General Affairs
Aadhaar To Work As Big Weapon Against Benami Property: PM Modi
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Noting that Aadhaar is helping in bringing about an "irreversible change" in people's interest, Prime Minister Narendra Modi today said the Unique Identification Number will work as a "big weapon" in the fight against benami property too.
Aadhaar has a played a "big role" in ensuring that ration at proper rates, scholarships, pension and government subsidies reached the poor, he said.
The Prime Minister made the remarks at the inaugural session of the 'Hindustan Times Leadership Summit - 2017' in New Delhi.
"Linking Aadhaar with mobile and Jan Dhan accounts have evolved such a system which was not even thought of till some years ago -- a system which is irreversible," PM Modi said.
"Earlier, pension money was distributed in crores of fake accounts. All that has been addressed with the help of Aadhaar in the last three years," he said.
PM Modi said Aadhaar will now be used against benami property. "It is going to be a big weapon (in the fight against benami property)," he said.
Referring to the notes ban, he said it had brought about a "behavioural change" in the country. Corrupt people, for the first time after Independence, were scared of making illicit money, he said.
"The day the country will have a technical and digital address for all monetary transactions, organised corruption will be checked to a great extent," he said.
Black money coming into the banking system had also brought along with it massive data, a "treasure trove" that would enable the government take action against wrong-doers, he said, adding that ill-gotten wealth earlier funding a parallel economy was now a part of the formal economy.
Recently, Union Housing Minister Hardeep Singh Puri had reportedly said that property transactions would be linked to Aadhaar to eliminate black money from the real estate sector and help in addressing the issue of benami property.
Aadhaar has a played a "big role" in ensuring that ration at proper rates, scholarships, pension and government subsidies reached the poor, he said.
The Prime Minister made the remarks at the inaugural session of the 'Hindustan Times Leadership Summit - 2017' in New Delhi.
"Linking Aadhaar with mobile and Jan Dhan accounts have evolved such a system which was not even thought of till some years ago -- a system which is irreversible," PM Modi said.
"Earlier, pension money was distributed in crores of fake accounts. All that has been addressed with the help of Aadhaar in the last three years," he said.
PM Modi said Aadhaar will now be used against benami property. "It is going to be a big weapon (in the fight against benami property)," he said.
Referring to the notes ban, he said it had brought about a "behavioural change" in the country. Corrupt people, for the first time after Independence, were scared of making illicit money, he said.
"The day the country will have a technical and digital address for all monetary transactions, organised corruption will be checked to a great extent," he said.
Black money coming into the banking system had also brought along with it massive data, a "treasure trove" that would enable the government take action against wrong-doers, he said, adding that ill-gotten wealth earlier funding a parallel economy was now a part of the formal economy.
Recently, Union Housing Minister Hardeep Singh Puri had reportedly said that property transactions would be linked to Aadhaar to eliminate black money from the real estate sector and help in addressing the issue of benami property.
Over 200 Terrorists Killed In Jammu And Kashmir In 2017, Says Police
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For the first time in seven years, the number of terrorists killed in counter-insurgency operations in Jammu and Kashmir has crossed 200, according to the state police.
"Today by the collective effort of @JmuKmrPolice, Indian Army, @crpfindia, CAPF and people of Kashmir have led to neutralisation of more than 200 terrorists in the year of 2017 alone," Director General of Police (DGP) SP Vaid tweeted.
The DGP's tweet came on a day five terrorists were killed in two separate encounters by the security forces in Kashmir's Budgam and Baramulla districts, officials said here.
"This marks a huge landmark for establishing peace and stability in the state of J&K and our country," the DGP added in another tweet.
According to official figures, 200 terrorists have been killed by the security forces during counter-insurgency operations from 1 January till date this year, which is the highest since 2010.
In 2010, 270 terrorists were killed. However the number dropped to around 100 per year by the end of 2015. In 2016, 165 terrorists were killed by the security forces along the Line of Control (LoC) and in the hinterland.
There has been an increase in civilian killings in terrorist-related violence as well with 54 civilians getting killed this year compared to 14 last year.
The number of security forces killed in terrorist-related incidents this year was 77, lower than the 88 fatalities witnessed last year.
"Today by the collective effort of @JmuKmrPolice, Indian Army, @crpfindia, CAPF and people of Kashmir have led to neutralisation of more than 200 terrorists in the year of 2017 alone," Director General of Police (DGP) SP Vaid tweeted.
The DGP's tweet came on a day five terrorists were killed in two separate encounters by the security forces in Kashmir's Budgam and Baramulla districts, officials said here.
"This marks a huge landmark for establishing peace and stability in the state of J&K and our country," the DGP added in another tweet.
According to official figures, 200 terrorists have been killed by the security forces during counter-insurgency operations from 1 January till date this year, which is the highest since 2010.
In 2010, 270 terrorists were killed. However the number dropped to around 100 per year by the end of 2015. In 2016, 165 terrorists were killed by the security forces along the Line of Control (LoC) and in the hinterland.
There has been an increase in civilian killings in terrorist-related violence as well with 54 civilians getting killed this year compared to 14 last year.
The number of security forces killed in terrorist-related incidents this year was 77, lower than the 88 fatalities witnessed last year.
Nitin Gadkari Gets Rs. 500 Crore Commitment For Clean Ganga Mission
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The UK-based Indian-origin businessmen have committed to projects worth nearly Rs. 500 crore associated with the Clean Ganga mission, union minister Nitin Gadkari has said.
The Minister for Ganga, river development, water resources, highways, shipping and transport said that riverfront regeneration and development of ghats in the towns of Patna, Kanpur, Haridwar and Kolkata have been taken on by four leading industrialists from the UK.
Vedanta Group chief Anil Agrawal, who is born in Patna, has pledged his support for the regeneration of the city's riverfront; shipping magnate Ravi Mehrotra has taken on Kanpur; the Hinduja Group will develop the ghats of Haridwar; and Indorama Group chief Sri Prakash Lohia will take charge of Ganga Sagar in Kolkata.
"We have a commitment of more than Rs. 500 crores with these projects and I appeal to all NRIs to participate wholeheartedly in Namami Gange," Mr Gadkari said at the end of his three-day UK visit yesterday.
The businessmen will take on the projects as part of their corporate social responsibility (CSR) agenda and work with the Indian government on finalising the plans for each of the cities.
"All options are open. The government will act only as a facilitator," the minister said, adding that the UK tour marks the launch of a series of worldwide roadshows to attract businesses to invest in the Clean Ganga mission.
