Modi govt releases budget to get growth back up, plans structural reforms
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India Prime Minister Narendra Modi’s government unveiled the budget for 2019/2020 on Friday, seeking to reverse weakening growth and investment that threaten to take the shine off a recent landslide election victory.
Finance Minister Nirmala Sitharaman, presenting the annual budget statement to parliament, said the government planned structural reforms to kickstart foreign and domestic investment.
Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion that a government report on Thursday said will be done on the back of higher investment, savings and exports in the way China’s growth was propelled.
“We need to invest heavily in infrastructure, digital economy, job creation,” Sitharaman said, adding India is set to become a $3 trillion economy in the current fiscal year.
But economists say scaling up Asia’s third largest economy in rapid fashion will need bold reforms including freeing up land and labor markets, which Modi shied away from in his first term for fear of political backlash.
Capital Economics said in a note on Friday that reaching that target “is dependent in large part on achieving real GDP growth of 8% a year, which we think is unlikely.”
Land and labor reforms are difficult in a democracy like India and it seems unlikely Modi will risk drawing the ire of his Bharatiya Janata Party voters that re-elected him with a huge mandate.
India’s economy is also running into global headwinds with growth weighed down by trade wars and protectionism. Asia’s third largest economy grew at a much slower-than-expected 5.8% in the last quarter, the weakest growth in five years and far below the pace needed to generate jobs for the millions of young Indian’s entering the labour market each month. And the unemployment rate rose to a multi-year-high of 6.1% in the 2017/18 fiscal year.
New investments proposals in 2018/19 fell to 9.5 trillion rupees, the lowest investment proposals recorded in 14 years, according to Center for Monitoring Indian Economy (CMIE), a Mumbai based think tank.
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Comments (202) Closed
Jul 05, 2019 11:47am
India is now a 3 trillion dollar economy.
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Jul 05, 2019 11:49am
This is massive. Figures are mind boggling. Hope India will go ahead China in next 15 years and growth will contribute to betterment of lives of people of India living any part of the globe ,at large.
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Jul 05, 2019 11:49am
India will get its target economy of 5 trillon dollor and surpass China by 2030. India is going to be king of Asia by 2030.
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Jul 05, 2019 11:50am
India can not overtake China both economically and militarily ever.
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Jul 05, 2019 11:55am
Today India in position to give loan to other countries with reserve of 480 billion dollar
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Jul 05, 2019 11:56am
Please wait until the budget presentation is complete and understand the details... Somehow the pak media wants pull down India to draw parity with themselves on the economy front.
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Jul 05, 2019 12:03pm
Supporting more reforms to attract more and more FDI.
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Jul 05, 2019 12:09pm
India, $5 trillion economy by 2025. Great going, India is destined to bring back it's lost glory.
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Jul 05, 2019 12:17pm
Modi govt should use the people's mandate to introduce more structural reforms, fix loss making entities, go more for digital governance, invest heavily in infrastructure with focus on water management and renewable energy. Future of the country depends on agriculture and clean energy. This is not the time for complacency, but last opportunity to take bold steps.
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Jul 05, 2019 12:19pm
Budget is fabulous..
3 trillion economy by end of 2019 is very much achievable...but 5 trillion by 2025 seems difficult but yet can be acheived ...
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Jul 05, 2019 12:19pm
Am booking my first EV as tax cut is over 60%, yeah,!! Thank you FM
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Jul 05, 2019 12:22pm
very difficult target set for himself.... even if touch 4$ trn will also coount at a gr8 achievement....
All d best....
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Jul 05, 2019 12:28pm
$ 5 trillion Economy is too much hard target. Right now India has $ 2.7 Trillion but to achieve $ 5 trillion India need to do many difficult decisions in Corporate and Political sectors
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Jul 05, 2019 12:39pm
@RAja Raman , She took the steps you mentioned.
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Jul 05, 2019 12:41pm
Pakistan should learn and get a clue how to make debt free budget from India.
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Jul 05, 2019 12:47pm
Inexorable rise with internationally vetted democratic credentials
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Jul 05, 2019 12:54pm
'Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion'
Won't happen, unless IOK resolved, region sees permanent peace and Pakistan allows India to join CPEC. Otherwise it's all gimmick to fool the poverty stricken populace again.
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Jul 05, 2019 12:56pm
Proud to have Modi as our PM.
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Jul 05, 2019 01:00pm
it is impossible to grow to 5 trillion in next 5 years but BEST OF LUCK...
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Jul 05, 2019 01:05pm
structural reforms , monetization of land for infra projects and electric vehicle push along with AI and digital revolution is the need of hour to catch up the world. Modiji Please do not disappoint us.
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Jul 05, 2019 01:05pm
Very balanced budget.We are happy and economically stable in India.
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Jul 05, 2019 01:09pm
From next year India will add entire Pakistan size GDP to its economy
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Jul 05, 2019 01:09pm
India's population is growing at an alarming high rate, the growth is mostly on the extremely poor side.
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Jul 05, 2019 01:22pm
Land and labor reforms (hire and fare policy)are biggest hindrance to robust menufacturing growth in India.
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Jul 05, 2019 01:32pm
It grew at 5.8% in last quarter due to 4 month elections. Who invests during elections? Comparing it with a slowdown is foolishness.
