Economy not out of wood despite Moody's rating, says Manmohan Singh

Agencies
November 18, 2017

Kochi, Nov 18: The NDA government should not be "lured into false belief" that the economy is out of the wood, former prime minister Manmohan Singh said on Saturday, reacting to the Moody's upgradation of India's sovereign credit rating.

The US-based agency upped India's rating to Baa2 from Baa3 and changed its rating outlook to "stable" from "positive", saying the reforms will help stabilise rising levels of debt.

"I am glad that Moody's has done what they have done but we must not be, I think, lured into false belief that we are out of the wood," he said, reacting to a query on Moody's rating, here.

The economy needed strong purposeful guidance to move forward at the rate which the government itself says they want the country to move eight to 10%, Singh said on the sidelines of a national seminar on 'Macro Economic Developments in India: Policy Perspectives' organised by the Economics Department of St Teresa's College, Ernakulam.

His comments came in the wake of Finance Minister Arun Jaitley terming the Moody's upgrading India's sovereign rating after 13 years as "belated recognition" of reforms undertaken.

Singh also cautioned that the soaring prices of the crude oil could "hurt the fiscal system" of the country.

"Now the crude oil prices are $62-64 whereas few months ago, they were about 40-45. So it can hurt balance of payment. It can also hurt the fiscal system as well," Singh said.

Asked how different he would have implemented the GST, Singh said there was "undue haste" in implementing the new taxation system and blamed the bureaucracy for its lack of preparedness.

"Both in administration and implementation, I think there is much to be desired and the very fact that the council has met so many times, they have now reduced rates of 211 items."

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News Network
January 30,2020

New Delhi, Jan 30: In a major shift of strategy ahead of the Delhi assembly polls, the Bharatiya Janata Party (BJP) has decided to rope in its senior leaders for massive public rallies.

Its star campaigners like Prime Minister Narendra Modi, Union Home Minister Amit Shah, BJP chief JP Nadda, Uttar Pradesh Chief Minister Yogi Adityanath, and other union ministers would now be addressing massive public rallies in addition to ongoing neighbourhood meetings.

"The big rallies would begin from February 1. While 'Nukkad' meetings will take place till the last day of campaigning, there would be big rallies of the top leadership of the party, " informed a senior party leader.

Sources said the BJP has changed its strategy after the success of its grassroots contact programme as the party wants to consolidate its gains.

"As part of the reworked strategy the BJP has asked its various Mandals to organise public meetings of 10,000-15,000 people in each assembly segment to reach out to the masses," sources added.

While there are two planned for Prime Minister Modi, two have been planned for JDU chief and Bihar Chief Minister Nitish Kumar along with Nadda and Amit Shah. Yogi Aadityanath too would be addressing 12 rallies.

The party is leaving no stone unturned to secure massive gains, which it feels can be converted to victory in the forthcoming polls.

Party sources feel that the relentless campaigning under the guidance of Amit Shah and Nadda has ensured that the morale of party cadre is at an all-time high.

"The neighbourhood meetings have ensured that we have been able to make the people of Delhi aware of the lack of work under the Arvind Kejriwal led Aam Aadmi Party government. They have also been apprised about the anti-national views of the opponents and we think that this is expected to turn the polls into our favour," sources added.

Delhi is scheduled for assembly polls on February 8 and the results for the 70 constituencies will be declared on February 11.

As part of the new strategy, senior leaders like JP Nadda, Amit Shah, Uttar Pradesh chief minister Yogi Adityanath, ministers like Rajnath Singh and Smriti Irani would be holding public rallies in various parts of the city. Several other chief ministers from various BJP ruled states are also expected to be roped in for the campaign.

The strategy for reach out to the masses is an attempt at weakening the hold of AAP on Delhi. With positive feedback coming after the success of the neighbourhood meetings in the past week, the BJP is now looking to increase its potential reach with polls just days away.

Till now the party had deployed 70 union ministers to hold at least one public meeting and one 'padayatra' each as part of the campaign.

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News Network
March 31,2020

Hyderabad, Mar 31: Six people from Telangana who attended a religious congregation in Delhi's Nizamuddin died due to the novel coronavirus, the state government said on Monday.

