Tag: economy

India transforming and will become third largest economy in world by 2030: VP Dhankhar

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Kaithal: India is transforming and will become the third largest economy in the world by 2030, Vice President Jagdeep Dhankhar said on Sunday.
Addressing a gathering at a state-level programme on saint Dhanna Bhagat’s birth anniversary in Haryana’s Kaithal, Dhankhar said India’s prestige in the world has never been as high as it is now.
Haryana Chief Minister Manohar Lal Khattar also attended the event.

The vice president said the contributions of saints in the country’s history have been tremendous.
“Today the country is witnessing something that was never imagined before…. India has become the fifth largest economy, surpassing the Britishers who had ruled us for 200 years, and farmers and workers have a major contribution in this.
“By the end of this decade…India will be the third largest economy on this planet,” he said.
Referring to the construction of a Ram temple in Ayodhya, the vice president said many people had expressed doubt whether it would ever be built but today it is a reality. The temple is being built following the ancient Indian architecture, he said and quoted a Hindi film dialogue to highlight the value of saints in the Indian society.
Dhankhar lauded the Haryana government for celebrating the birth anniversary of Dhanna Bhagat on a large scale.

At the event, Khattar announced that his government will install a big statue of Dhanna Bhagat in Dhanauri or a nearby area. He also announced that a medical college being constructed in Kaithal will be named after Dhanna Bhagat.
Speaking at the event, the vice president said that farmers are the backbone of the country’s economy and added more than Rs 2.25 lakh crore has been disbursed to more than 11 crore farmers under a government scheme.
He said that India is transforming, adding people are getting benefits at their doorstep due to technology.
Dhankhar also hailed the role played by religious leaders during the COVID-19 pandemic.
“Our sants encouraged every person to help the needy during the COVID-19 pandemic and at that time, there was no crisis in our country…,” he said.
He also lauded the role played by khap panchayats, saying they are strong and have foresight.
Dhankhar asserted that those who gave their sweat and blood for the country’s freedom can never be forgotten.
Dhankhar, his wife and Khattar also offered prayers at Dhanna Bhagat temple in Dhanauri village.
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#India #transforming #largest #economy #world #Dhankhar
( With inputs from www.siasat.com )

April 23, 2023
India will become third largest economy by 2030: VP Dhankhar

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Kaithal: India is transforming and will become the third largest economy in the world by 2030, Vice President Jagdeep Dhankhar said on Sunday.
Addressing a gathering at a state-level programme on saint Dhanna Bhagat’s birth anniversary in Haryana’s Kaithal, Dhankhar said India’s prestige in the world has never been as high as it is now.
Haryana Chief Minister Manohar Lal Khattar also attended the event.

The vice president said the contributions of saints in the country’s history have been tremendous.
“Today the country is witnessing something that was never imagined before…. India has become the fifth largest economy, surpassing the Britishers who had ruled us for 200 years, and farmers and workers have a major contribution in this.
“By the end of this decade…India will be the third largest economy on this planet,” he said.
Referring to the construction of a Ram temple in Ayodhya, the vice president said many people had expressed doubt whether it would ever be built but today it is a reality. The temple is being built following the ancient Indian architecture, he said and quoted a Hindi film dialogue to highlight the value of saints in the Indian society.
Dhankhar lauded the Haryana government for celebrating the birth anniversary of Dhanna Bhagat on a large scale.

At the event, Khattar announced that his government will install a big statue of Dhanna Bhagat in Dhanauri or a nearby area. He also announced that a medical college being constructed in Kaithal will be named after Dhanna Bhagat.
Speaking at the event, the vice president said that farmers are the backbone of the country’s economy and added more than Rs 2.25 lakh crore has been disbursed to more than 11 crore farmers under a government scheme.
He said that India is transforming, adding people are getting benefits at their doorstep due to technology.
Dhankhar also hailed the role played by religious leaders during the COVID-19 pandemic.
“Our sants encouraged every person to help the needy during the COVID-19 pandemic and at that time, there was no crisis in our country…,” he said.
He also lauded the role played by khap panchayats, saying they are strong and have foresight.
Dhankhar asserted that those who gave their sweat and blood for the country’s freedom can never be forgotten.
Dhankhar, his wife and Khattar also offered prayers at Dhanna Bhagat temple in Dhanauri village.
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#India #largest #economy #Dhankhar
( With inputs from www.siasat.com )

