International Monetary Fund (IMF)’s latest projection revealed that India’s gross domestic product (GDP) is to grow by 7.3% in the 2018-19 fiscal and 7.5% in 2019-2020 on strengthening of investment and robust private consumption.
The IMF in the report published on August 7, said that the near-term macroeconomic outlook for India is “broadly favorable.”
Experts believe that disruption caused due to the structural reforms, including November 2016 currency exchange initiative and the July 2017 Goods and Services Tax (GST), are over and growth projection will put the country on number 1 rank in terms of economic growth, beating China.
The IMF’s mission chief for India Ranil Salgado recently said that the country is on the track to become world’s fastest-growing emerging economy and that the reforms have started paying off.
Salgado added, “India now contributes, in purchasing power parity measures, 15% of the growth in the global economy, which is substantial.”
Report says:
Stability-oriented macroeconomic policies and progress on structural reforms continue to bear fruit” in the country
Growth is forecast to rise to 7.3% in fiscal year 2018/19 and 7.5% in 2019/20 on strengthening investment and robust private consumption
The current account deficit is projected to widen further to 2.6% of the GDP on rising oil prices and strong demand for imports, offset by a slight increase in remittances
Continued fiscal consolidation is needed to lower elevated public debt levels, supported by simplifying and streamlining the GST structure
Domestic risks pertain to tax revenue shortfalls related to continued GST implementation issues and delays in addressing the twin balance sheet problems and other structural reforms.
Systemic macro-financial risks persist, as the weak credit cycle could impair growth and the sovereign-bank nexus has created vulnerabilities
National Company Law Tribunal, Chandigarh on Thursday passed the eviction order against the promoters Haravatar Singh and Ajmair Singh Bhullar of James Hotels Limited to vacate the Hotel premises within 3 weeks. The Company James Hotels Limited, a Public Limited Company is already under Corporate Insolvency Process due to non – payment of loans taken by the Company from Banks. As per sources during the Corporate Insolvency Resolution Process, the promoters i.e. Haravatar Singh and Ajmair Singh Bhullar illegally continued to occupy the hotel premises with plush lodging and office space for themselves. In spite of number of e-mails written to them by the Committee of Creditors (Lendors), the promoters refused to vacate the hotel premises. The Promoters also influenced the staff of James Hotel limited and provoked them not to cooperate with the Resolution Professional as appointed by National Company Law Tribunal, Chandigarh.
The Janakpur-Jayanagar railway service, the only line linking Nepal and India underwent a successful test operation on August 8 evening.
At least 15 people were killed in Kerala as heavy rains triggered landslides across the state. Among all the districts, Idukki remained the worst affected district.
Punjab Chief Minister Captain Amarinder Singh on August 8 exempted senior citizens and ex-servicemen from the mandatory dope test for issuance and renewal of their arms licenses. 
An Indian family has alleged a humiliation and racial behavior by British Airways when they were forced to deplane because their three-year-old child was crying onboard while they were traveling from London to Berlin on the flight (BA 8495) on July 23.
NDA’s candidate, Harivansh Narayan Singh of the JD(U), was elected Rajya Sabha Deputy Chairman on August 9 defeating B K Hariprasad, opposition candidate, and senior Congress leader, by winning 125 votes in the House.
At least five terrorists have been gunned down by the security forces in an ongoing encounter in Rafiabad in Baramulla District of Jammu & Kashmir on August 9 morning. Army’s Kilo Force, Special Forces (SF) and 32 Rashtriya Rifles were involved in the operation.
The Supreme Court on August 8 ordered the constitution of a committee under the chairmanship of its retired judge to look into issues and problems in jails, including overcrowding and also suggest steps to deal with the same.
