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Economy and Business

The economy is in deep trouble. Growth indicators have been in constant decline. In the April-June quarter, growth plummeted to a dismal 5.7 per cent. In all likelihood, growth for fiscal 2017-18 will be below 7 per cent.

 

Yashwant Sinha’s recent article (‘I need to speak up now‘, IE, September 27) about the economy concludes more in hope, than on facts, that the economy is headed for a “hard landing”. He joins some others in a desperate attempt to build a narrative of a failing economy. This is wishful thinking because nothing is further from the truth.

 

The GST was India’s second tryst with destiny and introduced with the great hope that it would help India achieve economic greatness.

 

Several articles have been written recently on the challenges facing the Indian economy. Unfortunately, these articles draw sweeping conclusions from a narrow set of facts, and quite simply miss the fundamental structural reforms that are transforming the economy. Moreover, one or two quarters of GDP growth and other macro data are quite inadequate to evaluate the long-term impact of the structural reforms underway.

 

I remember the day in July 2008 when the price of crude oil touched $147 a barrel. I remember the day when the King of Saudi Arabia convened a conference of oil-producing and oil-consuming countries to discuss the crisis of rising oil prices. I led the Indian delegation that included Murli Deora, then minister of petroleum.

 

The World Bank’s Atlas of Sustainable Development Goals paints a striking image of India’s poverty reduction record in the past 25 or so years. India extricated 120 million people from extreme poverty between 1990 and 2013.

 

Many questions are being asked about the consumer price of oil. Why is the price today the same as it was when the crude price was twice as high? Aren’t the oil marketing companies (OMCs) making undue profits?

 

The Afghan government has launched a plan to expand the cultivation of saffron next year, in the latest move to boost the domestic economy in the militancy-hit country.

 

The GDP growth number for the latest quarter (2017Q2) was bad, very bad. It came in at a year-on-year growth of 5.7 per cent. Just to provide a perspective — the low growth reported was the eighth worse quarter since 2011, and the 14th worst quarter since the start of the high growth period in 2003/04.

 


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Review
 
 
 
 
spotlight image Minister of State (Independent Charge) for Housing and Urban Affairs, Hardeep Singh Puri, is a former top diplomat who retired as India's Permanent Representative at the United Nations. In his new political avatar, as an important minister in the government of Prime Minister Narendra Modi, Puri told INDIA REVIEW & ANALYSIS that
 
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Aimed at consolidating cooperation between the armed forces of India and Saudi Arabia and explore new avenues of defence cooperation, Chairman, Chiefs of Staff Committee and Naval Chief Admiral Sunil Lanba, visited Saudi Arabia on from 4-8 February 2018, writes Anil Bhut
 
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Campus placement season is here and the news is that graduates from the top campuses in India, especially the IITs, have received six figure pay packets and job offers in the US. However, looking beyond the top 200 engineering schools in India, pay packets are not looking too promising. The reason is the emergence of new engineering sc
 
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Since the NDA government converted the ‘Look East’ Policy to the ‘Act East’ policy, there has been a greater sense of strategic engagement with the ASEAN, writes Gurjit Singh
 
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The UN will be making contacts with Maldives leaders in response to the request by the opposition leaders for Secretary-General Antonio Guterres to oversee the all-party talks proposed by that nation's President Abdulla Yameen, Guterres's Spokesperson Stephane Dujarric said Friday.
 
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Srinivasan leaves his office in Bengaluru where the lights and air-conditioners are switched off when sensors planted inside notice that he is leaving. He is prompted on his e-watch as to how much time it would take for the elevator to arrive on his floor, based on movement-recognition, writes Rajendra Shende
 
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The Indian government is undertaking a project to enhance and install infrastructures related to trade and customs along its northeastern frontier, that include trading points with Bhutan.

 
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Society for Policy Studies in association with India Habitat Centre held a lecture in the “2022: The India We Seek”

 
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Title: Do We Not Bleed?: Reflections of a 21-st Century Pakistani; Author: Mehr Tarar; Publisher: Aleph Book Company; Pages: 240; Price: Rs 599

 
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Book: A Time of Madness; Author: Salman Rashid; Publisher: Aleph; Price: Rs 299; Pages: 127

 
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