Cop killed in stone-pelting after PM's rally

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.

Aligarh, Jan 22: An FIR has been lodged against social activist and Magsaysay Award winner Sandeep Pandey for his remarks on Savarkar.

Speaking to media, CO Civil Lines, Anil Samania said, "A complaint is lodged by Rajiv Kumar Ashish, national vice-president of All India Hindu Mahasabha against Magsaysay Award winner Sandeep Pandey in connection with indecent remarks on Veer Savarkar. An FIR is lodged based on this complaint under sections 153 and 505 of the Indian Penal Code (IPC)."

"An investigation is underway. Pandey came to the Aligarh Muslim University (AMU) where he made a speech in which he made the alleged indecent remarks," he added.

New Delhi, Jul 13: Top Congress leaders, including Rahul Gandhi and Priyanka Gandhi, are in touch with Sachin Pilot and are trying to placate him, a day after the Rajasthan Deputy CM declared open rebellion against Chief Minister Ashok Gehlot, sources said on Monday.

Pilot has claimed that the Ashok Gehlot government is in minority and that he has the support of over 30 MLAs in the 200-member Assembly.

According to sources, top Congress leaders have talked to Pilot and have asked him not to rebel against the chief minister. They also assured him that his grievances would be redressed at the party level.

For latest updates on Rajasthan political crisis, click here

Besides Rahul Gandhi and Priyanka Gandhi, other Congress leaders who are learnt to have spoken with Pilot are Ahmed Patel, former Union finance minister P Chidambaram and AICC general secretary K C Venugopal.

It was not immediately known what transpired during the discussions.

Sources said the leaders asked Pilot to attend a Congress Legislature Party meeting in Jaipur, but he has not given any assurance.

Pilot, who is in Delhi, has not been taking calls of many party leaders. AICC general secretary in-charge for Rajasthan Avinash Pande has said that Pilot has not been responding to calls and messages have been left with him.

Pilot has raised a banner of revolt against Gehlot after the special operations group (SOG) of Rajasthan Police sent a notice to him for appearing before it in the case involving "horse-trading" of MLAs in the state.

The SOG has registered an FIR in this regard and has also sent notices to the chief minister, chief whip of Congress and some ministers and MLAs.

Meanwhile, Congress has pulled out all the stops to save its government in Rajasthan and CM Gehlot has convened a meeting of the state legislature party.

Pilot, who is also the state Congress president, is miffed with Gehlot and has alleged that he was not being kept in the loop on key decisions.

The Congress Legislature Party meeting began about three hours later than scheduled, with ministers and MLAs flashed victory signs for the cameras.

The Congress said 109 MLAs have already expressed support for Chief Minister Ashok Gehlot, rejecting the claim by Deputy Chief Minister and the party’s state unit president Sachin Pilot that the senior leader does not have the majority.

About 100 MLAs had walked into the chief minister’s residence by 12.30 pm, an hour before the meeting actually started.

But some MLAs considered close to Pilot had not arrived till then.