Last year FDI in India was 68 billion USD. Only foreign investment in startups in the last 5 months is more than 6 billion usd. How is that slowdown?
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Jul 05, 2019 01:39pm
@RAja Raman , Couldn't agree more!
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Jul 05, 2019 01:43pm
So with economy set to become $3 trillion in current financial year Indian economy will be 10 times that of Pakistan with 6 times the population.
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Jul 05, 2019 01:54pm
An excellent budget from Modi2.0
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Jul 05, 2019 01:57pm
@Saif Zulfiqar , May be!! but India won't stop trying though...
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Jul 05, 2019 01:58pm
Congratulations !!! Finance minister Ms Nirmala Sitharaman and PM MODI for presenting a visionary budget. These policies will make India great again.
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Jul 05, 2019 02:00pm
@Saif Zulfiqar , Agree with you! As of today India can't over take China, tommorrow we will and Chinese will be cringing in their chair seeing India rise.
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Jul 05, 2019 02:00pm
@Saif Zulfiqar , we don't want to compare or overtake anyone we want to become Developed, Advanced country from developing country.
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Jul 05, 2019 02:01pm
@Saif Zulfiqar , We never have that aspirations also.We want to focus on country development in each and every field which includes security too so that no country can threaten us
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Jul 05, 2019 02:05pm
@Saif Zulfiqar , and pakistan will keep licking China for ever . At least we have spine to standup on our own, you and we got indenpenence almost on the same day. See where we are where you are ?
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Jul 05, 2019 02:06pm
@Saif Zulfiqar , That was exactly what the world said about China not being able to surpass the US. As the saying goes, every dog will indeed have its day!
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Jul 05, 2019 02:07pm
@Saif Zulfiqar : Does it really matter #1, #2, # 3,...?
The most important thing is improved quality of life for all citizens.
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Jul 05, 2019 02:10pm
@Vivek Lahore, Saudi Arabia is $ 35 trillions economy. Millions of Indians are working in Oil exporting Arab countries. Indians can no find jobs in India.
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Jul 05, 2019 02:11pm
Great country ! It will strive under dynamic leadership of Modi.
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Jul 05, 2019 02:12pm
@Ravin,
Buying weapons from Western powers can never make you super-duper power that you dream of. That's why they are powers and will never let that power slip!
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Jul 05, 2019 02:18pm
@Saif Zulfiqar , India has already beaten China to become fastest growing economy and highest inflow of FDI in world. Other indicators will soon follow and beat it.
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Jul 05, 2019 02:22pm
@Saif Zulfiqar , there is nothing impossible. Your comment seems to negative. We should not envy but compete.
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Jul 05, 2019 02:23pm
@Saif Zulfiqar, You always think about the military!! This article is all about economy not military related. Change your thoughts. The world is beautiful.
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Jul 05, 2019 02:25pm
@Saif Zulfiqar , May be yes ! But how come this become your source of joy !
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Jul 05, 2019 02:27pm
@Saif Zulfiqar , If that brings solace to you, so be it but do you have an idea of where both these economies will be in another two decades and the gap between them and Pakistan? Even in a million years you Pakistan can't reach that. But if this is the way you seek to derive satisfaction, then both Pakistan and India will never bridge their difference.
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Jul 05, 2019 02:43pm
@SHUJAAT, impossible says I m possible
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Jul 05, 2019 02:46pm
@Saif Zulfiqar , sure
don't worry about us
see how you meet IMF Terms to get your loans
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Jul 05, 2019 02:47pm
@Saif Zulfiqar , budget is a local topic. this is not about comparing with any country. budgets are made with local challenges
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Jul 05, 2019 02:48pm
@Zak, oh brother you are still stuck in 1947
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Jul 05, 2019 02:49pm
@Changez Khan, sure
keep on dreaming
why don't you focus on your next loan
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Jul 05, 2019 03:11pm
Doesnt matter if we cant reach 5 trln or cant beat China or other countries, we are still 3 trln economy with 500 bln forex reserves. Many struggle to get 5 bln from IMF whereas India got 500 bln lying in reserve.
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Jul 05, 2019 03:12pm
Indian FM Sitharaman has presented an excellent budget that has a ten year vision. The emphasis is in bringing in foreign capital by simplifying procedures and opening up Equity and Debt markets to spur infrastructure growth. Global MNC's looking to move manufacturing facilities out of China are being welcomed with many incentives. Tourism is also receiving a major boost. India needs Land & Labour reforms to achieve the growth targets. Fiscal deficit target at 3.4% of GDP is achievable.
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Jul 05, 2019 03:13pm
@Amir Indian, Agree with you.
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Jul 05, 2019 03:17pm
@Zak, Still sleeping?
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Jul 05, 2019 03:21pm
@Saif Zulfiqar , Are you a Pakistani or Chinese? If former, talk about your own country and how you guys can help it grow.
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Jul 05, 2019 03:23pm
@Zak, what pakistan has received joining CPEC??
Burden of billion dollars loan, high inflation, lost gwader to china. What else??
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Jul 05, 2019 03:24pm
There seems to be only one Pakistani commenting here in a Pakistani news media. Rest are Indians. Why?
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Jul 05, 2019 03:26pm
@Saif Zulfiqar, where you get this numbers even USA is not 35 trillion $ economy.
