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methodology-change-sees-indian-economy-grow-faster-than-chinas

Methodology change sees Indian economy grow faster than China's

New Delhi, Feb 10 (ANI): India forecasted that annual economic growth would accelerate to 7.4 percent in the year ending in March after its statisticians changed the way they measure Asia's third-largest economy and showed it clocked faster growth than China in the December quarter. The statistical recovery is in large measure due to changes both in the way authorities calculate gross domestic product (GDP) and the base year. The new estimate is sharply higher than the Reserve Bank of India's (RBI) growth projection of around 5.5 percent for the year under the old method. It marks a dramatic turnaround for an economy that a fortnight ago was assumed to be struggling to gain momentum under Prime Minister Narendra Modi's reform-minded government. India now measures GDP by market prices instead of factor costs, to take into account gross value addition in goods and services as well as indirect taxes. The base year has been shifted to 2011/12 from 2004/05 earlier. Feb 10, 2015
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Kashmiri separatist leader calls for complete shutdown

Srinagar, Feb 09 (ANI): Kashmiri separatist leader Syed Ali Shah Geelani on Monday called for complete shutdown in Kashmir to observe death anniversary of Mohammad Afzal Guru, who was executed for masterminding militant attack on Parliament in New Delhi. All the shops remained closed and traffic was off the roads in Srinagar as well as other parts of the valley. The normal business was affected due to the non availability of traffic. Meanwhile, the state government imposed a curfew across Srinagar to prevent protest rallies on the day. Security forces anticipating unrest have imposed curfew in Srinagar and ordered people off the streets. Police officers and paramilitary Central Reserve Police Force (CRPF) have stepped up surveillance across the city. However, a few residents managed to stage a protest in Srinagar despite the heightened security. Feb 9, 2015
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Venkaiah Naidu extends support to transform Mumbai into a global financial hub

Mumbai, Feb 07 (ANI): Urban Development Minister Venkaiah Naidu extended federal government's support to transform Mumbai into a global financial hub. The government of Maharashtra organised a 'Mumbai Next Summit' where industry titans like Tata Sons Ltd Chairman Cyrus Mistry and Reliance Industries Ltd Chairman Mukesh Ambani, along with Minister of State for Finance Jayant Sinha and legendary actor Amitabh Bachchan among others discussed Mumbai's future. 'Mumbai Next', is an initiative of state government to transform the country's financial capital into a global financial and entertainment centre. Naidu asked Maharashtra state government to focus on basics amenities to start with. Feb 7, 2015
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