• News
  • Money

BPM sector grew 8%, e-commerce sector up 19%: Economic Survey

BPM sector grew 8%, e-commerce sector up 19%: Economic Survey

"In 2016-17, annual growth in domestic passenger departures was 23.5 per cent as compared to 3.3 per cent in the USA and 10.7 per cent in China", said the Survey tabled in Parliament today.

Stating that India's share in global exports has stagnated at 1.7 per cent from 2011 to 2016 with intermittent falls to 1.6 per cent, the Survey said there is a need for a well thought-out strategy for the country to reach a "respectable share of at least 5 per cent". Subramanian also said that there has been convergence in price-earnings ratio of the Indian and the United States stock markets in the last couple of years although the two economies have followed different paths.

Growth has been hit by the introduction of a new national goods and services tax (GST) previous year and by a controversial 2016 move to withdraw all high-value banknotes from circulation.

But a couple of lurking risks could poop the party: surging crude oil prices that have risen 14 per cent in the past year and a stock market bubble that could go bust.

But the statement added that with the world economy likely to see a boost in 2018, India's overall economic performance would also see an improvement, especially with a likely increase in investment and a more stable response to the new tax system.

Every $10 rise in price of oil causes 0.2-0.3% drop in GDP, 0.4% rise in Current Account Deficit (CAD) and a rise inflation. The Survey said that growth in the economy as well as corporate earnings is required to sustain the current stock market valuations, otherwise the possibility of a correction can not be ruled out.

He said the government "has thrown in the towel" and hopes that the private sector will come to the rescue of the economy.

The Survey conceded that the Modi government could stray from the rigid path of fiscal consolidation but contended that such a decision would not be a cause for great concern.

"This pattern happens again and again and again in history".

In 2017-18 (April-December) trade deficit (on custom basis) shot up by 46.4 percent to US$ 114.9 billion with POL deficit growing by 27.4 percent and non-POL deficit by 65.0 per cent.

Similarly, for the first time, the Survey did a firm-level analysis on exports and found that export concentration by firms was much lower in India than in the U.S., Germany, Brazil, or Mexico - meaning that India had no "exports superstars" and that its export structure was "egalitarian" in nature. This means the interest rates could be lowered.

In the current fiscal till September, domestic airlines carried 57.5 million passengers, a growth rate of 16 percent over the year-ago period.

Leave Your Comment

Leave Your Comment


Latest News

Breaking News



Recommended

Melania Trump: Jet-setter on the taxpayer dime

The first lady has not addressed any of the reports about her, her husband or Daniels and it's highly unlikely that she will. The East Wing's communications director Stephanie Grisham when asked if the first lady would attend said: "That is the plan".

Some in GOP return Wynn money amid sex claims

It represents a security's price that, if achieved, results in a trader recognizing the best possible outcome for his investment. They just need to take the company's market capitalization and divide it by the company's total sales over the past 12 months.

Two DACA recipients have been arrested for 'human smuggling'

The 76 people were determined to be from Mexico, Honduras, El Salvador, and Guatemala, according to a news release. Tractor-trailer smuggling is not all too uncommon and is in fact one of the trends that is affecting our border.

15 soldiers killed in Yemen vehicle bombing

The separatists created their own transitional Council South of Aden in may previous year . President Hadi, who is based in Riyadh, ordered his forces to secure Aden .

Alonso confirmed for WEC

So he'll get more seat time in the No8 Toyota TS050 Hybrid he'll share with S├ębastien Buemi and Kazuki Nakajima than WEC's headline race.

Catalonia Postpones Vote for New Regional President, Sticks with Puigdemont

The constitutional court also said he must get permission to attend the session, however it is not clear whether he will seek it. However, he wants to rule the region, after making a deal to lead a separatist coalition, following elections last month.

NAFTA talks are progressing very slowly

Trade Representative Robert Lighthizer said, "The United States views NAFTA as a very important agreement". Lighthizer did not respond to reporters' questions on Monday morning.

Former 'Glee' Star Mark Salling Found Dead

He was reportedly found dead close to where he lived, weeks before he was due to be jailed over child pornography charges. The late actor's Glee costars and crew members took to social media on Tuesday to react to his death .

Google axed 700000 bad Android apps from Play store past year

According to Ahn, copycat apps are usually created to resemble popular mainstream apps and is a popular method of deceiving users. With the increase of efforts from Google, this is apparently a 70 percent increase over the total removals that happened in 2016.

Adele transforms into country music icon Dolly Parton, and it's really something

The way you worded it I thought she was dead! "Listen, I thought Dolly had passed away from this post and I started crying". As if the cute pic wasn't enough of a tribute to the country singer, Adele's caption definitely drove the point home.