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India's GDP expected to reach $5 trillion by 2025: Economic Affairs SecyThe number of dealers registered in the GST database increased by about four million in the fiscal year of the roll out, which is about 60 per cent higher than unique assesses registered earlier in the VAT network in the country. AFP file photo

India's GDP expected to reach $5 trillion by 2025: Economic Affairs Secy

22 Apr 2018 | 7:30 PM

WASHINGTON: India is poised to remain the fastest growing large economy in the world and its GDP is expected to reach USD 5 trillion by 2025 as the economic reforms adopted in the last few years have started to bear fruit, a top Indian official has told the World Bank.

[ + read story ]

Washington, April 22

India is poised to remain the fastest growing large economy in the world and its GDP is expected to reach USD 5 trillion by 2025 as the economic reforms adopted in the last few years have started to bear fruit, a top Indian official has told the World Bank.

Giving an overview of the South Asian countries—Bhutan, Nepal, Bangladesh and Sri Lanka—Economic Affairs Secretary Subhash Chandra Garg said India continued to be a beacon of growth in the region.

"India is poised to remain as the fastest growing large economy in the world. In 2018, we expect India to grow at over 7.4 per cent," Garg told the 97th meeting of the Development Committee of the World Bank here yesterday.

Transformational reforms such as Goods and Services Tax (GST) and initiatives such as Insolvency and Bankruptcy code, recapitalisation of banks, and unclogging of infrastructure investments will support such elevated growth, he told the World Bank.

"In the last few years, India has undertaken massive structural reforms toward formalisation of the economy and fostering digital financial inclusion," he said, adding that the country had grown at an average of 7.2 per cent per annum in the last four years and was continuing on the trajectory of sustained growth.

“India's GDP is expected to reach a volume of $5 trillion by FY2025 by leveraging on digitisation, globalisation, favourable demographics and structural reforms,” Garg added.

In the absence of Union Finance Minister Arun Jaitley, Garg is leading the Indian delegation for the annual Spring Meeting of the International Monetary Fund and the World Bank.

India, he said, has accorded top priority to addressing its infrastructure deficit to sustain economic growth. Steps have been taken to mobilise funds from various sources for development of infrastructurethat includes, inter alia, launching of innovative financial vehicles, he added.

India has begun undertaking a major programme of monetising brown field assets of Central Public Sector Undertakings (CPSUs) as a separate asset class for infrastructure investments, Garg said.

"In the field of digitisation, India has completed the ambitious task of connecting 100,000 gram panchayats through high-speed optical fibre network under phase-I of the Bharat Net project," he said, adding that it has enabled broadband access to over 200 million Indians living in about 250,000 villages.

The government also proposes to set up 500,000 wi-fi hotspots that will provide broadband access to 50 million rural citizens, Garg said.

Around 470 Agricultural Produce Market Committees (APMCs) have been connected to the electronic National Agriculture Market (e-NAM) network providing a unified national market for agricultural commodities, he added.

Garg told the World Bank that one of the key features of India's economic performance in recent years has been the speed and scale of implementation of reforms.

"Recent upgrade of the sovereign rating reflects India's strength, speed and scale of these ongoing reforms," he said.

Noting that India rolled out the GST in July 2017, Garg said within a short span of eight months, monthly earnings from GST have crossed $12.7 billion.            

The number of dealers registered in the GST database increased by about four million in the fiscal year of the roll out, which is about 60 per cent higher than unique assesses registered earlier in the VAT network in the country.

India's massive leap in the Ease of Doing Business rankings from 142 in 2014 to 100 in 2017 is testimony to India's commitment to long-term reforms for an open and vibrant economy. This is also reflected in strong FDI inflows, which have grown from $34.3 billion in 2012-13 to $60.1 billion in 2016-17, he added.

In the arena of financial inclusion, the Jan-Dhan Yojana, launched in August 2014, has rapidly expanded banking services for the hitherto deprived sections, he said.

Over 313 million bank accounts have been opened and savings of about $11.510 billion has been mobilised under the scheme to date, Garg said.

For providing access to financial facilities by small businesses, India rolled out the Mudra Yojana in April 2015 and had supported over 115 million small businesses by sanctioning loans of $77.66 billion so far, he claimed.

