Inflation to stay below RBI's target of 4%: Economic Survey
Inflation to stay below RBI's target of 4%: Economic Survey
Tough to achieve 7.5% GDP growth predicted in February, Finance Ministry admits in Economic Survey
12 August, 2017, 00:13
Citing deflationary impulses, it stressed that farm revenues, decline in non-cereal food prices, loan waivers, fiscal tightening and declining profitability in the power and telecom sectors are weighing on the economy.
In a first of its kind mid-year economic survey, the government highlighted that achieving the upper-end of 6.75-7.5 percent growth will be hard in 2017-18, putting to rest earlier projections that cited a growth rate of 6.75-7.5 percent in the current fiscal. Retail inflation in June fell to its lowest level in more than five years to 1.54 per cent. "The apparent resilience was even more marked in nominal growth magnitudes because both nominal GVA and GDP growth accelerated by over 1 percentage point in 2016-17 compared with 2015-16".
The Federation of Indian Chambers of Commerce and Industry (FICCI) urged for the need to enable a further cut down of policy rates by the Reserve Bank of India (RBI), to spur demand and help ease the pressure on corporate balance sheets. Such loan waivers, the Survey said, could reduce aggregate demand by as much as 0.7 per cent of GDP, imparting a significant deflationary shock to the economy.
" CPI inflation by March likely to remain below 4 per cent".
His Survey stated that there was "considerable" scope for further easing in monetary policy as the repo rate was 25-75 basis above the neutral rate. "Cyclical conditions suggest that the policy rate should actually be below".
To prop up agriculture sector, he prescribed remunerative minimum support prices (MSPs) for crops backed by effective procurement.
"The survey is a comprehensive and forthright document which lucidly and cogently articulates the current challenges and offers credible solutions for restoring the economy on its potential growth path", CII Director General Chandrajit Banerjee said in a statement.
The Economic Survey said, "Various factors such as launch of the GST; Positive impacts of demonetisation; decision in principle to privatise Air India; further rationalisation of energy subsidies and Actions to address the Twin Balance Sheet (TBS) challenge contribute to this optimism". "Demonetisation should continue to pay dividends over time as the impetus towards formalising the economy and expanding tax base that it has set in motion continues".
In the United States, the sector growth growth decelerated to 1.9 per cent in 2016 from 2.8 per cent in 2015 mainly due to slowdown in sectors like real estate, professional and business services.
He said the Survey has also rightly pin-pointed the moderation in growth in industrial output as also services, the key drivers of the economy. The Survey wanted stock limits and movement curbs on farm goods to end and credit off-take from banks to pick up. "Lower rates will also facilitate the twin balance sheet problem resolution process", it said. Also, the removal of checkposts and easing of transport constraints after Goods and Service Tax (GST) implementation can provide some short-term fillip to economic activity.
Ministry spokesman Khaled Megahed told state television that more than a 100 people were also injured in the collision. Have you read Trendiee Today? Abu Homs said he fears the death toll and the number of injured could rise further.
The one area McConnell has criticized the president for is his use of Twitter , something he repeated his speech Monday. The remarks came after Trump attacked the Senate majority leader in several statements on Twitter in recent days.
Also on the pay-per-view undercard is the ten-round USBA cruiserweight title fight between Andrew Tabiti and Steve Cunningham . There were hints of the famous brashness though, when he said: "I didn't say I couldn't fight".
The qualified approval by the auditor marks a step forward for Toshiba in maintaining its Tokyo Stock Exchange listing. It was good news for a company confronted with delisting fears and legal battles with Western Digital.
Yadier Molina cracked a grand slam in the sixth inning - one pitch after a cat ran on the field and delayed the game - to lift St. That gives him the most games with 10+ strikeouts by a Red Sox pitcher in a season since Pedro Martinez in 2000.
The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.13. Snap began floating on the United States stock market in March this year for an initial offer price of $17 a share.
As part of the announcement, Disney also says they have purchased an additional 42 percent of BAMTech for $1.58 billion. It will use BAMTech's technology to launch direct-to-consumer streaming services for ESPN and Disney movies .
During an interview in Kenya with journalist Vauldi Carelse, former president Thabo Mbeki also called for MPs to vote honestly. Hiding behind the secret vote, some of the 249 ANC parliamentarians supported the opposition motion, according to the result.
It is unclear whether the meeting will involve all 28 European Union member states, or only affected countries. If consumed in large quantities by humans it can damage the kidneys, liver, and thyroid glands.
This included several bank accounts, a life insurance policy, the ownership of several LLCs, as well as a used 2016 Tesla S. It has been heard that the actress has some possibility of inheriting more than the amount of property disclosed.
The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link . The Tricadia Capital Management Llc holds 4.48 million shares with $27.53 million value, down from 4.98 million last quarter.
TTV Dinakaran is 420: Tamil Nadu CM E Palaniswamy
A meeting presided over by Palaniswami said the appointment of Dinakaran as deputy general secretary was against party rules. Interestingly, neither faction is ready for a fresh poll when four more years are left before the next assembly polls.
Korea releases jailed Canadian pastor: official media
Lim's case, a government official said Tuesday, but the delegation was also to raise "other issues of regional concern". North Korea is ranked #1 on Open Door USA's World Watch List of countries where Christians face the most persecution.
50000 tourists evacuated after China quake
The massive quake struck at 9:19 PM (local time) Tuesday and the epicenter was monitored at a depth of 20 km, it said. Sichuan's government says around 250 were injured in the quake, and tens of thousands of tourists evacuated.
White House remains silent following Minnesota mosque bombing
Soon after he made the statement, authorities in the Philippines said the incident was linked to a robbery, not terrorism. The idea that reporting suspicious incidents could leave people being labeled as "Islamophobic" has to end, Gorka said .
Trump's childhood home can now be rented on Airbnb
Misha Hagani, the principal of Paramount Realty USA, confirmed the listing's authenticity in an interview with Newsday . The house was built by Mr Trump's father, developer Fred Trump, in 1940 and is listed on Mr Trump's birth certificate.
PS4 System Software Update 5.0 details leak
You'll also be able to manage these privileges via a web application that you can access on computer or smartphone. PlayStation 4's upcoming firmware update 5.0 will allow PS4 Pro owners to stream via Twitch at 1080p and 60fps.
Aurora St. Luke's ranked top hospital in Milwaukee area
Lurie Children's Hospital of Chicago the top children's hospital in IL and the 7th best children's hospital in the country. A hospital with more national rankings in the 12 data-driven specialties outranks a hospital with fewer national rankings.
J&K: 3 terrorists killed in Tral, Pulwama; encounter underway
He was also accused of thrashing and torturing some Special Police Officers at gunpoint and circulated the scenes on social media. At places irate crowds of youth clashed with the security forces who fired teargas canisters to quell stone-pelting mobs.
IPhone 8 case gives another look at design
However, this means one more dongle for Apple users as they will have to purchase a lighting to USB-C adapter for the same. There is the now familiar cutout at the top for camera and infrared sensors, with no home button at the bottom.