Besides commitments from Indian-origin businessmen, five UK-based companies - Lyndon Water, Celtic Renewables, Mebifarm, NVH Technologies, and Arkatap - have also made a technology sharing commitment to the Clean Ganga programme.
At a business gathering in London, he highlighted the availability of more than Rs. 10,000 crore worth of projects for ghat, crematorium, riverfront development water bodies, parks, sanitation facilities and public amenities within the Clean Ganga programme.
He revealed that more than 119 Ghat projects have already been taken up in five states at the cost of Rs. 650 crore.
Following the UK, the minister has plans to hold similar roadshows in Dubai, Singapore and the US to make a pitch to the Indian diaspora to get involved in projects associated with Clean Ganga.
The Minister for Ganga, river development, water resources, highways, shipping and transport said that riverfront regeneration and development of ghats in the towns of Patna, Kanpur, Haridwar and Kolkata have been taken on by four leading industrialists from the UK.
Vedanta Group chief Anil Agrawal, who is born in Patna, has pledged his support for the regeneration of the city's riverfront; shipping magnate Ravi Mehrotra has taken on Kanpur; the Hinduja Group will develop the ghats of Haridwar; and Indorama Group chief Sri Prakash Lohia will take charge of Ganga Sagar in Kolkata.
"We have a commitment of more than Rs. 500 crores with these projects and I appeal to all NRIs to participate wholeheartedly in Namami Gange," Mr Gadkari said at the end of his three-day UK visit yesterday.
The businessmen will take on the projects as part of their corporate social responsibility (CSR) agenda and work with the Indian government on finalising the plans for each of the cities.
"All options are open. The government will act only as a facilitator," the minister said, adding that the UK tour marks the launch of a series of worldwide roadshows to attract businesses to invest in the Clean Ganga mission.
Besides commitments from Indian-origin businessmen, five UK-based companies - Lyndon Water, Celtic Renewables, Mebifarm, NVH Technologies, and Arkatap - have also made a technology sharing commitment to the Clean Ganga programme.
At a business gathering in London, he highlighted the availability of more than Rs. 10,000 crore worth of projects for ghat, crematorium, riverfront development water bodies, parks, sanitation facilities and public amenities within the Clean Ganga programme.
He revealed that more than 119 Ghat projects have already been taken up in five states at the cost of Rs. 650 crore.
Following the UK, the minister has plans to hold similar roadshows in Dubai, Singapore and the US to make a pitch to the Indian diaspora to get involved in projects associated with Clean Ganga.
Maharasthra Chief Minister Lauds North Indians, Draws Criticism From MNS
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Maharashtra Chief Minister Devendra Fadnavis has lauded the contribution of North Indians and people from other states to Mumbai, drawing flak from the Raj Thackeray-led Maharashtra Navnirman Sena (MNS).
Mr Fadnavis said the country's financial capital has always given shelter to many and those who live here have added to the city's prestige.
"I believe that among the many things which make Mumbai great is the people who have come from various states and settled here. They also make Mumbai great," Mr Fadnavis said at a public event in Ghatkopar area here yesterday.
"Today, when we speak of Mumbai and Maharashtra, we immediately see the North Indian community. This city has always given shelter to many and those who have got shelter here have always added to the city's prestige," he said.
The BJP leader further said, "Today, we can say that the North Indian community which has settled in Mumbai, has always worked towards increasing the prestige of the city."
Criticising the chief minister's remarks, MNS leader Nitin Sardesai said the meaning of what Fadnavis said was simple. "For him, the votes of these North Indians are more important. He is not concerned about the original Mumbaikar, farmers and people of Maharashtra."
Mr Sardesai claimed that such remarks are being made keeping an eye on the North Indian votes.
Mumbai and Maharashtra have always been great. There was no need for people from other states to come here and make it more great, he said.
"They (North Indians) came to Mumbai for their livelihood because there was no development in their states.
How are they going to make Mumbai great," the MNS leader said.
Notably, the MNS workers had last week staged a protest against North Indian fish-sellers in several parts of the adjoining Thane city, alleging they were eating into the native fish-sellers' business.
The MNS said that the fisher-folk, specially women and the younger generation of sellers, had been complaining that they were being driven out of business by North Indian sellers.
A day after the Elphinstone railway station stampede claimed 22 lives on September 29, Raj Thackeray had said such stampedes will continue to occur in Mumbai till hordes of migrants keep pouring into the city.
The MNS leader, who has been stoking controversies with his anti-migrant rhetoric, said, "There has been a collapse of infrastructure facilities due to the migrant influx from other regions."
Mr Fadnavis said the country's financial capital has always given shelter to many and those who live here have added to the city's prestige.
"I believe that among the many things which make Mumbai great is the people who have come from various states and settled here. They also make Mumbai great," Mr Fadnavis said at a public event in Ghatkopar area here yesterday.
"Today, when we speak of Mumbai and Maharashtra, we immediately see the North Indian community. This city has always given shelter to many and those who have got shelter here have always added to the city's prestige," he said.
The BJP leader further said, "Today, we can say that the North Indian community which has settled in Mumbai, has always worked towards increasing the prestige of the city."
Criticising the chief minister's remarks, MNS leader Nitin Sardesai said the meaning of what Fadnavis said was simple. "For him, the votes of these North Indians are more important. He is not concerned about the original Mumbaikar, farmers and people of Maharashtra."
Mr Sardesai claimed that such remarks are being made keeping an eye on the North Indian votes.
Mumbai and Maharashtra have always been great. There was no need for people from other states to come here and make it more great, he said.
"They (North Indians) came to Mumbai for their livelihood because there was no development in their states.
How are they going to make Mumbai great," the MNS leader said.
Notably, the MNS workers had last week staged a protest against North Indian fish-sellers in several parts of the adjoining Thane city, alleging they were eating into the native fish-sellers' business.
The MNS said that the fisher-folk, specially women and the younger generation of sellers, had been complaining that they were being driven out of business by North Indian sellers.
A day after the Elphinstone railway station stampede claimed 22 lives on September 29, Raj Thackeray had said such stampedes will continue to occur in Mumbai till hordes of migrants keep pouring into the city.
The MNS leader, who has been stoking controversies with his anti-migrant rhetoric, said, "There has been a collapse of infrastructure facilities due to the migrant influx from other regions."
North Korea Publishes Photos Of Its Latest Missile Test
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North Korea today published photographs of its new model of the intercontinental ballistic missile (ICBM) that was launched a day earlier under the supervision of its leader Kim Jong-un.
