Asia Cup final: India beat Malaysia 2-1 to win third Asia Cup title

Amaravati, Jan 21: Telugu Desam Party president N Chandrababu Naidu and at least 17 MLAs of his party were taken in police custody late on Monday as they tried to conduct a foot march from the state assembly to nearby Mandadam village in violation of prohibitory orders.

TDP leaders started off on the march after staging a sit-in near the assembly main entrance following the suspension of 17 MLAs from the House for the day.

They were protesting the AP Decentralisation and Inclusive Development of All Regions Bill, 2020, that was passed by the assembly, enabling the establishment of three capitals for the state.

The TDP leaders were taken to the Mangalagiri police station.

Meanwhile, tensions prevailed at the Jana Sena Party headquarters at Mangalagiri as police prevented its president Pawan Kalyan from proceeding to the Amaravati region to speak to protesters fighting for the retention of only one capital for the state.

DIG Kanti Rana Tata and other senior police officials reached the Sena office and blocked the exit of Kalyan and political affairs committee chairman Nadendla Manohar, resulting in an argument.

Kalyan asked how could police impose restrictions within his own office.

Scores of Sena workers gathered outside the office even as a large posse of police was posted to thwart Kalyan and other leaders' plans.

New Delhi, Feb 29: India’s economy expanded at its slowest pace in more than six years in the last three months of 2019, with analysts predicting further deceleration as the global Covid 19 coronavirus outbreak stifles growth in Asia’s third-largest economy.

The gross domestic product (GDP) data released yesterday showed government spending, private investment and exports slowing down, while there is a slight upturn in consumer spending and improvement in rural demand lent support.

The quarterly figure of 4.7% growth matched the consensus in a Reuters poll of analysts but was below a revised - and greatly increased - 5.1% rate for the previous quarter.

The central bank has warned that downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still unfolding.

Prime minister Narendra Modi’s government has taken several steps to bolster economic growth, including a privatisation push and increased state spending, after cutting corporate tax rates last September.

In its annual budget presented this month, the government estimated that annual economic growth in the financial year to March 31 would be 5%, its lowest for last 11 years.

Modi’s government is targeting a slight recovery in growth to 6% for 2020/21, still far below the level needed to generate jobs for millions of young Indians entering the labour market each month.

The annual GDP figure for the September quarter was ramped up from an earlier estimate of 4.5%, while the April-June reading was similarly lifted to 5.6% from 5%, data released by the Ministry of Statistics showed on Friday.

Capital Investment Drop

In the December quarter, private investment grew 5.9%, up from 5.6% in the previous quarter, while government spending rose by 11.8%, against 13.2% in the previous three months.

However, corporate capital investment contracted by 5.2% after a 4.1% decline in the previous quarter, indicating that interest rate cuts by the central bank have failed to encourage new investment. Manufacturing, meanwhile, contracted by 0.2%.

“It appears growth slowdown is not just cyclical but more entrenched with consumption secularly joining the slowdown bandwagon even as the investment story continues to languish,” said Madhavi Arora of Edelweiss Securities in Mumbai.

Many economists said that the government stimulus could take four to six quarters of time before lifting the economy and the impact of those efforts could be outweighed by the global fallout from the coronavirus epidemic that began in China.

“The coronavirus remains the critical risk as India depends on China for both demand and supply of inputs,” said Abheek Barua, chief economist at HDFC Bank.

Indian shares sank on Friday for a sixth session running, capping their worst week in more than a decade. The NSE Nifty 50 index shed 7.3% over the week, while the Sensex dropped 6.8%, the worst weekly declines since the 2008-09 financial crisis.

Separately, India’s infrastructure output rose 2.2% year on year in January, data showed on Friday.

A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the RBI hold off from further cuts to interest rates for now, while keeping its monetary stance accommodative.

London, Mar 21: The England and Wales Cricket Board (ECB) has suspended all professional cricket till May 28, delaying the start of the new season, due to the COVID-19 pandemic.

The ECB took the decision following discussions with the First-Class Counties, the Marylebone Cricket Club (MCC) and the Professional Cricketers' Association (PCA).

"It was agreed that, given the current information available, a seven-week delay to the start of the season is the most appropriate approach," an ECB media statement said.

The Board also announced that it is working on three new options, including the three-Test series against West Indies, the T20 Cup and the women's schedule against India, for a possible start in June, July or August.

"Close liaison with the Government will continue, with discussions on the potential of starting the season behind closed doors and giving sports fans the opportunity to live broadcast action," the statement said on Friday.

"The potential for reduced versions of competitions, should the season become further truncated, will also be discussed."

The ECB said it will meet as needed to review the position and make further decisions as the UK situation unfolds.

"During this period of deep uncertainty it is the ECB’s first priority to protect the wellbeing of everyone within the cricket family, from players, to fans and colleagues across the game,’’ ECB Chief Executive Officer Tom Harrison said.

"The decision to delay the start of the season has been essential, given the circumstances the nation faces. I am reassured by the collaborative effort from across the game that together, we will make the very best of whatever length of season we are able to safely schedule in the coming months," he added.

He said this would give the ECB time to keep pace with a fast-moving situation and continue to plan for how a revised season might look.

"Critically, we can also remain as flexible and adaptable as possible, within the obvious restrictions we face."

Last week, England's tour of Sri Lanka was called off mid tournament in view of the rising threat of the pandemic.

"Securing the future of the game will be a primary focus as we plot a revised schedule with an emphasis on the most financially important forms of the game for the counties across international and domestic cricket," Harrison said.

The COVID-19 global death toll has climbed past 11,000 with more than 250,000 infected. In UK, close to 4000 have tested positive so far and 177 died.