April 23, 2023
Malaysians mark Eid-ul-Fitr as economy recovers

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Kuala Lumpur: Malaysia’s Muslims marked the Eid-ul-Fitr festival on Saturday as the country sees economic recovery, instilling a more positive vibe in the country following years of disruptions and uncertainty.
With a renewed interest in international travel and trade, Malaysians looked forward to the festival, which typically begins with a trip back to hometowns and a reunion with family members, reports Xinhua news agency.
For sales executive Nadirah Naim, this year will be a more joyous celebration as the economy has jump-started and all forms of pandemic restrictions have been withdrawn, encouraging her family and relatives to meet up without hesitation.

“Last year was not easy. (COVID-19) cases were still high. My company was not certain about its future and there was talk of reducing the number of staff. It was still a gloomy time,” she told Xinhua.
“But this year there is a feeling of being set free. My job is stable, and I do not have the same anxiety that I faced previously. My family will be meeting up in our hometown in Negeri Sembilan (state). I am looking forward to seeing them, especially those who I have not seen in years,” she added.
Meanwhile, Khairudin Nizam, who operates a consultancy in Kuala Lumpur also chimed in, explaining that he felt he had more to spend this year and would do so to make up for previous years, when he could not celebrate as freely.
“Our family’s hometown is right in this state, but we have not met each other often, even during the Eid-ul-Fitr season of last year. There was still uncertainty, whether from the pandemic or the poor economy. But things have turned around. This year will be the first real celebration in the recent years,” he said.
The movement of people to their hometowns is especially felt in the capital Kuala Lumpur, with the usually busy roads being relatively free, with more tourists than locals walking around in parts of the city.

This contrasts with heavy traffic along the country’s main interstate highways, with the Malaysian Highway Authority expecting an increased volume of 2.3 million cars daily over the festival period.
The country’s king Sultan Abdullah Sultan Ahmad Shah urged Malaysians to be grateful for the peaceful coexistence of the various ethnic and religious groups in the country, who are free to conduct worship and celebrate their respective festivals with joy and excitement.
“Transcending borders and differences, Malaysians celebrate holy festivals of various religions in harmony and by visiting each other. Malaysians can also continue their daily lives with a sense of tolerance and without any gaps between races and religions,” he said in a televised speech.
For his part, Prime Minister Anwar Ibrahim called on Malaysians to strengthen unity by visiting each other during the festival period, in a separate address.
He also spoke on the importance of promoting mercy and compassion in Malaysia’s pursuit of development and progress.
“I would also like to stress that the spirit of unity and sacrifice be fostered and the attitude of kindness and mercy be extended to the weak and destitute and those who are marginalised,” he said.
Malaysia is one of the most multicultural nations in Southeast Asia, with a population of about 33 million.
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#Malaysians #mark #EidulFitr #economy #recovers
( With inputs from www.siasat.com )

April 22, 2023
Kriti Sanon opts for budgeted flight, flies economy class to Indore

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Mumbai: Ditching the luxury of a first class in an airplane, actress Kriti Sanon channelled her inner ‘aam aadmi’ as she took a budgeted flight and flew economy class to Indore.
Celebrity paparazzi Viral Bhayani posted a video of Kriti from the economy Indigo 6E flight. Kriti was seen in a white dress and a pink shawl over her shoulders.

Another video showed her sitting as she played with a toddler sitting in front of her. The toddler and Kriti were seen holding hands and playing and Kriti even blew kisses to the kid.

