'FIR against journalist for report on Modi’s adopted village an act of intimidation'

New Delhi, Jan 20: Surging inflation and slowing growth are raising serious concerns about the future growth prospects of the economy and as a remedial measure the government should resolve supply-side hurdles and ensure more stringent governance norms, a report said on Monday.

According to the Dun and Bradstreet Economy forecast, even though the Index of Industrial Production (IIP) turned positive in November 2019, it is likely to remain subdued.

"Slowdown in consumption and investment along with high inflationary pressures, geopolitical issues and uncertainty over the recovery of the economic growth are likely to keep IIP subdued," the report noted.

Dun and Bradstreet expect IIP to remain around 1.5-2.0 percent during December 2019.

As per government data, industrial output grew 1.8 percent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.

On the price front, uneven rainfall along with floods in many states and geopolitical issues have led to a surge in headline inflation even as demand remains muted.

The Consumer Price Index (CPI) in December rose to about five-and-half year high of 7.35 percent from 5.54 percent in November, mainly driven by high vegetable prices.

"The sharp rise in inflation has constrained monetary policy stimulus while revenue shortfall has placed limits on the government expenditure," Dun & Bradstreet India Chief Economist Arun Singh said.

According to Singh, growth-supporting measures and deceleration in growth are likely to cause slippage in fiscal deficit target by a wider margin.

"The government should focus on taking small steps to address the slowdown; in particular, resolve the supply-side hurdles and ensure more stringent governance norms," Singh said.

Unless these concerns are addressed through a comprehensive policy framework, it will not be easy for India to clock a sustainable growth rate to become a USD 5 trillion economy, he added.

Pune, Jan 1: Maharashtra Deputy Chief Minister Ajit Pawar and Vanchit Bahujan Aghadi president Prakash Ambedkar paid tributes at the 'Jay Stambh' near here on Wednesday on the 202nd anniversary of Koregaon Bhima battle.

Lakhs of people congregate every year at the 'Jay Stambh' (victory pillar) near Koregaon Bhima village to offer tributes on the anniversary of the battle, which was fought on January 1, 1818 between the British East India Company and the Peshwa faction of the Maratha Confederacy.

Violence broke out during the bicentenary celebrations of the Koregaon Bhima battle on January 1, 2018 in which one person was killed and several others were injured.

Police have made elaborate security arrangements to ensure no untoward incident takes place during the congregation at the victory pillar, an official said.

Talking to reporters after visiting the victory pillar, Pawar said he came to offer tributes on behalf of the people of Maharashtra.

"This pillar has history and every year lakhs of people come here. Some untoward incidents took place two years ago, but the government is taking utmost care and elaborate police bandobast has been made here to ensure that no untoward incident takes place," he said.

Pawar also urged people to visit the war memorial in a peaceful manner.

"I appeal to people to come here and offer their tributes, but maintain peace and do not believe in rumours," the NCP leader said.

Prakash Ambedkar also offered his tributes at the victory pillar.

Pune Police last week issued notices to several people, including right-wing leaders Milind Ekbote and Sambhaji Bhide, and members of Kabir Kala Manch, barring them from entering the district for four days from December 29.

The notices, as part of preventive action, were issued to all those against whom cases were registered in connection with the violence two years ago.

Ekbote was arrested in March 2018 for allegedly instigating and orchestrating the violence around Koregaon Bhima.

Bhide was also booked and named in the FIR, but never arrested.

The police attributed the violence to the Elgar Parishad conclave held here on December 31, 2017, where provocative speeches were allegedly made.

They are also probing the alleged "Maoist link" of some activists to the Elgar Parishad conclave.

Several Dalit groups observe the anniversary of the Koregaon Bhima battle, in which the British defeated the Peshwas of Maharashtra.

The memorial, located at Perne village on Pune- Ahmednagar road, was constructed by the British in the memory of soldiers who died in the battle.

Dalit leaders commemorate the British victory as soldiers from the Mahar community were part of the East India Company's forces.

The Peshwas were Brahmins, and the victory is seen as a symbol of assertiveness by Dalits.

New Delhi, Jan 31: Chief Economic Adviser K V Subramanian on Friday said India's GDP is expected to grow at 6-6.5 per cent next fiscal as the economic slowdown has bottomed out.

As per the first advance estimates released by the National Statistical Organisation (NSO), the country's economic growth is likely to hit an 11-year low of 5 per cent in the current fiscal ending March 2020.

The Economic Survey 2019-20, prepared by a team lead by Subramanian, has projected the GDP to expand in the range of 6-6.5 per cent during 2020-21.

The Indian economy has hit the bottom and it will see an uptick from here, he said in a media briefing post the Economic Survey.

Amidst a weak environment for global manufacturing, trade and demand, the Indian economy slowed down with GDP growth moderating to 4.8 per cent in the first half of 2019-20, lower than 6.2 per cent in H2 of 2018-19.

Based on NSO's first advance estimates of GDP growth for 2019-20 at 5 per cent, an uptick in GDP growth is expected in the second half of the fiscal, it said.

According to it, the uptick in second half of 2019-20 would be mainly due to ten positive factors like picking up of Nifty India Consumption Index for the first time this year, an upbeat secondary market, higher FDI flows, build-up of demand pressure, positive outlook for rural consumption, rebound of industrial activity, steady improvement in manufacturing, growth in merchandise exports, higher build-up of foreign exchange reserves and positive growth rate of GST revenue collection.

The survey also emphasised that merger of public sector banks may increase the financial strength of the merged entities, lower the risk aversion and result in lowering of lending rates.

Further, as the implementation of GST further settles down, the increased unification of the domestic market may reduce business costs and facilitate fresh investment.

Reforms in land and labour market may further reduce business costs, said the survey, presented a day before Sitharaman's Union Budget 2020-21.