A World Bank report projects India’s growth at 7.8% in 2016-17 amid projected weak global growth at 2.95%
Washington: India, the dominant economy in the South Asian region, is projected to grow at a faster 7.8 percent in fiscal 2016-17 with growth in the region, speeding up to 7.3 percent in 2016 from 7 percent in the year just ended, a new World Bank report said on Wednesday.
Weak growth among major emerging markets with only the South Asia region, led by India, projected to be a bright spot, will weigh on global growth in 2016. But economic activity should still pick up modestly to a 2.9 percent pace, from 2.4 percent growth in 2015, as advanced economies gain speed, said the World Bank’s January 2016 Global Economic Prospects released here.
South Asia region is a net importer of oil and will benefit from lower global energy prices. At the same time, because of relatively low global integration, the region is shielded from growth fluctuations in other economies, the report said.
Simultaneous weakness in most major emerging markets is a concern for achieving the goals of poverty reduction and shared prosperity because those countries have been powerful contributors to global growth for the past decade, the bank said.
Spillovers from major emerging markets will constrain growth in developing countries and pose a threat to hard-won gains in raising people out of poverty, the report warned.
Global economic growth was less than expected in 2015, when falling commodity prices, flagging trade and capital flows, and episodes of financial volatility sapped economic activity.
Firmer growth ahead will depend on continued momentum in high income countries, the stabilization of commodity prices, and China’s gradual transition towards a more consumption and services-based growth model.
Developing economies are forecast to expand by 4.8 percent in 2016, less than expected earlier, but up from a post-crisis low of 4.3 percent in the year just ended.
Growth is projected to slow further in China, while Russia and Brazil are expected to remain in recession in 2016.
“There is greater divergence in performance among emerging economies. Compared to six months ago, the risks have increased, particularly those associated with the possibility of a disorderly slowdown in a major emerging economy,” said World Bank Group Vice President and Chief Economist Kaushik Basu.
“A combination of fiscal and central bank policies can be helpful in mitigating these risks and supporting growth.”
Although unlikely, a faster-than-expected slowdown in large emerging economies could have global repercussions, the report said.
Risks to the outlook also include financial stress around the US Federal Reserve tightening cycle and heightened geopolitical tensions, it said. (Arun Kumar, IANS) (Photo:www.odishanewsinsight.com)
New Delhi, November 8, 2017 : On November 8 2016, every Indian citizen sat glued to their TV screens as Narendra Modi was set to make a big announcement. Outcome? The Indian Prime Minster shocked the entire nation with the introduction of Demonetisation, a move that was to change the very foundation of the cash-dependent Indian economy.
The much-debated move by Modi garnered the attention of several well-versed economists from the country and abroad, alike. While some people willingly welcomed the move, there were others who stood in staunch criticism.
As the move completes its first year, the Bharatiya Janata Party (BJP) is set to observe November 8 as ‘anti-black money day’ to celebrate Demonetisation anniversary in the country.
On the eve of the Demonetisation anniversary, the BJP released a cheeky video claiming to depict how ‘corrupt’ politicians have been criticizing the move, as the nation won following demonetisation.
In the video, the BJP attempted to take a dig at corrupt politicians, who have been criticizing PM Modi’s Demonetisation move.
In the video, a woman, playing the character of a frustrated, corrupt politician can be seen going on a rant over PM Modi’s note ban initiative, which was aimed to combat black money, corruption, fake currency and terrorism.
The video ends with a voice-over saying demonetisation has not only brought out this frustration of corrupt citizens, but also black-money, claiming that almost 99 per cent cash which was previously lying hidden with people has now entered the banking system.
The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.
Ahead of the Demonetisation anniversary, the last few days have witnessed several leaders present their opinions on PM Modi’s demonetization move.
Finance Minister Arun Jaitley called PM Modi’s note ban initiative a ‘watershed moment’ while Piyush Goyal, Minister of Railways believes the move has pushed India towards a more transparent economy.
However, the move is being criticized by ex-Prime Minister Manmohan Singh calling it ‘irresponsible’. The opposition maintains that PM Modi’s note ban initiative has caused reckless damage to the country and the Indian economy.
On Demonetisation anniversary, the BJP is set to observe November 8 as ‘anti-black money day’, while opposition leaders are set to observe the day as ‘black day’ in protest against the note ban initiative.
New Delhi, Nov 4: Lauding India’s increasing per capita income, World Bank CEO Kristalina Georgieva on Saturday said she has no doubt that India will be a high-middle income country by 2047 when it completes its centenary year of independence.
“In the last three decades, India’s per capita income has quadrupled. I have no doubt India when it hits its century of independence in 2047, will be a high-middle income country,” Georgieva said while addressing India’s Business Reforms conference at Pravasi Bharatiya Kendra here.