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Jul 05, 2019 03:32pm
@Zak, Very much possible Dear Sir, 8% or Growth and 4% of inflation sums up to 12% growth for the next 5 years make it 5 trillion USD economy. Kashmir can be a topic to keep defense spending high for India's adversary for next few decades.
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Jul 05, 2019 03:36pm
Modi should solve the Kashmir issue, making it irrelevant and saving colossal expenditure, energy resources, time and progressive thinking, for achieving what he aims.
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Jul 05, 2019 03:39pm
@Zak, : Don't be jealous bro.
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Jul 05, 2019 03:41pm
While the child mortality rate of India is higher than that of Sierra Leone, I can’t cover my face laughing reading some of the comments of my fellow Indians. Most of these Modi’s bhare-ka-tatto don’t even know the definition of GDP.
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Jul 05, 2019 03:43pm
@Zak: Pakistan allow india in CPEC ?? Very strange...India has already boycott CPEC.
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Jul 05, 2019 03:46pm
@Saif Zulfiqar, 35 trillion ? Pl check the data, it's completely wrong
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Jul 05, 2019 03:48pm
@Zak, bro... what? Even if india grows with 8% gdp growth with 4% inflation , it will be 5 trillion by 2024. Come out of dreams
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Jul 05, 2019 03:48pm
@Zak, speak for yourself we are growing and unlike pak we don't blow out budget in defence. We build infra. Even if due to you we can't achieve 5 trillion by 2025, even at our current growth levels it will be reached by 2028
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Jul 05, 2019 03:49pm
@Indian scientist, Excellent point you have made here. One more reason to have One nation One election. India cannot afford to be in eternal state of elections. For investment to pick up and grow over the years, the frequency of elections need to come down and that is possible only through One nation, One/Two elections.
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Jul 05, 2019 03:55pm
@Saif Zulfiqar, it is sitting on 34 trillion dollars worth of oil and gas. Sure but it can't extract it all at once. That's why the size of the economy is approx 800 billion dollars.
That said oil prices are going down and will only go down further once electric mobility properly kicks in in India and China which will happen in a decade or so.
That impact is already being felt in the gulf.
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Jul 05, 2019 03:59pm
@Ryan Haris: Don't blame Zulfiqar. In Pakistan Military Men have become Economists.
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Jul 05, 2019 03:59pm
@Zak, "won't happen unless" This is India not Pakistan , these issues do not hold back economic growth here.
What will happen otherwise, if it "won't"? $4.5 trillion economy? Sounds great.
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Jul 05, 2019 04:07pm
Tale of two countries which became independent together in 1947. One is progressing fast and has become the fastest growing economy of the world while other is still approaching IMF for bailouts.
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Jul 05, 2019 04:09pm
India has population equals to US and European Union combined so it's GDP should also be equal to GDP of both added which is 40 trillion.
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Jul 05, 2019 04:13pm
@Saif Zulfiqar, and America GDP is only 16trillion means more than two times of America..correct....???
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Jul 05, 2019 04:14pm
@Saif Zulfiqar, $35 trillion?? can you count?
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Jul 05, 2019 04:20pm
@Zak, .. I rally love your sense of humour and sarcasm .... I am sure the world revolves around CPEC
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Jul 05, 2019 04:23pm
@Zak, Stoo linking your happiness to others miseries of which you seem to be patient of. Grow up
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Jul 05, 2019 04:23pm
@Saif Zulfiqar, does it really matter if not able to achieve $5 trillion. He always set his target high. Even if does $4 trillion by end of term it will be huge achievement and get him another 5 years. Growth is important to improve quality of life Indian citizens and Modi hai tau mumkin hai, $5 trillions economy too.
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Jul 05, 2019 04:30pm
India can be a big economy but 70% people live below poverty line. If you want to call it economic growth than good luck. It is growth for elite and urban people not for entire country.
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Jul 05, 2019 04:30pm
@Zak, Kashmir is the only issue for you. It’s eating you away!
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Jul 05, 2019 04:34pm
@Changez Khan, the same problem as Pakistan except that India’s growth rate is slower than Pakistan!
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Jul 05, 2019 04:35pm
@Dube, nope, i don't expect our country to surpass china in 10 years with even 10% GDP growth.
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Jul 05, 2019 04:35pm
@team, it’s good to dream!
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Jul 05, 2019 04:36pm
@Saif Zulfiqar, "Saudi Arabia is $ 35 trillions economy" -you too are dreaming like Zak. KSA has a Nominal GDP of $0.68 trillion compared to $2.7 trillion of India. That is less than 1/3rd of India.
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Jul 05, 2019 04:37pm
@Changez Khan, Actually our population growth level is stablizing to sustainable level i.e 2.2%. At this rate we will keep our workforce population constant.
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Jul 05, 2019 04:51pm
@Zak, What CPEC has done for PAK.Nothing.
See your economy - Misery/Financial mess/High inflation/lowest growth rate/Debt trap/diwndling reserves/asking for loan to run the country/FATF grey list/Polio cases etc etc. List is very long. India has and will always grow , as there is political will to develop the country . No interference from man in uniform. They dont lecture govt on economy! .
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Jul 05, 2019 04:51pm
@Saif Zulfiqar , : nothing is possible. You can do better than the best by putting efforts in right direction.
