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Showing posts from March 12, 2015

IMF raises India growth forecast to 7.2 % this fiscal

The International Monetary Fund (IMF) has forecast India will grow 7.5 per cent in 2015-16, up from 7.2 per cent in the current year, a projection less optimistic than that of the Modi government. In the Union budget 2015, the government estimated growth of up to 8.5 per cent in 2015-16. The Indian economy is the bright spot in the global landscape, becoming one of the fastest-growing big emerging market economies in the world, the IMF said in an official statement. The report stressed the urgency of certain key reforms, including the bottlenecks in the energy, mining and power sectors; infrastructure gaps, land acquisition processes and environmental clearances. In its annual assessment of the Indian economy in the mandatory Article IV annual report, the IMF said that India’s vulnerabilities have receded more than those of most emerging markets and sentiment has been revived. “The Indian economy is reviving, helped by positive policy actions that have improved confidence and lower g…

It is not Finance Commission’s business to judge states’ capability to utilise funds: Former RBI Governor

The recommendations of the 14th Finance Commission headed by former RBI Governor YV Reddy, which was accepted by the government and announced during this year’s Budget marks a huge transformative shift in public finance and in terms of fiscal autonomy for states with higher transfer of funds — 42 per cent compared to previous Commissions. The Commission’s award is expected to usher in a new era of both co-operative and competitive federalism. Dr Reddy, spoke to Shaji

In the Seychelles, Modi boosts security cooperation

He is the first Indian PM to visit the island nation in 34 years Prime Minister Narendra Modi clicks a picture during dedication of the India - Seychelles cooperation project 'Coastal Surveillance Radar System' in Mahe, Seychelles, on Wednesday.— PHOTO: PTI Terming Seychelles a “trusted friend and a strong strategic partner,” Prime Minister Narendra Modi on Wednesday wrapped up the first leg of his three-nation tour of the Indian Ocean countries with both nations underlining the need for comprehensive cooperation in the region. “Our security partnership is strong. It has enabled us to fulfil our shared responsibility to advance maritime security in the region,” Mr. Modi said. He is the first Indian Prime Minister to visit Seychelles in 34 years. Highlighting India’s push for regional integration, Mr. Modi observed: “We also hope that Seychelles will soon be a full partner in the maritime security cooperation between India, Maldives and Sri Lanka.” During his meeting with Seyc…