Is Bangladesh economy really doing better than India? Former CEA doesn’t think so

On ‘more appropriate’ economic metric, has not surpassed India and is unlikely to be in future, former chief economic adviser said on Saturday, asserting that GDP per capita is an estimate for one indicator of the average standard of welfare in a country.

Congress leader Rahul Gandhi had taken a dig at the government over growth projections showing closing in on India in terms of per capita GDP this year and described it as a “solid achievement” of six years of the BJP’s “hate-filled cultural nationalism”.

Government sources had emphasised that India’s Gross Domestic Product (GDP) in terms of purchasing power parity was 11 times more than that of in 2019.

“The India-vs.-Bangladesh GDP per capita comparison (post WEO) has sparked anxiety & acrimony. But wrong numbers being compared…

“NO, on more appropriate metric, India has not been surpassed and, according to IMF, unlikely to be in near future,” Subramanian said in a series of tweets.

He said all the focus has been on comparisons based on GDP measured at current, market exchange rates and this yields “conclusion”

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HDFC Bank’s September quarter net profit rises 18.4% to Rs 7,513 crore

Country’s largest private lender HDFC Bank’s net profit rose by 18.4 per cent to Rs 7,513.1 crore for second quarter ended September 2020 (Q2Fy21) on substantial growth in interest earnings and other income.

It had posted a net profit – profit after tax (PAT) — of Rs 6,344.9 crore in the quarter ended September 2019 (Q2FY20). Sequentially, it had posted a net profit of Rs 6,658.6 crore in first quarter ended June 2020 (Q1Fy21).

On Friday (October 16, 2020), bank’s stock closed 2.55 per cent higher at Rs 1,199 per share on the BSE.

The net interest income (NII) grew by 16.7 per cent year-on-year (YoY), from Rs 13,515 crore in Q2FY20 to Rs 15,774.4 crore in Q2FY21. Other income, comprising fee and commission, grew 27.9 per cent to reach Rs 6,092 crore in Q2FY21.

The provisions (factoring in non-performing assets, or NPAs) and contingencies rose to Rs 3,703.5 crore in Q2FY21, from Rs 2,700.6 crore in Q2FY20.

Total provisions for the current quarter includes contingent provisions of approximately Rs 2,300 crore for NPAs and additional contingent provisions to make the balance sheet more resilient,

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New Trump Golf Course In Scotland Gets Go-head Despite Environmental Fears

President Donald Trump’s company has been given permission by Scottish authorities to build a second golf course in northeast Scotland despite local objections.

Plans for a new 18-hole golf course have been approved by Aberdeenshire council.

The course is to be named MacLeod after Trump’s mother, Mary Anne MacLeod, and will be built next to the current course on his Menie Estate.

President Donald Trump pictured during construction of his golf course on the Menie Estate near Aberdeen in 2010

Many locals objected to the application, citing loss of public space and the impact it would have on water supply, private roads and nearby estates.

The Scottish Environment Protective Agency (SEPA) also objected, saying the water management plan was inadequate and the environmental management plan was not appropriate.

The US president also owns Turnberry golf course, in southwest Scotland.

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