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GDP growth slowing to 4-year low of 6.5% in 2017-18

News Network
January 6, 2018

New Delhi, Jan 6: The Central Statistics Office (CSO) on Friday forecast that GDP growth in the current financial year ending March 31 will slow to a four-year low of 6.5%, from the provisional 7.1% pace seen in 2016-17, dragged down by deceleration in the agriculture and manufacturing sectors.

Gross Value Added (GVA) was also projected to expand by 6.1% in 2017-18, slowing from 6.6% in the preceding fiscal year, according to the first advance estimates of national income for 2017-18, released by the CSO.

Within this, the GVA growth rate for ‘agriculture, forestry and fishing’ is expected to slow sharply to 2.1%, compared with the previous year’s 4.9% pace. Manufacturing sector growth has been forecast at 4.6% in 2017-18, compared with the 7.9% expansion provisionally estimated for 2016-17.

“In agriculture, what we are seeing is a base effect because last year saw a very high growth rate because it followed two years of drought,” Statistics and Programme Implementation Secretary and Chief Statistician of India TCA Anant said at a press conference in the national capital. “In terms of production, the total production would probably be the second highest in a very long time. It is not unusual growth in agriculture in a good year.”

The CSO’s GVA full-year growth estimate of 6.1%, compares with a 6.7% pace that the Reserve Bank of India had forecast at its December policy meeting.

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kushal kumar
 - 
Saturday, 6 Jan 2018

According  to  latest  news  reports  in  first  week  of  January  ,  2018  ,  India’s  GDP  is  estimated  to  grow  at  6.5%  during  2017-18 ,  a  four   year   low.  This  estimated  or  feared  circumstance  in  India’s  economy  is  in  line  with  the  related  predictions  of  this  Vedic  astrology  writer  in  article  -  “  Astrologically  speaking  ,  some  highlights  for  India  in  coming  year  year  2018”  -  published in a media  on  19  October  ,  2017.  Just  reproducing  the  text  relevant  to  the  point  from  the  said  article  :- “  The  year  2018  looks  to  be  …………Economy  may  pass  through  tense  times  on  more  than  one  front  except  art  ,  entertainment  ,  cinema  ,  creative  or  innovative  talents  which  may  do  well  to  contribute  whatsoever  to  the  economy”.     It  seems  these  alerts  for   taking  more  care  and  appropriate  strategy  in  2018  in  relation  to  economy  in  India  are  meaningful.

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News Network
August 6,2020

New Delhi Aug 6: In a new twist in the Vijay Mallya case, a certain document connected with the case in the Supreme Court has gone missing from the apex court files. 

A bench comprising Justices U.U. Lalit and Ashok Bhushan adjourned the hearing to August 20.

It was hearing the review plea filed by Mallya against a July 14, 2017 judgment wherein he was found guilty of contempt for not paying Rs 9,000 crore dues to banks despite repeated directions, although he had transferred $40 million to his children.

The bench was looking for a reply on an intervention application, which it seemed has gone missing from the case papers.Parties involved in the case sought more time to file fresh copies.

On June 19, the Supreme Court sought explanation from its registry regarding Mallya's appeal against the May 2017 conviction in the contempt case for not repaying Rs 9,000 crore dues to banks not listed for the last 3 years.

A bench comprising Justices Lalit and Bhushan had asked the Registry to furnish all the details including names of the officials who had dealt with the file concerning the Review Petition for last three years.

The bench said according to the record, placed before it, the review petition was not listed before the court for last three years. "Before we deal with the submissions raised in the Review Petition, we direct the Registry to explain why the Review Petition was not listed before the concerned Court for last three years," said the bench.In May 2017, the apex court held him guilty of contempt of court for transferring $40 million to his children, and ordered him to appear on July 10 to argue on the quantum of punishment.

The bench said let the explanation be furnished within two weeks. "The Review Petition shall, thereafter, be considered on merits," it added.In 2017, the apex court passed the order on a contempt petition against Mallya by a consortium of banks led by the SBI. 

The banks claimed Mallya transferred $40 million from Daigeo to his children's accounts, and did not use this money to clear his debt. Banks cited this as violation of judicial orders.

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News Network
March 29,2020

Thiruvananthapuram, Mar 29: Kerala Chief Minister Pinarayi Vijayan on Saturday expressed his concern over the ''non-cooperation from the Karnataka Government in removing the roadblocks erected by them in the roads bordering Malapuram district''.

Addressing a press conference at the Government Secretariat, the Chief Minister said, "Karnataka has not heeded to our request to remove the roadblocks. I have been trying to contact their Chief Minister B S Yeddyurappa but not able to reach him."

"We have briefed the Union Minister D V Sadananda Gowda and he has offered to resolve the issue. Our Chief Secretary has also briefed the Central Cabinet Secretary and we expect a resolution soon," he added.

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Agencies
January 26,2020

New Delhi, Jan 26: Prime Minister Narendra Modi on Sunday extended his greetings to the people on the occasion of the 71st Republic Day.
"Wishing everyone a happy #RepublicDay," PM Modi tweeted in English as well as Hindi.

Celebrations will be held all across the country to mark the day.

On this day, 70-year back, India officially adopted its Constitution.

The 90-minute Republic Day ceremony will commence with Prime Minister Narendra Modi visiting the National War Memorial near the India Gate.

After paying tributes to the martyrs, the prime minister and others would head to the Rajpath.

The parade for the Republic Day will begin on Rajpath with President Ram Nath Kovind unfurling the national flag with a 21-gun salute.

Brazilian President Jair Messias Bolsonaro is the chief guest at the parade

India's military might, cultural diversity, social and economic progress will be displayed during the Republic Day celebrations.

For the first time, a contingent of women bikers of CRPF will perform daredevil stunts. The Dhanush artillery will also be displayed for the first time during the Republic Day parade.

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