The Indian Economy upto May 30, 2017

Fergana-5· India will grow at 7.2% in 2017-18, says World Bank – World Bank expects India , the fastest growing major economy in the world, to grow at 7.2% in the current fiscal and further up to 7.7 % by 2019-20 on strong fundamentals, reform momentum and improving investment scenario. Economic activity ought to accelerate in 2017-18.
Union Minister of State for Culture and Tourism Mahesh Sharma has said India’s tourism growth has reached 15(point)4 per cent when the global tourism growth was only 4(pont)6 per cent.
Speaking to media persons at Tiruchirapalli today, he said that tourism earnings in the country have increased to one lakh 56 thousand crore this year.
The Union Minister said that a city in Tamil Nadu will be selected and developed holistically as a tourist destination. He said the state has a very old civilization and deep-rooted culture. He added that there is a huge potential for medical tourism as well as spiritual tourism.
· 10 National Waterways (NWs) to be made operational next year- Hon’ble Minister of Road Transport and Highways and Shipping Shri Nitin Gadkari stated that having secured Rs 2,000 crore from a central fund for development of water transport, operationalising at least 10 of the 111 National Waterways next year is on the top of government’s agenda,. The government last week approved allocation of 2.5% of the Central Road Fund (CRF) for NWs that would result in about Rs 2,000 crore proceeds a year for their development.
· India needs more jobs for women to boost growth: World Bank – According to the World Bank, India must reverse a trend of falling women’s participation in the job market if it is to achieve its ambition of double-digit growth. The World Bank in its latest report said just 27% of Indian women were working or actively looking for a job, a matter of “serious concern” that was holding back economic growth.
· India and Fiji Sign Memorandum of Understanding (MoU) on Defence Cooperation – Hon’ble Minister of Defence and National Security of Fiji, Mr. Ratu Inoke Kubuabola accompanied by his delegation met Hon’ble Minister of Defence, Finance and Corporate Affairs, Shri Arun Jaitley in New Delhi . The Ministers discussed expanded defence partnership in maritime security between both the countries, and naval cooperation was identified as an area of promise. An MoU on defence cooperation envisaging several areas of cooperation including in defence industry, military training and humanitarian assistance & disaster management was signed.
· Cement demand growth to recover to 4-5% in FY18 – Cement demand growth is expected to recover to around 4-5% during 2017-2018, driven by a pick-up in the housing and infrastructure segments, according to ratings agency ICRA. Cement demand, which was negatively impacted following the demonetisation exercise, rebounded in March, the agency in a report
World Bank in it’s recently released Report on “Unlocking Women’s Potential” stated that Indian economy could achieve double-digit growth if it pushes reforms to enlarge women’s participation in the workforce of the country. Such reforms would enhance household earnings and reduce poverty, besides creating better health and education conditions for the women’s children.
.India has been growing at around 7% for the past three years. Policy makers desire to duplicate China ‘s three decades-long double-digit growth miracle that noticeably reduced poverty and increased per capita income. Women’s labour force participation in India declined to 27% (among the lowest in the world) in 2011-2012 from near 40% in early 2000s.
The Indian parliament recently passed a law that has doubled maternity leave and allowed female employees to work from home, to improve the flexibility for female employees.
Though one-third of this decline was due to better education opportunities for girls in the age group of 15-24 years, the remaining was because of India ‘s inability to create enough jobs in the manufacturing and services sectors.
Underscoring the gravity of the situation, the World Bank said nearly two-thirds of Indian women with college degrees are without jobs.
The report has urged the Indian government to adopt to a strategy of more female and labour-intensive export growth. It also suggests to improve work connectivity and support female entrepreneurs to create more jobs for women.
The production of horticulture crops in the country in 2016-17 is estimated to be more than 295 million tonnes which is 3.2 per cent higher than previous year.The Department of Agriculture, Cooperation and Farmers Welfare today released the Second Advance Estimates of Area and Production of Horticulture Crops for 2016-17.
The department said, the estimates are based on the information received from different State and Union Territories.
In 2016-17 the area under horticulture crops has increased from 245 lakh hectare to 249 lakh hectare which shows an increase of 1.9 per cent over previous year.
Fruits production during the current year is estimated to be 93 million tonnes, 2.9 per cent above last year. Production of vegetables too is estimated to be 3.5 per cent higher at 175 million tonnes.
Likewise, production of onion is estimated to increase by 3 per cent, potato by 7, tomato by 5 and flower by 3 per cent.

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