On the work front, Kriti will be seen next with Shahid Kapoor in an untitled romantic movie. She also has ‘Adipurush’ with Prabhas.
Kriti also has ‘Ganapath’ with her ‘Heropanti’ co-star Tiger Shroff. The film is slated for release this year.
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#Kriti #Sanon #opts #budgeted #flight #flies #economy #class #Indore

( With inputs from www.siasat.com )

April 22, 2023
Israel’s economy minister Nir Barkat calls for Indian investors

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New Delhi: Visiting Israeli Minister of Economy Nir Barkat has called for more Indian investors in Israel and mentioned that the acquirement of the strategic Israeli port of Haifa by Adani Group is a “testimony that we trust the Indian business people.”
“I think it’s a fact that Israel allowed an Indian company to acquire one of the two ports Israel has. It’s a testimony that we trust the Indian business people. We trust the Indian government,” he said in an interview with ANI.
“I want to welcome more investors to invest in Israel. It’s in the benefit, best interest of both sides, both countries and people and we believe it’s a good investment and we want to make sure that the return on investment is such that more investors from India will come to invest in Israel’s high-tech startup infrastructure. We’d love that,” he added.

Last July, Adani in partnership with Israel’s Gadot Group, secured rights to buy 100 per cent shares of Haifa Port Company Ltd. The Port of Haifa is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.
Earlier this month, former Ambassador of Israel to India Ron Malka was appointed as Executive Chairman of the Haifa Port owned by Adani Group and its Israeli partner Gadot Group.
On India’s G20 Presidency, the minister said that G20 is a big accomplishment of India.
Speaking further about combating the terror challenges together, the minister said terrorism is a global challenge and Israel is working with India to combat the menace. Talking about Iran, the minister said “we will never surrender to terror.”
“Terrorism is not just an Israeli challenge. It’s a global challenge. We knew, we are working together with India on how to make a better world, how to have better agriculture, food, water, health, and how to use technology to have a better world. But, unfortunately, the terrorists want to wipe Israel off the map. They are working together with Iran and Iran is funding global terrorism in our region,” the minister said.

“They are funding Hezbollah in Lebanon, Hamas in Gaza and regimes in Syria and other places, and they pose a threat to Israel. And just the other week or two weeks ago, unfortunately, the terrorists killed three members of a family, just because they were Jews. Just for being Jews, they were murdered. Israel has developed a very clear message, we will never surrender to terror and if God forbid the proxies in Lebanon and the Iranian proxies will try to target Israel, we will hit Iran,” he added.
The Israeli Minister also spoke on how India and Israel share a lot of experience in security and in counterterrorism.
“Israel has demonstrated that we know how to strike peace with Egypt for 40 years, with Jordan for 25 years now. Thank God, we have the Abraham Accord. And the last thing I would say on this point is that both Israel and India have similar challenges, here in a tough neighbourhood. We are challenged together and that’s why we share a lot of our experience in security and in counterterrorism together on how to become offensive because the best defence is offence and we share that knowledge with our friends here in India,” he said.
Further speaking on the opportunity of collaboration and India-Israel ties, the Minister said that he was inspired by the collaboration between the Israeli economy and the Indian economy and added that Israelis love Indians and Indians love Israelis.
On the Free trade agreement, the Minister said that he believes that the big opportunity is in the business world and will check out the opportunity to do a Free Trade Agreement, side-by-side with the business development between the nations adding that he is very optimistic that “we’ll be able to do really good deals together”.
“It’s about sharing best practices. I just finished the meeting with Minister Piyush, discussing the collaborative work that we need to do together. Each side brings its knowledge and experience, skills to this relationship. Israel brings technology, entrepreneurship, ideas that are usually fresh and new and the scope and the size of India are certainly relevant for us Israelis. Once we know how to solve and create joint ventures together in India and market to a big country like India, then it’s easier to go to the rest of the world,” the Israeli economy minister said.
Talking about the recent protests in his country, the minister said that he was proud of his democracy and that “we’ll have to sit together and figure out how we make those reforms in a way that is accepted widely by the Israeli public”.
“I’m proud of our democracy. Like other big democracies in the world, we saw a big dispute in England between Pro Brexit and against Brexit. In the United States, there are challenges between Republicans and Democrats. We’re a real democracy in the fact that people are willing and want to go and demonstrate in the street. They care about our country. And we’ll sort it out. We’ve sorted bigger issues in our lives before. We believe in democracy. We believe that the changes we want to bring are going to improve the democracy. Other people think otherwise, we’ll have to sit together and figure out how we make those reforms in a way that is accepted widely by the Israeli public. You know that there are ups and downs in every country,” the minister said.
Talking further about the Israel – Palestine conflict, the Minister said that the “Palestinians will have to get to an understanding to recognize Israel and that we have our right to exist” and “when they come up with the real will to do peace, we will strike peace with the Palestinians”.
On being asked when India can expect other ministers including Netanyahu to visit the country, the minister said that “he is going to recommend friends in the government, that it’s a big opportunity of doing a lot of business in India”.
“I’ll speak to the foreign minister that I believe will come shortly. And I strongly recommend, Prime Minister Netanyahu to come and pay a visit and see Modi again here in India and hopefully, we could propose some really important progress on the way we do business together in the near future. I am thrilled and excited about the opportunity and I’m going back home, extremely happy and inspired by this trip,” the minister said.
Expressing his happiness over his India visit, the minister applauded India’s religious tolerance and was happy to see India scaling and growing.
“It’s a huge opportunity and the love that I received here in India is second to no other place in the world and it’s just wonderful. I also said that the religious tolerance here is something that is very special. The tolerance between people. I was mayor of the city of Jerusalem, which is very tolerant. In one-quarter of a square mile, you have more mosques, synagogues and churches than anywhere in the world and the fact that all of these religions are respected. You can go walk the streets and see practising Muslims, Christians and Jews, practising their religion side-by-side. That reminds me of that kind of tolerance. I’m very happy to see how India is scaling and growing,” he added.
(Except for the headline, the story has not been edited by Siasat staff and is published from a syndicated feed.)
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#Israels #economy #minister #Nir #Barkat #calls #Indian #investors
( With inputs from www.siasat.com )