A large gallery of 42 photos published by the state newspaper Rodong Sinmun, unveiled the ICBM Hwasong-15 that has a rounded tip sitting on a transporter erector launcher (TEL) that has nine wheels on each side.
Kim Jong-un has described the vehicle as "impeccable," according to the North Korean newspaper.
On Wednesday, North Korea announced that its latest missile was capable of carrying a large nuclear warhead and reaching the entire US mainland, Efe news reported.
It also said that with this latest test it has managed to complete its "nuclear force", the Efe news reported.
The images released today showed the preparation for the launch and the missile during its ascent, in addition to a smiling face of Kim, who observed the preparations and the flight of the missile both outdoors and from a control room.
Very "excited" and "satisfied" with the successful development of the new Hwasong-15 ("Mars-15" in English), the North Korean leader "warmly congratulated" the scientists, technicians and other workers involved in the process, Rodong Sinmun detailed.
After two and a half months without any weapons test, Pyongyang on Wednesday returned to launch the missile, the 20th so far in 2017, amid escalating tensions with Washington.
Fired on Wednesday at 2.48 a.m., the missile reached a height of 4,475 km before falling into the Sea of Japan some 950 km from where it was launched, according to data released by Pyongyang and corroborated by Seoul, Washington and Tokyo.
Given that the missile was fired at a steep angle, some experts believe that it could have travelled over 13,000 km in a normal flight, sufficient to reach any part of the continental US.
North Korea has also claimed that the missile held a warhead capable of re-entering the Earth's atmosphere. The claim was not proven and experts have cast doubt on the country's ability to master such technology.
A large gallery of 42 photos published by the state newspaper Rodong Sinmun, unveiled the ICBM Hwasong-15 that has a rounded tip sitting on a transporter erector launcher (TEL) that has nine wheels on each side.
Kim Jong-un has described the vehicle as "impeccable," according to the North Korean newspaper.
On Wednesday, North Korea announced that its latest missile was capable of carrying a large nuclear warhead and reaching the entire US mainland, Efe news reported.
It also said that with this latest test it has managed to complete its "nuclear force", the Efe news reported.
The images released today showed the preparation for the launch and the missile during its ascent, in addition to a smiling face of Kim, who observed the preparations and the flight of the missile both outdoors and from a control room.
Very "excited" and "satisfied" with the successful development of the new Hwasong-15 ("Mars-15" in English), the North Korean leader "warmly congratulated" the scientists, technicians and other workers involved in the process, Rodong Sinmun detailed.
After two and a half months without any weapons test, Pyongyang on Wednesday returned to launch the missile, the 20th so far in 2017, amid escalating tensions with Washington.
Fired on Wednesday at 2.48 a.m., the missile reached a height of 4,475 km before falling into the Sea of Japan some 950 km from where it was launched, according to data released by Pyongyang and corroborated by Seoul, Washington and Tokyo.
Given that the missile was fired at a steep angle, some experts believe that it could have travelled over 13,000 km in a normal flight, sufficient to reach any part of the continental US.
North Korea has also claimed that the missile held a warhead capable of re-entering the Earth's atmosphere. The claim was not proven and experts have cast doubt on the country's ability to master such technology.
Business Affairs
India's fiscal deficit reaches 96% of financial year target due to lower revenue, expenditure rise
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Lower revenue realisation and the rise in expenditure attributed India's fiscal deficit of Rs 5.25 trillion for April-October, which is equal to 96.1 per cent of the budget estimate for the fiscal year. As the government released the fiscal report, Sensex tanked by 455 points to 33,147 level while Nifty went down by 134 points to 10,226 level on Thursday. The fiscal deficit for the first half of the financial year had reached Rs 4.99 lakh crore (91.3) of the budget estimate in October.
During the same period a year ago, the fiscal deficit was reported to be around 79.3 per cent. For 2017-18, the government aims to bring down the fiscal deficit to 3.2 per cent of GDP. Last fiscal, it had met the 3.5 per cent target. Net tax receipts in the first seven months of 2017/18 fiscal year were 6.34 trillion rupees, government data showed on Thursday. In absolute terms, the fiscal deficit - the difference between expenditure and revenue - was Rs 5.25 lakh crore during April-October of 2017-18, according to data of the Controller General of Accounts (CGA).
The CGA data showed that the government's revenue receipts were at Rs 7.29 lakh crore in the seven months of the current fiscal, which work out to be 48.1 per cent of the budget estimate (BE) of Rs 15.15 lakh crore for the entire year. The receipts, comprising taxes and other items, were at 50.7 per cent of the target in the year-ago period.
As per the data, the government's total expenditure was Rs 12.92 lakh crore at October-end, or 60.2 per cent of the budget estimate. It was 58.2 per cent of the budget estimate a year ago. Capital expenditure during April-October of 2017-18 was only 52.6 per cent of the BE compared to 50.7 per cent in the same period of the previous fiscal. Revenue expenditure, including interest payment, was 61.5 per cent of the BE during April-October 2017-18. This compares with 59.2 per cent a year earlier.
Lower revenue realisation and the rise in expenditure attributed India's fiscal deficit of Rs 5.25 trillion for April-October, which is equal to 96.1 per cent of the budget estimate for the fiscal year. As the government released the fiscal report, Sensex tanked by 455 points to 33,147 level while Nifty went down by 134 points to 10,226 level on Thursday. The fiscal deficit for the first half of the financial year had reached Rs 4.99 lakh crore (91.3) of the budget estimate in October.
During the same period a year ago, the fiscal deficit was reported to be around 79.3 per cent. For 2017-18, the government aims to bring down the fiscal deficit to 3.2 per cent of GDP. Last fiscal, it had met the 3.5 per cent target. Net tax receipts in the first seven months of 2017/18 fiscal year were 6.34 trillion rupees, government data showed on Thursday. In absolute terms, the fiscal deficit - the difference between expenditure and revenue - was Rs 5.25 lakh crore during April-October of 2017-18, according to data of the Controller General of Accounts (CGA).
The CGA data showed that the government's revenue receipts were at Rs 7.29 lakh crore in the seven months of the current fiscal, which work out to be 48.1 per cent of the budget estimate (BE) of Rs 15.15 lakh crore for the entire year. The receipts, comprising taxes and other items, were at 50.7 per cent of the target in the year-ago period.
As per the data, the government's total expenditure was Rs 12.92 lakh crore at October-end, or 60.2 per cent of the budget estimate. It was 58.2 per cent of the budget estimate a year ago. Capital expenditure during April-October of 2017-18 was only 52.6 per cent of the BE compared to 50.7 per cent in the same period of the previous fiscal. Revenue expenditure, including interest payment, was 61.5 per cent of the BE during April-October 2017-18. This compares with 59.2 per cent a year earlier.
