The Indian economy has grown by leaps and bounds after attaining Independence in 1947. The history of trade and commerce in the Indian subcontinent can be divided into many phases — deindustrialization induced by colonization, socialist central planning in the aftermath of Independence and free market economics after the liberalization reforms of 1991.India’s share of the world economy slipped from around 25 percent in 1700 to 4.2 percent in 1950. A century under colonial rule had sapped the country’s entrepreneurial spirit. The country was forced to divert its raw materials to feed the mechanized factories that had sprung up in Britain during the industrial revolution. Poverty and famine was rampant.After the British left Indian shores, the newly elected government charted a course for the country that entailed capital controls and central planning, much along the lines of the Soviet Union. Even though the ruling dispensation at the time had pledged … [Read more...] about The India growth story: Here’s how some macro indicators have fared since 1947
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India's economic growth seems to be back on a recovery path and the country will be on a firm 7.5 percent plus growth track this fiscal, former chief economic advisor Arvind Virmani said today.He further said the US-China tariff war provides an opportunity to increase India's exports to the US."Economic growth, which has been subject to many ups and downs over the past seven years, seems to be back on a recovery path.Close "... Domestically, the main risk to macro stability is politically driven government consumption spending at the cost of investment and fiscal prudence. If this temptation is resisted, the country will be back on a firm 7.5 percent plus growth track this year (fiscal)," Virmani told PTI in an interview. related news PM Narendra Modi arrives in Kanpur to chair first meeting of National Ganga Council US-China trade deal cuts tariffs for Beijing promise of big farm purchases Snowfall in major tourist places of Himachal He noted that the rise in oil prices due … [Read more...] about India will be back on 7.5% plus growth track this fiscal: Virmani
Seven-membered regional grouping BIMSTEC expressed hope that the customs cooperation agreement, which is a trade facilitation initiative, among the member nations will be finalised by 2019.The grouping is also expected to conclude the agreement on trade in goods by 2020.Founded in 1997, BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) is a regional grouping comprising India, Bangladesh, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.Close The objective of the alliance is to harness shared and accelerated growth through mutual cooperation in different areas of common interests by utilising regional resources and geographical advantages. related news India joining RCEP will send signal its commitment to multilateral trading systems: Indonesia US thanks India for principled generosity in hosting Dalai Lama China, US agree on text of phase one trade deal to end trade war: Chinese official media The grouping accounts for 22 percent of the … [Read more...] about Customs cooperation pact may conclude by ’19: BIMSTEC Secy Gen
President Donald Trump has said India wants a trade deal with the US despite the tough stance taken by his administration on the issue.Trump wants to stop the subsidies that growing economies like India and China have been receiving as he wants the US, which he considers as a developing nation, to grow faster than any other nation.He often accuses India of imposing 100 percent tariffs on American products.Close "Frankly, I'll tell you, India called us the other day. They said they would like to start doing a trade deal, first time," Trump said without mentioning who called up whom. related news Snowfall in major tourist places of Himachal Three low-intensity tremors hit Maharashtra's Palghar RJD calls for Bihar bandh on Dec 21 in protest against citizenship law "They wouldn't talk about it with previous administrations. They were very happy with the way it was," Trump told his supporters on September 7 at a Joint Fundraising Committee Reception, in Sioux Falls in South … [Read more...] about India wants trade deal with US: Trump
Rahul AgarwalIn its latest Monetary Policy Committee (MPC) meeting on December 5, the Reserve Bank of India kept key rates unchanged at 5.15 per cent (lowest in nine years, after five straight cuts with a cumulative 135 bps reduction this calendar year, to boost the country’s sagging economy.RBI retained its 'accommodative' policy stance, which suggests that this is a pause rather than an end to the loosening cycle, and it still has room for a rate cut. Core inflation, which excludes energy and food items, slid beyond a seven-year low of 3.47 per cent, which clearly indicates that there is hardly any demand for non-food items in the market.Close Usually, a rate cut helps revive economic growth as it allows retail customers to avail cheaper loans and works like a big booster for the large industrial sector, who will be able to avail bulk loans at lower interest rates. related news Reliance forms a base, recommend delta appreciating based … [Read more...] about Are the RBI’s repo rate cuts enough to reinforce GDP growth?