April 19, 2023
India an emerging space economy: Jitendra Singh

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Shillong: India is one of the very few countries that have built end-to-end capability in space technologies, Union Minister of State for Space Jitendra Singh said on Monday.
Addressing the precursor event of the G20 Space Economy Leaders Meeting (SELM), Singh said India is an emerging space economy.
“India is one of the very few countries that have built end-to-end capability in space. Over the years, space technology has penetrated all walks of life. As a result, there is a huge demand for space-based services which have huge commercial potential,” he said.

He said the government has decided to open up the space sector for the private sector and help companies to enhance their participation in end-to-end space activities with the hand-holding of ISRO.
The increased private industry participation will eventually result in an increased contribution of India in the global space economy, he said.
G20 sherpa of India Amitabh Kant said the G20 countries should collaborate on three key areas — manufacturing in space, mining in space and energy in space.
“I suggest three key areas of collaboration — manufacturing in space, energy in space and mining in space. These will form the foundation on which the G20 will be able to build the civilisation of its shared vision,” he said.
“I am firm in my belief that we must start by developing and implementing new space applications for socio-economic development,” he said.

He also insisted that policies that create an enabling environment for development and trade in the new space era should be formulated by G20 to allow further collaboration among the member countries.
Speaking at the programme, Meghalaya Chief Minister Conrad K Sangma said the Indian Space Policy 2023 will allow more start-ups to enter the sector.
“With the government clearing the space policy, start-ups would be encouraged to enter the sector and make investments,” he told PTI on the sidelines of the event in Shillong.
“India has a huge resource of entrepreneurs. I am happy that the policy will allow youngsters to venture into this sector. On behalf of the state government, we will support them,” he added.
With all states of the Northeast hosting G20 events, Sangma said the region was contributing to the overall economic activity of the country.
He lauded the North Eastern Space Application Centre for assisting the state in forecast rainfalls, allowing it to prepare for floods.
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#India #emerging #space #economy #Jitendra #Singh
( With inputs from www.siasat.com )

