IMF reduces India’s economic growth forecast to 4.8 percent
The International Monetary Fund (IMF) has reduced India’s economic growth forecast to 4.8% for the current fiscal year. The decline is due to the crisis in the non-banking financial sector (NBFC) and weak rural demand. It has also cut the world’s growth estimate.
The IMF projection, 1.3% points lower than its earlier estimates, is less than the 5% projected by the official advance estimates.
The IMF projected India’s economy to grow by 5.8% next year. It is 1.2% points less than its earlier forecast.
It also forecasts the economy to grow by 6.5% in 2021-22 which is 0.9% point lower than earlier projections.
The IMF estimated world economic growth at 1.9% for 2019, 0.1% point lower than its earlier forecast.
India ranked 51st in the 2019 Democracy Index
India ranked 51st in the Democracy Index 2019. It has dropped 10 places in the Democracy Index’s global ranking. The survey described the erosion of civil liberties in India as the primary cause of democratic regression.
The index is based on the functioning of government, electoral process and pluralism, civil liberties, political participation, and political culture.
The report A year of democratic setbacks and popular protest was prepared by The Economist Intelligence Unit.
It provided a snapshot of the state of democracy worldwide in 165 independent states and two territories.
Norway topped EIU’s index with a score of 9.87
North Korea ranked last of the global rankings, with a score of 1.08.
China ranked 153rd with a score of 2.26.
The Democracy Index is prepared by a UK-based company Economist Intelligence Unit (EIU). It is the research and analysis division of The Economist Group. It measures the state of democracy in 167 countries.
National Girl Child Day to be celebrated on January 24
The National Girl Child Day is celebrated in India every year on January 24.
It was started by the Ministry of Women and Child Development and the Government of India in 2008
National Girl Child Day will be celebrated on 24 January in Madhya Pradesh.
The theme of the day will be “Aware girl child-able Madhya Pradesh” (Jagruk Balika-Samarth Madhya Pradesh) under the “Beti Bachao-Beti Padhao” scheme.
The aim of this celebration is to create awareness in the society about the rights of daughters and to provide new opportunities to the daughters for their social and financial development.
Apart from Girl child day, Women and Child Development Department will also celebrate National Girl Child Week from January 24 to 30.
India stands among the top 10 recipients of FDI flow
The Global Investment Trend Monitor report stated that India was among the top 10 recipients of Foreign Direct Investment (FDI) in 2019. The report was compiled by the United Nations Conference on Trade and Development (UNCTAD).
The report stated that India has attracted around $49 billion in inflows, a 16% increase from the previous year.
It stated that the global FDI remained flat in 2019 at $1.39 trillion, a 1% decline from the revised $1.41 trillion in 2018. It is due to the weaker macroeconomic performance and policy uncertainty for investors, including trade tensions.
It reported that the developing economies continue to absorb more than half of global FDI flows.
It highlighted that South Asia has recorded a 10% increase in FDI to $60 billion. The reported growth was driven by India and the majority went into services industries, including information technology.
The FDI flows in the developed countries remained low level, decreasing by a further 6% to an estimated $643 billion.
The report stated that the United States remained the largest recipient of FDI. It is followed by China with an FDI flow of $140 billion and Singapore with $110 billion.
The report also said that GDP growth, gross fixed capital formation and trade are projected to rise, both at the global and market level.
Government launch of Paperless Licensing for Petroleum Service Stations
Government unveiled the paperless licensing process through Petroleum and Explosives Safety Organisation (PESO) for petroleum service stations, the retail outlets storing and dispensing petrol/diesel for motor conveyances. It was launched by the Department for Promotion of Industry and Internal Trade (DPIIT) of the Ministry of Commerce and Industry.
Paperless licensing process:
The initiative by the government is in line with the vision of Prime Minister Narendra Modi’s Digital India and Ease of Doing Business towards paperless.
It aims to achieve green India that will provide a simpler mechanism, ease of living and business to the petroleum road tanker owners.
The licensing process includes filing the applications online, online payment of fees without any manual interface. The fee will directly go to the concerned officer’s ID.
At every stage of processing of the application, the applicants will be intimated via SMS and email, in case of discrepancy or grant of license or approval.
Every single detail will reflect on the applicant’s profile.