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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Agencies
April 24,2020

New Delhi, Apr 24: The Central government said on Wednesday that the number of COVID-19 cases in the country is now doubling in every 10 days, adding that had the lockdown not been imposed on time, the number of cases would have sky-rocketed to over one lakh by now.

"Had we not taken the decision to impose nationwide lockdown, we would have had around one lakh COVID-19 cases by now. This is a reasonable estimate," said Niti Aayog member V.K. Paul.

Paul, who is also the Chairman of the government's Empowered Committee- 1, said the "cases are now doubling in every 10 days."

"As on March 21, our doubling time of cases was three days. Results started showing on March 23, due to travel restrictions imposed earlier. On April 6, further slowing of doubling rate became visible, thanks to the nationwide lockdown," he added.

He further added that the decision to impose the lockdown was timely and asserted that the curve has begun to flatten.

"Nationwide lockdown helped take us away from the exponential growth curve and thereby contain the growth of COVID-19 cases," he said.

Paul further added that surveillance has been a great strength in containing the spread of the virus.

"Besides containing the spread, augmenting testing and improving preparedness, the nation has brought about a massive behavioural change through a ‘Jan Andolan' (mass movement)," he said.

Meanwhile, the number of confirmed cases in the country has crossed the 23,000-mark, with 718 deaths. Globally, the number of cases has crossed 2.7 million while the death toll has mounted to 1.9 lakh.

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News Network
July 3,2020

New Delhi, Jul 3: India reported the highest ever single-day spike of 20,903 COVID-19 cases in 24 hours on Friday, said the Union Ministry of Health and Family Welfare.

With these new cases, India's coronavirus tally has risen to 6,25,544 cases of which 2,27,439 patients are active cases while 3,79,892 patients have been cured/discharged/migrated.

379 more deaths due to COVID-19 were reported in the country in the last 24 hours, taking the number of deaths due to the infection to 18,213.

As per the Health Ministry, Maharashtra -- the worst-affected state from the virus -- has a total of 1,86,626 cases including 8,178 fatalities while Tamil Nadu has 98,392 coronavirus cases in the state inclusive of 1,321 fatalities.

Delhi has reported 92,175 cases so far inclusive of 2,864 patients succumbing to the virus.

The Indian Council of Medical Research on Friday said that the total number of samples tested till July 2 is 92,97,749 of which 2,41,576 samples were tested on Thursday.

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News Network
June 30,2020

Srinagar, Jun 30: On the deadly attack at Karachi Stock Exchange on Monday morning, a Kashmiri social activist and journalist warned that the incident is a stark reminder to all those in Pakistan supporting Jihad and attacked Pakistan prime minister Imran Khan for ignoring development agenda in Balochistan.

Yana Mir, the editor-in-chief of The Real Kashmir News, said, "Karachi Stock Exchange attack is a reminder to all those in Pakistan supporting Jihad. Remember @imrankhan that Youth is restless and they want development agenda. These young boys of BLA are also looking for a life which is settled and peaceful. Wake up Imran Khan and you Kashmiris also. Pakistan is going to finish you. Open your eyes."
Four heavily armed terrorists attacked the busy Pakistan Stock Exchange building in Karachi with grenades today, killing four security guards and a police officer before being shot dead in an exchange of fire, authorities said.

The terrorists, who arrived in a car, stormed the Karachi Stock Exchange building by firing indiscriminately and lobbed grenades at the main gate of the multi-storey building situated in the city's high-security commercial hub.

Balochistan is a well-known region rich in natural resources but the Balochis have always been deprived of basic facilities. No hospitals are available in Balochistan. If there are some then medical facilities and equipment are not available in hospitals. The education system is pathetic and similar is the case with the infrastructure: the roads, water system, agriculture and almost all fields of life.

It is pertinent to mention that enforced disappearances and abductions by the Pakistani military establishment have also been carried out regularly and for innumerable times in Balochistan. Leaders, activists, and vocal members of various student organizations have been detained by the security forces and kept in confinement. While others have been shot dead.

This crime against humanity has been going on for so long and so systematically in Balochistan that it has come to be considered as a normal state of affairs in the province. Many social and human rights activists have flagged the issue of oppression by the Pakistani establishment before the United Nations and other international agencies.

According to the Commission of Inquiry on Enforced Disappearances, an entity established by the Pakistani government, about 5,000 cases of enforced disappearances have been registered since 2014. Most of them are still unresolved.

Independent local and international human rights organisations put the numbers much higher. Around 20,000 have reportedly been abducted only from Balochistan, out of which more than 2,500 have turned up dead as bullet-riddled dead bodies, bearing signs of extreme torture.

Before being elected as Prime Minister, Imran Khan had admitted in multiple interviews about the involvement of Pakistan's intelligence agencies in enforced disappearances as well as extrajudicial killings and vowed to resign if he was unable to put an end to the practice, holding those involved responsible. But times have passed and only reports are available to narrate the true story.

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