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♦ World Bank pegs India’s GDP growth at 7.3 % in 2018-19
- India’s GDP is expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and investment. It said India will continue to be the fastest growing major economy in the world.
- China’s economic growth is projected to slow down to 6.2% each in 2019 and 2020 and 6% in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday.
- In 2018, the Chinese economy is estimated to have grown by 6.5% as against India’s 7.3%. In 2017, China with 6.9% growth was marginally ahead of India’s 6.7%, mainly because the slowdown in the Indian economy due to demonetisation and implementation of the Goods and Services Tax (GST), the report said.
- “India’s growth outlook is still robust. India is still the fastest growing major economy,” World Bank Prospects Group Director Ayhan Kose told PTI in an interview.
- “With investment picking up and consumption remaining strong, we expect India to grow 7.3% in the fiscal year 2018-2019, and average 7.5% in 2019 and 2020. India registered quite a bit of pick up in doing business ranking. The growth momentum is there (in India),” Mr. Kose told PTI.
- In India, the growth has accelerated, driven by an upswing in consumption, and investment growth has firmed as the effects of temporary factors wane, the World Bank said in its latest report.
♦ Cabinet clears SMART project to transform Agri business
- The Maharashtra Cabinet on Tuesday cleared a proposal to implement the ‘State of Maharashtra’s Agribusiness and Rural Transformation (SMART)’ project assisted by the World Bank.
- The project will have an investment of ₹2,200 crore, of which 70% (₹1,554 crore) will be from the World Bank, while the State government’s share will be of 26.67% (₹592 crore). The remaining 3.33% (₹74 crore) will come from the Maharashtra Village Social Transformation Foundation (VSTF).
- The Cabinet also approved setting up a project management cell, for which 37 posts — 14 government and 23 on contract — will be created. The Agriculture Department will act as a nodal agency, while a project coordination committee under the VSTF managing director will coordinate between Agriculture, Marketing, Cooperation, Animal Husbandry and Rural Development departments.
- A steering committee under the chief secretary will take policy decisions for SMART.The project will aim at forming self-help groups, village level groups, farmer producer companies and extending skill improvement training. It involves creating a value-added chain between farmers and private business entities. Division-wise market facilitation centres will be set up, which will have agricultural produce market committees, farmer producer groups, private market and warehousing corporation.
♦ India poised to become third-largest consumer market: WEF
- India is poised to become the third-largest consumer market behind only the US and China; and consumer spending in India is expected to grow from USD 1.5 trillion at present to nearly USD 6 trillion by 2030, a World Economic Forum report said Wednesday.
- According to World Economic Forum (WEF), with an annual GDP growth rate of 7.5 per cent, India is currently the world’s sixth-largest economy. By 2030, domestic private consumption, which accounts for 60 per cent of the country’s GDP, is expected to develop into a USD 6-trillion growth opportunity.
- “If realised, this would make India’s consumer market the third-largest in the world, behind the US and China,” the report said.
♦ Sharath-Manika duo shocks Manav-Archana, takes title
- Sharath Kamal, featuring in the mixed doubles event after 11 years, partnered Manika Batra to outclass the top-seeded pair of Manav Thakkar and Archana Kamath in an all-Petroleum Sports Promotion Board (PSPB) final and clinch the first individual title of the 11Sports 80th inter-State and National table tennis championship on Tuesday.
- The Asian Games bronze medallist pair, seeded second, used its experience against teenagers Thakkar and Kamath to win 11-9, 12-10, 10-12, 11-6 in 20 minutes. Though Thakkar and Kamath gave glimpses of their talent with some superb shots, they couldn’t upstage their more experienced opponents. In singles, four of the top-eight seeds — two each in men’s and women’s — were sent packing even before the round-of-16 on the first day of the main draw at the J.N. Indoor Stadium.
♦ PM Modi launches development projects in Solapur
- Prime Minister Narendra Modi has said, it is his government’s endeavour to ensure that every poor person, irrespective of caste or creed gets to lead a life of dignity, and gets access to all possible opportunities. Addressing a gathering at Solapur in Maharashtra today, he said, the Centre is committed to the principle of ‘Sabka Saath, Sabka Vikas.’
- Referring to the passage of The Constitution (One Hundred And Twenty-Fourth Amendment) Bill in the Lok Sabha, PM, Modi described it as a landmark moment in the nation’s history. He said, it sets into motion the process to achieve an effective measure that ensures justice for all sections of society.
