Petrol, Diesel Prices Hiked For Sixth Day In A Row, Soar To New Highs Petrol and diesel prices were hiked on Tuesday amid firming global crude prices, the sixth day of hike in a row. Oil marketing companies revise petrol and diesel prices every day at 6 am according to the daily price revision process. Petrol prices remained above 4-year high level in Delhi while diesel prices touched a new high. The price of non-branded petrol was increased by 11-13 paise per litre in metro cities on Tuesday while diesel by 13-14 paise, according to Indian Oil, the biggest oil retailer in the country. Petrol retailed at Rs. 73.95 in Delhi, the highest since September, 2013, when rates had hit Rs. 76, according to Indian Oil website. In other metro cities, petrol retailed at Rs. 76.66 in Kolkata, Rs. 81.8 in Mumbai and Rs. 76.72 in Chennai. On the other hand, diesel retailed at a record high of Rs. 64.82 a litre in Delhi. In Kolkata, diesel retailed at Rs. 67.51 in Kolkata, Rs. 69.02 in Mumbai and Rs. 68.38 in Chennai. Besides global crude prices and rupee-dollar exchange rate, domestic petrol and diesel prices depend on government taxes, both at the...

Where we stand economically: Much Awaited Union Budget 2018-19 – By Areesha Fatma

According to the first advance estimates of national income for 2017-18, the growth in Real GDP is estimated at 6.5% as compared to the growth rate of 7.1% in 2016-17. While, the anticipated growth of real GVA at basic prices in 2017-18 is estimated at 6.1% as against 6.6% in 2016-17. Also, the growth rate in per capita income is estimated at 5.3% during 2017-18, as against 5.7% in the 2016-17. Although the mining and construction sector are expected to grow at 2.9% and 3.6% respectively in FY 2017-18, however, the low growth figures for agriculture and manufacturing sector at 2.1% and 3.6% during the same year is worrisome. United Nation in its report on World Economic Situation and Prospects 2018 has projected GDP growth is projected to accelerate from 6.7 % in 2017 to 7.2 % in 2018 and 7.4 % in 2019. However, Asian Development Bank has revised down the forecast for economic growth in 2017 to 6.7% from 7% and growth projection for FY2018 from 7.4% to 7.3%. On the macro-economic front, some of the lead indicators have registered a growth. However, Index of Industrial Production (IIP) declined from 4.14% in September 2017 to 2.2% in...

Need of New Reform Agenda to Revive India’s Growth Story – By Areesha Fatma

In this decade of rapid developments in the global economy vis-a-vis emerging new economic stance in the United States, emerging protectionism in the advanced economies, recovery in Global trade; turn around in China’s economic growth and various geo-political issues, India stands on the cusp of major change, a transformation that could lead to unprecedented economic growth. The Indian economy has been observing various changes, turmoil and adjustments in the form of reforms during the past two-three years. Two key reforms undertaken in the regime of Hon’ble Prime Minister Shri Narendra Modi primarily historic demonetization drive and newly introduced GST have been both bane and boon for our economy which is quite evident as per the GDP estimates for Q1 and Q2 for FY2017-18.The economy still hasn’t revived from the aftershocks of cash crunch as the consumption demand has been impacted severely and the teething problems associated with GST implementation are still persisting. According to the much awaited CSO data released by Ministry of Statistics and Implementation recently, real GDP registered an increase in the growth rate from 5.7% in the Q1 of FY18 to 6.3% in Q2 of FY18. Also, quarterly Gross Value added (GVA) registered an increase in...

Ups and downs in India’s Industrial Production: Hope for Recovery – By Areesha Fatma

The Indian economy has seen major structural changes in last one year starting from demonetization drive in November 2016 followed by implementation of Goods and Services Tax (GST) in July 2017. The economy saw significant shuffles in macro-economic indicators starting from fall in GDP in Q1 of FY18 to 5.7% from 7.9% in Q1 of FY17. Although the world economy is showing signs of recovery, domestic economy is impacted by severe slowdown in the manufacturing sector which has posted a growth rate of 1.2% in Q1 FY18 from 10.7% in Q1 FY17. Low growth in mining (-0.7%), manufacturing (1.2%), construction (2%) and agriculture (2.3%) has undermined the performance of overall GDP growth. Talking about the Index of Industrial production (IIP), it is a quantitative index which shows the growth rates in different industry groups of the economy in a stipulated period of time of broad sectors, namely, mining, manufacturing and electricity and use-based sectors, namely basic goods, capital goods and intermediate goods. The growth in industry output (IIP) in cumulative terms from April – September in FY18 rose to 2.48% in comparison to 0.02% during the same period in FY17. The growth trend in IIP in FY18 began with a...

Economic Consequences of Rising Pollution in India – By Areesha Fatma

A development is sustainable, if it meets the needs of the present generation without compromising the ability of future generations to meet their own needs. When the term development is used in general, it refers to rising aggregate consumption and output but also includes aspects such as environmental quality, social factors, and the distribution of income. Thus, the utility function, which denotes the preferences of the representative agent, not only includes consumption possibilities but also environmental quality. The statement above emphasizes the strong relation between economic growth and environment quality. Measures to safeguard the environment are often considered to be economic spoilers as they entail putting restrictions on economic activity such as shutting a polluting factory or scrapping old vehicles. What is not taken into account while making these calculations is the cost imposed on people living in regions where pollution and environmental degradation is higher. For instance, uncontrolled expansion of economic activities has now caused global warming and climatic changes across the world. Taking India’s context, the country suffers from some the worst air pollution in the world. The construction boom, increasing car traffic and coal-fired power plants are all contributing to rising pollution levels, especially the presence of...

India ranked 100th out of 190 economies on Ease of Doing Business: Dream to be under 50 by next year – By Areesha Fatma

According to World Bank’s annual report on the ease of doing business, ‘Doing Business 2018: Reforming to create jobs’, India is ranked 100th out of 190 countries and has moved up by 30 ranks on the World Bank’s ease of doing business ranking this year. “Doing Business 2018: Reforming to Create Jobs ” finds that entrepreneurs in 119 economies saw improvements in their local regulatory framework last year. Between June 2016 and June 2017, the report, which measures 190 economies worldwide, documented 264 business reforms. Reforms reducing the complexity and cost of regulatory processes in the area of starting a business and getting credit were the most common in 2016/17. The next most common reforms were in the area of trading across borders. a. Highlights of the EoDB 2018: Brunei Darussalam, Thailand, Malawi, Kosovo, India, Uzbekistan, Zambia, Nigeria, Djibouti and El Salvador were the most improved economies in 2016/17 in areas tracked by Doing Business. Together, these 10 top improvers implemented 53 regulatory reforms making it easier to do business. While New Zealand and Singapore retained their top ranks for ease of doing business Economies in all regions are implementing reforms easing the process of doing business, but Europe and Central Asia continues...

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