According to the report of United Nations' World Economic Situation and Prospects (WESP) 2019, what will be the growth rate of India for in 2019-20?

Several Asian member countries of the proposed Regional Comprehensive Economic Partnership (RCEP) have offered India a concession on the extent to which it needs to open up its markets. India can now open up 83% of its market against the earlier 92%. The RCEP is a proposed trade agreement between the ASEAN countries and the six free trade agreement partners.

Indian economy grew by 8.2% in the first quarter (April-June) of the current fiscal, the highest in over two years. This announcement was made by Finance Minister, Arun Jaitley. The manufacturing sector grew by 13.5% which signals very good turnaround in the sector. In a related development Reserve Bank of India stated Non-food credit growth in the system accelerated to 10.6% for July as compared to previous year, driven by loans to the services sector growing at the faster clip. Credit to the services sector grew 23% for the reporting period, up from the year-ago period's 4.9%.

The expenditure on advertisements through print media stood at nearly Rs 127 crore while more than Rs 5 crore was spent on advertisements with outdoor media. There was "nil" expenditure for the same on electronic media. The Goods and Services Tax (GST) was implemented on July 1, 2017. The government had also roped in Bollywood megastar Amitabh Bachchan as brand ambassador to promote GST and inform people about its benefits.

Union Minister for Minority Affairs Mukhtar Abbas Naqvi stated that GST on Haj has been reduced from 18% to 5% and this will significantly lower the airfare thus saving Haj pilgrims' 113 crore rupees this year. Mr. Naqvi also stated that for the first time since the independence 2,340 women from India will go on 2019 Haj without Mehram.

Indian Space Research Organisation (ISRO) Chairman Dr. K Sivan stated that the Union Government has allocated 10,900 crore rupees for the development of 40 satellite launch vehicles in the next 4 years. Dr. Sivan also stated that Chandrayan Mission will be launched within three months. It will land in one part of the Moon which is still unexplored. He also said that the human spaceflight Gaganyaan is planned to be launched by 2022, the 75th anniversary of Independence.

Union government retained the interest rate for General Provident Fund (GPF), Contributory Provident Fund and other related schemes at 8% for the first quarter of the current financial year 2019-2020. The interest rate on these funds was at 8% in the January-March quarter of 2018-19 and government kept it unchanged for April to June for 2019-20. The Department of Economic Affairs, in a notification, the mentioned interest rate will be applicable on provident funds of central government employees, railways and defence forces.

Fitch Ratings cut India's economic growth forecast for the next financial year starting April 1, to 6.8% from its previous estimate of 7%, on weaker than expected momentum in the economy. The rating agency also cut growth forecasts for FY20 and FY21 to 7% from 7.3% and 7.1% from 7.3%, respectively.

The government has slashed the minimum annual deposit requirement for accounts under the Sukanya Samriddhi Yojana (SSY) to Rs 250 from Rs 1,000. The maximum amount that can be deposited in a year is Rs 1.5 lakh. Sukanya Samriddhi scheme was launched in January 2015, under which a parent or legal guardian can open an account in the name of the girl child until she attains the age of ten years. The account opened under the scheme will be valid for 21 years from the date of opening, after which it will mature and the money will be paid to the girl child in whose name the account is opened.

Cabinet Committee on Economic Affairs, CCEA, has increased the Minimum Support Price (MSP) for all Rabi crops for the current financial year which will be marketed in 2019-20 season. The MSP of wheat has been raised by 105 rupees per quintal, Masur by 225 per quintal, and Gram by 220 per quintal. According to Union Minister Ravishankar Prasad, the decision is a step towards doubling the farmers' income. The decision will give additional return to the farmers of 62,635 crore rupees by way of increasing the MSP of notified crops to at least 50 per cent return over cost of production.

The U.S. revoked duty-free concessions on the import of at least 50 Indian products, mostly from handloom and agriculture sectors. The revocation is to reflect the Trump administration's tough stand on trade-related issues with New Delhi. The Federal Register issued a notification, listing 90 products which were so far subject to duty-free provisions under the Generalised System of Preferences (GSP), an oldest and largest U.S. trade preference programme. The GSP is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary-countries. A count of these products indicated that at least 50 of them are from India. Notably, India is the largest beneficiary of the GSP.