GDP growth jumps to 6.3 per cent in Q2, breaks five-quarter slide
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India's economic growth in the second quarter (July-September) of current fiscal rose to 6.3 per cent compared to 5.7 per cent in first quarter (April-June). The report showed that the economic activities which registered growth of over 6.0 per cent in Q2 of 2017-18 over Q2 of 2016-17 are manufacturing, electricity, gas, water supply & other utility services and trade, hotels, transport & communication and services related to broadcasting.
The GDP growth is in line with Forecasts made by SBI Research, Ficci, Reuters poll and Bloomberg. The SBI Research in its report had said that the second quarter growth was likely to trend higher and might be in the lower end of 6-6.5 per cent band with an upward bias. Bloomberg and Reuters poll made similar predictions -in terms of GDP- and pegged the number at 6.4 per cent for the July-September quarter. Niti Aayog Vice-Chairman Rajiv Kumar expected the economy to grow in the second quarter at 6.2-6.3 per cent.
Moments after the GDP data was released, Finance Minister Arun Jaitley in a tweet said that the government's reforms to push economic growth translated into robust growth in manufacturing and service sector.
While talking to reporters, Finance Minister Arun Jaitey said that poor agriculture growth had been due to the last year's base affect. On asking about growth in the private sector, Jaitley said since the GDP growth data was aggregated, there's no idea how the private sector has fared. He said the country is back on growth trajectory, and that the GDP boost would give fillip to job creation in the country. The finance minister also said there were some price estimates yet to be taken into account when it came to the GDP data.
Here are the key takeaways from today's GDP report
- GDP growth in Q2 of 2017-18 is estimated at Rs 31.66 lakh crore against Rs 29.79 lakh crore in Q2 of 2016-17, showing a growth rate of 6.3 per cent.
- Quarterly Gross Value Added (GVA) at basic price at constant (2011-12) prices for Q2 is estimated at Rs 29.18 lakh crore against Rs 27.51 lakh crore in Q2 of 2016-17 showing 6.1 per cent growth rate.
- The growth in the agriculture, forestry and fishing, mining and quarrying, construction, financial, insurance, real estate and professional services, and public administration, defence and other services is estimated to be 1.7 per cent, 5.5 per cent, 2.6 per cent, 5.7 per cent and 6.0 per cent, respectively.
- Quarterly growth from the 'mining and quarrying' sector grew by 5.5 per cent as compared to decline of 1.3 per cent in Q2 of 2016-17, while the 'manufacturing' sector grew by 7.0 per cent as compared to growth of 7.7 per cent in Q2 of 2016-17.
- With the introduction of Goods and Services Tax (GST) from July and consequent changes in the tax structure, the total tax revenue used for GDP compilation include non-GST revenue and GST revenue based on GSTR filings.
- The production of food grains during the Kharif season of agriculture year 2017-18 declined by 2.8 per cent as compared to the growth of 10.7 per cent during the same period in 2016-17.
- GDP at current prices in Q2 of 2017-18 is Rs 40.22 lakh crore against Rs 36.76 lakh crore in Q2 of 2016-17, showing a growth rate of 9.4 per cent, while GVA at basic price at current prices in the same period is Rs 36.40 lakh crore as against Rs 33.52 lakh crore in Q2 of 2016-17, an increase of 8.6 per cent.
- The quarterly GVA from electricity, gas, water supply and other utility services sector grew by 7.6 per cent as compared to growth of 5.1 per cent in Q2 of 2016-17.
- The Construction sector grew by 2.6 per cent as compared to the growth of 4.3 per cent in Q2 of 2016-17. The key indicators of the sector, production of cement and consumption of finished steel, registered growth rates of (-) 0.4 per cent and 4.1 per cent.
- Trade, Hotels and Transport & Communication and Services related to broadcasting grew by 9.9 per cent as compared to growth of 7.7 per cent in Q2 of 2016-17, while Financial, insurance, real estate and professional services grew by 5.7 per cent as compared to growth of 7.0 per cent in Q2 of 2016-17.
- The sector wise growth for other sectors as compared to the corresponding quarter in the previous year is public administration and defence and other services (6 per cent, last year 9.5 per cent).
In the first quarter, India's GDP growth had slipped to 5.7 per cent, lowest in the last 13 quarters. In the previous quarter January-March, the growth rate had come down to 6.1 per cent. With the January-March quarter result, India had lost its fastest growing economy to China, which grew at 6.9 per cent. The slowdown was largely due to the demonetisation which brought down the economic activities in formal and informal sectors.
Indian economy's slowdown started after January-March 2016 quarter. Before this time, India was the fastest growing economy in the world. In the first quarter of 2016 - January-March period - the country's GDP growth rate was nearly 9.2 per cent. However, since January-March 2016 quarter, the GDP growth rate has been continuously declining. In April-June 2016 quarter, GDP growth rate slipped to 7.9 per cent - a decline of 1.3 per cent over the previous quarter. It dropped further to 7.5 per cent in the quarter ending September 2016. After this, the demonetisation was announced and economy couldn't recover since then.
India's economic growth in the second quarter (July-September) of current fiscal rose to 6.3 per cent compared to 5.7 per cent in first quarter (April-June). The report showed that the economic activities which registered growth of over 6.0 per cent in Q2 of 2017-18 over Q2 of 2016-17 are manufacturing, electricity, gas, water supply & other utility services and trade, hotels, transport & communication and services related to broadcasting.
The GDP growth is in line with Forecasts made by SBI Research, Ficci, Reuters poll and Bloomberg. The SBI Research in its report had said that the second quarter growth was likely to trend higher and might be in the lower end of 6-6.5 per cent band with an upward bias. Bloomberg and Reuters poll made similar predictions -in terms of GDP- and pegged the number at 6.4 per cent for the July-September quarter. Niti Aayog Vice-Chairman Rajiv Kumar expected the economy to grow in the second quarter at 6.2-6.3 per cent.
Moments after the GDP data was released, Finance Minister Arun Jaitley in a tweet said that the government's reforms to push economic growth translated into robust growth in manufacturing and service sector.
While talking to reporters, Finance Minister Arun Jaitey said that poor agriculture growth had been due to the last year's base affect. On asking about growth in the private sector, Jaitley said since the GDP growth data was aggregated, there's no idea how the private sector has fared. He said the country is back on growth trajectory, and that the GDP boost would give fillip to job creation in the country. The finance minister also said there were some price estimates yet to be taken into account when it came to the GDP data.