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Jul 05, 2019 04:54pm
@Saif Zulfiqar, "Saudi Arabia is $ 35 trillions economy"
Estimated value of oil reserves is not the same as economy size. Just compare different economies, GDP, import/export values instead of projecting stale figures, and see the year after year improvement in Indian rankings as compared to KSA.
Thankfully electric cars are rising everywhere including India and shale frakking is now fully viable as in the USA.
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Jul 05, 2019 04:58pm
@Zak, : we can't stop your day dreaming!!!
India is destined to become 5 trillions and more economy in future due to its people.
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Jul 05, 2019 05:03pm
@Zak, either you don't understood or you don't want to understand anything and as usual blame India for anything & everything like you do for past 70 years.
So keep guessing and keep dreaming.
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Jul 05, 2019 05:06pm
India, whether will achieve the target or not but good to know at least the govt. set the target of 5 trillion economy.
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Jul 05, 2019 05:06pm
@Rocky,
"India can be a big economy but 70% people live below poverty line. If you want to call it economic growth than good luck. It is growth for elite and urban people not for entire country."
Laughable, from where you got this 70% data.
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Jul 05, 2019 05:15pm
We wish Pakistan too to grow into a 5 billion dollar economy by 2025.
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Jul 05, 2019 05:18pm
@Zak, keep on living in the fools paradise, Pakistan or no Pakistan India will be the third largest economy by 2030.
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Jul 05, 2019 05:44pm
@RAJAT GOPAL,
India will 3rd largest economy in the world by 2050. After China ,USA but can not over take China. If I am come, China is 20 Trillion and USA is 22 Trillion. But one should take per capita income in to consideration while comparing
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Jul 05, 2019 05:53pm
@Zak, Looks like grapes are sour for you. India is already 3 Trillion economy today and they made it with all the reasons mentioned by you. Let me correct one point of CPEC- If Pak allows India.... Please note that fact is it is China who is requesting & pursuing India to join CPEC and even has offered to change the name of CPEC to become it India centric.
Anyways India just wants you to also grow to get rid of poverty & backwardness.
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Jul 05, 2019 05:54pm
@Zak, jealousy showing..something is burning?
India shines ....Pak can't compare so they try to dish India's economic success and destabilize it as much as possible. No wonder China supports Pak's nefarious plans just to keep India's growth in check.
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Jul 05, 2019 06:07pm
@Zak, you need some burnol??? You should worry about your own economy.
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Jul 05, 2019 06:18pm
@Rocky, If 70% is living below poverty how can a country grow ? Use your brain sometimes and dont act like zak. As per UN poverty report, 27% of people poverty in 2015 and now its 18%. Pakistan has more people below poverty (44 out of 100) compared to India (22 out of 100).Little effort to google will open your eyes to reality.
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Jul 05, 2019 06:18pm
Dreams are dreams. People and nations need them to keep hopes alive.
Keeping living the dreams.
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Jul 05, 2019 06:23pm
@SATT, then how about comparing the land mass and resources. We are happy where we are and going in right direction. We are happy to be in top six out of 200 odd with functional democracy unlike China.
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Jul 05, 2019 06:24pm
@B N Sharma, Laughable, from where you got this 70% data.
This is taught in schools to make their students feel better.
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Jul 05, 2019 06:34pm
@Saif Zulfiqar , Forever is a long-time and many things considered to be impossible in the past have been achieved and are now daily realities. Nothing is pre-destined or fixed and anything and everything can be achieved if people so focus on it.
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Jul 05, 2019 06:51pm
@Saif Zulfiqar, 35 trillion dollars!? Whatever you are snorting I need that, buddy.
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Jul 05, 2019 06:58pm
@SHUJAAT, Wait till 2025 and be surprised.
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Jul 05, 2019 07:09pm
@Zak,
"Won't happen unles....well, Pakistan allows it.."
Sorry mate, Modi's India has decided to take Pakistan out of the equation and move on in its journey.
Good luck with whatever Pakistan is trying to achieve as a country and as a quom.
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Jul 05, 2019 07:16pm
Becoming a $5 Trillion is an ambitious goal and probably not achievable by 2024.
But having ambitious goals is a good thing.
Even if India achieves only half of its goal, it will have achieved the purpose of setting a very high goal.
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Jul 05, 2019 07:48pm
@Point of view, $5 trillion is a conservative estimate provided cumulative growth of 8+%. To understand this, people should have knowledge of behavioural economics, numbers alone is not sufficient. For this u need massive labour law reform, fast dispute resolution to say 0% pending of Court cases across the board, increasing participation of women productive works etc. This budget is for that, to creat a strong foundation without going to numbers nitty-gritty.
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Jul 05, 2019 07:53pm
@Saif Zulfiqar , Why you are taking pride for China? Where is Pakistan?
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Jul 05, 2019 07:58pm
@Zak: India is moving forward, very fast, and Pakistan is also moving very fast, but in the opposite direction. Do not expect them to meet at a point, as those roads are both straight, and do not meet, at a point, like a circumference of a circle.
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Jul 05, 2019 08:10pm
This is what Imran needs to do , focus on growth and go for solar and wind of which Pakistan has the worlds best resources and which are now much cheaper than oil or grows , and stop this obsession with corruption and persecuting previous office holders.
