Close shave for Jet Airways flight after ATC spots tractor on Mangaluru runway

Kolar, May 7: A 38-year-old man has been arrested for biting a snake and peeling off its skin at Mustur village in Kolar district of Karnataka.

Mulbagal range forest officer KN Ravikeerthi said forest officials nabbed Kumar, a construction worker, at Mustur on Wednesday and booked him under the Wildlife Protection Act. He was under the influence of alcohol.

Ravikeerthi said Kumar's offence is non-bailable and attracts a jail term of up to three years. The remains of the snake were collected and sent to a lab to ascertain its species. Forest officials said the snake Kumar bit was not a viper as was reported earlier but a rat snake.

On Tuesday, Kumar was riding back home after buying liquor when the snake ca me under his bike's wheels. He tossed the injured snake around his neck, bit it and peeled off its skin. Kumar said the snake had troubled him in the past.

The Centre’s step-motherly attitude towards Kannadigas stranded in the Gulf countries in general and Saudi Arabia in particular has prompted the Kannadigas to resort social media campaign once again.

A couple of weeks ago, Twitterati had launched a campaigned to bring back Kannadidags stranded in Saudi Arabia. A variation of the hashtag #SaudiKannadigasNeedFlights trended today. 

Trend Setters India, which has taken the twitter campaign initiative, had urged the Kannadigas around the world to join the twitter storm at 4 p.m. IST on June 15, to exert pressure on the authorities concerned. Around 7 p.m. the hashtag began trending with thousands of tweets.

Millions of Kannadigas are working in Middle Eastern countries like Saudi Arabia and United Arab Emirates. They contribute greatly to the Indian economy.

Even though government of India has launched Vande Bharat Mission for the repatriation of Indians stranded across the world, it has operated only a few flights from Saudi Arabia to Karnataka so far. Thousands of Kannadigas including pregnant women, elderly people, those who have lost jobs and those who need emergency medical care are still waiting for repatriation flights from Saudi Arabia to Mangaluru and Bengaluru.
 

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.