The rate of investment, consumer expenditure and infrastructure spending will be the driving force behind the country's economic growth over the next 10 years, Dun & Bradstreet said in its report titled-'India 2020'
New Delhi: India will become a $5.6 trillion economy by 2020, according to research firm Dun & Bradstreet (D&B), which has predicted a three-fold jump in the country's gross domestic product (GDP) from $1.7 trillion in the last fiscal on the back of rapid investment and growing consumer expenditure, reports PTI.
"Indian economy will become a $5.6 trillion economy by fiscal 2020, at the current market price, from the $1.73 trillion in the fiscal 2010-11," Dun & Bradstreet India senior economist Arun Singh said.
The rate of investment, consumer expenditure and infrastructure spending will be the driving force behind the country's economic growth over the next 10 years, he said, adding that these conclusions are part of a D&B report titled -'India 2020'-which is scheduled to be released on Thursday.
The share of discretionary spending is projected to increase considerably to 72% of private consumption expenditure from around 60% in FY09-10.
Besides, the share of the services sector is expected to surge from 57.3% of the GDP in FY09-10 to 61.8% in FY19-20.
Another major contributor to the growth would be rapid investment in the infrastructure area. Infrastructure sector spending is expected to rise to 12.1% of the GDP by FY19-20 from around 7% of the GDP in FY10-11.
In terms of regions, eight states-Maharashtra, Gujarat, Andhra Pradesh, Bihar, Madhya Pradesh, Rajasthan, Orissa and Uttar Pradesh-would contribute 71% of the total GDP in the next 10 years, as compared to 66% in FY09-10.
Further, the report said Maharashtra, Gujarat and Andhra Pradesh will be amongst the most developed states in the country by 2020 and would together contribute 32% to the overall GDP.
The BIMAROU states (Bihar, Madhya Pradesh, Rajasthan, Orissa and Uttar Pradesh) are also expected to contribute significantly to India's growth story during the current decade.
The contribution of BIMAROU states will be about 24% of the GDP by FY19-20, as compared to 21% during FY09-10, Mr Singh said.
Notably, four of the five BIMAROU states are expected to see a double-digit average growth over the current decade.
EAS Sarma says his complaints on environmental violations for the oil company’s expansion project have been repeatedly ignored
A few days ago, it was revealed that the ministry of environment and forests, contrary to popular belief that it was getting tough with mining and industrial corporations, had in fact stalled only 1.3% of projects from getting clearances. Now, even as the government is under pressure, a former bureaucrat has threatened to drag environment officials to court for turning a blind eye towards the environmental violations by a state-owned oil company.
EAS Sarma, former secretary in the ministries of finance and power, has issued notices to the Andhra Pradesh chief secretary, the secretary in the union ministry of environment and forests (MOEF) , special chief secretary in the environment department at the Andhra Pradesh secretariat, a member secretary of the Andhra Pradesh Pollution Control Board, the district collector and the vice-chairman of the Visakhapatnam Urban Development Authority under the Environment (Protection) Act, 1986. The notice has informed that the issuer intends to file a case against Hindustan Petroleum Corporation (HPCL) for damaging local ecology, and to hold the government responsible for not discharging its duties in this regard.
HPCL allegedly undertook construction work adjacent to its refinery in Visakhapatnam without appropriate statutory clearances from the MOEF and the state pollution control board for its expansion project. "HPCL has illegally cut down mangrove forests in that area, and destroyed other bio-resources, and by undertaking construction activity within the CRZ where such construction activity is prohibited," Mr Sarma said.
In his letter to the six respondents, he has demanded an explanation from the authorities as to what action was undertaken against the company. "I will be constrained to file a case against all of you and the private companies and individuals responsible for the statutory violations, as soon as the statutory period of 60 days elapse," he wrote in the notice.
Mr Sarma alleged that HPCL representatives had admitted to him that they had cut down a part of the mangrove forests on a piece of land that was provided by the Visakhapatnam Port Trust. In his complaint, he has attached photographs that show construction activities going on at the HPCL project site. He says he also has eye-witness accounts to corroborate his complaint against the company.
"A buffer zone of 50 metres around any stretch of mangroves extending over 1,000 square metres or more needs to be left out," Mr Sarma said. "The district collector is expected to oversee the conservation of the ecologically sensitive areas. The central and state departments in charge of environment and forests are equally responsible to prevent the destruction of the mangroves and for compliance with the CRZ requirements."
HPCL, however, has tried to shrug off the allegations. The company later claimed to have returned the land in question after they found the area unsuitable for their project. Repeated calls to HPCL's corporate office were not answered.
Orchid Chemicals’ cephalosporin producing facility at Alathur in Chennai has reopened and the production will commence immediately
Drug firm Orchid Chemicals & Pharmaceuticals said it had resumed production at its unit in Chennai. "The company's cephalosporin producing facility at Alathur in Chennai has reopened and the production will commence immediately," Orchid Chemicals & Pharmaceuticals said in a filing to the Bombay Stock Exchange (BSE).
The company's cephalosporin producing facility at Alathur in Chennai was issued a closure notice by the Tamil Nadu Pollution Control Board (TNPCB) citing some non-compliance with regard to the disposal of solid waste in July this year. The Alathur facility manufactures a range of oral and sterile cephalosporin APIs and caters to developed markets like the US, Europe and Japan. Cephalosporins are a newer class of antibiotics used in treating infections in different parts of the body.
On Wednesday, Orchid Chemicals ended 0.07% down at Rs202.55 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.66% to 16,840.80.