MELBOURNE: Indian visitors are expected to contribute 1.9 billion dollars to the Australian economy by 2020, Australia's Trade Minister said, describing India as an important trade and investment partner.
For the year-ending March 2017, Australia welcomed 274,500 visitors from India, 15.3 per cent more than the previous year, Steve Ciobo said.
During the same period Indian visitors spent more than 1.3 billion dollars in Australia, making it the eighth largest market for Australia in terms of money spent by travellers, Ciobo said.
The minister said that India was a growing and important tourism market for Australia and Indian visitors were expected to be worth 1.9 billion dollars to the Australian economy by 2020.
The minister stressed that the Government of Prime Minister Malcolm Turnbull recognised the importance of the Indian market to Australia's tourism industry which prompted the implementing of online visa applications. The government was also piloting a three-year, multiple entry visitor visas.
"Tourism is also one of the key sectors for the India Economic Strategy, commissioned by Prime Minister during his visit to India earlier in the year, which will look at opportunities to grow and diversify Australia's economic relationship with India over the coming years," he said.
Describing India as an important trade and investment partner for Australia, the minister said that he will lead a business mission to Australia Business Week in India, at the end of the month, which will promote Australian capability and expand Australia's trade, investment and education relationships.
The country has also roped in former cricket captain Michael Clarke to promote tourism and woo tourists to visit and experience the country from its key international markets.
Clarke will work with Tourism Australia (TA) to encourage people in our key international markets, especially India, to visit and experience Australia.
Clarke was made 'Friend of Australia' during TA's annual India Travel Mission last week in Pune.
Clarke's new role will include hosting events, media appearances and networking with travel agents and key tourism stakeholders to show the world why there is nothing like Australia.
Source:- Economic Times
By 2047, when India celebrates its centenary of independence, the country will regain its preeminent position in the global economy.
In fiscal year 2016-17, which ended March 31, India’s GDP stood at $2.3 trillion. During the last three years, the Indian economy has grown 7.5 percent on average. This growth does not yet fully capture the positive effect of the reforms that the present government has introduced.
Therefore, as the economy absorbs the full impact of the reforms, growth is likely to accelerate. Indeed, if the policy regime continues to travel on the reform path chartered during the last three years, it is reasonable to expect that India would experience China-like growth in the forthcoming decades.
Against this background, we can expect the economy to grow at the compound rate of 7 percent to 8 percent in real dollars in the next three decades.
What would such growth mean?
At 7 percent compound rate of growth, by the 100th anniversary of independence in 2047, India would turn into a $17.5 trillion economy, almost as large as the United States today. At 8 percent, the Indian economy would be $23 trillion, substantially larger than the United States today.
With population predicted to be 1.58 billion in 2047 by the World Bank, per-capita income would rise to more than $11,000 if growth were 7 percent and more than $14,500 if it were 8 percent.
Of course, since the prices in India will remain significantly below those in the United States on average, in real terms (what economists call in “purchasing-power-parity” terms), these incomes will be even higher than these magnitudes suggest.
At these high incomes, even taking into account income disparities that are likely to remain, India can be expected to be able to nearly eliminate extreme poverty by 2047. Moreover, a significant part of the population should be able to afford the major amenities of life such as two-wheelers or cars, air-conditioning, refrigerators, TVs, smartphones and other consumer goods that would have been invented by then.
Each of India’s citizens can also expect to have access to decent healthcare and education. Even by conservative estimates, more than half of the population by 2047 would be urban, which means that nearly 800 million people would be living in urban areas by that year. In comparison, the entire population in the United States today is 323 million.
It is reasonable hypothesize that by 2047 India and China would nearly recover the preeminent position in the global economy that they had enjoyed till the beginning of the Industrial Revolution.
Ahead of the 70th Independence Day, Prime Minister Narendra Modi today invoked the Quit India Movement and exhorted the countrymen to use the same spirit to expel problems of communalism, casteism, corruption, terrorism, poverty and dirt from the country by 2022.
He asked the people to take a pledge to contribute in some way or the other to create a "New India".
In his monthly radio programme "Mann Ki Baat", Modi referred to the Quit India Movement launched on August 9,1942 by Mahatma Gandhi and the subsequent developments which resulted in the Britishers leaving India and the country getting freedom on August 15,1947.
"Just like five years between 1942 and 1947 became the decisive period, I can see another five-year period from 2017 to 2022 to make a resolve to end the problems of our nation," he said.
He identified these problems as communalism, casteism, corruption, terrorism, poverty and dirt and asked people to work for their removal in the same spirit of "Quit India".
"It is 70 years since we got Independence. Governments came and went, systems emerged and developed. Everyone contributed in own way to end the problems, raise employment, remove poverty and make the country progress. Successes were achieved but the expectations were also raised," the prime minister said.