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Jul 05, 2019 08:18pm
Focus on women, education, water infrastructure, roads, and Mid and Small scale industries seems likely.
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Jul 05, 2019 08:31pm
It is nearly impossible to achieve 8% GDP with high employment rate,6.1% and still growing.
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Jul 05, 2019 08:33pm
@Surya Kant , China is a 13 trillion dollar economy right now. Beating China is not the issue. The issue is to develop India adequately. Maybe that will need a 10 trillion dollar economy. When that happens the combined China - India wealth will beat the rest of the world. the world will be balanced between East and West. This was always the pattern till 1700 when west went ahead of Asia by conducting the industrial revolution.
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Jul 05, 2019 09:04pm
@Zak kashmir has not been resolved in the last 70 years and probably will never be and it has not stopped india becoming an almost $3 trillion economy within a very short span of time after economic liberalization in early 90s. cpec? you will allow??? no thanks, keep your treasure to yourself, we dont follow china blindly like you do.
A functioning democracy comes at a chaotic cost, and we know we won't be able to surpass china despite all the predictions, but yes we will reach there eventually.
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Jul 05, 2019 09:09pm
While our government is projecting even bigger loans in the coming year.
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Jul 05, 2019 09:24pm
@Changez Khan, sir, the population growth rate of Pakistan is the highest in the region and Pakistan is not even trying to control it. It is higher than in India, Bangladesh, Srilanka and Nepal.
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Jul 05, 2019 09:29pm
@Zak, don't need your advice. I think till 2025 Pak may be disintegrated as per current economic situation
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Jul 05, 2019 09:31pm
Doesnt matter if we cant reach 5 trln or cant beat China or other countries.
we are still 3 trln economy with 500 bln forex reserves.
Many struggle to get 5 bln from IMF whereas India got 500 bln lying in reserve.
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Jul 05, 2019 09:34pm
@Saif Zulfiqar , It's a wonder how Pakistan feels proud of China's achievements.
How is it Pakistanis achivement?
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Jul 05, 2019 09:37pm
@NBBH, well said agree with you fully.
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Jul 05, 2019 09:38pm
@Zak, Modi has set a target of 5 trillion dollars growth, IK has set a target of 1 trillion dollar debt. Feel the smell..
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Jul 05, 2019 10:10pm
@Sweets, "Pakistan has more people below poverty (44 out of 100) compared to India (22 out of 100).Little effort to google will open your eyes to reality"
Very very good point, although people will take pains to point out (till they can) that 22% of India is still 250 million while 44% of Pakistan is "just" less than 100 million. That's intellectual honesty standards for ya. But then India is rapidly erasing poverty ever year.
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Jul 05, 2019 10:15pm
@VINIT,Some humans cannot share bigger share of land mass or resources compare to another equal chunk.It must be equal.If same population can have that much money the other should also have.Landmass and resources are excuses.Europe built on science and knowledge.Human resource is the most precious resource.
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Jul 05, 2019 10:21pm
@bhaRAT©, Shows how little you know. China is the fourth largest importer of Arms. India, Saudi and Emirates are the first three. China is still way way behind in building sophisticated arms, even Sweden beats China in this area.
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Jul 05, 2019 10:25pm
@Saif Zulfiqar , why not? Any conflict between China and other country. Or North Korea war can knock down China economy. Also production in India increase, world will turn towards India for all manufacturing
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Jul 05, 2019 10:27pm
@Zak, India doesn’t need CPEC for it’s growth. Neither does Pakistan matter anymore in India’s growth story. It’s another matter, that peace in the region should be a mission for all. 5 Trillion happens or not, India is on a growth trajectory that is definitely going to influence the world order in time to come. And you may not agree, but you know it’s true.
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Jul 05, 2019 10:29pm
@Zak, CPEC is failure, broken unfinished road construction will remain as it is for another 20 years
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Jul 05, 2019 10:29pm
@Rocky, "India can be a big economy but 70% people live below poverty line. If you want to call it economic growth than good luck"
This is the typical kettle still calling the shining pot black. Feudalism, oligarchy, a security industrial complex benefiting an estimated 5 million people at huge cost to the remaining 190 millions with zero accountability in distributing aid and scarce funds. And look at the poverty alleviation figures in India from the UN, hundreds of millions out of poverty!
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Jul 05, 2019 10:31pm
Modi is blessing for India. Moreover Rafael jets and billet proof for army, S400 and 114 combat jets. Too good for India’s Defence
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Jul 05, 2019 10:44pm
@Wasim Kureshi, If you calculate with 7% GDP growth India is adding approximately one Pakistan size GDP every year.So by 2025 in next 7 yrs India can have at the least 4 to 4.5 tn $ economy .There is nothing wrong in dreaming big if actions and intention are matching.Hope Pakistan learn something instead of living on handouts loan.
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Jul 05, 2019 10:51pm
I think India started a bit above of china as it relies on digital service and R&D. This sector is growing rapidly. ZLow cost manufacturing in China has some limitations but R&D will have none. What India need is to improve the quality of technical education by allowing USA universities opening campus in India.
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Jul 05, 2019 10:53pm
@Zak, Like Cpec fixed Pakistan's economy
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Jul 05, 2019 11:07pm
No govt can ever fix any economy. It has to come from the people if they are willing to respect the laws and stay within the system.