"Coronavirus has spread among some of those who attended a religious prayer meeting from March 13 to 15 at Markaz in Nizamuddin area in Delhi," according to an official release. "Among those who attended were some persons from Telangana."

Two of the six died at the Gandhi Hospital, one each in two private hospitals, and one each in Nizamabad and Gadwal towns, the statement said, without mentioning the time of their deaths.

The special teams under the collectors have identified the persons who came in contact with the deceased and they are shifted to the hospitals, it said.

Police and paramilitary personnel cordoned off a major area in Nizamuddin West in south Delhi on Monday and over 200 people have been kept in isolation in hospitals after several people who took part in a religious congregation there showed symptoms of coronavirus.

The Telagana government asked those who participated in the prayers to inform the authorities. It will conduct tests and offer treatment to them free of cost, according to the release.

The government also requested the people to alert if they come to know about those who participated in the prayers.

Earlier a separate government release said a person died of COVID-19 in Telangana, taking the toll to two and the total number touched 77 after six fresh cases were reported on Monday.

As many as 13 patients who underwent treatment for the virus were discharged on Monday, a media bulletin on COVID-19 issued by the state government said.

A techie, the first COVID-19 case in Telangana, has been discharged recently. The state now has 61 active cases, the bulletin said.

Chief Minister K Chandrashekar Rao had on Sunday said barring a 76-year-old person, who had other ailments, the other patients were doing well.

Rao had said 25,937 people were under surveillance and being watched by 5,746 teams and they would be out of watch after completing their mandated 14-day quarantine period. He had said all those who are under observation would be out of vigil by April 7 if there are no fresh suspected cases.

"From March 30, their time is nearing completion. After that, they do not need to be under any surveillance. By April 7, we will have a situation of zero... We pray God that we should not get new cases,"

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News Network
May 4,2020

New Delhi, May 4: The country's manufacturing sector activity witnessed unprecedented contraction in April amid national lockdown restrictions, following which new business orders collapsed at a record pace and firms sharply reduced their staff numbers, a monthly survey said on Monday.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell to 27.4 in April, from 51.8 in March, reflecting the sharpest deterioration in business conditions across the sector since data collection began over 15 years ago.
The index slipped into contraction mode, after remaining in the growth territory for 32 consecutive months.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Amid widespread business closures, demand conditions were severely hampered in April. New orders fell for the first time in two-and-a-half years and at the sharpest rate in the survey's history, far outpacing that seen during the global financial crisis, the survey said.

"After making it through March relatively unscathed, the Indian manufacturing sector felt the full force of the coronavirus pandemic in April," said Eliot Kerr, Economist at IHS Markit.
Panellists attributed lower production to temporary factory closures that were triggered by restrictive measures to limit the spread of COVID-19.

Export orders also witnessed a sharp decline. Following the first reduction since October 2017 during March, foreign sales fell at a quicker rate in April. "In fact, the rate of decline accelerated to the fastest since the series began over 15 years ago," the survey said.

On the employment front, deteriorating demand conditions saw manufacturers drastically cut back staff numbers in April. The reduction in employment was the quickest in the survey's history.

"In the latest survey period, record contractions in output, new orders and employment pointed to a severe deterioration in demand conditions.
“Meanwhile, there was evidence of unprecedented supply-side disruption, with input delivery times lengthening to the greatest extent since data collection began in March 2005," Kerr said.

On the prices front, both input costs and output prices were lowered markedly as suppliers and manufacturers themselves offered discounts in an attempt to secure orders.

Going ahead, sentiment regarding the 12-month outlook for production ticked up from March's recent low on hopes that demand will rebound once the COVID-19 threat has diminished and lockdown restrictions eased.

"There was a hint of positivity when looking at firms' 12-month outlooks, with sentiment towards future activity rebounding from March's record low. That said, the degree of optimism remained well below the historical average," Kerr said.

In India, the death toll due to COVID-19 rose to 1,373 and the number of cases climbed to 42,533 as on Monday, according to the health ministry.

Meanwhile, the coronavirus-induced lockdown has been extended beyond May 4, for another two weeks in the country.

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