A Brief Colonial History Of Ceylon(SriLanka)
Sri Lanka: One Island Two Nations
A Brief Colonial History Of Ceylon(SriLanka)
Sri Lanka: One Island Two Nations
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Thiranjala Weerasinghe sj.- One Island Two Nations
?????????????????????????????????????????????????Saturday, June 3, 2017
India's economy to turn around in April-June quarter: Arvind Panagariya
Arvind
Panagariya, head of the government's main economic advisory body,
gestures during an interview with Reuters in New Delhi, India, January
18, 2016. REUTERS/Adnan Abidi/Files
India's economy is expected to recover in the current quarter as the
pain stemming from Prime Minister Narendra Modi's cash clampdown late
last year has ended, a top policy adviser of the government said on
Friday.
Niti Aayog Vice-Chairman Arvind Panagariya's comments came days after
data showed that India's annual economic growth rate unexpectedly slowed
to 6.1 percent in the January-March quarter, its lowest in more than
two years.
Modi's shock decision last November to outlaw high value banknotes took
86 percent of currency out of circulation virtually overnight, pounding
consumer demand in the cash-reliant economy.
While Asia's third-largest economy surprised investors with its
resilience in the October-December quarter when the cash crunch was at
its peak, its lingering impact saw construction activity contract and
manufacturing and private services slow in the latest quarter.
Panagariya, vice-chairman of the government's main economic advisory
body, said an improvement in cash supply should lift overall economic
activity in the April-June quarter.
"We are pretty much out of the woods as far as demonetisation is
concerned," he told a news conference. "We should see a good turnaround
in Q1."
The former Columbia University economics professor also said growth in
the fiscal year to March 2018 would accelerate to 7.5 percent, faster
than 7.1 percent a year ago, and would top the 8 percent mark in
2018/19.
"Before the present term of the government ends, I would expect that we
would hit the 8 percent mark and probably enter another trajectory of
sustained growth at 8 percent plus," he said. Modi's five-year term ends
in May 2019.
(Reporting by Sudarshan Varadhan; Writing by Rajesh Kumar Singh; Editing by Douglas Busvine & Shri Navaratnam)