Economy
India's official growth target cut, outlook on inflation better
Cautioning that challenges remain in the Indian economy despite progress, the finance ministry has sharply cut its growth forecast for this fiscal to 7-7.5 percent from 8.1-8.5, but said inflation remained under control.
 
In a mid-year review tabled in parliamnt on Friday, the finance minstry also said that the fiscal deficit target for the current fiscal will be met despite some setbacks on divestment but did not sound too optimistic on this front for the next fiscal year.
 
"Economy has made considerable progress but challenges remain. The government aims to meet fiscal deficit target of 3.9 percent (of GDP) without big expenditure cuts," said the report, authored mainly by Chief Economic Advisor Arvind Subramanian.
 
The earlier growth forecast was 8.1-8.5 percent, as estimated in the Economic Survey presented in February. Against this, the economy expanded by 7.4 percent in the second quarter of 2015-16 and 7 percent in the first quarter, according to official data.
 
On fiscal deficit, the report said a lower than expected expansion in the economy will by itself raise the target by around 0.2 percent of GDP, as this is indexed to the government's revenues and expenditure, even as a likely drop in divestment receipts will add to the burden.
 
The report said tax collections have been buoyant relative to the growth. "Indirect taxes have fared better than direct taxes."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Facebook blocks messages promoting terrorist propaganda
Facebook blocks a million messages every week that promote terrorism or radical ideologies, said executive director of UN Counter-Terrorism Committee Jean-Paul Laborde.
 
"We must learn to move through social networks at the same speed or faster than terrorist organisations," Efe quoted Laborde as saying on Thursday.
 
He said this while addressing a meeting on balance between protecting citizens and maintaining their online privacy, which according to Laborde is "a great challenge" for law enforcement, civil society and private companies.
 
"We must find the balance between ensuring freedom and privacy online, but at the same time it is necessary to protect the lives of all citizens of the world," said Laborde.
 
"One area in which we must first defeat terrorist organisations such as Islamic State is the internet and social networks," he added.
 
To achieve these goals new relationships and connections must be forged between civil society, UN members and private enterprises like Facebook, Google, Microsoft and Twitter that control exchange of information online.
 
"Private companies do not want to look like the bad guy and are doing much to help," said Laborde and added YouTube cancelled at least 14 million videos of terrorist propaganda in the last two years.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Shed egos for development: SC judge to parties
Supreme Court Justice Arjan Kumar Sikri on Friday called upon the political parties to shed their egos and come together for the nation's development.
 
"Shed your egos and come together for the growth of the country. Lots of statesmanship is required on this. Persuade all the political parties and let them come with minimum common programme which may include GST as well," Justice Sikri said while addressing the 88th Annual General Meeting of Ficci here.
 
"When the dispute can be settled between two different nations, then why can't within the country," he said at the industry lobby Federation of Indian Chambers of Commerce and Industry meeting.
 
Stressing upon the need to have a Minimum Common Programme (MCP), Justice Sikri said, the political leaders must come together and devise the MCP for the country's development that may include GST bill, SEZ (special economic zone) and land acquisition bill.
 
The statement came as the winter session of parliament is witnessing adjournments daily, forced by the Congress and other opposition parties on issues like atrocities against Dalits and CBI raid on the office of Rajendra Kumar, Delhi Chief Minister Arvind Kejriwal's principal secretary, and one of his most trusted aides.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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