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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News Network
January 10,2020

New Delhi, Jan 10: The Supreme Court while hearing petitions challenging restrictions in Jammu and Kashmir on Friday stated that the right to access the internet is a fundamental right under Article 19 of the Constitution of India.

"It is no doubt that freedom of speech is an essential tool in a democratic setup. The freedom of Internet access is a fundamental right under Article 19(1)(a) of the Constitution," a two-judge bench headed by Justice N V Ramana stated while reading out the judgment.

The top court said that Kashmir has seen a lot of violence and that it will try to maintain a balance between human rights and freedoms with the issue of security.

It also directed the Jammu and Kashmir administration to review the restrictive orders imposed in the region within a week. “The citizens should be provided highest security and liberty,” the apex court added.

The top court made observations and issued directions while pronouncing the verdict on a number of petitions challenging the restrictions and internet blockade imposed in Jammu and Kashmir after the abrogation of Article 370 in August last year.

The Supreme Court had on November 27 reserved the judgment on a batch of petitions challenging restrictions imposed on communication, media and telephone services in Jammu and Kashmir pursuant to revocation of Article 370.

The court heard the petitions filed by various petitioners including Congress leader Ghulam Nabi Azad and Kashmir Times editor Anuradha Bhasin.

The petitions were filed after the central government scrapped Article 370 in August and bifurcated Jammu and Kashmir into two Union Territories -- Jammu and Kashmir and Ladakh. Following this, phone lines and the internet were blocked in the region.

The government had, however, contended that it has progressively eased restrictions.

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News Network
February 10,2020

Mumbai, Feb 10: Ankita Pisudde, a resident of Hinganghat town in Wardha, was critical after sustaining 40% burns on February 3 when she was set afire, allegedly by one Vikesh Nagrale (27) while she was on her way to college.

The 25-year-old woman lecturer who was set on fire by a stalker in Maharashtra’s Wardha district last week died at a hospital in Nagpur on Monday morning, a police official said.

Ankita Pisudde, resident of Hinganghat town in Wardha, had been critical after sustaining 35 to 40% “grade III” burns on February 3 when she was set afire allegedly by one Vikesh Nagrale (27) while she was on way to her college, they said.

She was undergoing treatment at the Orange City Hospital & Research Centre here, located around 75 km from Wardha.

“Doctors at the hospital declared her dead at 6.55 a.m. today,” Hinganghat’s police inspector Satyaveer Bandiwar said.

The woman sustained deep burn injuries on scalp, face, right upper limb, left hand, upper back, neck and eyes along with severe inhalational injuries, the hospital said in a medical bulletin on Monday.

She died of “septicemic shock” after suffering from deep dermal burns along with severe inhalational injuries, respiratory distress and related complications, it said.

Around 4 a.m. on Monday, her oxygen levels deteriorated inspite of ventilator support, coupled with decreasing urine output and reduction in blood pressure, the hospital said.

As part of immediate resuscitation measures, medicines were escalated to maintain the blood pressure and all feasible steps were taken to improve the oxygen levels in blood, but the patient remained “extremely critical”, it said.

“Around 6.30 a.m., she had bradycardia and inspite of prolonged cardiopulmonary resuscitation, the patient could not be revived and was declared dead at 6.55 a.m.,” it said.

The probable cause of death was “septicemic shock”, the bulletin added.

During her treatment, she underwent tracheostomy (creating an opening in neck to place a tube into the windpipe to allow air to enter the lungs), burn dressings, debridement and escharotomies, the hospital informed.

Debridement is a medical procedure to remove dead, damaged or infected tissue, while escharotomy is a surgical procedure used to treat full-thickness (third-degree) circumferential burns.

The woman’s parents and uncle were kept informed about her deteriorating health condition and death, the hospital said, adding that the body was later handed over to police for postmortem and other formalities.

After the woman’s condition deteriorated, the hospital informed about her critical status to Maharashtra Home Minister Anil Deshmukh, Wardha Guardian Minister Sunil Kedar, Nagpur Divisional Commissioner Sanjeev Kumar, Police Commissioner Bhushan Kumar Upadhyay, Wardha Collector Vivek Bhimanwar and Wardha Superintendent of Police Basavraj Teli.

Heavy security was deployed in Hinganghat to avoid any law and order problem following her death, the police said.

Several locals, mostly women and college students, took out a march in Wardha city last Thursday, demanding death penalty for the accused.

Home Minister Deshmukh visited the hospital on Tuesday and announced that the accused’s trial would be fast-tracked.

The State government last week flew Navi Mumbai-based National Burns Centre director Sunil Keswani to Nagpur to supervise the woman’s treatment.

It has also appointed well-known lawyer Ujjwal Nikam as special public prosecutor in the case.

According to the victim’s relatives, Nagrale, who was arrested within hours of the incident on February 3, had been harassing her for quite some time.

Nagrale and the woman were friends till two years ago when she severed ties with him due to his “irrational behaviour”, the police earlier said.

A special team led by Deputy Superintendent of Police Trupti Jadhav will probe the case, the Wardha Police said last week.

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Agencies
February 26,2020

New Delhi, Feb 26: The death toll in northeast Delhi communal violence over the amended citizenship law rose to 20 on Wednesday, according to GTB Hospital authorities.

On Tuesday, the death toll was 13.

"The death toll has risen to 20 today," Medical Superintendent of GTB Hospital, Sunil Kumar, told PTI.

Earlier, at least four bodies were brought to the Guru Teg Bahadur Hospital from the Lok Nayak Jai Prakash Narayan Hospital, a senior official said.

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