Economic outlook cloudy in FY20: RBI annual report

Agencies
August 30, 2019

Mumbai, Aug 30: The Reserve Bank of India (RBI) said on Thursday that the overall economic outlook of the country appeared clouded for 2019-20 and advised to prioritise the revival of consumption and private investment and structural reforms.

"Overall, the outlook appears clouded as the Indian economy begins its course through 2019-20," the RBI said in its annual report released on Thursday.

The central bank also expressed concern over falling rural demand amidst some surge in indices.

"Rural demand, however, was affected by moderation in agricultural growth as reflected in tractors and two-wheelers sales. Indicators of urban demand revealed a mixed picture in contrast. Air passenger traffic recorded its lowest growth in the last five years.

"Passenger vehicles sales were the lowest in five years on account of increase in insurance costs, volatile fuel prices and lack of financing options due to the liquidity stress in the non-banking sector. The production of consumer non-durables slumped to its lowest level in the past three years," the report highlighted.

The central bank in its review said that external demand operated as a drag for the second successive year while deficit south-west monsoon and depleted reservoirs dented the performance of the agriculture sector.

The rate of gross domestic savings had increased marginally to 30.1 per cent of gross national disposable income (GNDI) in 2017-18 from declines in the previous two years.

The household financial savings -- the most important source of funds -- had increased by 0.3 percentage points of GNDI, though it had remained much lower than 7.3 per cent during 2011-16.

The rate of gross domestic investment in the Indian economy, measured by the ratio of gross capital formation (GCF) to GDP at current prices, had risen to a peak of 39.8 per cent in 2010-11 before a prolonged slowdown set in, taking it down to 30.9 per cent in 2016-17.

A modest recovery was seen in the following year. Although data on gross domestic investment are not yet available for 2018-19, movement in its constituents suggests that the uptick could not be sustained.

Growth in fixed investment collapsed to a 14-quarter low in Q4 of 2018-19 as production of capital goods registered a sharp contraction while imports nosedived in a coincident manner.

However, the industrial sector posted resilient growth, mainly driven by manufacturing in the first half, while the momentum in construction and financial services sustained the healthy growth of the overall services sector, the RBI said.

"Going forward, priority should be accorded to revive consumption and private investment while continuing with structural reforms," the RBI said.

On job creation, the RBI said that official estimates suggest more regularisation of employment in 2017-18 and the various initiatives undertaken by the government are expected to create avenues for employment.

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Sunday, 1 Sep 2019

It could be rainy too.

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Agencies
May 22,2020

New Delhi, May 22: The number of COVID-19 cases averted due to the lockdown is in the range of 14-29 lakh, while the number of lives saved is between 37,000 and 78,000, the government said on Friday citing various studies, and asserted that the unprecedented shutdown has paid “rich dividends” in the fight against the pandemic.

The lockdown in India has been a timely, graded, proactive and pre-emptive public health measure to fight the COVID-19 pandemic and has been part and parcel of the government’s overall strategy, Dr V K Paul, Member (Health), NITI Aayog, and Chairman, Empowered Group 1, said at a media briefing on the COVID-19 situation.

The government imposed the nationwide lockdown from March 25 to prevent the spread of the novel coronavirus and it is currently in its fourth phase.

Like the number of cases, the growth rate of number of COVID-19 deaths too has fallen significantly due to the lockdown, marking a notable difference between pre-lockdown and post-lockdown situations, he said.

At the briefing, Pravin Srivastava, Secretary, Ministry of Statistics and Programme Implementation gave model-based estimates on COVID-19 cases and deaths which have been prevented due to the lockdown.

As per Boston Consulting Group's model, the lockdown saved between 1.2 lakh and 2.1 lakh lives, while the number of COVID-19 cases averted is between 36 lakh and 70 lakh, he said.

According to Public Health Foundation of India, nearly 78,000 lives have been saved due to the lockdown, Srivastava said.

Citing a model by two independent economists, he said that around 23 lakh COVID-19 cases and 68,000 deaths have been averted due to the lockdown.

Some independent experts, including retired scientists, have calculated that around 15.9 lakh cases and 51,000 deaths have been averted due to the lockdown, Srivastava said.

A joint study by the Ministry of Statistics and Programme Implementation and the Indian Statistical Institute found that around 20 lakh COVID-19 cases and 54,000 deaths were averted due to lockdown, he said.

The number of COVID-19 cases averted due to the lockdown is in the range of 14-29 lakh, while the number of lives saved is between 37,000 and 78,000, the official said.

“We are fully confident that the lockdown, with full public cooperation, has reaped rich dividends,” Srivastava said.

The strong defence of the lockdown, comes a day after the health ministry said the period of lockdown has been gainfully utilized to ramp up the health infrastructure, with around 3,027 dedicated COVID-19 hospitals and 7,013 care centres being readied across the country to fight the disease.

The announcement on Thursday came after some media reports questioned the country's preparedness to deal with the highly infectious disease.

