Economy in crisis: India’s growth may slow down further to 5.7% in Q1, says report

Agencies
August 21, 2019

Mumbai, Aug 21: India's economic growth is likely to slow down further to 5.7 per cent in the April-June quarter of this year due to low consumption, weak investments and an under-performing service sector, said a Nomura report. The economy, however, is expected to see some recovery in the July-September quarter, the report added.

It attributed the slowdown to the ongoing crisis in shadow banks, which were funding the consumption drive before liquidity crisis hit them hard last September, as well as weakening global growth and the resultant demand slump.

"The Indian economy is likely to slow down further to 5.7 per cent in April-June from a five-year low of 5.8 per cent in January-March," Nomura analysts Sonal Varma and Aurodeep Nandi said in their client note

"High-frequency indicators continue to show familiar pain points -- a deep contraction in consumption, weak investment, a slowing external sector and an under-performing services sector," they said.

"The growth momentum is likely to pick up in the September quarter to 6.4 per cent and go further to 6.7 per cent in the three months after that," said Nomura citing data from its proprietary tools. "We will watch coming data prints to see whether they confirm or negate the sustainability of the turnaround in the growth cycle," it added.

But the brokerage firm also said the industry and investment indicators are relatively stable. "We believe the GDP is yet to bottom out, and expect it to moderate to 5.7 per cent in the June quarter, down from 5.8 per cent in the March quarter," the note said.

The report added that some indicators were showing early signs of bottoming out. The July data shows improvement in 53 per cent of the indicators as compared to 31 per cent in June, the report noted.

Nomura's Composite Leading Index (CLI) for Q3 (July-September) has ticked marginally higher to 99.9 from 99.8 in Q2, led by higher industrial production growth, an improvement in visitor arrivals growth, equity markets and lower policy rates.

"While the concurrent state of the economy remains a concern, nascent signs of green shoots and positive performance of leading indicators provide some signs that a recovery may be slowly materialising," said the Nomura report.

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News Network
June 6,2020

Thiruvananthapuram, Jun 6: The Sabarimala Temple in Kerala is set to reopen from June 14 for devotees for monthly pooja and festival.

The temple will be open for the five-day monthly rituals in the Malayalam month of Midhunom that begins on June 15. From June 19-28 is the Sabarimala festival

A virtual queue system has been put in place in which 200 people will be allowed to register within an hour, Devasom Minister Kadakampally Surendran said.

To avoid crowding, only 50 devotees will be allowed to be present in front of the temple.

Before entering the premises, people will be scanned in Pampa and Sannidhanam. As a precautionary measure, people have been asked to wear mask and sanitation would be carried out at regular intervals.

Notably, no accommodation will be provided to the devotees in Sabarimala.

According to the Devasom Minister the administration has made two slots for the temple visit-- 4 am to 1 pm and 4 pm to 11 pm.

Also, the vehicles will only be allowed till Pampa. People coming from other states are required to register at government COVID Jagrata pass registration portal. Moreover, Appam and Arvana will be provided only through online booking.

Also, the devotees coming from other states will have to upload Indian Council of Medical Research (ICMR) labs certificate as a proof that they have not been infected with the lethal infection.

Also for the Guruvayoor Temple, the district collector, police and temple administration will hold a meeting to decide on the re-opening of the Temple. Here too devotees have to get themselves registered online.

In a single day, 600 people would be allowed to offer prayers at this shrine. Each hour, 150 people will be allowed to enter the premises.

Also, the time slot will be provided to people. In one batch 50 people will be allowed for 15 minutes inside the premises

Not only that, but marriages can also again be solemnised with divine blessings at the Guruvayoor temple. The administration will allow only 60 marriages in a day.

Weddings were stopped at the temple, due to the COVID-19 lockdown that was in place since March 24.

A marriage group should not have more than 10 people, including the bride and the groom and it is mandatory for the group to abide by the social distancing norm.

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News Network
February 22,2020

Feb 22: Prime Minister Narendra Modi is unlikely to accompany US President Donald Trump and his family members during their visit to the Taj Mahal in Agra on Monday, official sources said.

The US President will arrive in Ahmedabad at around noon on February 24 for a less that 36-hour visit to India. He will be accompanied by a high-level delegation including First Lady Melania Trump, the President's daughter Ivanka Trump, son-in-law Jared Kushner and a galaxy of top US officials.

After attending an event at Ahmedabad, the Trumps will travel to Agra on Monday afternoon to visit the Taj Mahal before arriving at the national capital for the main leg of the visit.

When asked about reports that Modi may accompany Trump to Agra, official sources said there was no such plan.

They said the visit to the Taj Mahal in Agra by the US President and his family members will afford them the opportunity to view the historical monument suitably. Therefore, no official engagements or presence of senior dignitaries from the Indian side is envisaged there, the sources said.

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Agencies
July 20,2020

Kolkata, Jul 20: As many as 13 migrant workers who came to their native village in West Bengal's Bankura district were denied entry at the quarantine centre by the locals.

As a result, the workers had to set up a tent accommodation at a nearby Beraban forest area and lived together in a single tent there, without adequate food, drinking water and basic facilities.

The migrant labourers came from Rajasthan after four months of COVID-19 lockdown which was imposed nationwide on March 25 to contain the spread of coronavirus.

When they arrived at Jagadalla village in the Bankura district and tried to put up at a village school building for two weeks self-quarantine, angry villagers vehemently protested against their entry fearing Covid infections in their village.

Sources said that local police and panchayat members also failed to make the villagers understand the fact that if the labourers strictly stayed in self-quarantine there would be no chance of any further infection.

"The school is located quite within our neighbourhood. If they stay there and tested positive, they might spread Covid infections in the village. We cannot allow them to stay in the school building," said Aniket Goswami, a villager.

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