Here are the key takeaways from today's GDP report
- GDP growth in Q2 of 2017-18 is estimated at Rs 31.66 lakh crore against Rs 29.79 lakh crore in Q2 of 2016-17, showing a growth rate of 6.3 per cent.
- Quarterly Gross Value Added (GVA) at basic price at constant (2011-12) prices for Q2 is estimated at Rs 29.18 lakh crore against Rs 27.51 lakh crore in Q2 of 2016-17 showing 6.1 per cent growth rate.
- The growth in the agriculture, forestry and fishing, mining and quarrying, construction, financial, insurance, real estate and professional services, and public administration, defence and other services is estimated to be 1.7 per cent, 5.5 per cent, 2.6 per cent, 5.7 per cent and 6.0 per cent, respectively.
- Quarterly growth from the 'mining and quarrying' sector grew by 5.5 per cent as compared to decline of 1.3 per cent in Q2 of 2016-17, while the 'manufacturing' sector grew by 7.0 per cent as compared to growth of 7.7 per cent in Q2 of 2016-17.
- With the introduction of Goods and Services Tax (GST) from July and consequent changes in the tax structure, the total tax revenue used for GDP compilation include non-GST revenue and GST revenue based on GSTR filings.
- The production of food grains during the Kharif season of agriculture year 2017-18 declined by 2.8 per cent as compared to the growth of 10.7 per cent during the same period in 2016-17.
- GDP at current prices in Q2 of 2017-18 is Rs 40.22 lakh crore against Rs 36.76 lakh crore in Q2 of 2016-17, showing a growth rate of 9.4 per cent, while GVA at basic price at current prices in the same period is Rs 36.40 lakh crore as against Rs 33.52 lakh crore in Q2 of 2016-17, an increase of 8.6 per cent.
- The quarterly GVA from electricity, gas, water supply and other utility services sector grew by 7.6 per cent as compared to growth of 5.1 per cent in Q2 of 2016-17.
- The Construction sector grew by 2.6 per cent as compared to the growth of 4.3 per cent in Q2 of 2016-17. The key indicators of the sector, production of cement and consumption of finished steel, registered growth rates of (-) 0.4 per cent and 4.1 per cent.
- Trade, Hotels and Transport & Communication and Services related to broadcasting grew by 9.9 per cent as compared to growth of 7.7 per cent in Q2 of 2016-17, while Financial, insurance, real estate and professional services grew by 5.7 per cent as compared to growth of 7.0 per cent in Q2 of 2016-17.
- The sector wise growth for other sectors as compared to the corresponding quarter in the previous year is public administration and defence and other services (6 per cent, last year 9.5 per cent).
In the first quarter, India's GDP growth had slipped to 5.7 per cent, lowest in the last 13 quarters. In the previous quarter January-March, the growth rate had come down to 6.1 per cent. With the January-March quarter result, India had lost its fastest growing economy to China, which grew at 6.9 per cent. The slowdown was largely due to the demonetisation which brought down the economic activities in formal and informal sectors.
Indian economy's slowdown started after January-March 2016 quarter. Before this time, India was the fastest growing economy in the world. In the first quarter of 2016 - January-March period - the country's GDP growth rate was nearly 9.2 per cent. However, since January-March 2016 quarter, the GDP growth rate has been continuously declining. In April-June 2016 quarter, GDP growth rate slipped to 7.9 per cent - a decline of 1.3 per cent over the previous quarter. It dropped further to 7.5 per cent in the quarter ending September 2016. After this, the demonetisation was announced and economy couldn't recover since then.
SBI hikes interest rate on Rs 1 crore-10 crore deposits by 100 basis points
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The surplus liquidity in the banking system courtesy demonetisation, which brought a huge spike in bank deposits, is drying up fast. Earlier this month, Nomura Global Research said that deposit growth had normalised back to 9.8% year-on-year in mid-October while bank credit also moved up. And now comes the news that the State Bank of India (SBI) has hiked interest rates on bulk deposits, reversing its sharp rate cut immediately after notebandi.
Yesterday, India's largest commercial bank increased rates on deposits from Rs 1 crore to Rs 10 crore by a percentage point, that is 100 basis points. The revised rates, applicable from today, are as follows:
According to a Times of India report, the revision in rates is a reflection of tightening liquidity because the move reduces the gap between retail rates and wholesale rates. Earlier this month, SBI had reduced interest rate on deposits below Rs 1 crore by 25 basis points. This move had reduced the gap between top yielding retail deposits and bulk deposits to 175bps (from 200bps earlier). With the latest increase in bulk deposit rates, the gap has further narrowed to 100bps.
However, C. Venkat Nageswar, deputy managing director, global markets at SBI, said to The Economic Times that the "decision was purely driven by arbitrage opportunities."
In any case, while the rate hike looks tempting, carefully shop around before parking your money. Media reports claim that these rates-even after the hike-are less than what's on offer at a few other banks for bulk deposits. For example, at ICICI Bank, the interest rate for 211-240 days tenure is 6.35%.
The surplus liquidity in the banking system courtesy demonetisation, which brought a huge spike in bank deposits, is drying up fast. Earlier this month, Nomura Global Research said that deposit growth had normalised back to 9.8% year-on-year in mid-October while bank credit also moved up. And now comes the news that the State Bank of India (SBI) has hiked interest rates on bulk deposits, reversing its sharp rate cut immediately after notebandi.
Yesterday, India's largest commercial bank increased rates on deposits from Rs 1 crore to Rs 10 crore by a percentage point, that is 100 basis points. The revised rates, applicable from today, are as follows:
According to a Times of India report, the revision in rates is a reflection of tightening liquidity because the move reduces the gap between retail rates and wholesale rates. Earlier this month, SBI had reduced interest rate on deposits below Rs 1 crore by 25 basis points. This move had reduced the gap between top yielding retail deposits and bulk deposits to 175bps (from 200bps earlier). With the latest increase in bulk deposit rates, the gap has further narrowed to 100bps.
However, C. Venkat Nageswar, deputy managing director, global markets at SBI, said to The Economic Times that the "decision was purely driven by arbitrage opportunities."
In any case, while the rate hike looks tempting, carefully shop around before parking your money. Media reports claim that these rates-even after the hike-are less than what's on offer at a few other banks for bulk deposits. For example, at ICICI Bank, the interest rate for 211-240 days tenure is 6.35%.