- Earlier, Prime Minister launched road and underground sewerage system projects developed at a cost of 1,100 crore rupees in Solapur of Maharashtra. At a public rally, PM Modi also laid the foundation stone for an over 1800 crore rupee housing project of 30,000 units under the Pradhan Mantri Awas Yojana. It will benefit the homeless poor like rag pickers, rickshaw pullers, textile and beedi workers.
- PM Modi commissioned the four-laned over 98 km Solapur- Tuljapur-Osmanabad section on NH-52. The toll road project will improve connectivity between Solapur and the Marathwada region.
♦ Khelo India Youth Games 2019 officially kicks off
- Khelo India is now bigger and better in its second edition, after being re-christened Khelo India Youth Games and now covering 18 different disciplines in different age-groups.
- The prestigious event brings many arms of Indian sport like Indian Olympic Association, Sports Authority of India, National Sports Federations, Association of Indian Universities and School Games Federation of India together under one platform.
- The 6000-plus athletes will reflect the diversity of the nation’s youth and showcase their dreams, hopes and desire to make India shine on global platforms. They will not only come from urban and rural areas but also span a wide range of 10 to 21 years.
- Youth Olympics gold medallists shooters Manu Bhaker, Saurabh Chaudhary and weightlifter Jeremy Lalrinnunga will be among the cream of India’s young sporting talent competing at the Khelo India youth games.
- The athletes will compete in 18 different disciplines, including a variety of individual and team sport, disciplines in which India has a tradition of excellence and traditional games like Kabaddi and Kho-Kho.Like Khelo
- India School Games, Khelo India Youth Games will be the beacon that will proclaim India’s unity in diversity, by bringing together diverse stakeholders.
Vocabulary (The Hindu)
- HOARY (ADJECTIVE): Ancient (पुराना)
Synonyms: old, timeworn
Antonyms: new, modern
Example: It is a hoary saying all talks and no trousers.
- MULTEITY (NOUN): Multiplicity (विविधता)
Synonyms: diversification, distinctiveness
Antonyms: uniformity, sameness
Example: The eclectic soup was filled with a multeity of ingredients brought by all of the town’s villagers.
- LUMPY (ADJECTIVE): Irregular (ढेलेदार, ऊबड़-खाबड़)
Synonyms: bumpy, uneven
Antonyms: regular, smooth
Example: His lumpy and high on the hog lifestyle cost him an arm and a leg.
- ENTWINE (VERB): Twist round (लपेटना)
Synonyms: coil, entangle
Antonyms: unwind, untwist
Example: The twins lay entwine in each other’s arms.
- SATRAP (NOUN): Ruler (राज्य–पाल)
Synonyms: viceroy, governor
Antonyms: servant, butler
Example : A satrap has given a mumbo jumbo.
- COHORT (NOUN): Companion (समूह)
Synonyms: comrade, partner
Antonyms: opponent, adversary
Example: Adivasis and their cohort made the violent protest.
- WEAKENED (ADJECTIVE): Depleted (दुर्बल होना )
Synonyms: exhausted, tired
Antonyms: energetic, invigorated
Example: His eyes were looking painstakingly weakened .
- SUBLIME (ADJECTIVE): Magnificent (उत्कृष्ट)
Synonyms: glorious, heavenly
Antonyms: inferior, lowly
Example: The function we attended took place at a sublime l
◊Close test based on The Hindu Article◊
A global slowdown?
Stock markets across the world had very little reason to celebrate in 2018. They witnessed the return of extreme volatility after many years, and most of them recorded their (1) performance in a decade. (2) of this gloom has to do with the rise in fears that global economic growth could come to a grinding halt in the near future. The economic (3) in the United States, which began after the 2008 recession, is now the second-longest in history. Many believe that a (4) is overdue now. China is another major concern as the People’s Bank of China’s earlier moves to rein in a massive credit-fuelled bubble have been dampening momentum with a lagged effect. The country’s private manufacturing sector contracted in December for the first time in 19 months and the official manufacturing PMI (purchasing managers’ index) number dropped below 50 for the first time since mid-2016. Other major economies such as Europe and Japan have also shown signs of a (5) slowdown in growth. Global stocks have been pricing in these very real risks, particularly with major central banks such as the U.S. Federal Reserve and the European Central Bank remaining on the path to (6) interest rates from near-historic lows. The steep fall in the price of oil is another indicator of faltering demand for commodities as the global economy cools down. The tightening of monetary policy has often been followed (7) a slowdown in economic growth, and this time may be no different.
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