"There are reports in a section of the media about some decisions of the government regarding the lockdown implementation and response to COVID-19 management. The period of the lockdown has been gainfully utilised to ramp up the health infrastructure in the country," the ministry had said.

Addressing the press briefing on Friday, joint secretary in the health ministry Lav Agarwal said 48,534 COVID-19 patients, which is about 41 per cent of the total cases, have recovered so far. As many as 3,234 patients have recovered in the last 24 hours, he said’

The COVID-19 mortality rate has dropped from 3.13 per cent on May 19 to 3.02 per cent as focus was on containment measures andclinical management of cases, Agarwal said.

An ICMR official said 27,55,714 tests for COVID-19 have been conducted till 1 pm Friday with 1,03,829 tests done in one day. Over 1 lakh tests for COVID-19 have been done each day for the last four days, the official said.

The growth rate of novel coronavirus cases witnessed a steep decline from Apr 4 when lockdown put a brake on the speed of increase of cases, V K Paul said.

The number of COVID-19 cases would have risen exponentially had the lockdown not been implemented, he said, adding that the doubling rate of cases was 3.4 days when the lockdown started and it is 13.3 days at present.

The COVID-19 outbreak in India has remained confined to limited areas with 80 per cent of active cases in just five states, Paul said

He said around 80 pc of COVID-19 deaths have been in Maharashtra, Gujarat, Madhya Pradesh, West Bengal and Delhi. 

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Agencies
July 21,2020

Washington, Jul 21: Democrat Joe Biden urged Muslim Americans on Monday to join him in the fight to defeat President Donald Trump as he addressed an online summit hosted by the advocacy organisation Emgage Action to mobilise Muslim voters ahead of the presidential election.

I want to earn your vote not just because he's not worthy of being president, the presumptive presidential nominee told participants.

I want to work in partnership with you, make sure your voices are included in the decision-making process as we work to rebuild our nation.

Biden also reiterated a pledge to overturn a Trump administration ban on travelers from several predominantly Muslim countries, calling it vile.

Wa'el Alzayat, CEO of Emgage Action, said by email that the organisation was seeking to maximise Muslim American turnout in key battleground states.

In Michigan alone one of the states where the organisation has chapters and where Trump won in 2016 by fewer than 11,000 votes he said he believed there are more than 150,000 registered Muslim voters.

Several prominent Muslim American elected officials endorsed Biden for president in a letter organised by Emgage Action ahead of the summit.

Among those who signed the letter are Minnesota Rep. Ilhan Omar, Minnesota Attorney General Keith Ellison and Indiana Rep. Andre Carson, all Democrats.

Omar, one of the first Muslim women elected to Congress, served as a high-profile surrogate for Bernie Sanders before he exited the presidential race in April making her support for Biden potentially helpful as the former vice president seeks to mobilise Muslim voters this fall.

Muslim American voices matter to our communities, to our country, Biden said.

But we all know that your voice hasn't always gotten recognised or represented.

Emgage Action has titled the event Million Muslim Votes, underscoring its emphasis on boosting Muslim turnout in November.

Joe Biden's presence serves not only to galvanise Muslim Americans to cast their ballots, but to usher in an era of engaging with Muslim American communities under a Biden administration, Alzayat said by email before the summit.

The pro-Biden letter from Muslim American elected officials decried a number of Trump's domestic and international policies, including his administration's travel ban and his pullout from the Iran nuclear deal.

A Biden administration will move the nation forward on many of the issues we care about, the letter said, citing racial justice, affordable health care, climate change and immigration.

The Muslim American officials also praised Biden's agenda for their communities.

Among other goals, Biden has vowed to rescind the travel ban affecting Muslims on Day One if he's elected.

In his address, he pledged to include Muslim American voices in his administration, if elected, and to speak out against human rights abuses against Muslim minorities around the world.

I'll continue to champion the rights of Palestinians and Israelis to have a state of their own as I have for decades, each of them a state of their own, he said.

Other state- and local-level Muslim American officials signing onto the pro-Biden letter hail from several states, including Michigan.

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Agencies
February 11,2020

Bhadohi, Feb 11: With just two days left for the State Budget Session, a widow from Uttar Pradesh''s Bhadohi district has accused BJP MLA Ravindranath Tripathi and six others of sexual harassment over the years, the police said.

The incident is likely to cause considerable embarrassment to the ruling Yogi Adityanath government.

Bhadohi Superintendent of Police (SP) Ram Badan Singh said: "The woman, whose husband died in 2007, met the BJP MLA Ravindranath Tripathi''s nephew in 2014. She said that she was physically exploited by him for many years on the pretext of marriage."

The complainant also said that the nephew then got her lodged in a Bhadohi hotel for about a month during the 2017 Uttar Pradesh Assembly elections, "where she was raped by the MLA and his other family members".

The case has been handed over to the Additional Superintendent of Police for further investigations.

A case is yet to be registered.

The Uttar Pradesh Budget Session starts from Thursday.

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