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Jul 05, 2019 11:08pm
A budget for the poor. Well done india
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Jul 05, 2019 11:15pm
India is trying to generate and spend about $1.6T dollars into infrastructure projects in next 5 years. This will make roads, water, social services available all over country and also spur growth.
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Jul 05, 2019 11:31pm
@Subhasish , And pray tell why India has high child mortality, if the 60 years of leftist and crony socialist governments did not alleviate healthcare?
A growing economy with focus on healthcare is a must. Look at how Modi govt. has attempted to address several issues in the east of India - about time. India made great progress during the last few years - period, reducing annual mortality among children under five from 2.5 million in 2000 to 1.2 million in 2015. You have no clue.
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Jul 05, 2019 11:32pm
@Saif Zulfiqar , If your ignorance makes you happy, great. enjoy.
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Jul 05, 2019 11:34pm
@Saif Zulfiqar , we dont overtake we rise to the maximum!
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Jul 05, 2019 11:34pm
Saif Zulfiqar-Saudi Arabia is only 0.75 trillion economy against 3 trillion economy of india on exchange rate basis and on ppp basis india is 12.8 trillion economy against 2 trillion of Saudi Arabia.Get your facts right.
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Jul 05, 2019 11:39pm
“But economists say scaling up Asia’s third largest economy in rapid fashion will need bold reforms including freeing up land and labor markets, which Modi shied away from in his first term for fear of political backlash.”
Modi repeatedly tried to pass land reforms but was blocked in Rajya Sabha where his party does not have majority.
There was significant move forwards towards formalizing the labour market, reducing cost and corruption associated with labour law compliance.
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Jul 05, 2019 11:39pm
@Dube, China is an $11 trillion economy. Impossible for India to reach that. There are too many variables against India. Bad and crumbling infrastructure is one big hurdle. Other hurdles are more on social front. Even reaching 3 trillion by end of 2019 will be difficult.
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Jul 05, 2019 11:41pm
@Dube, “India will get its target economy of 5 trillon dollor and surpass China by 2030. India is going to be king of Asia by 2030.”
I am from India too but what you are saying is illogical. Even PM of India says we should target &10 trillion economy by 2030 while China is already a $13 trillion economy.
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Jul 05, 2019 11:42pm
@Ashwin Yadav, Yes and also has twice the population of Pakistan living on less than $2 a day.
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Jul 05, 2019 11:42pm
@Zak, who wants cpec.. it is a trap
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Jul 05, 2019 11:44pm
@Surya Kant , If India is the land of milk and honey then why are Indians way more unhappier than Pakistanis? Please explain.
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Jul 05, 2019 11:45pm
@Saif Zulfiqar , “India can not overtake China both economically and militarily ever.”
Ever is a bold statement. But certainly it is unlikely to surpass the Chinese economy in the next 25-30 years. Cannot predict beyond that.
But India and China are mature. Despite having a border dispute, a single gunshot has been not fired in their border in the last 30 years.
But the gap between India and Pakistan will continue to grow both in per capita terms and nominal terms.
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Jul 05, 2019 11:48pm
@Changez Khan, “India's population is growing at an alarming high rate,”
Factually incorrect. The total fertility rate in India is dropping sharply.
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Jul 05, 2019 11:49pm
@Deepak , What good is that 3 trillion economy or 500 billion FOREX when around 300-400 million Indians are living in extreme poverty. That is more than the population of entire EU.
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Jul 05, 2019 11:54pm
@Saif Zulfiqar, “Saudi Arabia is $ 35 trillions economy. ”
Completely wrong. The largest economy in the world is US and if us only $20 billion.
It is true that Saudi Arabia has a higher per capita GDP than India and many Indians work there but how is that relevant to a story about India’s budget? India is a lower middle income country trying to rise - has never claimed to be a high income country.
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Jul 05, 2019 11:59pm
@Pawan, “There seems to be only one Pakistani commenting here in a Pakistani news media. Rest are Indians. Why?”
@Vicek Lahore, @Zak, @BhaRat, @Saif Zulfiqar all commented before you and all are Pakistani. Separately, this news is about Indian economy so it is natural that Indians would comment.
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Jul 06, 2019 12:02am
@Subhasish , “While the child mortality rate of India is higher than that of Sierra Leone”
Please provide reference.
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Jul 06, 2019 12:06am
@Zak, not necessary, even pm has no right to do this in Indian constitution , till last breerh of any main land india
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Jul 06, 2019 12:08am
@SATT, “India has population equals to US and European Union combined so it's GDP should also be equal to GDP of both added which is 40 trillion.”
Has India claimed that it is a high per capita GDP economy? No. Also going by your logic, since Pak population is greater than KSA, UAE, Kuwait, Bahrain, Oman, Iran, Iraq, Malaysia put together, then its GDP should also be greater than sum of GDP of these countries. Is it?
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Jul 06, 2019 12:11am
@M. Saeed, sure Modi will resolve the Kashmir issue soon. Abrogation of article 370 will be a step in this direction
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Jul 06, 2019 12:13am
Yes India has a $2.7 Trillion economy, but still don't have adequate amount of electricity and water for the public. The government rather spend the money on defense.
