Online news channel!

Tag: world-economic

Devendra Fadnavis’s takeaway from Davos: 20,000 jobs, India’s first escalator plant

Information technology giant Cognizant assured creation of 20,000 jobs on its new campus after the Maharashtra government announced allotment of 20 acres of land near Pune to the global firm during this year’s World Economic Forum at Davos. In another welcome development, leading elevator manufacturer Schindler would be setting up India’s first escalator manufacturing plant in the state.

CM Devendra Fadnavis pays his respects to Lala Lajpatrai on the freedom fighter’s 150th birth anniversary, at a city college on Wednesday.
Abhinav Kocharekar

Information technology giant Cognizant assured creation of 20,000 jobs on its new campus after the Maharashtra government announced allotment of 20 acres of land near Pune to the global firm during this year’s World Economic Forum at Davos. In another welcome development, leading elevator manufacturer Schindler would be setting up India’s first escalator manufacturing plant in the state. “Davos is a forum for networking and generally no memorandum of understanding is signed during the meet. Since the atmosphere of investment in India has improved, investors were eager to come to India, especially Maharashtra. The talks were so fruitful that we issued the letter of allotment to Cognizant on the discussion table. The company has assured to create 20,000 jobs on its new campus,” said chief minister Devendra Fadnavis. Apurva Chandra, secretary of the Department of Industries confirmed allotment of land at Hinjewadi to the IT firm. India’s dependence on imported escalators will come down with Schindler planning to set up a zero-discharge plant in Maharashtra, said Fadnavis. He said many Japanese firms would be visiting the state to explore the possibility of setting up a textile cluster in Amaravati with the aim of providing end-to-end solution to cotton growers. The CM said that he had offered the Japanese companies to develop a Japanese park. Cafeteria approachThe CM said that JP Morgan has showed keen interest in doing a roadshow in the US to attract financial sector giants to Maharashtra. Several Japanese firms too have shown keenness in having similar drives in their home country. He said that the state government would have a cafeteria approach and offer space for investors in whichever area they want in terms of diverse opportunities and faster clearances on par with China.

India’s growth rate to surpass China’s in 2016: IMF

India is expected to grow at 6.3% this year and 6.5% in 2016 by when it is likely to cross China’s projected growth rate, the IMF said today while terming the new government’s reforms as “promising” but insisted that their implementation is key.

India is expected to grow at 6.3% this year and 6.5% in 2016 by when it is likely to cross China’s projected growth rate, the IMF said today while terming the new government’s reforms as “promising” but insisted that their implementation is key.In 2014, India’s growth rate was 5.8 per cent against China’s 7.4%, said the World Economic Report update released by the International Monetary Fund. India’s growth rate in 2013 was 5% as against China’s 7.8%. India is projected to grow at 6.3% in 2015 and 6.5% in 2016, when it is likely to cross China’s projected growth rate of 6.3%, the IMF said.”I think the reform plans of the new Prime Minister are promising. We are going to have to see the speed of the implementation,” said Gian Maria Milesi-Ferretti, Deputy Director in IMF’s Research Department.Responding to a question, the IMF official said the effect of Prime Minister Narendra Modi-led government’s economic reform would be difficult to predict as these are structural reforms and are growing gradually over the medium term.”Key is going to be implementation,” Milesi-Ferretti said. According to the latest IMF report, in India, the growth forecast is broadly unchanged, however, the weaker external demand is offset by the boost to the terms of trade from lower oil prices and a pickup in industrial and investment activity after policy reforms.The report said global growth will receive a boost from lower oil prices, which reflect to an important extent higher supply. But this boost is projected to be more than offset by negative factors, including investment weakness as adjustment to diminished expectations about medium-term growth continues in many advanced and emerging market economies.Global growth in 2015–16 is projected at 3.5% and 3.7%, a downward revision of 0.3% relative to the October 2014 World Economic Outlook (WEO).The revision reflect a reassessment of prospects in China, Russia, the euro area and Japan as well as weaker activity in some major oil exporters because of the sharp drop in oil prices. The United States is the only major economy for which growth projections have been raised, the IMF said. Investment growth in China declined in the third quarter of 2014, and leading indicators point to a further slowdown.