PM posts video of Sadhguru supporting CAA, lauds him for 'historical context'

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, Feb 12: The Centre on Wednesday said the NRC data in Assam is safe even though some technical issues were visible and that will be resolved soon.

The Union Home Ministry clarification came in view of reports that data of the final list of the National Register of Citizens has been made offline from its official website.

"The NRC data is safe. Some technical issues are in visibility on cloud. These are being resolved soon," a home ministry spokesperson said.

The data was not available for a couple of days and it created panic in the public, mostly among the people excluded from the list as the rejection certificates were yet to be issued.

NRC State Coordinator Hitesh Dev Sarma accepted that the data has been made offline, but refuted the allegation of any "malafide" intent in it.

The cloud service for the huge set of data was provided by IT firm Wipro and their contract was till October 19 last year. However, this was not renewed by the previous coordinator.

So, the data got offline from December 15 after it was suspended by Wipro, Sarma said.

He said the state coordination committee had decided to do necessary formalities in its meeting on January 30 and wrote to the Wipro during the first week of February.

"Once Wipro makes the data live, it will be available for public. We hope people will be able to access it in the next 2-3 days," Sarma said.

The complete detail of exclusion and inclusion of bonafide Indian citizens in the NRC was uploaded on its official website http://www.nrcassam.nic.in after the final list was published on August 31, 2019.

The final NRC was published by excluding 19,06,657 persons. A total of 3,11,21,004 names were included out of 3,30,27,661 applicants.

After the earlier NRC State Coordinator Prateek Hajela relinquished the charge on November 11 following his transfer to home state Madhya Pradesh on a direction from the Supreme Court, Sarma was appointed in his place on November 9.

New Delhi, Apr 23: Delhi Police has booked Jamia students Meeran Haider and Safoora Zargar under the Unlawful Activities (Prevention) Act (UAPA) in a case related to communal violence in northeast Delhi over the Citizenship (Amendment) Act, said a lawyer.

Haider and Zargar, arrested for allegedly hatching a conspiracy to incite the communal riots in February, are in judicial custody. While Zargar is the media coordinator of Jamia Coordination Committee, Haider is a member of the committee.

The police has also booked Jawaharlal Nehru University student leader Umar Khalid under the UAPA in the case, said advocate Akram Khan who is representing Haider in the case.

Haider (35) is a PhD student and the president of RJD youth wing's Delhi unit, while Zargar is an MPhil student of Jamia Millia Islamia (JMI) university.

In the FIR, the police has claimed that the communal violence was a "premeditated conspiracy" which was allegedly hatched by Khalid and two others.

The students have also been booked for the offences of sedition, murder, attempt to murder, promoting enmity between different groups on grounds of religion and rioting.

Khalid had allegedly given provocative speeches at two different places and appealed to the citizens to come out on streets and block the roads during the visit of US President Donald Trump to spread propaganda at international level about how minorities in India are being , the FIR alleged.

In this conspiracy, firearms, petrol bombs, acid bottles and stones were collected at numerous homes, the FIR claimed.

Co-accused Danish was given the responsibility to gather people from two different places to take part in the riots, the police alleged.

Women and children were made to block the roads under the Jafrabad metro station on February 23 to create tension amidst the neighbourhood people, it said.

Over 20 film personalities, including Anurag Kashyap, Vishal Bhardwaj, Mahesh Bhatt and Ratna Pathak Shah, on Sunday had released a statement raising their voice against the arrest of the students and activists by Delhi Police for protesting against the Citizenship (Amendment) Act and demanded their release.

Following this, the police had said investigations into the JMI violence and northeast Delhi riot cases were done impartially, and arrests were made after analysis of forensic evidence.

In December last year, the police had allegedly entered the JMI campus after protests over the CAA, being held a few metres away from the varsity, turned violent.

Rajya Sabha MP and RJD leader Manoj Jha had tweeted, "Delhi Police called him for investigation and then received orders from above and arrested Meeran Haider, who has been helping people during the time of coronavirus outbreak."

The Jamia Coordination Committee (JCC), a group comprising students and alumni from the varsity, had condemned the arrest and demanded his immediate release.

"The country is facing a massive health crisis, however, the state machinery is busy harassing and framing student activists in false cases to suppress voices of dissent," they said.

The JCC said Haider was diligently working to provide ration to the needy during the lockdown. Communal clashes had broken out in northeast Delhi on February 24 after violence between citizenship law supporters and protesters spiralled out of control leaving at least 53 people dead and around 200 injured.