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Jul 06, 2019 12:14am
@Rocky, “India can be a big economy but 70% people live below poverty line. If you want to call it economic growth than good luck. It is growth for elite and urban people not for entire country.”
You are not aware of the effort made to improve the lot of poor. 23 million affordable houses already made across rural and urban India; free cooking gas connection to 7 crore households, 10 crore toilets constructed, 33 crore no frills bank accounts established, 14 crore MSMEs got institutional loans
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Jul 06, 2019 12:19am
@Wasim Kureshi, Dr Abdul Kalam said “some people dream big in their sleep while others don’t sleep until they realise their dreams” PM Modi belongs to the latter category
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Jul 06, 2019 12:22am
@Zak, don't worry. You guys just enjoy
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Jul 06, 2019 12:23am
@Sodhi, “Becoming a $5 Trillion is an ambitious goal and probably not achievable by 2024.
But having ambitious goals is a good thing.
Even if India achieves only half of its goal, it will have achieved the purpose of setting a very high goal.”
Agree with you directly. But achieving only half means becoming 2.5 trillion economy while Indua already is a $3 trillion economy.
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Jul 06, 2019 12:44am
@Zak, no Kashmir under any circumstances.,period.
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Jul 06, 2019 12:49am
Are Muslims and lower caste also included in this master plan?
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Jul 06, 2019 12:49am
@Rajesh, yet you have 325 million living in poverty, why not fix that?
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Jul 06, 2019 12:52am
@Wasim Kureshi, learn english then comment
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Jul 06, 2019 01:40am
Looks like India is also in a similar situation to Pakistan. Their economy is going down.
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Jul 06, 2019 01:49am
@Saif Zulfiqar, 'Saudi Arabia is $ 35 trillions economy. Millions of Indians are working in Oil exporting Arab countries. Indians can no find jobs in India...'
Huh? Saudi Arabia is $35 trillion economy?? Since when?!! Even the largest economy in the world, USA had a GDP of only $19 trillion last year! Last year Saudi Arabia's GDP was $740 billion (not even 1 trillion). Sorry to give that reality check.
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Jul 06, 2019 02:09am
@Zak, pakiatan with cpec has taken 38billion loan from IMF, if one has mind they should know what is good or bad. You can stop getting concerned about India bro :)
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Jul 06, 2019 02:26am
@Zak, India's economy is not restricted/dependant or limited to geological issues of Kashmir and neither does India need CPEC for its development. Isuues are housing, infrastructure, banking sectors, NBFCs, digitisation, ability to borrow externally, corporate tax, boosting domestic manufacturing, labour laws reform, household income, agriculture reforms so on and so forth. India has never considered CPEC in its economic equation and neither will it, nor should it !
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Jul 06, 2019 02:38am
@Zak, Indians have more money than 10 Pakistan combined. Learn before typing
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Jul 06, 2019 02:43am
@Saif Zulfiqar, Saudi Arabia is $700 billion economy. Stop lying.
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Jul 06, 2019 02:49am
@Subhasish , Indian infant mortality rate at 39 is much better than Sierra Leone -67 and Pakistan-52
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Jul 06, 2019 02:56am
@Zak, why don't you mind your business.... always comes with some brainless commentary.
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Jul 06, 2019 03:25am
@Zak, We do not worry about CPEC, Kashmir and other concerns of Pakistan or its people. India can live without Pakistan, as it has done most of the time.
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Jul 06, 2019 03:26am
@Changez Khan, -- Did you check about Pakistan?!
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Jul 06, 2019 03:27am
@Surya Kant , You Indians never quit dreaming unreal goals about your economy and when it comes to comparing with China you lose all your senses. First China’s economy way past your lofty and unrealistic goal and just look at the number, your and their and things would be crystal clear even reaching $ 5.00 T in just five or six years is another unreachable goal because economy has to grow not 8 percent for 10 years above 15 percent for next six years, not possible only in your wild dreams.
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Jul 06, 2019 03:36am
@Rajesh, Please do by all means and the first in line should be no one other than Nepal, a brother Hindu country, then comes BD and Srilanka and before comes your own poorest of the poor hundreds of million in the world need your pocket change to bring them out of this quick sand of poverty that must be truly embarrassing but knowing your miser mentality it will always empty talk and show off . Fix your house of poverty first as they say charity starts at home.
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Jul 06, 2019 03:38am
@ajmal, -- If Pakistan can dream to grow in this abysmal economic reality and the heavy Chinese debt, India has resources and will to achieve it.
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Jul 06, 2019 04:02am
@Ravisingle, There are no difficult or smart decisions as the goal of 5.00 T is simply unreachable and undoable no matter what India can do as no country has achieved such growth, may be Japanese or Chinese achieved such growth.
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Jul 06, 2019 04:28am
Very unlikely. Easier said than done. He has yet to make structural reforms. Vietnam is ahead of India in implementing reforms and has attracted labor intensive industries needed for creating jobs.
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Jul 06, 2019 04:35am
@Saif Zulfiqar , ok no problem but my friend their matured leadership are increasing trade business keeping their differences aside . Both country have terror problem and have find out root from where it comes .
