AAP caught red-handed receiving funds from 'dubous' companies

New Delhi, Jan 31: Chief Economic Adviser K V Subramanian on Friday said India's GDP is expected to grow at 6-6.5 per cent next fiscal as the economic slowdown has bottomed out.

As per the first advance estimates released by the National Statistical Organisation (NSO), the country's economic growth is likely to hit an 11-year low of 5 per cent in the current fiscal ending March 2020.

The Economic Survey 2019-20, prepared by a team lead by Subramanian, has projected the GDP to expand in the range of 6-6.5 per cent during 2020-21.

The Indian economy has hit the bottom and it will see an uptick from here, he said in a media briefing post the Economic Survey.

Amidst a weak environment for global manufacturing, trade and demand, the Indian economy slowed down with GDP growth moderating to 4.8 per cent in the first half of 2019-20, lower than 6.2 per cent in H2 of 2018-19.

Based on NSO's first advance estimates of GDP growth for 2019-20 at 5 per cent, an uptick in GDP growth is expected in the second half of the fiscal, it said.

According to it, the uptick in second half of 2019-20 would be mainly due to ten positive factors like picking up of Nifty India Consumption Index for the first time this year, an upbeat secondary market, higher FDI flows, build-up of demand pressure, positive outlook for rural consumption, rebound of industrial activity, steady improvement in manufacturing, growth in merchandise exports, higher build-up of foreign exchange reserves and positive growth rate of GST revenue collection.

The survey also emphasised that merger of public sector banks may increase the financial strength of the merged entities, lower the risk aversion and result in lowering of lending rates.

Further, as the implementation of GST further settles down, the increased unification of the domestic market may reduce business costs and facilitate fresh investment.

Reforms in land and labour market may further reduce business costs, said the survey, presented a day before Sitharaman's Union Budget 2020-21.

New Delhi, Jun 26: Over 700 employees of Hindu Rao Hospital would stage a protest against North Delhi Municipal Corporation on Friday morning over non-payment of their salaries since April. The staff includes paramedical, nurses, and Class IV employees of the hospital. However, the employees said that only 40 or 50 people would gather to stage the protest keeping COVID situation in mind, and the norms of social distancing would also be followed.

Tejinder Singh, president of the Paramedical technical staff welfare association, said that the corporation is forcing the employees to go on a protest when they are needed the most. "The government hails us as Corona warriors but do not treat us like one," he commented.

"We all have families. Many amongst us have taken loans, live on rental accommodation, and have children whose schools and colleges are demanding fees. How would we incur our expenses when we are not paid? We repeatedly asked the corporation to clear our dues, but our requests fell on deaf ears. We don't have any option but to go on protest," he said.

Besides, Singh also said that the staff of Hindu Rao had not received arrears of seventh pay commission, bonus and dearness allowances for two years. "These are our rights which we are being denied. The protest is to call out injustice and ignorance we face from the administration," he added.

The nurses of the hospital corroborated with Singh. However, they also added the issues they are facing since the pandemic started that they would be rising through the protest.

Nurses complain lack of facilities despite hospital gearing up as dedicated COVID care

Indumati Jaiswal, president of nurses' welfare association of the hospital, said that apart from salaries, the hospital is not providing many facilities required by the staff to battle the pandemic. The Delhi government had designated the hospital as a dedicated COVID facility on June 16.

"The preparedness for such responsibility is completely shoddy. There is no provision for air conditioners and coolers for us. We have to work wearing PPE kits for six hours straight under ceiling fans. The lack of AC and coolers amplifies our struggle to stay under PPE kits for longer hours. We can't even drink water in that duration. It's just inhumane," Jaiswal said.

Jaiswal also said that the hospital is facing staff crunch, yet, have not prepared a roster for the nurses. "The hospital has 238 nurses on 700 doctors. This is opposite to the prescribed guidelines of the Indian Nurses Council that suggests four nurses per doctor as a healthy ratio. Here, we have less than five nurses per doctor. A complete opposite of an ideal scenario," she complained.

Jaiswal said that the room for donning and doffing the PPE kits should be outside the ward. "In the hospital, it's within the ward, and the nurses have to cross through the patients to wear in and out the PPE suits. It increases the risk of contracting COVID-19 from the patients," she said.

The hospital employees informed that more than 40 healthcare workers from Hindu Rao had contracted the COVID-19 infection.

The corporation argues lack of funds behind delay in salaries

Indu Singhal, the deputy commissioner of North Delhi Municipal Commissioner, told media corporation is in the process to resolve the salary issues of the Hindu Rao Hospital's staff. "We have received their complaints and pursuing the matter. We will release their dues as soon as we receive the funds from the government," she said.

However, a senior official of the corporation revealed that the corporation is reeling under an acute shortage of funds. "Even the employees working in the corporation have not been paid salaries. The employees of A-grade are not paid since March," the official said.

Singhal said that the dispersion of salaries starts from the lower base. "Many officers, including I have not been paid," she added.

Jan 7: India’s monetary authority allowed banks to offer foreign-currency transactions outside of local market hours, a move aimed at boosting trading volumes at home.

Interbank deals, as well as those with customers in and outside India, can be undertaken by banks or their overseas branches and units at all times, the Reserve Bank of India said in a statement late Monday. It stopped short of saying whether the timing of the onshore over-the-counter market has been extended from the current 9 a.m. to 5 p.m.

The move is in line with recent recommendations to reverse the trend of the partially convertible rupee being traded more abroad than in India. London has overtaken Mumbai to become the top center for trading the rupee, adding to a sense of urgency among local authorities to deepen the onshore market.

Average daily volumes for rupee in the U.K. soared to $46.8 billion in April, a more than fivefold jump from $8.8 billion in 2016, according to a survey from the Bank for International Settlements published in September. That exceeded the $34.5 billion recorded in India.

Analysts say more trading abroad could amplify volatility in the domestic market and reduce the effectiveness of policy actions.

India’s decision comes as the London Stock Exchange Group Plc has started asking market participants if they want the bourse to function fewer hours, signaling it’s open to an argument driven by changing trading patterns and calls for a better work-life balance.