, Central London, was tense. Clashes erupted between pro-Pakistani and proKhalistani groups demanding a free Kashmir and Khalistan from India, on the other hand supporters of India stood there with Indian flags, what could be said
defending their country of origin and their rights over these two parts of the land. Lord Nazir Ahmed, a pro-Pakistan peer in the House of Lords, organised a "black day" protest demanding the freedom of Kashmir and Khalistan. The protest was aimed at highlighting the ‘oppression of india’. Continued on page 16
Military Grandeur, Cultural Diversity Rule Republic Day
Arvind Subramanian
demonetisation and GST has been decimated.” The survey has also cautioned that persistently high oil prices will forever pose as a key risk for a country that depends on imports for almost 80 per cent of fuel.
Anti-India violent clash breaks out in London
A sharper judicial system It also stressed on the need for extensive reforms of the judicial system with a view to promote ease of doing.
Unadkat Scores Big
Continued on page 26
Saurashtra cricketer Jaydev Unadkat became the second most expensive player in this IPL season after England all-rounder Ben Stokes. The left-arm pacer went for a mind boggling £1.15 million while Ben Stokes fetched £1.25 million. Bothe of them were grabbed by Rajasthan Royals. Starting off at a base price of £150,000, the 26year-old was among the hot picks given his T20 credentials which includes 24 Continued on page 31 wickets last season.
India and the Indian community abroad celebrated its 69th Republic Day with pomp and fervour, making tributes to the resilient strength of the country and its constitution. Full report on page 17