by admin | May 25, 2021 | Economy, Investing, Markets, News
New Delhi : Indian economic activity rebounded in July after the implementation of the pan-India Goods and Services Tax (GST), following a moderation in growth in the previous month, American investment banker Jefferies said on Tuesday.
“Economic activity saw a sharp rebound in July, post the GST-led moderation in June, with our Activity Index growth improving to best levels in 9 months led by consumption indicators,” Jefferies said in a report titled “Growth rebounds from GST lows”.
“The improvement was led largely by rebound in consumption indicators and railway freight,” it said.
“The momentum indicator, though, remained in neutral zone as trends in freight and industry data are mixed and foreign trade growth has moderated,” it added.
Jefferies said the key positive in July was the sharp acceleration in auto sales and uptick in electricity consumption and railway traffic.
The key negatives were the moderation in foreign trade and consequently port traffic and the weak credit growth, it added.
Weak credit growth and low private investment has been an ongoing problem in India for some time now.
A joint study study by Assocham and rating agency Crisil released on Tuesday said weak investments challenge sustainable growth and private investments are unlikely to pick up before 2019 owing to low capacity utilisation and weak balance sheets.
Corporate India is currently heavily overleveraged as a result of flush of investments made in the boom period preceeding the global economic slowdown caused by the US financial crisis of 2008-09. The loans taken by the private sector account for a substantial part of the massive accumulated non-performing assets (NPAs), or bad loans, of state-run banks in India.
—IANS
by admin | May 25, 2021 | Economy, News, Politics
Dominic Asquith
Kolkata : India’s economic success and development are vital to the global economy and to Britain’s interests across South Asia, the British envoy to India said here on Thursday.
“India’s economic success and development are vital to the global economy and to UK interests across South Asia, and to global priorities like sustainable development goals,” British High Commissioner to India Dominic Asquith said during an interaction with students of Heritage School of Technology here.
Asquith underlined the target action areas.
“The target action areas include improvement in the business environment, skill development, employment generation, energy security and developing smarter cities as engines of growth,” said the senior diplomat.
Noting that India was currently the world’s ninth largest economy and predicted to become the third largest by 2050, he observed that its economy was now the fastest growing globally.
“It is the third largest emitter of greenhouse gases despite 300 million people lacking access to energy,” said Asquith.
He saw education, skills and entrepreneurship as the backbone of the UK-India future partnership.
“I hope the next gen in both countries will take advantage of the opportunities available to become Living Bridges connecting the people of both nations across political, economic and social platforms,” said the High Commissioner.
Asquith said the UK India Education and Research Initiative in its first two phases has supported over 1000 new education and research partnerships that aim to deliver long term prosperity benefits for both the UK and India.
The programme has also facilitated 25,000 exchanges of academicians, researchers, staff and students, creating lifelong links between the UK and India and over 35 million young people have benefited through train the trainer programmes.
—IANS