Georgieva praised India for its sudden jump of 30 ranks in 2017, the biggest leap ever, in the history of the ease of doing business.
“We are here to celebrate a very impressive achievement. In 15 years of the history of the ease of doing business, such a jump of 30-ranks in one year is very rare. In cricket, I understand that hitting a century is a big milestone.”
Even after 70 years of Pakistan’s creation, Balochistan refuses to associate itself as a part of the country
Pakistan’s military occupation of Balochistan began in 1948 before which the province had existed as an independent state
The insurgency in Balochistan traces its roots in ethnic nationalism along with feelings of political and economic exclusion
Balochistan, August 31, 2017 : Located in the South West of Pakistan, the Balochistan province of Pakistan constitutes nearly 45 per cent of the country’s territory. However, even after 70 years of Pakistan’s creation, the people of the province refuse to associate themselves with Pakistan or its framework of a nation state. They believe they have been Balochis for over three thousand years, who have now been invaded.
“It is freedom struggle,” believes activist Naela Quadri Baloch like many other Baloch nationalists. According to her, Balochistan had been occupied by Pakistan in 1948 and “ever since we have been fighting against Pakistan to free ourselves”, she believes.
What can I say on the day of #EnforcedDisappearance. I have lived a witness of the sufferings of my people waiting days, months and years.
In 2016 during an interview with The Times of India, the women’s leader and activist Naela Quadri Baloch had asserted that Pakistan is not interested in Kashmiris but specifically in the territory of Jammu and Kashmir for its desire to control the Indus river system. Similarly, it is also not interested in the Balochis, but the land of the state for its strategic location and mineral reserves.
Baloch nationalists assert that Pakistan’s economy is dependent on loans from the IMF, World Bank and the Western countries that are allegedly taken on the pretext of Balochistan’s rich mineral resources. They further claim that Pakistan’s strategic importance is also due to Balochistan coast. Pakistan would not be able to survive, which is why it does not want Balochistan to emerge as an independent state.
While the world views it as an insurgency movement, Balochis address their protests as a freedom struggle to liberate and unify their people and land from control of Pakistan, Iran and Afghanistan.
They maintain that Balochistan was never a part of India or Pakistan and it had always been an independent country.
Balochistan At The Time Of Partition
Balochistan comprises of four erstwhile princely states – Kalat, Kharan, Lasbela and Makran, that had been unified by Naseer Khan, the Khan of Kalat.
During the British rule, the province was divided into British Balochistan (25 per cent) and Native Balochistan, occupying 75 per cent of the total territory with people pledging adherence to Naseer Khan.
Immediately following partition and the creation of Pakistan, Khan’s descendant, Mir Ahmed Yaar Khan was faced with three options – independence, or accession to either India or Pakistan. He decided upon independence, following which a communiqué was released on August 11, 1947 giving independent sovereign status to Kalat.
However, by October 1947, Mohammad Ali Jinnah mooted Kalat to formally join the state of Pakistan. The Khan of Kalat did not agree to the accession which was followed by a standstill between the two leaders upon the status of present-day Balochistan.
Becoming A Part Of Pakistan
By April 1948, the Pakistan army moved into the province and captured Kalat. The Khans’ attempts of an armed campaign against the Pakistan army went futile and the province was merged with Pakistan by June 1948.
At the center of Balochistan’s forced accession was Mohammad Ali Jinnah, who had previously been hired by the Khans for his legal services to negotiate Kalat’s independent status with the Britishers.
Before partition, Jinnah had successfully mooted an ‘Independent Status’ of Kalat for which he was graciously awarded with gold. But, Balochistan breathed as a free country only from August 1947 to March 1948, after which Jinnah breached trust and betrayed the Khan, forcing the Pakistani invasion and eventual accession of Kalat.
Surprisingly, during the struggle and annexation of present-day Balochistan, the Indian Congressmen, Mahatma Gandhi or the then-Governor General Lord Mountbatten made no attempts to hinder in the remonstration. This indifference can be attributed to the Indian leaders’ failure to realize the strategic implication of a sovereign Balochistan at the time.
A Growing Ethnic Nationalism
Following the formation of Pakistan, distorted power relations existed among different Muslim ethnicities. Additionally, unchallenged power was exercised by Punjabis who comprised of about 56 per cent population of the state.
In 1954, the One Unit scheme was launched by the federal government of Pakistan to merge the four existing provinces of West Pakistan (Khyber-Pakhtunkawa, Sindh, Balochistan and Punjab) to form a homogeneous, united political entity in an attempt to,
Forge national unity on basis of Islam and geography
Reduce gross expenditure
Help eliminate ethnic prejudices.