April 17, 2023
Hyderabad to host 2nd meeting of G20 Digital Economy Working Group

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Hyderabad: The Ministry of Electronics and Information Technology (MeitY) will organise the second in-person meeting of G20 Digital Economy Working Group (DEWG) here from April 17-19, officials said on Sunday.
Speaking to reporters here, MeitY Secretary Alkesh Kumar Sharma and Telecom Secretary K Rajaraman said the inaugural address will be given by Union Minister of State for Communications Devusinh Chauhan and Union Minister of State for Social Justice and Empowerment A Narayanaswamy.
The side events would focus primarily on digital connectivity and would comprise of three panel discussions on the thematic areas namely ‘High Speed Mobile Broadband and its impacts on lives, society and industry’, ‘Digital Inclusion: Connecting the Unconnected’, and ‘Sustainable, Green Digital Infrastructure: Challenges and Opportunities,’ the officials said.

Global experts will share their experience in emerging and telecom technologies and on technology led inclusive development.
On the second and third day of the meetings, G20 members, invited guests from countries and international organisations would discuss extensively on the actionable deliverables in priority areas namely ‘Digital Public Infrastructure’, ‘Cybersecurity’ and ‘Digital Skilling’.
The delegates would visit Indian Institute of Technology (IIT), Hyderabad, to gain first-hand knowledge of India’s expertise in the emerging digital and telecom technologies namely 5G-i, 6G, Internet of Things (IoT) and various cases pertaining to welfare of citizens, the officials said.
A workshop titled ‘Multi-stakeholder Consultation for Mutual Recognition of Digital Skills’ would also be held on April 18.
The ‘Stay Safe Online (SSO)’ campaign and ‘G20 Digital Innovation Alliance (DIA)’ have been launched under Indian Presidency to engage with common people especially youths and entrepreneurs in G20 Member States, the officials said.

As part of India’s G20 presidency, MeitY had organised the first Digital Economy Working Group meeting in Lucknow in February.
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#Hyderabad #host #2nd #meeting #G20 #Digital #Economy #Working #Group
( With inputs from www.siasat.com )

April 16, 2023
Sitharaman meets IMF’s Gita Gopinath, discusses downside risks to economy

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New Delhi: Union Finance minister Nirmala Sitharaman met IMF Deputy Managing Director Gita Gopinath in Washington D.C., during which she noted the monetary body’s concerns on key downside risks to the economy including financial sector stress, inflation and geo-political fragmentation as well as faltering growth in China.
The meeting took place on Tuesday on the sidelines of the IMF-World Bank Spring Meetings.
According to the Finance Ministry, Sitharaman congratulated Gopinath for accelerating India’s work on the Global Sovereign Debt Roundtable along with the World Bank and reiterated New Delhi’s commitment to foster efforts to address growing debt vulnerabilities.

Sitharaman also acknowledged IMF’s support to India’s G20 Presidency in the form of inputs towards developing evidence-based policy guidance.
Meanwhile, the top IMF official congratulated the Union Minister on the “fruitful discussions that translated the February consensus on the need for a globally coordinated policy response on crypto assets into an agreed set of guiding principles and an action plan on crypto assets”, said the Ministry.
Taking to Twitter following the meeting, Gopinath said: “Had a very good discussion with Finance Minister Sitharaman at the IMF-World Bank spring meetings, to discuss the progress being made under India’s G20 Presidency on debt issues and crypto related challenges.”
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#Sitharaman #meets #IMFs #Gita #Gopinath #discusses #downside #risks #economy
( With inputs from www.siasat.com )

April 12, 2023
‘Something is going to go boom’: IMF chief warns of a more fragile global economy

