News Asia
India’s Path To Becoming The World’s Second-Largest Economy By 2075: Goldman Sachs Projections
(CTN NEWS) – According to Goldman Sachs, India is expected to surpass not only Japan and Germany but also the United States to become the world’s second-largest economy by 2075.
Currently, India holds the fifth position in terms of global economic rankings, following Germany, Japan, China, and the U.S.
Goldman Sachs attributes this projected advancement to several factors, including a rapidly growing population, advancements in innovation and technology, increased capital investment, and rising worker productivity. I
n a recent report, Santanu Sengupta, the India economist at Goldman Sachs Research, stated that India’s dependency ratio is anticipated to be one of the lowest among regional economies over the next two decades.
The dependency ratio of a country is calculated by comparing the number of dependents (such as children and the elderly) to the total working-age population.
A low dependency ratio signifies a relatively higher proportion of working-age individuals who can provide support for both the younger and older generations.
Maximizing India’s Rapidly Expanding Population: Focus on Workforce Participation
Sengupta emphasized that maximizing the potential of India’s rapidly expanding population hinges on increasing the participation of its workforce.
He also predicts that India will maintain one of the lowest dependency ratios among major economies over the next two decades.
“This presents an opportune moment for India to focus on establishing manufacturing capabilities, sustaining service sector growth, and further developing infrastructure,” he stated.
The Indian government has prioritized infrastructure development, particularly in the construction of roads and railways.
The recent budget of the country aims to extend the 50-year interest-free loan programs to state governments, aiming to stimulate investments in infrastructure.
Goldman Sachs asserts that the present time is ideal for the private sector to scale up manufacturing and service capacities, with the goal of generating more employment opportunities and absorbing the substantial labor force.
India’s Technological Progress and Capital Investment Drive Economic Growth, says Goldman Sachs
Goldman Sachs also highlighted India’s advancements in technology and innovation as a key factor driving its economic trajectory.
According to Nasscom, a non-governmental trade association in India, the revenue of India‘s technology industry is projected to increase by $245 billion by the end of 2023.
This growth will be driven by various sectors, including IT, business process management, and software products, as indicated by Nasscom’s report.
Furthermore, Goldman Sachs predicted that capital investment would serve as another significant driver for India’s economic growth.
The report stated that India’s savings rate is expected to rise due to declining dependency ratios, increasing incomes, and the development of a more robust financial sector.
These factors are likely to expand the pool of capital available for further investment in the country.
India’s Population: From Challenge to Potential Asset
India has undergone a significant shift in its perspective towards population growth and its impact on economic development. Once focused on population control,
India now views its population as a valuable potential asset. However, this demographic advantage also comes with challenges such as increased demand and the need for more job opportunities.
Goldman Sachs Research highlights that capital investment will play a crucial role in driving future economic growth in this context.
As dependency ratios decline and incomes rise, coupled with the development of a more robust financial sector, India’s savings rate is expected to increase. This will create a pool of capital that can be utilized to further drive investments and spur economic growth.
Challenges Ahead for India’s Economic Projection: Labor Force Participation and Export Performance
Goldman Sachs acknowledges that the labor force participation rate is a crucial factor that could impact the realization of its projections.
The report highlights a decline in India’s labor force participation rate over the past 15 years, particularly emphasizing that women’s participation rate is significantly lower compared to men.
According to a separate report by the investment bank in June, a mere 20% of working-age women in India are employed, attributing the low figure to the prevalence of informal piecework that goes unaccounted for in formal employment measures.
Additionally, India’s net exports have hindered its growth due to the country’s current account deficit. However, Goldman Sachs points out that services exports have mitigated the impact on current account balances.
India’s economy is primarily driven by domestic demand, in contrast to many export-oriented economies in the region. Goldman’s report indicates that up to 60% of India’s growth can be attributed to domestic consumption and investments.
S&P Global and Morgan Stanley have also forecasted that India is on track to become the world’s third-largest economy by 2030.
In the first quarter, India’s GDP expanded by 6.1% year-on-year, surpassing expectations of 5% growth by Reuters. The country’s full-year growth is estimated to reach 7.2%, compared to 9.1% growth in the fiscal year 2021-2022.
RELATED CTN NEWS:
China’s Ambitious Plan: Landing Humans On The Moon By 2023 With Dual Rocket Approach
Saudi Arabia Deposits $2 Billion In State Bank of Pakistan, Boosting Foreign Exchange Reserves

News Asia
Bangladesh Supreme Court to Rule on Controversial Job Quotas Amid Nationwide protests

(CTN News) – The future of public service hiring regulations, which have provoked national conflicts between police and university students that have resulted in at least 133 fatalities so far, is set to be decided by Bangladesh’s Supreme Court on Sunday, or today.
