Category — Politics

World Bank Expects India’s Growth at 7.2% in 2017

A World Bank report said that after a modest setback, India’s economic growth is expected to pick up speed from 6.8% in 2016 to 7.2% by 2017. Further, growth is expected to gather momentum by 2019 when the Indian economy is expected to expand by 7.7%.

World Bank Logo

The report also confirmed that South Asia remains the fastest-growing region in the world, gradually increasing its lead relative to East Asia. Regional GDP growth is expected to rise from 6.7% in 2016 to 6.8% in 2017, and 7.1% in 2018, reports the Times of India.

April 24, 2017   No Comments

India’s Government Creates $1.2 Billion Dairy Fund

While presenting the annual budget for 2017, India’s minister for finance, Arun Jaitley, announced the setting up of a Dairy Processing and Infrastructure Fund through the National Bank for Agriculture and Rural Development. The fund corpus of $1.2 billion will be disbursed over a period of three years, starting with $296 million for the first year.

Cows grazing

According to India’s National Dairy Development Board, milk production in India is rising and collaterally so is dairy consumption. An average of 18.5% of the monthly budget for food is spent on dairy products in the rural areas, while in urban areas the average is 20.25%, says the Dairy Reporter.

April 23, 2017   No Comments

India in Top 8 on Global FDI Confidence Index

With 31 percent of the surveyed respondents being more optimistic on the economic outlook over the next three years, India has jumped one spot to rank 8th in the 2017 AT Kearney Foreign Direct Investment (FDI) Confidence Index.

Vikas Kaushal, partner and head of India at U.K.-based AT Kearney said, “Investors see India as a vast and diverse up-and-coming market with plans to increase investments there over the near to medium term. Reform efforts by the current government have improved the country’s investment environment. India’s vast domestic market is an added attraction for foreign companies. Investors are looking at India’s phenomenal economic performance as a key selling point. It is forecast to be the fastest-growing major economy in the world in the coming years, which should provide a variety of investment opportunities to global firms.”

Magazine with Investment Report written on it

Business Standard reports that according to Kearney, 70 percent of the respondents plan to maintain or increase their FDI in India in the coming years. The government will eliminate the need for FDI approvals in sectors where licenses are also required, such as defense, telecommunications and broadcasting.

April 20, 2017   No Comments

Australia Readies Uranium Supply for India

At a joint news conference in New Delhi with visiting Australian Prime Minister Malcolm Turnbull, and Prime Minister Narendra Modi, Turnbull said Australia was looking forward to the first export of Australian uranium to India as soon as possible. “We have worked closely with India to meet our respective requirements for the provision of fuel for India’s civil nuclear program,” he said. “Now we are working with India to secure timely conclusion of a quality Regional Comprehensive Economic Partnership, which would provide a significant boost to regional confidence,” he added.

Indian Prime Minister Modi said that cooperation between the two countries in the energy sector, including renewable energy, was on the upswing.

Turnbull and Modi at Akshardham Temple

The two leaders inaugurated a research center on nano and bio technology. At the event, Modi said that the Australia-India Research Fund of nearly $100 million “has focused on collaborative research projects in the areas such as nano-technology, smart cities, infrastructure, agriculture and disease control.”

April 20, 2017   No Comments

National Security Advisor McMaster meets PM Modi

On his first official visit to the region, United States National Security Advisor H.R. McMaster,  met Prime Minister Narendra Modi in New Delhi, this week. McMaster is the highest ranking Trump administration official to visit India so far.

“The two sides discussed a range of bilateral and regional issues, including their shared interest in increasing defense and counter-terrorism cooperation,” the U.S. Embassy in New Delhi said after the meetings. “NSA McMaster emphasized the importance of the U.S.-India strategic relationship and reaffirmed India’s designation as a major defense partner,” it said, noting that the meetings were ‘productive’.

McMaster-Modi Meeting

The Indian side said, “The Prime Minister recalled his positive telephonic conversations with President Trump that reaffirmed the importance attached by both sides to the strategic partnership and to stepping up India-U.S. engagement across the board.”

During the meeting, both McMaster and Modi exchanged views on “how both countries can work together to effectively address the challenge of terrorism and to advance regional peace, security and stability,” reports the Indian Express.

 

April 20, 2017   No Comments