The next security layer for Two-Factor Authentication: Identity Verification
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There are two known facts about the digital world. There is no privacy and there is nothing called 'secured'. As people are using or consuming digital payments as they use social media sites like a Facebook or a Twitter, this realization of no privacy and security is waking them up in the middle of the night.
Cyber security experts have no qualms in saying that even the so called safest 'two-factor authentication' (2FA) is no longer safe. In fact, 2FA is often mentioned as the best thing that has happened for pushing digital payments globally. The two stage authentication for digital payments - first by a password which only you know and then by getting an OTP (one time password) via mobile phone, which you own - looks to be much secure. Like rest of the world, the Reserve Bank of India (RBI) introduced 2FA almost a decade back. Experts are now pointing out the emerging weak link or the centre of attack by hackers, is the mobile handset and also the mobile operator. SIM cloning could happen via malware or app in the handset. Similarly, the SIM data can be compromised/cloned by hacking the data of the mobile operator. Recently, the US National Digital Authentication Guidelines (DAG) has issued a warning that the 2FA via SMS is not secure and should be prohibited. The debate has just started. But there are already security companies that are now focusing on 'identity verification', which can eliminate the chances of someone breaking the two factor authentication.
Identity verification is actually the next big challenge for digital payments. More so because India post-demonetization is estimating some 20 billion transactions in the next one year. In fact, many of the non-bank entities apart from banks are now part of the payment system. The new initiatives like United Payment Interface (UPI) rely more on mobile handsets than a card-based system.
Banks are already looking for solutions in identity verification companies. There are companies globally which integrate with banks and e-commerce players to verify a customer digitally by using social media and other tools. If a fraudster, for example, breaks into your two-factor authentication, he won't be able to carry out a transaction because the fraudster's digital identity will not match yours. Pascal Podvin, senior Vice President of ThreatMetrix, a digital identity company, says they have tools that differentiate between a trusted customer and a cyber threat in milliseconds. This US-based company has already partnered with payment technologies company R S Software for offering digital identity solutions in India.
There are two known facts about the digital world. There is no privacy and there is nothing called 'secured'. As people are using or consuming digital payments as they use social media sites like a Facebook or a Twitter, this realization of no privacy and security is waking them up in the middle of the night.
Cyber security experts have no qualms in saying that even the so called safest 'two-factor authentication' (2FA) is no longer safe. In fact, 2FA is often mentioned as the best thing that has happened for pushing digital payments globally. The two stage authentication for digital payments - first by a password which only you know and then by getting an OTP (one time password) via mobile phone, which you own - looks to be much secure. Like rest of the world, the Reserve Bank of India (RBI) introduced 2FA almost a decade back. Experts are now pointing out the emerging weak link or the centre of attack by hackers, is the mobile handset and also the mobile operator. SIM cloning could happen via malware or app in the handset. Similarly, the SIM data can be compromised/cloned by hacking the data of the mobile operator. Recently, the US National Digital Authentication Guidelines (DAG) has issued a warning that the 2FA via SMS is not secure and should be prohibited. The debate has just started. But there are already security companies that are now focusing on 'identity verification', which can eliminate the chances of someone breaking the two factor authentication.
Identity verification is actually the next big challenge for digital payments. More so because India post-demonetization is estimating some 20 billion transactions in the next one year. In fact, many of the non-bank entities apart from banks are now part of the payment system. The new initiatives like United Payment Interface (UPI) rely more on mobile handsets than a card-based system.
Banks are already looking for solutions in identity verification companies. There are companies globally which integrate with banks and e-commerce players to verify a customer digitally by using social media and other tools. If a fraudster, for example, breaks into your two-factor authentication, he won't be able to carry out a transaction because the fraudster's digital identity will not match yours. Pascal Podvin, senior Vice President of ThreatMetrix, a digital identity company, says they have tools that differentiate between a trusted customer and a cyber threat in milliseconds. This US-based company has already partnered with payment technologies company R S Software for offering digital identity solutions in India.
UIDAI pulls up Bharti Airtel for opening payments bank accounts without 'customer consent'
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The Unique Identification Authority of India (UIDAI) has initiated inquiry against Bharti Airtel for allegedly opening payments bank accounts of its subscribers who went for Aadhaar-based SIM verification without their 'informed consent'. The Aadhaar-issuing authority has sought an explanation from Airtel by December 4 why a financial penalty should not be imposed on it in this case for violating Aadhaar regulations.
The UIDAI had issued notices against Bharti Airtel and Airtel Payments Bank in this regard in back in September this year. The need to seek further explanation arose after UIDAI found the initial response from Airtel unsatisfactory, an UIDAI official told PTI. The anonymous UIDAI official said that prima facie, the authority had found Bharti Airtel responsible for "wrongdoings" in the matter.
The matter came on the radar when the LPG subsidy of some Airtel subscribers was transferred in their Airtel Payments Bank account, and not their designated bank account. The UIDAI received complaints alleging that Airtel opened payments bank accounts without explicit consent of consumers and that the accounts were then linked for receiving LPG subsidy. Presently, the subsidised amount is transferred directly to the bank accounts of beneficiaries under the Aadhaar-based Direct Benefit Transfer (DBT) scheme.
As of now, Bharti Airtel has been given time till December 4 to explain why action should not be initiated against it, including imposition of penalty on the issue, confirmed UIDAI sources.
"We have issued notice to a telecom operator and are awaiting their response. After giving full opportunity of hearing to the company concerned, we will take judicious view of the matter," UIDAI CEO Ajay Bhushan Pandey told PTI. Pandey, however, did not identify the operator, saying the issue is under examination.
Meanwhile, Airtel said in its defence that "Airtel Payments Bank accounts are opened only after explicit consent from the customer". Meanwhile, according to company sources, Airtel is readying a detailed response to submit to the UIDAI within the stipulated time period.
As per a statment by an Airtel spokesperson to PTI , the re-verification of mobile phones and the opening of Airtel payments bank account were separate transactions and not linked. "Airtel Payments Bank is fully compliant with all guidelines and follows a stringent customer on-boarding process," the Airtel spokesperson said.
He claimed that the consent for opening Airtel payments bank account as also DBT is taken separately from all customers. The DBT amount is automatically credited to the most recent Aadhaar-linked bank account of a customer as per the applicable norms, the spokesperson added.
"If the Airtel payments bank account is the latest Aadhaar-linked account opened by a customer, the DBT automatically gets routed to it," Airtel said, adding that such subsidy credit is also brought to the attention of the customers through a message or automated call.
