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As per Assocham, the Indian economy may reach 7% in 2018

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As per Assocham, the Indian economy may reach 7% in 2018.
As per Assocham, the Indian economy may reach 7% in 2018. IANS
  • Because of demonitisation, the economy may reach 7% in 2018: Assocham
  • Inflation may range between 4-5.5 per cent towards the second half of the next calendar year
  • Assocham expects the forthcoming Union Budget to be “heavily tilted” towards the farmers

New Delhi, Dec 24, 2017: With government policies set to tilt more towards the “stress-ridden rural landscape” next year in the run-up to the 2019 Lok Sabha elections, the Indian economy may reach a 7 per cent growth in 2018 while recovering from the lingering effects of demonetisation and GST, industry chamber Assocham said on Sunday.

“After ‘disruptions’ from the lingering effects of demonetisation and GST roll-out, the Indian economy may reach a 7 per cent growth in 2018 with government policies tilting towards the stress-ridden rural landscape in the penultimate year before the Lok Sabha elections,” according to the industry body’s “Year-Ahead Outlook”.

“Against GDP growth of 6.3 per cent in the second quarter of 2017-18, the economic expansion may reach the crucial 7 per cent mark by the end of September 2018 quarter, while inflation may range between 4-5.5 per cent towards the second half of the next calendar year with the monsoon being a key imponderable,” it said.

Assocham President Sandeep Jajodia said the projections were based on the assumption of stability in government policies, good monsoons, pick-up in industrial activity and credit growth as also stability in the foreign exchange rates.

“The worries on account of crude oil shooting up are likely to abate, if there are no fresh geo-political shockers.”

According to the Assocham outlook, while the underlying bullish sentiment should continue to prevail in the Indian stock market in 2018, the returns on equity may not be as robust as in 2017.

“This is because the 2017 bull run has already factored in the return of growth steadiness in 2018 and the corporate earnings witnessing a pick-up,” it said.

The industry lobby said in the run-up to state assembly elections in several politically important states, the political economy is set to tilt towards the farm sector “which has been witnessing some stress”.

“The stress in the agriculture sector is traceable to lack of reforms in the rural economy. Despite political promises, several of the states have not been able to reform the APMC Act, which restricts farmers to sell their produce to a particular set of cartels.”

Assocham expects the forthcoming Union Budget to be “heavily tilted” towards the farmers while the industrial focus would be on sectors which create jobs.

“A realisation seems to be dawning that growth per se is not enough, the benefits must be seen in the form of higher employment. The year 2018 would see policies in this direction”, the statement added. (IANS)

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Elon Musk Says He Earned Nothing in Terms of Income From Tesla in 2018

Musk was not paid any performance-based compensation from Tesla

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SIAM, Government, Electric Vehicles
The Society of Indian Automobile Manufacturers (SIAM) on Sunday said the government should adopt a practical approach towards adoption of EVs. Pixabay

While his electric vehicle (EV) company Tesla struggles to make profit, tech mogul Elon Musk denied reports that claimed he had earned $2.3 billion in stock options in 2018. Instead, Musk said he had pocketed nothing at all.

A Tesla fanpage took to Twitter slamming a news report from last week that said Musk made more in 2018 than the next 65 highest-paid CEOs combined, making him the highest-paid executive among 200 CEOs of large publicly traded companies, Observer.com reported on Thursday.

Contradicting the story, the fanpage called Tesla4Everman argued that Musk was not paid any performance-based compensation from Tesla, instead he only “made the state mandated minimum wage,” which he later donated.

Siding by Tesla4Everman, Musk wrote: “I paid most of my Tesla-related expenses too. Tesla last year was actually net negative comp (compensation) for me.”

Elon Musk, Income, Tesla, 2018
Tech mogul Elon Musk denied reports that claimed he had earned $2.3 billion in stock options in 2018. Pixabay

According to Observer.com, however, the $2.3 billion amount mentioned in the Business Insider article was not a cash or equity payout, but a compensation plan Tesla’s board approved last year that has yet to materialise.

The plan promises to compensate Musk with $2.3 billion worth of Tesla stock in 12 slices over a 10-year period on the condition that Tesla achieves a market capitalisation of $650 billion, in addition to hitting 12 operational milestones.

Amid the ongoing US-China trade war, Tesla’s current market cap stands at only $33 billion.

“Yeah, the fear, uncertainty and doubt propaganda campaign being pushed by those betting against Tesla has reached new heights,” Musk later tweeted.

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Earlier in May, Musk announced to his employees that he would personally be examining and reviewing every expenditure at Tesla, no matter how small, alongside Zach Kirkhorn, the company’s Chief Financial Officer (CFO), the media reported.

The new cost-cutting initiative has been implemented after the automaker suffered a loss of $702 million and involves Musk examining every payment, including parts, salary, travel expenses and rent. (IANS)