Indian economy expected to grow by 7.5% in 2018: Moody's
Mumbai, Aug 23 : Global credit ratings, research, and risk analysis firm Moody's Investors Service expects the Indian economy to grow by around 7.5 per cent in 2018 and 2019.
However, the company expects the country's economy to grow at a higher rate of 7.7 per cent in the first quarter of 2018.
"We expect the Indian economy to grow around 7.5 per cent in 2018 and 2019. Economic activity grew by 7.7 per cent in the first quarter of 2018," Moody's Investors Service said in its Global Macro Outlook: 2018-19 (August 2018 Update) report.
"High frequency indicators suggest a similar outturn for the second quarter. Growth is supported by strong urban and rural demand and improved industrial activity."
According to the firm, PMI (Purchasing Managers Index) and the index of eight core industries (ECI) shows robust activity in the industrial sector.
"A normal monsoon together with the increase in the minimum support prices for kharif crops, should support rural demand," the report said.
"Thus, despite external headwinds from higher oil prices and tightening financing conditions, growth prospects for the remainder of the year remain in line with the economy's potential."
Besides, the agency said that the Reserve Bank of India (RBI) is expected to continue on a steady monetary policy tightening path into 2019.
It pointed out that a rise in core inflation and vulnerability to tightening external financial conditions as the main concerns behind the trend.
"Retail inflation in India has risen as per our expectations since mid-2017, but remains stable around 5 per cent. But core inflation has moved up in recent months to 6.2 per cent," the report said.
"The run up in energy prices over the past few months will raise headline inflation temporarily. The impact on food inflation from increased procurement prices to farmers, will be mitigated somewhat by the expected rise in farm output because of a good harvest."
In addition, the company said that the upside to inflation comes from strengthening demand, which is reflected in rising core inflation.
"We therefore expect the RBI to continue on a steady tightening path into 2019," the report said.
In July, the RBI had raised the benchmark repo rate by 25 basis points for the second time in two months to 6.5 per cent.
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SC to hear on May 4 PIL seeking stringent guidelines for issuing Aadhaar to adolescents, adults
New Delhi (PTI): The Supreme Court is scheduled to hear on Monday a plea seeking a direction to the Unique Identification Authority of India to issue new Aadhaar cards only to citizens up to the age of six years, and frame stringent guidelines for its issuance to adolescents and adults to stop infiltrators from masquerading as Indian citizens.
As per the apex court's causelist of May 4, the plea would come up for hearing before a bench of Chief Justice Surya Kant and Justice Joymalya Bagchi.
The Public Interest Litigation (PIL) filed by lawyer Ashwini Upadhyay has also sought a direction to the authorities to install display boards at common service centres stating that the 12-digit unique identification number is only a "proof of identity" and not a proof of citizenship, address or date of birth.
Besides all the states and Union Territories, the plea has made the UIDAI -- which is the authority that issues Aadhaar -- and the Union ministries of home, law and justice, and electronics and information technology as parties.
The plea, filed through advocate Ashwani Dubey, said Aadhaar, originally intended as a proof of identity, has increasingly become a "foundational document" enabling individuals to obtain other identification documents, such as ration cards, domicile certificates and voter identity cards.
"The UIDAI has issued 144 crore Aadhaar and 99 percent Indians have been enrolled. Therefore, the petitioner is filing this writ petition as a PIL under Article 32, seeking a direction to UIDAI to issue new Aadhaar to children only and frame new stringent guidelines for adolescents and adults, so as to stop infiltrators from getting it and masquerading as Indian citizens," the plea said.
It said the need to file the plea arose when the petitioner came to know the manner in which infiltrators are able to procure Aadhaar through a verification process that is weak and can be easily manipulated.
"Foreigners apply for Aadhaar under the 'foreign' category. But infiltrators apply for Aadhaar under the 'Indian citizen' category and get it easily made. Thereafter, they obtain a ration card, birth and domicile certificate, driving licence, et cetera, essentially becoming indistinguishable from Indian citizens…," it said.
Besides seeking other directions, the plea has raised legal questions, including whether the Aadhaar Act 2016 has become "temporally unreasonable" for failing to keep up with the legislative intent of distinguishing foreigners from Indian citizens.
It said the alleged misuse of Aadhaar undermines targeted welfare delivery and leads to diversion of public resources.
