President Donald Trump today said he will announce his decision on whether the US will withdraw from the Paris climate change accord tomorrow. Trump said he would make the announcement at 12.30 am (3 pm local time) at the White House. Withdrawing from the Paris agreement is one of Trump’s major electoral promises.”I will be announcing my decision on Paris Accord, Thursday at 3:00 P.M. The White House Rose Garden. MAKE AMERICA GREAT AGAIN!,” the US president tweeted.
India’s growth slumped to a two-year low and the country ceded its top ranking as the world’s fastest-growing economy back to China in the March quarter, suggesting that the effects of November’s note swap were rippling through the economy. However, remonetisation, a good monsoon and possible interest rate cuts along with the goods and services tax should lead to a recovery in FY18, officials and experts said. Singling out any one reason for the slump would be difficult, said chief statistician TCA Anant while releasing the numbers based on the revised wholesale price and industrial production data on Wednesday. “Every policy decision has an implication… so has demonetisation, but to disintegrate the impact of one decision is a complex task,” he said.Chief economic adviser Arvind Subramanian said the numbers weren’t a surprise and that remonetisation and a good monsoon would perk up the economy.Chief economic adviser Arvind Subramanian said the numbers weren’t a surprise and that remonetisation and a good monsoon would perk up the economy.As per provisional estimates, first quarter GDP growth was revised upward sharply to 7.9% from 7.2% and that for the second to 7.5% from 7.4%. The third-quarter estimate was unchanged at 7% from the second advance estimates of the Central Statistics Office (CSO).
India’s economic growth will accelerate to 7.5 per cent in current fiscal and the government’s reform push will help achieve 8 per cent GDP growth rate in about four years, Moody’s said today. In its Global Macro Outlook, Moody’s Investors Service said the ruling BJP’s victory in Uttar Pradesh state elections indicates that the government has remained politically popular despite the demonetisation exercise. “We expect marginally faster growth in India. According to our forecast the economy will grow 7.5 per cent in fiscal year 2017 (2017-18) and 7.7 per cent in fiscal year 2018 (2018-19),” it said. Indian economy grew 7.1 per cent in 2016-17 fiscal. Moody’s, however, cautioned that persistent banking sector weakness from a high proportion of delinquent loans on bank balance sheets will weigh on growth, if not resolved, by constraining credit for investment related activity. Overall, we continue to believe that economic growth will gradually accelerate to around 8 per cent over the next three to four years, Moody’s said, adding that the negative impact of demonetisation on the economy was limited in size and duration. “We believe that the inflation rate will rise to around 5 per cent by the end of this year, once the effect of this temporary factor fades,” it said. Moody’s expect the Reserve Bank of India to hold the policy ‘repo’ rate steady, holding a neutral stance in this growth environment. “Private sector investment has remained weak despite progress on reforms, suggesting that some hurdles to investment remain binding in many cases,” Moody’s noted.