New Delhi: India will be the fastest-growing big economy in the world in 2016, a United Nations World Economic Situation and Prospects 2016 report said on Friday.
“India’s economy, which accounts for over 70 percent of South Asia’s GDP, is projected to grow by 7.3 percent in 2016 and 7.5 percent in 2017, slightly up from an estimated 7.2 percent in 2015,” the UN report released here said.
“As in other countries of the region, the macroeconomic environment in India has improved, helped by the sharp decline in the prices of oil, metals and food,” it said.
“Consumer and investor confidence has risen even as India’s government faces difficulties in implementing its wide-ranging reform agenda and some economic indicators, such as industrial production, remain volatile,” it added.
South Asia is expected to be the world’s fastest growing region in 2016 and 2017 despite challenging global conditions, the report said.
“India is an exception in the global scene with improved macro economic foundations and economic reforms,” said Nagesh Kumar, head of the United Nations Economic and Social Commission for Asia and the Pacific’s (ESCAP) south and south-west Asia office here.
“Spending on infrastructure, health and education is very low compared to other nations such as China in the region. The decline in oil prices of course provides some room to offset the burden of fuel bill,” he said.
“So this is the time for India to recheck fiscal efforts and raise revenues and do more spending on some of the social sectors,” he added. (IANS)
Judge Dalveer Bhandari was re-elected to the International Court of Justice (ICJ) on Tuesday as the General Assembly rallied behind him in a show of strength that made Britain bow to the majority and withdraw its candidate Christopher Greenwood.
“I am grateful to all the nations who have supported me,” Bhandari told IANS in the Assembly chamber after the election. “It was a big election as you know.” The withdrawal of its candidate by Britain, which had the backing of its fellow permanent members, was a setback for the Security Council that had been locked in a test of wills with the Assembly.
A candidate has to win a majority in both the chambers. Bhandari won majorities in the Assembly in the first 11 rounds of voting over two meetings, while the Council blocked his election by giving majorities to Greenwood in the ten rounds of balloting it held.
“The British ultimately had to bow down to the will of the majority,” a diplomat said. “The Indians stared them down.” The Council’s permanent members have traditionally had a judge in the ICJ, assuming it to be a matter of right. This time the 193-member Assembly asserted itself, forcing the Council to back down and put at risk the continuation of the ICJ perk of the permanent members.
In letters written to the Presidents Miroslav Lajcak of the Assembly and Sebastiano Cardi of the Council, Britain’s Permanent Representative Matthew Rycroft said that his country was withdrawing Greenwood’s candidature keeping “in mind the close relationship that the United Kingdom and India always enjoyed and will continue to enjoy”.
Bhandari’s election was a dramatic face-saving turn of fortunes for India, as he lost the Asian seat on the ICJ to Lebanese lawyer-turned-diplomat Nawaf Salam, who had been campaigning for two years and had the backing of the powerful Organisation of Islamic Cooperation with 55 members in the UN.
Bhandari got a second chance only because an unpopular Britain could not get an Assembly majority for a remaining judgeship requiring a runoff where the two chambers of the UN split in their voting.
Bhandari’s cause became a rallying point for the nations not a member of the Council, who were chafing under the domination of the unrepresentative Council to make a popular show of force.
India hammered home the representative character of the Assembly compared to the Council and insisted that the UN members follow democratic principles and re-elect Bhandari by accepting the global majority he has received in the Assembly.
In the last round of voting on November 13, Bhandari received 121 votes, just short of a two-thirds majority in the 193-member Assembly, while Greenwood received nine in the Council.
“The precedent is clear,” India’s Permanent Representative Syed Akbaruddin said at a reception for Bhandari attended by representatives of over 160 countries on Thursday.
“As is expected in the 21st century, the candidate who enjoys the overwhelming support of the General Assembly membership can be the only legitimate candidate to go through.” Diplomats familiar with behind-the-scenes manoeuvres said Britain indicated late last week that it would withdraw Greenwood, but over the weekend changed course with the backing of some fellow permanent members and came up with a plan for the Council to call for ending the balloting and set up a joint conference to resolve the deadlock.
The statutes of the ICJ provides for a joint conference made up of three members each from the Council and the Assembly to resolve a deadlock that persists after three election meetings.
India feared the outcome and campaigned resolutely to avoid it, pointing to the precedents in the elections in 2011 and 2014 and earlier when the candidate leading in the Council withdrew in favour of the candidate with the majority in the Assembly even though in those cases permanent members were not involved.
Bhandari’s election upsets what has become a traditional balance in the ICJ. Besides a permanent member going unrepresented, four Asian countries will be represented on the ICJ bench instead of the usual three.
Three incumbent judges of the ICJ — President Ronny Abraham of France, Vice President, Abdulqawi Ahmed Yusuf of Somalia, and Antonio Augusto Cancado Trindade of Brazil – were elected along with Salam in the first four rounds of voting on November 9.
Bhandari and the others elected will start their term in February next year. (IANS)