In it’s Global Economic Outlook report, Fitch Ratings has cut India’s economic growth forecast for the next financial year 2019-20 starting from April 1 to 6.8 per cent from its previous estimate of 7 per cent, on the account of weaker than expected momentum in the economy.
- Even though Fitch Ratings has reduced the GDP forecasts for India, it sees Indian GDP growth to hold up reasonably well, at 6.8 per cent, followed by 7.1 per cent in 2021-22.
- India’s GDP growth for the financial year 2019-20 was reduced to 7.2 per cent from 7.8 per cent earlier in December 2018.
- Further, the growth forecasts for 2020-21 and 2021-22 was reduced to 7 per cent from 7.3 per cent and 7.1 per cent from 7.3 per cent, respectively.
Fitch Ratings observes that Reserve Bank of India (RBI) has adopted a more dovish monetary policy stance and cut interest rates by 0.25 percentage at its February 2019 and it expects another 25 bps cut in 2019, amid protracted below-target inflation and easier global monetary conditions than previously envisaged.
Fitch notes that benign oil price outlook and expectations of accelerating food prices in the coming months should support rural households’ income and consumption.
Bihar Diwas was celebrated on March 22nd across the state to commemorate the day when Bihar was carved out of the Bengal Presidency in the year 1912. March 22nd 2019 was the 107th foundation day of the state.
Bihar and Bengal Presidency
The British East India Company emerged victorious in the Battle of Buxar fought against the combined army of Mir Qasim, the Nawab of Bengal; the Nawab of Awadh; and the Mughal King Shah Alam II.
After the Battle, Mughals, as well as the Nawabs of Bengal, lost the effective control over the territories which constituted the province of Bengal, which currently comprises Bangladesh, and the Indian states of West Bengal, Bihar, Jharkhand, Odisha. The British East India Company was accorded the diwani rights to administer the collection and management of revenues of the province of Bengal.
In 1911 when the capital of then British India was shifted to Delhi, the Bengal Presidency was split into four sabhas Bengal, Orissa, Bihar and Assam.
The government of Bihar which was looking for a commemorative event in Bihar’s history that could become the state’s official day of celebration, chose March 22nd the day Bihar was carved out of Bengal Presidency as Bihar Diwas. Bihar Diwas was first celebrated on a large-scale in 2010. Bihar Diwas was the brainchild of then chief minister Nitish Kumar.