Tibet’s 2018 GDP has reached $22 billion — about 191 times more than the 1959 figure calculated at comparable prices, said a white paper released on Wednesday by China.
The Tibetan spiritual leader Dalai Lama had fled the country in 1959. And in the next 60 years the hard work of the people of Tibet saw agriculture and animal husbandry become modernised, documented the State Council Information Office’s document titled ‘Democratic Reform in Tibet — Sixty Years On’.
The added value of agriculture, forestry, animal husbandry, fisheries and related service industries rose from 128 million yuan in 1959 to 13.41 billion yuan in 2018, Xinhua news agency reported.
Tibet’s modern industry started from scratch and has grown steadily, the white paper said, adding that Tibet’s industrial added value increased from 15 million yuan in 1959 to 11.45 billion yuan in 2018.
More than 100,000 farmers and herdsmen have earned more through tourism and Tibet has become an international tourist destination, it said.
Infrastructure has been improved in Tibet, as a comprehensive transportation network composed of highways, railways and air routes has been formed, it added.
RBI MPC reschedules policy review meet
Reserve Bank Of India
The Reserve Bank’s Monetary Policy Committee (MPC) meet for the penultimate policy review for 2020 has been rescheduled.
Earlier, the MPC was supposed to have met from Sep 29 to Oct 1.
“The meeting of the Monetary Policy Committee (MPC) during September 29, 30 and October 1, 2020… is being rescheduled,” the Reserve Bank said in a statement on Monday.
“The dates of the MPC’s meeting will be announced shortly.”
SBI waives processing fee on select retail loans
To enlarge retail loans and online business, lending major SBI on Monday announced a 100 per cent waiver in the processing fee f or “Car, Gold, and Personal loans” availed through its integrated digital banking platform – YONO.
“The bank is offering the lowest interest rate starting from 7.5 per cent to customers opting for the car loan. They will also get 100 per cent o n-road finance on select models,” the lending major said in a statement.
“To enhance the availability and affordability of credit to individuals in the times of the current crisis, the bank is offering personal loans with lending rates as low as 9.6 per cent.”
According to the lending major, digital banking has increasingly gained momentum especially in the current scenario.
Besides, the bank gave a complete waiver on processing fees on home loans in approved projects.
Housing sales up 34% in July-September: JLL report
India’s residential market got back to action as the lockdown restrictions eased in the third quarter of 2020. Housing sales, during the July-September quarter, jumped up 34 per cent compared to the April-June quarter, which was largely impacted by the nationwide lockdown, showed a report by JLL Research.
A total of 14,415 units were sold during the quarter ended September, as against 10,753 units sold during the previous quarter.
The report showed that Mumbai accounted for 29 per cent of the total sales during the period under review, while 22 per cent of sales was contributed by Delhi-NCR.
Growth in sales activity was also driven by stronger demand in Chennai, Hyderabad and Pune.
Ramesh Nair, CEO and Country Head, India, JLL, said: “We are feeling cautiously optimistic about the residential market, driven by sales volumes in Mumbai and Delhi. A combination of favourable factors such as low mortgage rates, attractive prices combined with developers’ lucrative payment plans together reinforce the longer-term potential of the sector. For end users, the next 12 months are ideal to buy a house.”
“In the subsequent quarters, the translation of demand into sales will primarily hinge on enhanced consumer confidence, which, in turn, depends upon the continued implementation of progressive government policies amidst the gradual revival of the Indian economy at large,” he added.
Residential market activity is also being supported by renewed interest from NRIs in Q3 2020, resulting in more pent up demand in the market and increased enquiries received by developers, the report said.
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