Monday April 22, 2019
Home Business Indian econom...

Indian economy to grow at 7.5% in 2015: Moody’s

0
//

500 India rupee notes

By NewsGram Staff Writer

Indian economy is expected to grow slightly higher at 7.5 per cent in 2015, according to the global rating agency Moody’s.

“India’s economy is on a cyclical upswing. Forward looking indicators suggest domestic demand is gathering momentum,” said Faraz Syed, associate economist, Moody’s Analytics.

Lower oil prices will help to increase the incomes of India, especially among the lower class people and help to drive down the hike of prices keeping it close to target in 2015, said the world economy’s health report releasedon Tuesday.

“Lower rates as well as the government’s infrastructure and disinvestment programs should provide a boost to domestic-oriented industries,” said Syed.

While India’s economy is on an upwing, China’s growth story is showing a downfall.

According to the International Monetary Fund’s latest World Economic Outlook (WEO), “While India’s development is expected to stay steady at 7.5% in 2016 too, China’s growth is expected to fall from 7.4% in 2014 to 6.8% in 2015 and 6.3% in 2016.”

Next Story

First Hindu Temple Lays Foundation Stone in Abu Dhabi

The temple will be built in phases with all the pink stones and marble being transported from Rajasthan to the UAE capital, the Khaleej Times said

0
abu dhabi, hindu temple
The temple is being built on 13.5 acres (55,000 square metres) of land gifted by Abu Dhabi Crown Prince Sheikh Mohammad Bin Zayed Al Nahyan to the Indian community. Wikimedia

The historic foundation stone-laying ceremony of the first traditional Hindu temple in Abu Dhabi was performed on Saturday in the presence of officials from India and the United Arab Emirates as well as thousands of members of the community.

The ceremony was presided over by Mahant Swami Maharaj — the spiritual leader of BAPS Swaminarayan Sanstha — the organisation building the temple, along with other priests. Indian Ambassador Navdeep Suri attended the event in the presence of over 2,500 Indians from the UAE and across the world, according to Gulf News.

Suri and BAPS Hindu Mandir committee head and community leader B.R. Shetty were among those who laid foundation stones. Some 50 priests from India were part of the ceremony, the Khaleej Times reported.

Crown Prince, abu dhabi, hindu temple
Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan. Wikimedia

UAE’s Minister of Climate Change Thani Al Zoyoudi and Ahmad Bilhoul Al Falasi, Minister of State for Higher Education and Advanced Sciences, were among the attendees.  The temple will be built in phases with all the pink stones and marble being transported from Rajasthan to the UAE capital, the Khaleej Times said.

ALSO READ: Attack on Three Churches, Luxury Hotels in SriLanka on Easter

The stones of the temple will be hand-carved by artisans in India and then transported to Abu Dhabi. Once completed, this will be the first traditional Hindu stone temple in the Middle East.

The temple is being built on 13.5 acres (55,000 square metres) of land gifted by Abu Dhabi Crown Prince Sheikh Mohammad Bin Zayed Al Nahyan to the Indian community. (IANS)