BJP won't allow two prime ministers in India: Shah

Shirdi, Jan 19: Shirdi in Maharashtra will remain closed for an indefinite period from today in the wake of state Chief Minister Uddhav Thackeray's decision to develop Pathri town in Parbhani district as Sai Baba's birthplace.

However, Deepak Madukar Muglikar, Chief Executive Officer of Shri Saibaba Sansthan Trust, has said that Sai Baba Temple in Shirdi will remain open today and will not be impacted by the closure of the city.

"There are some reports in media that Sai Temple in Shirdi will remain closed on January 19. I want to clarify that it is just a rumor. Temple will remain open on January 19," Mr Muglikar said.

A call has been given for indefinite closure of Shirdi after Mr Thackeray's reported comment terming Pathri in Parbhani as Sai Baba's birthplace.

"Devotees will not face any difficulty if they come to Shirdi," said B Wakchaure, member of Saibaba Sansthan Trust.

Uddhav Thackeray has recently announced that Pathri will be developed as the birthplace of Sai Baba for religious tourism and also took a review meeting of the development plans in the Parbhani district.

One of the most popular religious destinations in the country, Saibaba Temple in Shirdi witnesses lakh of devotees visiting the holy site every year.

Jan 24: India’s economy appears to be shaking off a slump, as activity in the services and manufacturing sectors expanded for a second straight month in December.

The needle on a gauge measuring so-called animal spirits signaled the economy may be taking a turn for the better, as five of the eight high-frequency indicators tracked by Bloomberg News came in stronger last month. The dial was last at the current position in August.

“Animal spirits” is a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action, and the gauge uses the three-month weighted average to smooth out volatility in the single-month numbers.

The nascent recovery would need a helping hand, with expectations building that Finance Minister Nirmala Sitharaman will provide some stimulus when she presents the budget Feb. 1. Official forecasts show the economy is set to expand at 5% in the year ending March 2020 -- the weakest pace in more than a decade.

Here are the details of the dashboard:

Business Activity

The dominant services index rose to the highest level in five months in December as improving new work orders helped boost activity. The seasonally adjusted Markit India Services PMI index climbed to 53.3 from 52.7 in November, helping post a strong end to the calendar year.

India’s manufacturing PMI also rose -- to 52.7 from 51.2 a month ago -- boosted by the fastest increase in new orders since July. A reading above 50 means expansion while anything below that signals contraction.

The uptick in business confidence was accompanied by a rise in inflationary pressures, the survey showed. That trend may keep monetary policy makers from resuming interest-rate cuts anytime soon, leaving most of the heavy-lifting to boost growth with the government.

“The relative stability in macro indicators over the past two months suggests that the worst is behind, but the recovery is likely to be prolonged,” said Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai. “Still, sluggish growth and rising inflation indicate that India may well remain in stagflation for most of 2020.”

Exports

Exports remained a laggard, falling 1.8% in December from a year ago. The drag was mainly because of a fall in export of engineering goods, which constitute a third of India’s non-oil exports.

Capital goods imports continued to contract and was lower by 16.5% year-on-year in December after a 22% drop in November. This was the seventh consecutive month of continuous decline, underscoring the weakness in the capex cycle, according to IDFC First Bank.

Consumer Activity

Weakness in demand for passenger vehicles persisted, with local sales falling 1.2% in December from a year ago, according to the Society of Indian Automobile Manufacturers. That capped the worst yearly passenger vehicle sales on record. A Nielsen study on demand for fast-moving consumer goods showed volume growth dropped to 3.5% in the last quarter of 2019 from 3.9% in the same period of 2018.

Funding conditions held out hope, showing considerable improvement in December, according to the Citi India Financial Conditions Index. Credit growth remained tardy though, with demand for loans rising at a slower 7.1% pace from a year ago compared with a nearly 8% growth in November.

Industrial Activity

Industrial output rose for the first time in four months in November. The pick up was broad-based, led by mining, manufacturing and electricity. Mining and manufacturing, in particular, posted a second month of sequential growth. Production of consumer goods also rose after a few months of contraction.

The index of eight core infrastructure industries, which feeds into the index of industrial production, however, declined 1.5% in November from a year ago -- the fourth straight month of contraction. That was on account of shrinking production of electricity, steel, coal, natural gas and crude oil. Both the core sector and industrial output numbers are reported with a one-month lag.

New Delhi, Jan 4: In more troubles for the former Finance Minister and senior Congress leader P Chidambaram, the Enforcement Directorate (ED) on Friday questioned him for over six hours in its probe into the Air India aircraft deal case, first time since his release from Tihar jail almost a month ago.

A senior ED official told IANS, "We questioned Chidambaram for over six hours today in the ongoing probe into the Air India deal with Airbus."

According to financial probe agency officials, Air India had planned to buy over 111 aircraft from Airbus and Boeing during the erstwhile United Progressive Alliance (UPA) government in 2009. This is the first time the ED has questioned the senior Congress leader in the Air India deal case.

The questioning of Chidambaram came for the first time since his release from the Tihar jail where he spent 106 days in connection with the INX Media money laundering case. He was released from Tihar on December 4 last year after he was granted bail by the Supreme Court. The former finance minister is also being investigated by the ED in a separate money-laundering cases of Aircel-Maxis deal.

An ED official said the contract to buy 43 aircraft from Airbus was finalised by a panel of ministers headed by Chidambaram in 2009. According to the ED, when the proposal to buy 43 aircraft from Airbus was sent to the Cabinet Committee on Security (CCS), there was a condition that the aircraft manufacturer would have to build training facilities and MRO (Maintenance, Repair and Overhaul) centres at a cost of Rs 70,000 crore. But later, when the purchase order was placed, the clause was removed.

The name of another UPA minister, Praful Patel, had also come up in the alleged scam in a charge sheet filed by the ED against corporate lobbyist Deepak Talwar on March 30 last year. Talwar was arrested last year by the ED after he was deported from the UAE.

The ED is probing the Air India-Indian Airlines merger; purchase of 111 aircraft from Boeing and Airbus at Rs 70,000 crore; ceding profitable routes and schedules to private airlines, and opening of training institutes with foreign investment.