Later in the day, the nation’s highest court will meet to declare its decision about the controversial job quotas—either in favor of or against their elimination.
This week’s protests over politically motivated admission quotas for highly sought-after government posts turned into some of the worst instability during Prime Minister Sheikh Hasina’s watch.
Due to the ongoing turmoil, a curfew has been in place since Friday. In addition, the government has declared a two-day holiday during which all offices and institutions would be closed.
After riot police were unable to restore order, soldiers are now policing cities throughout Bangladesh, and since Thursday, there has been a statewide internet blackout that has severely limited the flow of information to the outside world.
SEE ALSO: Nearly 1,000 Indian Students Return from Bangladesh Amid Deadly Unrest Over Job Quota System
Hasina made hints to the public this week that the plan will be abandoned, which comes after her opponents accuse her government of using the judiciary to further its own agenda.
However, a positive decision is unlikely to calm the nation’s simmering rage in the wake of the intensifying crackdown and growing dead toll.
Business owner Hasibul Sheikh, 24, told AFP, “It’s not about the rights of the students anymore,” while observing a Saturday street demonstration in the capital city of Dhaka against a statewide curfew.
“Our demand is one point now, and that’s the resignation of the government,” he stated.
A system that reserves more than half of civil service positions for particular groups, like as children of veterans of the 1971 war, is the driving force behind the upheaval this month.
Hasina, 76, has ruled the nation since 2009 and won her fourth consecutive election in January following a ballot in which there was no real competition, according to critics who claim the program helps families who support her.
Rights organizations accuse Hasina’s government of abusing state institutions, including as the extrajudicial assassination of opposition activists, in order to strengthen its grasp on power and quell dissent.
Bangladesh’s 170 million people lack access to sufficient employment possibilities, therefore the quota system is a major cause of anger for recent graduates who are struggling to find work.
“The government’s actions have made the situation worse, rather than trying to address the protesters’ grievances,” Pierre Prakash, Asia director of Crisis Group, told AFP.
After a week of increasing violence, Hasina canceled her intentions to depart the nation on Sunday for a diplomatic trip to Spain and Brazil.
Source: The Indian Express
News Asia
Pakistani Government Plans to Ban PTI

(CTN News) – The Pakistani government has announced measures to outlaw Pakistan Terheek-e-Insaf (PTI), the party of imprisoned former Prime Minister Imran Khan.
Information Minister Attaullah Tarar made the declaration on Monday, only days after the Supreme Court declared the PTI eligible for a share of reserved seats in national and provincial assemblies.
After reviewing all relevant information, the government has decided to ban PTI. “We will file a case to ban the party,” he said, citing claims such as inciting violent protests last year and leaking confidential information.
Tarar stated that the case would be moved to the Supreme Court.
He also stated that the government intended to file treason charges against Khan and two other senior party leaders, former President of Pakistan Arif Alvi and ex-Deputy Speaker of the National Assembly Qasim Suri, as well as a review appeal against the Supreme Court’s ruling that the PTI should be allocated some assembly seats reserved for women and members of religious minorities.
According to Sayed Zulfiqar Bukhari, a top PTI politician and party spokesperson, the government’s action “betrays their complete panic”.
“After realizing that they could no longer threaten, compel, or blackmail judges, they decided to make this move through the cabinet. “All of their attempts to stop us have been declared illegal by the courts,” he stated.
Last week, the Supreme Court recognized the PTI as a political party and confirmed that the party’s lack of an electoral emblem did not affect its legal right to field candidates.
The verdict was in response to the PTI being barred from competing in parliamentary elections in February using its party emblem, the cricket bat, forcing it to field candidates as independents.
Despite the setback, PTI-backed candidates emerged as the largest parliamentary bloc, winning 93 seats.
After Khan declined to cooperate with his political opponents, the Pakistan Muslim League-Nawaz (PMLN) and Pakistan People’s Party (PPP) formed a coalition government with other smaller parties.
Ex-Governor Sindh Zubair, who formerly served in the PMLN, stated that the government’s action was in response to the Supreme Court’s ruling last week and warned of political upheaval ahead.
“The powers that be are trying to disenfranchise the largest majority of voters of the country, who voted for PTI,” he disclosed to Al Jazeera.
Khan was appointed prime minister in August 2018 but was dismissed from power in April 2022 after a parliamentary vote of no-confidence.
The cricketer-turned-politician has since faced a slew of legal issues, including charges of misplacing and leaking the contents of a confidential cable delivered to Islamabad by Pakistan’s then-ambassador in the US in 2022.