He said this Independence Day should be celebrated as one of resolve to end the problems in next five years.
"If 125 crore people, remembering August 9, 1942, make a pledge on August 15 to contribute something as an individual, as a citizen, as a family person, as a person from a city or a village, as a member of a government department, there will be crores of pledges," Modi said.
He exhorted the citizens to use all kinds of fora to undertake this task, including through the online mode.
The prime minister also sought ideas from the public which could be incorporated in his Independence Day speech that he will deliver from the ramparts of the historic Red Fort.
Interestingly, he said he has heard about "complaints" that his previous Independence Day addresses were long and that he will try to keep it short this time.
"I will try to finish it in 40-45-50 minutes. I have tried to make a rule for myself. I don't know whether I will be able to do it or not," he added.
He also referred to the upcoming season of festivals like Raksha Bandhan, Janam Ashtami, Ganesh Chaturthi and Diwali and urged the people to use the items made by the poor people of the country as it is relates to their economic empowerment.
"Our festivals are not only for celebrations. Our festivals are also an instrument of societal improvement. Also, it has direct relation to the economic condition of the poor people," Modi said.
"This is the time when the poor people get an opportunity to make an earning," he said.
Giving the example of Diwali, he said the people should use environment-friendly 'diyas' (small oil lamps) only.
Such things, he said, will give work to the poor people and help in their empowerment.
Keen on boosting its prospects for the 2019 election+ , the alliance with Nitish Kumar will help BJP consolidate itself in UP and Bihar, dominating the Hindi heartland that accounts for 120 Lok Sabha seats
The re-alignment between BJP and JD(U) will increase NDA's clout but could also spur a reworking of relations within the remainder of the opposition where even bitter foes like SP and BSP might be tempted to joining hands to prevent being steamrollered by a saffron-led juggernaut
Left with Congress as an ally, RJD chief Lalu Prasad may also seek smaller partners like Jitan Manjhi who had defected from JD(U) to team up with BJP in a failed bid to unseat Nitish in 2015
Lalu may also try and pry Rashtriya Lok Samta Party leader Upendra Kushwaha from the NDA ranks
BJP and its allies won 31 of 40 seats in 2014 and party has been exploring ways to retain the numbers after the setback it suffered in November 2015 when a grand alliance o
Lalu-Nitish-Congress presented a caste coalition that proved too difficult to beat in the assembly polls
A presence in the new coalition and the new caste combination could energise the BJP ranks and help beat incumbency in 2019
After defeat in the 2015 assembly polls, BJP was concerned about its chances in the state which had played vital role in helping the party form the government at the Centre with a thumping majority.Break of the grand alliance also hurts the possibility of the regional satraps joining hands forming a larger regional alliance to combat the BJP under Modi.Lalu has repeatedly talked about "brokering" an alliance between Samajwadi Party and Bahujan Samaj Party in Uttar Pradesh.Lalu has repeatedly talked about "brokering" an alliance between Samajwadi Party and Bahujan Samaj Party in Uttar Pradesh.
Source: Times of India
Tata Steel plans to focus more on India as it expects global markets to face headwinds due to geopolitical issues.
N Chandrasekaran, Chairman, Tata Steel said the global steel industry continues to witness challenging times though the performance of the industry has been better this fiscal.
According to the World Steel Association, global steel output would taper next year and the slowdown is expected to continue through 2035 as countries around the world start to rein in output while demand retreats, he said in the 110th annual report released on Saturday.
Given the current stage of development and the likely growth path for India’s economy in the next decade, steel demand in India will witness significant growth in future.
While the steel sector in India is financially stressed, the government has outlined its intent to ensure the long-term viability of the sector through the recently announced National Steel Policy 2017, said Chandrasekaran.
Going forward, he said, Tata Steel’s priorities will be to focus on the Indian market, achieving operational excellence and delivering value-added and differentiated products to its customers.
T.V. Narendran, Managing Director, Tata Steel, said the global economy today is confronted with increased geopolitical risks and fast-paced disruptions in technology. This trend increases the risk of protectionism, unemployment and a global trade war that could have a material impact on the global economy and the financial markets.
In the year gone by, while the broad economic parameters have shown signs of stability, the underlying fragility of the global economy continues to be high. Policy-makers, regulators and the political eco system both in developing and developed economies will have to address the imminent challenges of inequality, job creation and climate change through a sharper and sustainable policy framework, he said.
The global steel industry continues to face structural overcapacity but we see recovery in developed economies such as Europe, gradual improvement in demand in India and better industry conditions in China. At the same time, risk of uncertainty is likely to remain at elevated levels due to structural issues such as geo-political uncertainty, especially in the US and UK, and the rising trend of protectionism, said Narendran.