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Jul 06, 2019 04:39am
@Ash Man , And you have over 480 million poorest of the poor in India, the largest concentration of poor anywhere on this planet , more than whole of Africa. India defines and set standards , the nature of real poverty not seen anywhere in Pakistan.
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Jul 06, 2019 05:09am
@RAja Raman , Sixty three percent of India’s power comes from coal and there is no end in sight as more plants coming on line making environment more hostile to humans. First stop building coal fired plants. You and Cins are the biggest offender of polluting this planet.First fix your priorities and fundamentals, give your people a safe and clean environment other things can come later.
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Jul 06, 2019 05:11am
@Zak,
>Modi has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion'. Won't >happen.
Why? it will touch $3 trillion this year itself. It can reach close to $5 trillion.
> unless IOK resolved, region sees permanent peace and Pakistan allows India to join CPEC.
how IOK affecting India's growth rate? also, CPEC is China's venture - Pak does not have much say in it. China requesting India to join CPEC and india refusing !!
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Jul 06, 2019 05:35am
@NBBH, --Zak I may add - by now we know how much you know about cricket, and don't show us that you are financial wizards and an economist too.
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Jul 06, 2019 05:40am
@Zak, Based on a lot of things that you said and keep saying, it is going to happen. You have no control even on your negative thinking, you think you can control Indian economy. So, please keep saying.
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Jul 06, 2019 05:44am
@Saif Zulfiqar , we are not interested to compete with China or anyone militarily!. Our focus is solely on economy!. We are preparing our military only because of military build up by China to counter any threats from them based on the previous experiences!
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Jul 06, 2019 05:46am
@Simba, Indian forex reserves are 400 billion dollars! From where those 100 billion came!?
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Jul 06, 2019 06:50am
@Saif Zulfiqar, really you think saudi is a $35 trillion economy ?
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Jul 06, 2019 06:50am
@Deepak , And many hundreds of millions in India struggle for one square meal and in this scorching heat are without clean water and or simple shadow to hide from the sun and suffocating dust that all around and you brag about $500 billion in the bank. How callous and cruel you Indian could be?
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Jul 06, 2019 07:04am
@SATT, your country population is equal to US so your economy should also be equal to their economy.
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Jul 06, 2019 07:36am
@M. Saeed, Yes Amit Shah the home minister is on his mission to permanently resolve Kashmir.
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Jul 06, 2019 07:37am
@Zak, how much is your economy size bro? Where is your rupee?
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Jul 06, 2019 09:05am
@Rehman, "Looks like India is also in a similar situation to Pakistan. Their economy is going down."
One quarter of 5.8% growth was considered sign that Indian economy is slowing. One year of 5.8% growth in Pakistan in 2018 was tomtommed as fastest growth in over a decade.
Pakistan has foreign reserves of $7.2 billion and India has $426 billion. Pakistan has gone to IMF 13 times since 1988, India never went after the program in 1991.
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Jul 06, 2019 09:08am
@Bilal, "@Deepak , What good is that 3 trillion economy or 500 billion FOREX when around 300-400 million Indians are living in extreme poverty. That is more than the population of entire EU."
Comparison with EU which is a high income economy is pointless. Question is whether poverty in India is reducing at a fast clip or not. Also, please provide credible reference for your statement that 300-400 million Indians are living in extreme poverty.
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Jul 06, 2019 09:17am
@Bilal "What good is that 3 trillion economy or 500 billion FOREX when around 300-400 million Indians are living in extreme poverty."
Your figure about 300-400 million Indians living in extreme poverty is just flat out wrong. Also, regardless of the poverty in India, it has a much lower infant mortality and maternal mortality rate and a much higher literacy rate than Pakistan. Polio was eradicated in India long back.Finally, India's forex gives it the flexibility to not comply with IMF diktat.
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Jul 06, 2019 09:39am
@Bilal, That is because aspirations of people are very high.
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Jul 06, 2019 10:01am
@Amyra, you said Pakistan took $38 billion loan from IMF for CPEC,
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Jul 06, 2019 10:09am
@Straight talk , mate plz check your facts, by 2019 India reduce their extreme poverty rate as low as 3% which is 50 million only. simply search on Google.
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Jul 06, 2019 10:48am
Pakistan will under PM IK will take $ 1 trillion loan each from IMF, ADB, China, Saudi, Turkey , Qatar & become $ 6 trillion economy in 2020 .
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Jul 06, 2019 12:18pm
@Ravin, "Shows how little you know. China is the fourth largest importer of Arms."
And you guys excel at misinformation. You conveniently forgot to say China is one of the world’s biggest arms exporters, China is also the fourth biggest arms importer in the world.
Russia accounted for the majority of Chinese arms imports in 2018, with the major imports being of missile defence systems, and engines for combat aircraft and warships. They make and export all else!
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Jul 06, 2019 03:02pm
@Simba, $500b Reserves is 'Official' figure. The unofficial but actual figure once revealed by RBI Governor is $1100b.
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Jul 06, 2019 03:33pm
Well said
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Jul 06, 2019 11:58pm
@Rehman, What is more important is that a Pakistani has to seek solace from Saudi Arabia's GDP rather than his country's. A Pakistani is convinced that there would never be leadership in Pakistan that could propel Pakistan to such heights.
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Jul 07, 2019 12:05am
@Straight talk , From whose rear did you pull that 325 million figure?
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