In the notice served at that time, the UIDAI had said it had come to know that "Airtel retailers are allegedly opening Airtel payments bank accounts at the time of performing Aadhaar e-KYC verification without informing the purpose of e-KYC and also without taking informed consent of the customer". The authority also prompted both Bharti Airtel and its payments bank arm to take required corrective measures immediately and report back to the authority on the same.
Airtel Payments Bank was the first payments bank to go live in the country when it rolled out banking services from Rajasthan in November 2016. As per norms, payments banks can accept deposits and savings bank deposits from individuals and small businesses, up to a maximum of Rs 1 lakh per account.
The Unique Identification Authority of India (UIDAI) has initiated inquiry against Bharti Airtel for allegedly opening payments bank accounts of its subscribers who went for Aadhaar-based SIM verification without their 'informed consent'. The Aadhaar-issuing authority has sought an explanation from Airtel by December 4 why a financial penalty should not be imposed on it in this case for violating Aadhaar regulations.
The UIDAI had issued notices against Bharti Airtel and Airtel Payments Bank in this regard in back in September this year. The need to seek further explanation arose after UIDAI found the initial response from Airtel unsatisfactory, an UIDAI official told PTI. The anonymous UIDAI official said that prima facie, the authority had found Bharti Airtel responsible for "wrongdoings" in the matter.
The matter came on the radar when the LPG subsidy of some Airtel subscribers was transferred in their Airtel Payments Bank account, and not their designated bank account. The UIDAI received complaints alleging that Airtel opened payments bank accounts without explicit consent of consumers and that the accounts were then linked for receiving LPG subsidy. Presently, the subsidised amount is transferred directly to the bank accounts of beneficiaries under the Aadhaar-based Direct Benefit Transfer (DBT) scheme.
As of now, Bharti Airtel has been given time till December 4 to explain why action should not be initiated against it, including imposition of penalty on the issue, confirmed UIDAI sources.
"We have issued notice to a telecom operator and are awaiting their response. After giving full opportunity of hearing to the company concerned, we will take judicious view of the matter," UIDAI CEO Ajay Bhushan Pandey told PTI. Pandey, however, did not identify the operator, saying the issue is under examination.
Meanwhile, Airtel said in its defence that "Airtel Payments Bank accounts are opened only after explicit consent from the customer". Meanwhile, according to company sources, Airtel is readying a detailed response to submit to the UIDAI within the stipulated time period.
As per a statment by an Airtel spokesperson to PTI , the re-verification of mobile phones and the opening of Airtel payments bank account were separate transactions and not linked. "Airtel Payments Bank is fully compliant with all guidelines and follows a stringent customer on-boarding process," the Airtel spokesperson said.
He claimed that the consent for opening Airtel payments bank account as also DBT is taken separately from all customers. The DBT amount is automatically credited to the most recent Aadhaar-linked bank account of a customer as per the applicable norms, the spokesperson added.
"If the Airtel payments bank account is the latest Aadhaar-linked account opened by a customer, the DBT automatically gets routed to it," Airtel said, adding that such subsidy credit is also brought to the attention of the customers through a message or automated call.
In the notice served at that time, the UIDAI had said it had come to know that "Airtel retailers are allegedly opening Airtel payments bank accounts at the time of performing Aadhaar e-KYC verification without informing the purpose of e-KYC and also without taking informed consent of the customer". The authority also prompted both Bharti Airtel and its payments bank arm to take required corrective measures immediately and report back to the authority on the same.
Airtel Payments Bank was the first payments bank to go live in the country when it rolled out banking services from Rajasthan in November 2016. As per norms, payments banks can accept deposits and savings bank deposits from individuals and small businesses, up to a maximum of Rs 1 lakh per account.
General Awareness
Global Entrepreneurship Summit 2017 held in Hyderabad, India
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Global Entrepreneurship Summit (GES) 2017 was held in Hyderabad from 28th – 30th November 2017.GES 2017 (eighth edition of GES) was hosted by NITI Aayog in partnership with Government of the United States of America.
GES is the annual entrepreneurship gathering which serves as meeting point for emerging entrepreneurs and investors from around the world.
Theme of GES 2017 was “Women First, Prosperity for All”.
The US delegation to GES 2017 was head by Ivanka Trump, daughter and advisor of US President, Donald Trump.
Around 1500 individuals including entrepreneurs, investors, government officials and corporate representatives from across the world attended GES 2017.
Made-in-India bot ‘Mitra’ greets PM Modi, Ivanka at GES
On November 28, 2017, at the inauguration of Global Entrepreneurship Summit (GES) 2017 in Hyderabad, Indian Prime Minister Narendra Modi and White House advisor, Ivanka Trump were greeted by ‘Made in India’ robot, named Mitra.
More information about ‘Mitra’:
‘Mitra’ has been made by Bengaluru-based firm, Invento Robotics.
It is made of fibre glass and has been trained to process over 1000-1500 different phrases.
This version of Mitra is a modification to Mitra 1 which has been deployed at several corporate events and family functions earlier. A branch of Canara Bank in Bengaluru had been using the services of Mitra.
All components of Mitra, except the chips, are sourced domestically.
It uses facial and voice recognition to know when someone is talking to it.
USAID Administrator Green Announces New Efforts to Empower Women Entrepreneurs
On November 29, 2017, at GES 2017 in Hyderabad, United States Agency for International Development (USAID) Administrator, Mark Andrew Green announced several initiatives aimed to empower women entrepreneurs for attaining their full potential.Global Entrepreneurship Summit 2017 held in Hyderabad, India
WomenConnect Challenge: Under this initiative, USAID will invite proposals for innovative ideas to bridge the gender digital divide by addressing the barriers of affordability, security concerns and restrictive social norms.
Feed the Future Competition:S. Government’s Feed the Future initiative will launch a new competition for women-led enterprises to access investment and other business services to take their food businesses to the next level.
In January 2018, Feed the Future will commit $2 million, to connect women entrepreneurs in Africa with mentors from leading American food companies.
USAID announced a new $1 million commitment to bring greater awareness to tuberculosis (TB) stigma with an aim of securing a TB-free India by 2025.
USAID also announced the launch of its first health-impact bond, the Rajasthan Development Impact Bond aimed at improving maternal and newborn health.
Ivanka Trump visits historic Golconda Fort in Hyderabad
On November 29, 2017, Ivanka Trump, daughter and advisor of US President Donald Trump, visited historic Golconda Fort in Hyderabad.
About Golconda Fort:
Ivanka Trump was in Hyderabad from 28th – 29th November, 2017 as head of US delegation to Global Entrepreneurship Summit (GES) 2017.
