JANUARY 2019-ECONOMY NEWS |
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GST on Haj Reduced from 18% to 5%
Union Minister for Minority Affairs Mukhtar Abbas Naqvi stated that GST on Haj has been reduced from 18% to 5% and this will significantly lower the airfare thus saving Haj pilgrims’ 113 crore rupees this year.
Mr. Naqvi also stated that for the first time since the independence 2,340 women from India will go on 2019 Haj without Mehram.
India’s growth to accelerate from 7.4% to 7.6% in FY20: UN Report
With robust private consumption and 7.4% GDP growth rate in the current fiscal, the Indian economy is expected to accelerate at a rate of 7.6% in 2019-20, according to a report by the United Nations titled United Nations’ World Economic Situation and Prospects (WESP) 2019.
As per the report, the world trade growth moderated over the course of 2018 to 3.8% from growth of 5.3% in 2017.
India knock Down UK In Largest Economy Rankings
India surpassed the UK in the 2019 rankings of world’s largest economies by increased rate 1.65% GDP growth.
India became the World’s Fifth-Largest Economy.
France also surpassed the UK in the world’s largest economy rankings in 2019, knocking it from fifth to seventh place with an increased rate of 1.7% GDP.
China’s Economy Grew at 6.6% in 2018, Slowest Rate in 3 Decades
China’s economy grew at 6.6% in 2018, its slowest rate in almost 3 decades.
The world’s 2nd biggest economy was grappling with the effects of the current trade war with the US and declining exports.
In the 3 months to December, the economy grew 6.4% from a year earlier, down from 6.5 % in the previous quarter.
India to Surpass UK in World’s Largest Economy Rankings in 2019: PwC
India is likely to surpass the United Kingdom in the world’s largest economy rankings in 2019, to become the world’s fifth largest economy, according to a report by global consultancy firm PwC.
PwC’s Global Economy Watch report projects real GDP growth of 1.6% for the UK, 1.7% for France and 7.6% for India in 2019.
GDP to be A Tad Higher to 7.5% in FY20: India Ratings
India Ratings and Research (Ind-Ra), a Fitch Group Company, estimated India’s GDP growth could touch 7.5 % in the financial year 2019-20 as against 7.2 % during current fiscal i.e. 2018-19.
India Ratings believes investments are slowly but steadily gaining traction with gross fixed capital formation growing 12.2 % in FY19 and projected to clock 10.3 % in FY20.
Consumer retail inflation fell 18-month-low to 2.19% in December 2018: CSO report
According to an official release by Central Statistics Office (CSO), citing cooling food and fuel prices as the reasons, it stated that wholesale and retail inflation reduced to a multi month low with CPI falling to an 18-month low.
India to become world’s third largest consumer market by 2030: WEF
A report by World Economic Forum said that India is set to become the world’s third largest consumer market behind only USA and China by 2030.
The report said consumer spending in India is expected to grow from 1.5 trillion US dollar at present to six trillion US dollar by 2030.
The report said that with the annual GDP growth rate of 7.5 percent, India is currently the world’s sixth largest economy.
Per Capita Income Doubled In 7 Years: CSO
The income earned by an average Indian doubled in 7 years, from Rs 63,642 per year in 2011-12 to Rs 1.25 lakh in 2018-19, the first advance estimates of national income released by the Central Statistics Office (CSO) show.
The year-on-year growth in per capita income had touched its bottom in 2017-18 under the current national accounts series (the base year 2011-12) at 8.6 %. In 2018-19, it has bounced back to 11.1%.
CSO Forecasts Indian Economy to Grow at 7.2% in 2018-19
Releasing the first advance estimates of National Income for 2018-19, Central Statistics Office (CSO) stated that the growth in GDP during 2018-19 is estimated at 7.2% as compared to the growth rate of 6.7% in 2017-18, mainly due to improvement in the performance of agriculture and manufacturing sectors.
CII Forecasts India’s Economy to Grow 7.5% In 2019
Growth Outlook for 2019’, Confederation of Indian Industry (CII) stated that India will remain the fastest growing major economy with GDP growth estimated to be 7.5% in FY19.
RBI to have lending restrictions on banks under the PCA (prompt and corrective action) and create a limited special liquidity window to meet emergencies of financial institutions.
India’s core sector growth drops to a 16-month low in November
The data from the Ministry of Commerce and Industries has shown that the growth in the eight core sectors of the economy fell to a 16-month low of 3.5 per cent in November.
The eight core sectors are coal, crude oil, natural gas, refinery products, fertilizer, steel, cement and electricity.
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