A live ticker shows 30 share index (Sensex) on the facade of the Bombay Stock Exchange (BSE) in Mumbai on February 1, 2018.
India promised hundreds of billions of dollars to develop poor rural areas and to help struggling farmers in its annual budget February 1, looking to win over voters ahead of the next general election. / AFP PHOTO / PUNIT PARANJPE
A live ticker flashes in front of the the Bombay Stock Exchange. The IMF has forecast GDP growth at 7.3 per cent for 2018 and 7.5 per cent in 2019. AFP 

Indian economic growth rises to eight-quarter high of 8.2 per cent



India's economy grew at a stunning 8.2 per cent in the first quarter of the 2018-19 financial year, official data showed Friday, as it charts a course to overtake Britain as the world's fifth-largest economy.

Central Statistics Office figures showed GDP growth for April to June in Asia's third-biggest economy improved from 7.7 per cent in the previous quarter.

The latest figures, which mark India's highest growth rate in eight quarters, shot up from 5.6 per cent for the same period last year and reinforces the nation's status as one of the world's fastest-growing economies.

"The Q1 figures were higher than we expected. Exports, infrastructure and industry activity have picked up pace," Sujan Hajra, chief economist at Anand Rathi Securities, told AFP.

India became the globe's sixth-biggest economy in 2017, pushing France into seventh place, according to figures released by the World Bank last month.

India's GDP was $2.597 trillion at the end of 2017, against $2.582tn for France, it said.

The United States is the world's top economy, followed by China, Japan and Germany.

Britain is currently the world's fifth-biggest economy with a GDP of $2.622tn last year.

"Next year we are likely to overtake Britain," Indian finance minister Arun Jaitley said Thursday.

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Read More:

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He predicted that the Asian giant, with its population of 1.25 billion people, would become one of the world's top three economies around 2030.

India's GDP expansion is back on track after a rocky start to economic reforms implemented by Prime Minister Narendra Modi.

Quarterly growth fell as low as 5.6 per cent in mid-2017 as the economy reeled from a shock cash ban that scrapped 86 per cent of currency notes.

Business and customers were also wary of a new nationwide goods and services tax, introduced last year, which replaced a myriad of state and national taxes.

The International Monetary Fund has forecast GDP growth for the current fiscal year at 7.3 per cent, rising to 7.5 per cent the following year.

This compares to the world's expected average growth of 3.9 per cent.

India is a massive importer of oil, however, and analysts say high crude prices and a tumbling rupee threaten to derail growth.

The Indian currency breached 71 against the dollar for the first time ever Friday. It started the year at 63.67.

The slump is widening India's current account deficit, a measure of when the value of imports exceeds that of exports, threatening the country's balance of payments.

Friday's 8.2 per cent figure was above the median estimate of a survey of economists by Bloomberg, which had predicted of 7.6 per cent.

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

Bridgerton season three - part one

Directors: Various

Starring: Nicola Coughlan, Luke Newton, Jonathan Bailey

Rating: 3/5

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ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

The specs

Engine: 3.9-litre twin-turbo V8
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Where to buy and try:

Nutritional yeast

DesertCart

Organic Foods & Café

Bulletproof coffee

Wild & The Moon

Amasake

Comptoir 102

DesertCart

Organic Foods & Café

Charcoal drinks and dishes

Various juice bars, including Comptoir 102

Bridgewater Tavern

3 Fils

Jackfruit

Supermarkets across the UAE

Kanye West

Ye — the rapper formerly known as Kanye West — has seen his net worth fall to $400 million in recent weeks. That’s a precipitous drop from Bloomberg’s estimates of $6.8 billion at the end of 2021.
Ye’s wealth plunged after business partners, including Adidas, severed ties with him on the back of anti-Semitic remarks earlier this year.
West’s present net worth derives from cash, his music, real estate and a stake in former wife Kim Kardashian’s shapewear firm, Skims.

The biog

Name: Fareed Lafta

Age: 40

From: Baghdad, Iraq

Mission: Promote world peace

Favourite poet: Al Mutanabbi

Role models: His parents 

ICC Awards for 2021+

MEN

Cricketer of the Year+– Shaheen Afridi+(Pakistan)

T20 Cricketer of the Year+– Mohammad Rizwan+(Pakistan)

ODI Cricketer of the Year+– Babar Azam+(Pakistan)

Test Cricketer of the Year+– Joe Root+(England)

WOMEN

Cricketer of the Year+– Smriti Mandhana+(India)

ODI Cricketer of the Year+– Lizelle Lee+(South Africa)

T20 Cricketer of the Year+– Tammy Beaumont+(England)

Tales of Yusuf Tadros

Adel Esmat (translated by Mandy McClure)

Hoopoe

Kill Bill Volume 1

Director: Quentin Tarantino
Stars: Uma Thurman, David Carradine and Michael Madsen
Rating: 4.5/5

360Vuz PROFILE

Date started: January 2017
Founder: Khaled Zaatarah 
Based: Dubai and Los Angeles
Sector: Technology 
Size: 21 employees
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Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin

UFC FIGHT NIGHT: SAUDI ARABIA RESULTS

Main card
Middleweight:

Robert Whittaker defeated Ikram Aliskerov via knockout (Round 1)
Heavyweight:
Alexander Volkov def Sergei Pavlovich via unanimous decision
Middleweight:
Kelvin Gastelum def Daniel Rodriguez via unanimous decision
Middleweight:
Shara Magomedov def Antonio Trocoli via knockout (Round 3)
Light heavyweight:
Volkan Oezdemir def Johnny Walker via knockout (Round 1)
Preliminary Card
Lightweight:

Nasrat Haqparast def Jared Gordon via split decision
Featherweight:
Felipe Lima def Muhammad Naimov via submission (Round 3)
Welterweight:
Rinat Fakhretdinov defeats Nicolas Dalby via split decision
Bantamweight:
Muin Gafurov def Kang Kyung-ho via unanimous decision
Light heavyweight:
Magomed Gadzhiyasulov def Brendson Ribeiro via majority decision
Bantamweight:
Chang Ho Lee def Xiao Long via split decision

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government


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