India has been lauded for its remarkable overall Economic Growth of over 8% over the last five years. But despite this high and relatively stable growth, India's underbelly is soft. The agriculture sector is performing below expectations, with growth rate of around 2.8%, it is way below the Eleventh Plan target of 4%. The Food and Agricultural Organisation (FAO) estimates that 22% of India's population is undernourished. Child malnutrition is...
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Govt raises monsoon forecast by Ruchira Singh and Mayank Bhardwaj
India’s annual monsoon rains, key to farm output and Economic Growth, are expected to be better than previously forecast, raising prospects of good harvests and possibly helping to cool double digit food inflation. The monsoon rains, which deliver 75-90% of the country’s rainfall, were expected at 102% of the long-term average, government officials said on Friday, raising an earlier forecast of 98%. Bountiful rains despite slow progress of the June-September monsoon will...
More »Developing countries set to account for nearly 60% of world GDP by 2030, according to new estimates
The rapid growth of emerging economies has led to a shift in economic power: forecasts based on analysis by late economist Angus Maddison suggest that the aggregate economic weight of developing and emerging economies is about to surpass that of the countries that currently make up the advanced world. According to Perspectives on Global Development: Shifting Wealth, a new publication from the OECD Development Centre, the economic and financial crisis is...
More »Rich getting richer: 120k Indians hold a third of national income by Rukmini Shrinivasan
Last year may have been a cruel year for much of the country with slow growth and double-digit food inflation, but India's high net worth individuals (HNWIs) prospered — just over 120,000 in number, or 0.01% of the population, their combined worth is close to one-third of India's Gross National Income (GNI). HNWIs, in this context, are defined as those having investable assets of $1 million or more, excluding primary...
More »Monsoon rains 11.1 per cent below normal: Sources
India's annual monsoon rains, vital to the trillion-dollar economy's farm output and Economic Growth, were 11.1 percent below normal for June 1-23, sources at the weather office said on Thursday. "We are still hopeful of an improvement in rainfall by June end," a senior official at the India Meteorological Department, who could not be named as he is not authorised to speak to the media, said. On Wednesday, the Met...
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