India loses “fastest growing economy” tag to china
GDP growth slows to 5-year low
New Delhi: India has lost its coveted title of the world's fastest growing economy to China, as low agriculture and mining output along with subdued consumer demand, slowed the country's economic growth rate to 5.8 per cent during the fourth quarter of 2018-19, official data showed on Friday.
China's economy had grown by over 6 per cent in the fourth quarter.
On a sequential basis, India's economy had grown at 6.6 per cent in the third quarter ending December.
According to the Central Statistics Office (CSO), on a year-on-year (YoY) basis, the GDP growth of 5.8 per cent in the fourth quarter ended March was way lower than the 8.1 per cent expansion witnessed during the same quarter of the previous year.
"GDP (gross domestic product) at constant (2011-12) prices in Q4 of 2018-19 is estimated at Rs 37.20 lakh crore, as against Rs 35.15 lakh crore in Q4 of 2017-18, showing a growth rate of 5.8 per cent," according to the GDP estimates released by the CSO.
Similarly, the full fiscal 2018-19 was no better for the economy with the country recording a GDP growth of 6.8 per cent - the lowest in five years. In the fiscal 2017-18, the country had clocked a GDP growth rate of 7.2 per cent.
The gross value added (GVA) growth rate during 2018-19 on a YoY basis fell to 6.6 per cent, from 6.9 per cent during the previous fiscal.
"Real GVA, (GVA at basic constant) (2011-12) prices for the year 2018-19 is now estimated at Rs 129.07 lakh crore, showing a growth rate of 6.6 per cent over 'First Revised Estimates of GVA' for the year 2017-18 of Rs 121.04 lakh crore released on January 31, 2019," the CSO said.
The GVA includes taxes, but excludes subsidies.
As per the data, the economic activities which registered growth of over 7 per cent on a YoY basis in 2018-19 were 'public administration, defence and other services', 'construction', 'financial, real estate and professional services', 'electricity, gas, water supply and other utility services'.
"The growth in the 'agriculture, forestry and fishing', 'mining and quarrying', 'manufacturing' and 'trade, hotels, transport, communication and services related to broadcasting' is estimated to be 2.9 per cent, 1.3 per cent, 6.9 per cent and 6.9 per cent, respectively," the CSO said.
Sector-wise, GVA for 2018-19 from "agriculture, forestry and fishing" sector showed a growth of 2.9 per cent, from 5 per cent in 2017-18.
The GVA in 2018-19 from the manufacturing sector grew at 6.9 per cent, as compared to 5.9 per cent in the previous fiscal.
The mining and quarrying sector grew by 1.3 per cent against the previous year's growth rate of 5.1 per cent.
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Spain rejects White House claim of military cooperation with US in Iran war
Madrid: Spain has rejected a claim by the White House that Madrid had agreed to cooperate militarily with the United States amid the ongoing conflict with Iran, even as US President Donald Trump warned of trade consequences over Spain’s stance.
Al Jazeera reported that White House spokesperson Karoline Leavitt told reporters on Wednesday that Spain had reconsidered its earlier position of not allowing its military bases to be used in the war against Iran.
“With respect to Spain, I think they heard the president’s message yesterday loud and clear, and it’s my understanding, over the past several hours, they’ve agreed to cooperate with the US military,” Leavitt said.
Clearly denying the assertion, Foreign Minister José Manuel Albares said the claim was incorrect and insisted that Madrid’s position had not changed. “Not a single comma has changed, and I have no idea whatsoever what they might be referring to,” Albares said in an interview with the Hora25 radio programme.
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Trump had earlier criticised Spain’s opposition to the war, describing its stance as “terrible” and threatening economic retaliation. “We’re going to cut off all trade with Spain. We don’t want anything to do with Spain,” he said on Tuesday.
Spanish Prime Minister Pedro Sánchez reaffirmed his government’s opposition to the conflict, recalling past military interventions in the region. “The world, Europe, and Spain have faced this critical moment before. In 2003, a few irresponsible leaders dragged us into an illegal war in the Middle East that brought nothing but insecurity and pain,” Sánchez wrote on social media.
He added that Spain’s position remained firmly against war, violations of international law and “the illusion that we can solve the world’s problems with bombs”.
Iranian President Masoud Pezeshkian praised Spain’s stand, saying it reflected ethical responsibility.
“Spain’s responsible conduct in opposing the Zionist-American coalition’s flagrant human rights violations and military aggression against countries, including Iran, shows that ethics and awakened consciences still exist in the West,” he wrote in a post on social media.
Within Europe, Spain has been among the few countries to openly oppose the attacks on Iran. The European Union has instead called for de-escalation and protection of civilians without directly rejecting the US and Israeli military action.
EU foreign policy chief Kaja Kallas said Iran’s missile and nuclear programmes and its support for armed groups pose a serious threat to global security, adding that the bloc has imposed sanctions on Tehran while continuing to back diplomatic engagement on the nuclear issue.
