Father chops off 18-year-old son’s hand for watching porn on phone

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.

New Delhi, Feb 29: The father of Intelligence Bureau staffer Ankit Sharma, whose body was pulled out of a drain in northeast Delhi's riot-hit Chand Bagh, complained to police that goons had assembled at the residence of former AAP counselor Tahir Hussain and were throwing petrol bombs from the rooftop.

According to the FIR which was registered on Thursday on the basis of the complaint lodged by Ankit's father Ravinder, the goons were also firing from the rooftop.

On Tuesday, Ankit returned from his office at 5 pm and then went outside to buy groceries. When he did not return, the family started looking for him and later filed a missing report, the FIR stated.

They got to know from their neighbours that a body has been recovered from a drain… later it was found to be that of Anikt, it said, adding the body had multiple stab injuries on the face, head, back, and chest.

The family has alleged in the FIR that it was Hussain and the goons at his residence who killed Ankit. In the FIR, Hussain has been accused of murder, destruction of evidence and abduction.

Soon after the FIR was registered on Thursday, the AAP suspended Tahir Hussain from the primary membership of the party till the police completed its probe.

The death toll in Delhi's communal violence rose to 42 on Friday as the situation showed some signs of returning to normalcy and clouds of smoke cleared to reveal the extent of the damage from the worst riots in the city in over three decades.

A total of 148 FIRs have been registered and 630 people have been either arrested or detained so far in connection with the communal violence, a Delhi Police spokesperson said.

Beijing, Feb 3: The first batch of patients arrived on Monday at a specialised hospital built in just 10 days as part of China's intensive efforts to fight a new virus.

Huoshenshan Hospital and a second facility with 1,500 beds that's due to open this week were built by construction crews who are working around the clock in Wuhan, the city in central China where the outbreak was first detected in December.

The Wuhan treatment centres mark the second time Chinese leaders have responded to a new disease by building specialised hospitals almost overnight. As severe acute respiratory syndrome, or SARS, spread in 2003, a facility in Beijing for patients with that viral disease was constructed in a week.

The first batch of patients arrived at the Huoshenshan Hospital at 10 am on Monday, according to state media. The reports gave no details of the patients' identities or conditions.

The ruling Communist Party's military wing, the People's Liberation Army, sent 1,400 doctors, nurses and other personnel to staff the Wuhan hospital, the official Xinhua News Agency said. The government said earlier some have experience fighting SARS and other outbreaks.

Authorities have cut most road, rail and air access to Wuhan and surrounding cities, isolating some 50 million people, in efforts to contain the viral outbreak that has sickened more than 17,000 and killed more than 360 people.

The Huoshenshan Hospital was built by a 7,000-member crew of carpenters, plumbers, electricians and other specialists, according to the Xinhua News Agency.               Photos in state media showed workers in winter clothing, safety helmets and the surgical-style masks worn by millions of Chinese in an attempt to avoid contracting the virus.

About half of the two-storey, 600,000-square-foot building is isolation wards, according to the government newspaper Yangtze Daily. It has 30 intensive care units.

Doctors can talk with outside experts over a video system that links them to Beijing's PLA General Hospital, according to the Yangtze Daily. It said the system was installed in less than 12 hours by a 20-member "commando team" from Wuhan Telecom Ltd.

The building has specialised ventilation systems and double-sided cabinets that connect patient rooms to hallways and allow hospital staff to deliver supplies without entering the rooms.

The hospital received a donation of "medical robots" from a Chinese company for use in delivering medicines and carrying test samples, according to the Shanghai newspaper The Paper.

In other cities, the government has designated hospitals to handle cases of the new virus.

In Beijing, the Xiaotangshan Hospital built in 2003 for SARS is being renovated by construction workers. The government has yet to say whether it might be used for patients with the new disease.