Golconda fort is located 15 km away from the venue of the summit.
Golconda fort was the capital of the Qutub Shahi kingdom from 1518 to 1687.
US security agencies and the local police had made necessary security arrangements for this visit.
Ms Ivanka Trump was also expected to visit the Charminar, symbol of Hyderabad. However, this visit was cancelled on security grounds.
Global Entrepreneurship Summit (GES) 2017 was held in Hyderabad from 28th – 30th November 2017.GES 2017 (eighth edition of GES) was hosted by NITI Aayog in partnership with Government of the United States of America.
GES is the annual entrepreneurship gathering which serves as meeting point for emerging entrepreneurs and investors from around the world.
Theme of GES 2017 was “Women First, Prosperity for All”.
The US delegation to GES 2017 was head by Ivanka Trump, daughter and advisor of US President, Donald Trump.
Around 1500 individuals including entrepreneurs, investors, government officials and corporate representatives from across the world attended GES 2017.
Made-in-India bot ‘Mitra’ greets PM Modi, Ivanka at GES
On November 28, 2017, at the inauguration of Global Entrepreneurship Summit (GES) 2017 in Hyderabad, Indian Prime Minister Narendra Modi and White House advisor, Ivanka Trump were greeted by ‘Made in India’ robot, named Mitra.
More information about ‘Mitra’:
‘Mitra’ has been made by Bengaluru-based firm, Invento Robotics.
It is made of fibre glass and has been trained to process over 1000-1500 different phrases.
This version of Mitra is a modification to Mitra 1 which has been deployed at several corporate events and family functions earlier. A branch of Canara Bank in Bengaluru had been using the services of Mitra.
All components of Mitra, except the chips, are sourced domestically.
It uses facial and voice recognition to know when someone is talking to it.
USAID Administrator Green Announces New Efforts to Empower Women Entrepreneurs
On November 29, 2017, at GES 2017 in Hyderabad, United States Agency for International Development (USAID) Administrator, Mark Andrew Green announced several initiatives aimed to empower women entrepreneurs for attaining their full potential.Global Entrepreneurship Summit 2017 held in Hyderabad, India
WomenConnect Challenge: Under this initiative, USAID will invite proposals for innovative ideas to bridge the gender digital divide by addressing the barriers of affordability, security concerns and restrictive social norms.
Feed the Future Competition:S. Government’s Feed the Future initiative will launch a new competition for women-led enterprises to access investment and other business services to take their food businesses to the next level.
In January 2018, Feed the Future will commit $2 million, to connect women entrepreneurs in Africa with mentors from leading American food companies.
USAID announced a new $1 million commitment to bring greater awareness to tuberculosis (TB) stigma with an aim of securing a TB-free India by 2025.
USAID also announced the launch of its first health-impact bond, the Rajasthan Development Impact Bond aimed at improving maternal and newborn health.
Ivanka Trump visits historic Golconda Fort in Hyderabad
On November 29, 2017, Ivanka Trump, daughter and advisor of US President Donald Trump, visited historic Golconda Fort in Hyderabad.
About Golconda Fort:
Ivanka Trump was in Hyderabad from 28th – 29th November, 2017 as head of US delegation to Global Entrepreneurship Summit (GES) 2017.
Golconda fort is located 15 km away from the venue of the summit.
Golconda fort was the capital of the Qutub Shahi kingdom from 1518 to 1687.
US security agencies and the local police had made necessary security arrangements for this visit.
Ms Ivanka Trump was also expected to visit the Charminar, symbol of Hyderabad. However, this visit was cancelled on security grounds.
GES is the annual entrepreneurship gathering which serves as meeting point for emerging entrepreneurs and investors from around the world.
Theme of GES 2017 was “Women First, Prosperity for All”.
The US delegation to GES 2017 was head by Ivanka Trump, daughter and advisor of US President, Donald Trump.
Around 1500 individuals including entrepreneurs, investors, government officials and corporate representatives from across the world attended GES 2017.
Made-in-India bot ‘Mitra’ greets PM Modi, Ivanka at GES
On November 28, 2017, at the inauguration of Global Entrepreneurship Summit (GES) 2017 in Hyderabad, Indian Prime Minister Narendra Modi and White House advisor, Ivanka Trump were greeted by ‘Made in India’ robot, named Mitra.
More information about ‘Mitra’:
‘Mitra’ has been made by Bengaluru-based firm, Invento Robotics.
It is made of fibre glass and has been trained to process over 1000-1500 different phrases.
This version of Mitra is a modification to Mitra 1 which has been deployed at several corporate events and family functions earlier. A branch of Canara Bank in Bengaluru had been using the services of Mitra.
All components of Mitra, except the chips, are sourced domestically.
It uses facial and voice recognition to know when someone is talking to it.
USAID Administrator Green Announces New Efforts to Empower Women Entrepreneurs
On November 29, 2017, at GES 2017 in Hyderabad, United States Agency for International Development (USAID) Administrator, Mark Andrew Green announced several initiatives aimed to empower women entrepreneurs for attaining their full potential.Global Entrepreneurship Summit 2017 held in Hyderabad, India
WomenConnect Challenge: Under this initiative, USAID will invite proposals for innovative ideas to bridge the gender digital divide by addressing the barriers of affordability, security concerns and restrictive social norms.
Feed the Future Competition:S. Government’s Feed the Future initiative will launch a new competition for women-led enterprises to access investment and other business services to take their food businesses to the next level.
In January 2018, Feed the Future will commit $2 million, to connect women entrepreneurs in Africa with mentors from leading American food companies.
USAID announced a new $1 million commitment to bring greater awareness to tuberculosis (TB) stigma with an aim of securing a TB-free India by 2025.
USAID also announced the launch of its first health-impact bond, the Rajasthan Development Impact Bond aimed at improving maternal and newborn health.
Ivanka Trump visits historic Golconda Fort in Hyderabad
On November 29, 2017, Ivanka Trump, daughter and advisor of US President Donald Trump, visited historic Golconda Fort in Hyderabad.
About Golconda Fort:
Ivanka Trump was in Hyderabad from 28th – 29th November, 2017 as head of US delegation to Global Entrepreneurship Summit (GES) 2017.
Golconda fort is located 15 km away from the venue of the summit.
Golconda fort was the capital of the Qutub Shahi kingdom from 1518 to 1687.
US security agencies and the local police had made necessary security arrangements for this visit.
Ms Ivanka Trump was also expected to visit the Charminar, symbol of Hyderabad. However, this visit was cancelled on security grounds.
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