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India on path of becoming one of the world’s fastest growing economies: IMF



By NewsGram Staff Writer

International Monetary Fund (IMF) in its latest economic health-checkup has declared that India’s growth rate is expected to rise to 7.5 per cent in 2015 and 2016, making it one of the fastest growing economies in the world.

IMF’s Regional Economic Outlook for Asia and the Pacific mentioned that China’s economy is decelerating to a more sustainable rate – 6.8 per cent GDP growth in 2015, and 6.3 per cent in 2016.

The report, which was released on Thursday, also stated that Asia and the Pacific will grow to surpass the rest of the world, and their growth is projected to remain stable at 5.6 per cent in 2015, slackening a little to 5.5 per cent in 2016.

It is also anticipated that growth will be driven by domestic demand, derived by healthy labor markets, low interest rates, and the latest dip in oil prices.

Asia’s exports will be supported by the global recovery, states the report.

The IMF’s Regional Economic Outlook reasons for a firm push for structural modification across most, if not all, economies in the region.

The report declares that chief reform areas include actions to tackle supply-tailbacks in India, state-owned enterprises, and financial liberalization in China.

“Measures should be taken to raise services productivity, and labor force involvement in Japan”, the report says.

IMF also noted that lower oil prices have given a chance to carry out further economic reforms intended to lower energy subsidies. The report said that the actions have been taken in a number of countries, including India, Indonesia and Malaysia.

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India, Hong Kong sign double tax agreement

The agreement is "for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income"

  • India and Hong Kong signed an agreement
  • The agreement is about prevention of double tax
  • This will help in curbing the taxes

India and Hong Kong on Monday signed an agreement to avoid double taxation and prevent tax evasion.

India’s Ambassador to China Gautam Bamabwale and Hong Kong’s Financial Secretary Paul Chan Mo signed the treaty.

A former British colony, Hong Kong is a special administrative region of China which enjoys a high degree of autonomy under which it has an independent taxation system.

Another step towards digitizing India
This move will prevent double taxation. Wikimedia Commons

The agreement is “for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income”, the Indian Embassy in Beijing said.

Also Read: Iran invites Pakistan to join Chabahar project with India

“This agreement will stimulate the flow of investment, technology and personnel from India to Hong Kong Special Administrative Region and vice versa, prevent double taxation and provide for the exchange of information between the two contracting parties,” the statement said. “It will improve transparency in tax matters and will help curb tax evasion and tax avoidance,” it added. IANS

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