Noting that India is pursuing a path of clean and climate responsible growth, Garg said the country aimed to achieve about 40 per cent cumulative installed power capacity from non-fossil fuel based energy resources by 2030 with the help of transfer of technology and low cost international finance. PTI

World Bank approves massive USD 13 billion increase in capital

World Bank approves massive USD 13 billion increase in capital

22 Apr 2018 | 10:47 AM

WASHINGTON: In a major development, the World Bank Group has endorsed an ambitious package of measures that include a USD 13 billion increase in paid-in capital. The decision came late Saturday along with a series of internal reforms.

Lender tears into Jaypee Infra bid evaluation process, calls for fair review

22 Apr 2018 | 11:22 AM

NEW DELHI: A key lender to bankruptcy-hit Jaypee Infratech has ripped apart the bid evaluation process followed by the resolution professional conducting the auction of the firm, saying it has “serious deficiencies and shortcomings.”

DeMo led to highest fake notes, dubious transactions: Report

DeMo led to highest fake notes, dubious transactions: Report

21 Apr 2018 | 12:45 AM

NEW DELHI: The country’s banks received an all-time high amount of fake currency and also detected an over 480% jump in suspicious transactions post demonetisation, a first-ever report on dubious deposits made in the wake of the 2016 notes ban has revealed.

Apple loses $60bn over reports of weak smartphone demand in 2018

Apple loses $60bn over reports of weak smartphone demand in 2018

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TAIPEI: Apple lost over $60 billion in market cap in two days after Taiwan Semiconductor, Apple’s biggest supplier, said in an earnings that second-quarter revenues would be hit by “weak demand from the mobile sector”.

US-China trade war to hurt global growth: EIU

21 Apr 2018 | 12:37 PM

NEW DELHI: A high-octane trade dispute between the world’s two largest economies—China and the US—will harm global trade this year as it would give rise to protectionism, an EIU report says.

TCS m-cap nears $100 bn

21 Apr 2018 | 12:45 AM

NEW DELHI: TCS moved closer to the $100 billion-mark in market capitalisation (m-cap) as its share price surged nearly 7% on Friday, adding about $6.2 billion to its valuation.

AC makers ramp up capacity to meet increased demand

21 Apr 2018 | 12:45 AM

CHANDIGARH: Anticipating higher sales this summer season, room air-conditioner makers such as Daikin, Blue Star and Panasonic are ramping up their manufacturing capacity to the meet the demand.

KKR-backed Radiant Life Care bids for Fortis

21 Apr 2018 | 12:45 AM

NEW DELHI: Fortis Healthcare said it has received a non-binding expression of interest from KKR-backed Radiant Life Care, making it the fifth bidder for the beleaguered firm.

Chipmaker Qualcomm to lay off 1,500 employees to cut costs

21 Apr 2018 | 11:37 AM

LOS ANGELES: US Chipmaker Qualcomm started to cut jobs at its facilities in California in order to meet the company’s promise to investors to cut costs by $1 billion.

Mobile number, bank a/c details must for NPS

21 Apr 2018 | 12:45 AM

NEW DELHI: The Pension Fund Regulatory and Development Authority (PFRDA) has decided to make bank account details and mobile number mandatory for National Pension Scheme (NPS) subscribers.

IMF expects India’s role to expand in Indo-Pacific region

IMF expects India’s role to expand in Indo-Pacific region

21 Apr 2018 | 10:43 AM

UNITED NATIONS: The International Monetary Fund expects India’s role in the Indo-Pacific region’s development to continue to expand because of its robust growth, but it has to carry out more trade reforms, Ken Kang, the deputy director in IMF’s Asia Pacific Department said on Friday.

DeMO led to highest fake currency, dubious transactions: Report

DeMO led to highest fake currency, dubious transactions: Report

20 Apr 2018 | 10:16 PM

NEW DELHI: The country’s banks received an all-time high amount of fake currency and also detected an over 480 per cent jump in suspicious transactions post-demonetisation, a first-ever report on dubious deposits made in the wake of the 2016 notes ban has revealed.

Indo-US ties need stronger economic bond to realise potential: Subramanian

Indo-US ties need stronger economic bond to realise potential: Subramanian

20 Apr 2018 | 2:32 PM

WASHINGTON: The India-US relationship cannot realise its full potential without stronger economic bond, Chief Economic Adviser Arvind Subramanian has said.

Cash crunch  to be over today: SBI

Cash crunch to be over today: SBI

20 Apr 2018 | 11:42 AM

NEW DELHI:The currency crunch seen in many parts of the country in the past few days showed signs of easing on Thursday with 86 per cent of ATMs coming online, cash being transported to deficit areas and government presses working overtime to print new notes, officials said.

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