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3:16 pm - Saturday January 20, 8052

Growth Rate

The Japanese Financial Service Company Namur has assessed that the GDP growth rate of India in the year 2018 will be around 7.5 per cent. At present the India growth rate is at 6.1 per cent.

It is generally considered that India’s growth rate will fluctuate between minimum 6 to maximum 8 per cent. Presently it is moving around 7 per cent for a long time. It is considered as average growth rate of India. The Namur assessment is based on both side trade between India and Japan.

Generally the India is importing finished electrical goods from Japan and South Korea and exporting iron ore from India. On the home front the economy has suffered worst due to demonetization. There were no currency in the markets, trade and industries.

The consumer purchasing power was at the lowest. In that phase currency notes of Rs.500 and Rs.1000 were demonetized without replacement with new notes. Strangely the Government introduced the note of Rs.2000.

But as there were no notes of Rs.500 and Rs.1000 the entire load of giving change of Rs.2000 notes became impossible and it has still not picked up in circulation. Now Government has circulated new note of Rs.500 but that of Rs.1000 are still not there.

There are indication that Government has decided to pull out Rs.2000 notes without formal announcement. The Rs.2000 that will come to banks will not put back in circulation, but will be deposited with the Reserve Bank of India which it turn will take and treat it as withdrawn.

The Rajya Sabha Member of Parliament Mr.Subramaniam Swamy said that the figure of growth rate are not real but manipulated to show falsely that the economy was not affected by the demonetization.

Mr.Swamy charged the Government figures are fraud and fabrication under the pressure or obligation to such organization which assess and declared it.

India Associated Chamber of Commerce and Industry has assessed that after the devastating effects of demonetization the Indian economy and its growth rate particularly in the agriculture sector can go upto 7 per cent and rate of inflation will fluctuate between 4 to 5 per cent.

The Assochem said that in the year 2018 general election to State Vidhan Sabha in Karnataka, Chhattisgarh, Madhya Pradesh and Rajasthan are going to be held and thereafter in 2019 the Lok Sabha general elections will be held.

The Central and State Government budget will be farmers and farming oriented. The industries will be provided help with an object that it should generate move job potential.

Posted in: Editorial

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