Mon, Mar 27, 2017 | updated 10:04 PM IST

India positive on emerging markets: Nomura

Updated: Jul 23, 2016 13:14 IST

New Delhi, July 23 (ANI): According to a new report by Nomura, India has presented the biggest turnaround story in the emerging market as it has been focusing on long-term, gradual GDP growth with slower methods, which help create sustainability in the markets.

As per the Nomura researchers, India's GDP growth surged from 7.3 percent in 2015 to 7.8 percent in 2016 and is likely to witness 8.0 percent in 2017.

However, it already grew 7.9 percent in the beginning of this year, up from 7.2 percent in the last quarter of 2015.

Nomura reports the main reason for India's success story is its long-term focus on reforms and judicious policies - an outlook that lends itself to such gradual but sustainable expansion.

"In the world's largest democracy, it shouldn't be surprising that reforms are progressing only

gradually," says the report.

"But over time they add up, which is more than can be said for most other large EM economies," it adds.

Nomura has stated some of India's successful reforms that have led to its growth including streamlined bureaucracy, boost in infrastructure spending, reforms in the power sector and flexible inflation targeting monetary policy framework.

The biggest advocate of these business and government reforms has been Prime Minister Narendra Modi, who came to power in 2014 and whose pro-business, pro-technological progress platform has helped India's growth.

Raghuram Rajan, who currently heads the Indian central bank Reserve bank of India (RBI), is stepping down on September 4 this year, has recently said that Prime Minister Modi's reforms have led to India's macroeconomic stability.

According to Rajan, some of these ambitious structural reforms to revive growth include efforts to boost productivity in the agricultural sector, a strong push to deregulate business, efforts to improve public sector banks and an immense effort to expand financial services by providing bank accounts and direct benefit transfers.

The Nomura researchers don't see agricultural productivity reforms as a success story yet, but they do see it as an opportunity for potential growth, along with more reforms in labour and education.

"India's macro stability to the government's path of fiscal consolidation and PM Modi's measures to cut the fiscal deficit that had widened dramatically after the post-financial crisis stimulus. India's basic balance has not only improved considerably, but is once again positive," Rajan credited.

Other factors that have boosted India's GDP and led to the turnaround have been low energy prices and the RBI's low interest rates and efforts to contain inflation.

India's population demographics have also helped. In contrast to many developed countries that are aging and shrinking, the developing countries like India are still young and growing - meaning more output, more demand and more growth. (ANI)

New Delhi [India], Mar 27 (ANI): Leading financial marketplace Wishfin on Monday announced developments in the company's management team with key new hires to support its expansion.

Full Story >>

New Delhi [India], Mar 27 (ANI): Bank of Baroda, India's leading public sector bank has entered into MOU with Jain Irrigation Systems Limited, with an objective to finance the Micro Irrigation systems i.e. drip and sprinkler irrigation sold by the company through the network of Bank of Baroda branches across the country.

Full Story >>

New Delhi [India], Mar 27 (ANI): The 33rd Edition of India Carpet Expo, Organized by Carpet Export Promotion Council at Pragati Maidan, New Delhi was inaugurated today with lamp lighting by Minister of Textile, Smriti Irani in the august presence of Ajay Tamta, Minister of State for Textiles and Virender Singh, Member of Parliament, Bhadohi.

Full Story >>

New Delhi [India], Mar 27 (ANI): India's top mobile balance management service app True Balance has introduced a welcomed addition of 'One-click Recharge' feature to facilitate easy phone bill payments through its platform.

Full Story >>

New Delhi [India], Mar 27 (ANI): Unveiled at the Milan Men's Fashion Week 2017, the Ducati Diavel Diesel is now available on special order at Ducati dealerships across the country. One of the most successful Ducati models in India, the Diavel has now donned an exquisite avatar, as a result of a creative collaboration between the Ducati Design Center and Andrea Rosso, Diesel Licensing Creative Director.

Full Story >>

New Delhi [India], Mar 27 (ANI): India's leading online recruitment marketplace Aasaanjobs on Monday announced the launch of its unique search and filter feature for job seekers on its platform.

Full Story >>

New Delhi [India], Mar 27 (ANI-NewsVoir): The fast moving consumer goods (FMCG) segment is the fourth largest sector in the Indian economy.

Full Story >>

New Delhi [India], Mar 27 (ANI-NewsVoir): Shardul Amarchand Mangaldas and Co. has been awarded the 'National Law Firm of the Year, 2017, India' by Chambers and Partners, the world's premium evaluator of Legal Services.

Full Story >>

New Delhi [India], Mar 27 (ANI): Lalit Dalmia has launched his brand new Collection Name Fad Paradise at Indian Showcase week. The show was opened by singer composer Arko Mukherjee and closing ceremony was done by Mohammed Morani.

Full Story >>

New Delhi [India], Mar 27 (ANI): Punjab Agri Export Corporation Ltd. (PAGREXCO) has signed an MOU for an Exclusive Alliance for Ecommerce Enablement of PAGREXCO in association with Trendybharat.com. Under this agreement, Trendybharat.com will market, promote and sell Punjab Agro's organic products across India and overseas.

Full Story >>

New Delhi [India], Mar 27 (ANI-BusinessWireIndia): Tata Capital, the financial services arm of the Tata Group, today, announced the launch of 'myLoan' - a first-of-its kind Mobile App by the company to extend its existing personal loan offering to the emerging younger and mobile savvy audience.

Full Story >>

New Delhi [India], Mar 27 (ANI): India's largest online marketplace Snapdeal on Monday announced a range of initiatives launched at curbing fraudulent online transactions, are accruing massive cost savings for the company.

Full Story >>

New Delhi [India], Mar 27 (ANI): India's leading and fastest growing seed investment and innovation platform Venture Catalysts announced its participation in Series A funding round of Fynd, the unique fashion e-commerce portal with USD 500k.

Full Story >>

New Delhi [India], Mar 27 (ANI): Taxi aggregator Ola on Monday announced the launch of Ola Play, its connected car platform for ridesharing in Hyderabad.

Full Story >>

Gurugram (Haryana) [India], Mar.27 (ANI-Businesswire India): Axalta Coating Systems (NYSE: AXTA), a leading global supplier of liquid and powder coatings, showcased its general industrial coating solutions at the India Surface Finishing Exhibition 2017 (ISF 2017) recently held in New Delhi.

Full Story >>

Jaitley tables Central GST Bill in LS

Updated: Mar 27, 2017 12:25 IST

New Delhi (India), Mar. 27 (ANI): Union Finance Minister Arun Jaitley on Monday tabled the Central Goods and Services Tax (GST) Bill 2017 in the Lok Sabha.

Full Story >>

New Delhi [India], Mar 25 (ANI): The wildlife conservation worker, like most of their subjects, is an elusive person. To celebrate the outstanding contribution of these simple, hardworking, humble yet extraordinary people, ZEISS group acknowledged these talented individuals in wildlife conservation through their annual ZEISS Wildlife Conservation Awards and this year on March 24th, 2017 at Indian Habitat Centre, New Delhi.

Full Story >>

New Delhi [India], Mar 25 (ANI): Vestas Wind Systems, the world's leading wind power solutions provider, today inaugurated a state-of-the-art wind turbine blade manufacturing unit in Gujrat.

Full Story >>

New Delhi [India], Mar 25 (ANI): In yet another fun filled afternoon for fashion and sports enthusiasts, India's leading fashion e-tailer, Jabong, hosted a launch event with the legendary Indian Cricket all-rounder Yuvraj Singh unveiling his sports lifestyle brand YWC on the portal.

Full Story >>