Khan has continually disputed the charge, claiming that the dossier contained evidence that his resignation as prime minister was orchestrated by his political opponents and the country’s powerful military, with assistance from the US administration. Both Washington and Pakistan’s army deny the accusation.
Despite multiple recent court verdicts in his favor, Khan has been in prison since August of last year.
Source: Aljazeera
News Asia
NAB Re-Arrests Imran Khan and Bushra Bibi After Iddat Case Conviction Overturned

(CTN News) – Former Prime Minister Imran Khan and his wife, Bushra Bibi, were acquitted in the Iddat case by a sessions court on Saturday, less than 24 hours after the Supreme Court ruled in favor of the PTI in reserved seats.
However, their relief was short-lived when Imran Khan was detained by the National Accountability Bureau (NAB) for selling official goods. Bushra Bibi was also rearrested in this case while being released from Adiala Jail’s Gate No. 3.
According to sources, the NAB detained Bushra Bibi after the bureau’s chairman issued arrest warrants for her and Imran Khan. Both are to be investigated in Adiala Jail.
Opposition leader Omar Ayub Khan condemned Bushra Bibi’s imprisonment and criticized the Adiala Jail administration. He also cautioned the jail superintendent of the repercussions and announced that a privilege motion would be filed against him.
Imran Khan and Bushra Bibi were acquitted in the Iddat case after Additional District and Sessions Judge (ADSJ) Mohammad Afzal Majoka reversed their previous verdict, which sentenced them to seven years in prison on February 3, five days before the general election.
Imran Khan’s lawyers, Usman Gill and Zaheer Abbas, were in court when the verdict was pronounced.
In the 28-page ruling, Judge Majoka rejected Khawar Fareed Maneka, Bushra Bibi’s ex-husband,’s arguments that Imran Khan and Bushra Bibi’s nikah was illegally performed and that Mr. Maneka was denied Buju (reconciliation rights) under religious law.
The court also rejected the allegation of fornication under provision 496-B of the Pakistan Penal Code (PPC), stating that no charge was filed under this provision against both Imran Khan and his spouse “because there was no evidence of a second witness”. The trial court heard only one witness, Mr Maneka’s domestic servant.
“In these circumstances, it cannot be said that the appellants committed fornication,” the judge wrote. Regarding the charge of contracting marriage fraudulently during the Iddat period, the judge found that in a video given as evidence during the trial, Mr. Maneka lauded his ex-wife, Bushra Bibi, and “deposed that his ex-wife is a pious lady.”
The magistrate inquired about “how this witness [Mr Maneka] can claim that the appellant No. 2 [Bushra Bibi] committed fraud with him” .
The court announced its decision: “From a perusal of Section 496 PPC and the above-mentioned esteemed citations, this court is of the view that the appellants have not gone through any marriage ceremony fraudulently or with dishonest intention because none of the parties claimed that nikah was not performed and fraudulently he or she was supposed to believe that marriage ceremony was solemnised.”
The court judgment added: “In the instant instance, it is the complainant’s case that the appellants’ nikah was done on January 1, 2018, followed by the second nikah in February 2018. By no stretch of the imagination, it was a marriage with dishonest or deceptive intentions.”
Regarding Mr. Maneka’s claim that he was denied reconciliation rights and so deceived by Imran Khan and Ms. Bibi, the court noted that during cross-examination, Mr. Maneka stated that he learned of the appellants’ marriage on the second day of their nikah.
Before submitting the complaint, the judge questioned why Mr Maneka had been silent on his reconciliation rights for six years.
The judge stated, “The complainant has failed to prove his case against the appellants.” As a result, both appeals filed by appellants No. 1 [Imran Khan] and No. 2 [Bushra Bibi] are accepted, the judgment of the learned trial court of February 3, 2024, is overturned, and both appellants are acquitted of the accusation.”
The court ordered their freedom unless they needed to be imprisoned in other cases.
Source: DAWN
-
News4 years ago
Let’s Know About Ultra High Net Worth Individual
-
Entertainment2 years ago
Mabelle Prior: The Voice of Hope, Resilience, and Diversity Inspiring Generations
-
Health4 years ago
How Much Ivermectin Should You Take?
-
Tech2 years ago
Top Forex Brokers of 2023: Reviews and Analysis for Successful Trading
-
Lifestyles3 years ago
Aries Soulmate Signs
-
Movies2 years ago
What Should I Do If Disney Plus Keeps Logging Me Out of TV?
-
Health3 years ago
Can I Buy Ivermectin Without A Prescription in the USA?
-
Learning3 years ago
Virtual Numbers: What Are They For?