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Reforms Undertaken Will Make India A Very Competitive And Productively-Efficient Economy In Long Run: Amitabh Kant

New Delhi: The series of pathbreaking and ambitious reforms unleashed by the Modi government in the last few years will make India a very competitive and productively-efficient economy in the long run.

 “There is a great positivity about India,” NITI Aayog CEO Amitabh Kant said in an interview here as he wound up his three-city US tour for a series of interaction with academicians, innovators, startups, corporate leaders and government officials in Boston, New York and Washington DC.

People here believe that the fundamental reforms that have been gathered out in India across the economy, including GST, in terms of ending crony capitalism with the bankruptcy code, in terms of real estate reforms through RERA and in terms of direct benefit transfer, “will make India a very competitive and productively-efficient economy in the long run,” Kant said.

“India’s story has just begun,” he added.

194

Moody’s Investors Service Lowers Its 2019 GDP Growth Forecast For India To 5.6 Per Cent

New Delhi: Moody’s Investors Service on Friday said it has lowered its 2019 GDP growth forecast for India to 5.6 per cent as slow employment growth weighs on consumption.

It expects economic growth to pick up in 2020 and 2021 to 6.6 per cent and 6.7 per cent respectively, but sees the pace of growth remaining lower than past.

“We have lowered our 2019 gross domestic product (GDP) growth forecast for India to 5.6 per cent, which is lower than 7.4 per cent growth in 2018,” Moody’s said in a report. “India’s economic growth has decelerated since mid-2018, with real GDP growth slipping from nearly 8 per cent to 5 per cent in the second quarter (April-June) of 2019,” it noted.

It further slipped to 4.5 per cent in July-September quarter.

173

Tata Steel Rolls Out New HR Policy Enabling LGBTQ Employees To Declare Their Partners

New Delhi: Taking a step to further reinforce the culture of inclusion and to enable Lesbian,Gay, Bisexual, Transgender and Queer (LGBTQ) community to have equal rights at the workplace, Tata Steel has rolled out a new Humen Resources (HR) policy that enables from the LGBTQ employees to declare their partners and avail all HR benefits permissible under the Law.

Partners would mean people of same-sex living like a married couple.

“Providing equitable policies and benefits create a level-playing field for all employees and set common standards across locations. Research shows that people are more engaged with and committed to an organisation that has policies protecting LGBTQ employees. In fact, enacting LGBTQ inclusive policies have been shown to decrease the instances of LGBTQ discrimination at work,” said Suresh Dutt Tripathi, vice-president, human resource management, Tata Steel, while announcing the new HR policy.

143

Asian Development Bank Lowers India’s Economic Growth Forecast For FY2019 To 5.1 Per Cent

New Delhi: Asian Development Bank (ADB) lowered India’s economic growth forecast for FY2019 to 5.1 per cent on slowing job prospects, rural distress exacerbated by poor harvest and credit crunch.

The multilateral bank, however, expects the growth to pick up to 6.5 per cent next year on supportive government policies.

“In South Asia, India’s growth is now seen at a slower 5.1 per cent in fiscal year 2019 as the foundering of a major non-banking financial company in 2018 led to a rise in risk aversion in the financial sector and a credit crunch.

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GST Collection Falls Short Of Budged Estimate By Nearly 40 Per Cent During The April-November Period

New Delhi: The Central GST collection fell short of the budged estimate by nearly 40 per cent during the April-November period of 2019-20. The actual CGST collection during April-November stood at Rs 3,28,365 crore while the budgeted estimate is of Rs 5,26,000 crore for these months, Minister of State for Finance Anurag Singh Thakur said in a written reply in Lok Sabha on Monday.

Thakur added that the data was, however, provisional.In 2018-19, the actual CGST collection stood at Rs 4,57,534 crore as against the provisional estimate of Rs 6,03,900 crore for the year.

For strengthening monitoring tools to prevent GST evasion, emphasis has been laid on system based analytical tools and system generated intelligence, he said.