India’s economy is recovering swiftly from the coronavirus-induced slowdown on the back of government policies and a slew of foreign investment, the country’s prime minister said on Saturday.
“We are recovering vary fast and economic indicators are encouraging,” Narendra Modi said while addressing the Federation of Indian Chambers of Commerce and Industry annual convention. “Foreign investors have made a record investment in the country and are continuing to do [so].”
Asia’s third-largest economy announced various steps to stimulate consumer demand, including advance payment of a part of the wages of federal government employees during the festival season in October and stepped up capital spending to bolster the pandemic-hit economy.
We have answers as well as [a] roadmap for recovery
In November, India also rolled out more stimulus to rescue companies and save jobs. The additional stimulus amounts to about 9 trillion rupees ($120 billion), taking the nation’s total Covid-19 relief to almost 30 trillion rupees, or 15 per cent of gross domestic product, according to finance minister Nirmala Sitharaman.
“When the pandemic began in February or March, we were fighting against an unknown enemy,” Mr Modi said. “There were a lot of uncertainties – be it production, logistics, the revival of the economy – there were multiple issues. But today in December, the situation has changed. We have answers as well as roadmap for recovery."
India continued to ease movement restrictions to revive business activity, despite a rise in the number of coronavirus cases. As of Saturday, the country had more than 9.8 million infections, over 9.3 million recoveries and 142,662 deaths, according to Worldometer, which tracks the pandemic.
India’s services sector expanded in November, its second consecutive month of growth, helped by new business activity and the first rise in employment in nine months.
The seasonally adjusted India Services Business Activity Index, compiled by IHS Markit, dipped to 53.7 from 54.1 in October. A reading above the neutral 50 level indicates an economic expansion, while a reading below points to a contraction.
India's benchmark equity index has also been buoyant, recording its six consecutive week of gains as foreign investors channelled funds into local stocks.
Net foreign investment in local stocks amounted to nearly $19 billion through to December 9 this year and is the highest since 2013, according to Bloomberg.
India's economy is expected to contract 9.9 per cent in 2020 and expand 7.9 per cent next year, the Organisation for Economic Co-operation and Development (OECD) said in its latest report.
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Killing of Qassem Suleimani
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
Batti Gul Meter Chalu
Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
UAE currency: the story behind the money in your pockets