The move triggered violence throughout the country and especially in Balochistan, wherein this was interpreted as a strategy to establish Punjabi domination.
Balochistan rose against the move, which came to an end in 1970 with the overthrow of the One Unit scheme.
However, following the rebellion, a strong sense of nationalism, propounding larger political autonomy and a separate state for Balochistan broke a full-fledged insurgency from 1973 to 1977; over 80,000 personnel were deployed to quell the rebellion.
Armed struggle to achieve separation from Pakistan lasted throughout the 1970s, in which 3,300 army personnel and 5,300 Balochis were killed. However, the Pakistani government successfully compressed the movement.
Baloch nationalists have repeatedly argued that they are yet to receive any benefit from the development projects that have been initiated by the government in Balochistan.
Reportedly, the Sui Gas Field in Balochistan caters to most urban households in the country. Despite producing about 45 per cent of gas for Pakistan, the province gets to consume a mere 17 per cent. Additionally, the Balochis get a nominal amount of Pakistani Rupees 6 for a 24-hour supply.
The Pakistani government, in collaboration with China, initiated the development of the Gwadar port in the province, with an aim to better trade ties with Asia, Europe, and US. However, a large number of Punjabis and non-Baloch people were hired for the project, leaving an increasing population of Baloch engineers and technicians unemployed.
Balochistan has one of the world’s richest reserves of copper and gold. However, as much as 16 kgs of gold is seized everyday by the Chinese under an arrangement with the government, which robs the Balochis of major economic benefits.
Despite being one of the country’s key providing areas,
80 per cent population of Balochistan continue to live in the absence of safe drinking water
80 per cent people do not have access to electricity
70 per cent children have never been to school
63 per cent of Balochis live below the poverty line
It frustrates me to see d natives of Gwadar dying of thirst. No drinking water for locals thanks to all being spent on so-called CPEC scam.
While ethnic nationalist interests continue to worry Balochistan, a primary demand has also been about better control over the economic resources of the region.
However, the Pakistani government blames the nationalist struggle in the region for impeding the developmental process.
Political Subjugation By Islamabad
Balochistan makes up nearly 45 per cent of Pakistan’s territory but the Balochs comprise only 5 per cent of the total population, making them a minority in Pakistan.
Their representation in the National Assembly of Pakistan is also negligible (17 out of 342) which reveals that the Balochis have lost their say in policy formulations and are forced to adhere to laws that have been put in place for them by power honchos sitting in Islamabad.
Additionally, the Pakistan government centered in Islamabad has eradicated most of the Baloch activists and nationalists, calling them ‘foreign agents against the state’. This can be supplemented with the murder of Nawab Akbar Khan Bugti who was an ex chief minister of Balochistan.
Ever since the creation of Pakistan, it has been evident that the Pakistan government is more concerned with occupying the physical territory of Balochistan, with meager interest in its indigenous population.
The Pakistan army, on command of the government has employed every possible armory against its own people of Balochistan, in an attempt to contain the province within its seizure. Furthermore, army cantonments have been established at Dera, Gwadar, Bugti and Kohlu to gauge activity and movement of the Baloch people.
Additionally, despite occupying 45 per cent of Pakistan’s territory, the budget allocated to Balochistan is minuscule in comparison to its vast landmass.
In 2002, General Pervez Musharraf had striked a deal with China over the Gwadar port development as part of China Pakistan Economic Corridor (CPEC). Baloch people condemned the allocation of land to the rich businessmen of Punjab and Karachi and further lamented the unemployment stemming from the project. The move also instigated further violence in the region.
As of now, according to report, all 22 districts of Balochistan continue to suffer at the hands of the enduring insurgency with the tally of displaced people now crossing over 2 lacs.
In more recent times, the Pakistan army took aid of suicide bombers to tackle the ongoing insurgency. On August 8, 2017, as many as 54 lawyers became victims of a suicide attack, which is being touted as a State-funded action as the group included several Baloch activists who had been vocal about Pakistan army’s interference in state affairs.
According to a report published in Dawn,prince of the now redundant Kalat state, Prince Mohyuddin Baloch who is now the Baloch Rabita Ittefaq Tehreek chief, had said that Balochis are not looking to wage wars. Until now, Balochis have not once attacked Pakistan, but only defended themselves.
He said the objective of their protests has been to draw the government’s attention. However, regretfully, no one is paying any heed to their cries.
Dr. Aasim Sajjad Akhtar had rightly quoted in an article in the Economic and Political Weekly that the “ethnic difference remains the single biggest fault line in Pakistani politics.”
The Balochistan insurgency thus, traces its roots in a ripe ethnic nationalism along with feelings of political and economic exclusion. This animosity among the country will continue unless Pakistan accepts its non-Muslim history.
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