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But she said she did not think the world economy was headed toward a replay of the 2008 global financial crisis, despite problems in the banking sector that have surfaced in the United States and Switzerland.
“This is not 2008,” even though the high-profile collapse of Silicon Valley Bank last month has conjured up that concern, Georgieva said.
The 2008 crisis happened because too many financial institutions carried assets on their books that turned out to be highly overvalued. “We don’t have that now. The financial system, both banking and non-banking, is much cleaner,” Georgieva said.
During her wide-ranging remarks, Georgieva also warned about the potential negative economic impacts of the world dividing into different geopolitical camps because of frictions caused by Russia’s war in Ukraine and other forces that are fueling suspicions between the United States and China.
While it’s important for the West to stand up for its values, the frostier relations become, the more of a toll it would take on global economic growth, she said, referring to IMF research which estimates the potential loss from trade ranging from $200 billion to $7 trillion, or equal to about 0.2 percent to 7 percent of global gross domestic product.
“It makes sense to aim to be on the lower end of this cost spectrum,” Georgieva said.
The IMF chief recently returned from a trip to Beijing, where she had a chance to meet with the new economic team, including Premier Li Qiang, who took office on March 23, as part of Xi Jinping’s team for his third term as Chinese president. She described Li as “very practical, down to earth, very approachable, very clear in a commitment for China to continue to open up to be friendly to foreign investors.”
Despite the growing tensions between the U.S. and China, Georgieva said the message she received from Chinese officials was positive.

“The message that I got is that China is committed to multilateralism. They’re committed to trade that is based on rules. They’re committed to opening up the economy, as they have done so far. And they’re committed to play a constructive role vis-a-vis the developing world, including debt restructuring,” she said.
She also defended the United States’ Inflation Reduction Act against the criticism that — despite its name — it is actually fueling inflation by injecting massive amounts of government spending into the system.
“The Inflation Reduction Act is not that big on the scale of things … It is something that is going to be spent over a number of years. So it’s not going to make a big push on inflation,” she said.
Still, the current environment of higher inflation means governments should be cautious when it comes to new spending programs, she added.
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#boom #IMF #chief #warns #fragile #global #economy
( With inputs from : www.politico.com )

April 6, 2023
Global economy heading for weakest period of growth since 1990: IMF chief

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Washington: The global economy is heading for the weakest period of growth since 1990 as higher interest rates set by the world’s top central banks drive up borrowing costs for households and businesses, the head of the International Monetary Fund has warned, a media outlet reported.
Kristalina Georgieva, the IMF’s managing director, said that a sharp slowdown in the world economy last year after the aftershocks of the Covid pandemic and the Russian invasion of Ukraine would continue in 2023, and risked persisting for the next five years, The Guardian reported.
In a curtainraiser speech before the fund’s spring meetings in Washington DC next week, she said that the global growth would remain about 3 percent over the next five years – its lowest medium-term growth forecast since 1990.

“This makes it even harder to reduce poverty, heal the economic scars of the Covid crisis and provide new and better opportunities for all,” Georgieva said.
In a downbeat assessment as the world grapples with the worst inflation shock in decades, she said economic activity was slowing across advanced economies in particular. While there was some momentum from developing nations – including China and India – low-income countries were also suffering from higher borrowing costs and falling demand for their exports, the media outlet reported.
Ahead of the IMF publishing revised economic forecasts next week, Georgieva said global growth in 2022 had collapsed by almost half since the initial rebound from the Covid pandemic in 2021, sliding from 6.1 percent to 3.4 percent. With high inflation, rising borrowing costs and mounting geopolitical tensions, she said global growth was on track to drop below 3 percent in 2023 and remain weak for years to come.
As many as 90 percent of advanced economies would experience a decline in their growth rate this year, she warned, with activity in the US and the eurozone hit by higher interest rates, it added.
Comparing the challenge to “climbing one ‘great hill’ after another”, Georgieva said there were still more problems to overcome: “First was Covid, then Russia’s invasion of Ukraine, inflation and a cost of living crisis that hit everyone.”

“So far, we have proven to be resilient climbers. But the path ahead – and especially the path back to robust growth – is rough and foggy, and the ropes that hold us together may be weaker now than they were just a few years ago,” she was quoted as saying by the media outlet.
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( With inputs from www.siasat.com )

April 6, 2023