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New Delhi, Feb 29: India’s economy expanded at its slowest pace in more than six years in the last three months of 2019, with analysts predicting further deceleration as the global Covid 19 coronavirus outbreak stifles growth in Asia’s third-largest economy.

The gross domestic product (GDP) data released yesterday showed government spending, private investment and exports slowing down, while there is a slight upturn in consumer spending and improvement in rural demand lent support.

The quarterly figure of 4.7% growth matched the consensus in a Reuters poll of analysts but was below a revised - and greatly increased - 5.1% rate for the previous quarter.

The central bank has warned that downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still unfolding.

Prime minister Narendra Modi’s government has taken several steps to bolster economic growth, including a privatisation push and increased state spending, after cutting corporate tax rates last September.

In its annual budget presented this month, the government estimated that annual economic growth in the financial year to March 31 would be 5%, its lowest for last 11 years.

Modi’s government is targeting a slight recovery in growth to 6% for 2020/21, still far below the level needed to generate jobs for millions of young Indians entering the labour market each month.

The annual GDP figure for the September quarter was ramped up from an earlier estimate of 4.5%, while the April-June reading was similarly lifted to 5.6% from 5%, data released by the Ministry of Statistics showed on Friday.

Capital Investment Drop

In the December quarter, private investment grew 5.9%, up from 5.6% in the previous quarter, while government spending rose by 11.8%, against 13.2% in the previous three months.

However, corporate capital investment contracted by 5.2% after a 4.1% decline in the previous quarter, indicating that interest rate cuts by the central bank have failed to encourage new investment. Manufacturing, meanwhile, contracted by 0.2%.

“It appears growth slowdown is not just cyclical but more entrenched with consumption secularly joining the slowdown bandwagon even as the investment story continues to languish,” said Madhavi Arora of Edelweiss Securities in Mumbai.

Many economists said that the government stimulus could take four to six quarters of time before lifting the economy and the impact of those efforts could be outweighed by the global fallout from the coronavirus epidemic that began in China.

“The coronavirus remains the critical risk as India depends on China for both demand and supply of inputs,” said Abheek Barua, chief economist at HDFC Bank.

Indian shares sank on Friday for a sixth session running, capping their worst week in more than a decade. The NSE Nifty 50 index shed 7.3% over the week, while the Sensex dropped 6.8%, the worst weekly declines since the 2008-09 financial crisis.

Separately, India’s infrastructure output rose 2.2% year on year in January, data showed on Friday.

A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the RBI hold off from further cuts to interest rates for now, while keeping its monetary stance accommodative.

Jammu, Jan 1: As many as 160 terrorists were killed in Jammu and Kashmir this year, while 250 terrorists, including 102 of Pakistani origin, were active in the Valley, Director General of Police (DGP) Dilbag Singh said on Tuesday, noting that terror incidents and the number of local youths turning towards terrorism have decreased.

"250 terrorists have been active in Jammu and Kashmir. There is a decrease in number of active terrorists as compared to last year," Mr Singh said at the annual press conference at police headquarters in Jammu.

The DGP said that there is 30 per cent fall in terrorist incidents, less civilian killings and 36 per cent decrease in law and order incidents as compared to 2018.

"218 such (local) youths joined militant outfits in 2018 but only 139 joined in 2019," he said. Out of these new recruits only 89 have survived.

"The rest have been eliminated as their shelf life is between 24 hours to 2-3 months after joining militancy. There are hardly few old terrorists surviving, which include Jehangir Saroori and Riyaz Nayikoo", he said.

There have been only 481 law and order incidents this year as compared to 625 last year, he said.

There were 80 per cent successful anti-terror operations in which 160 terrorists, including foreigners, have been killed during the year.

Mr Singh said 102 terrorists have been arrested and 10 terrorists surrendered during the year.

He said that 102 Pakistan origin terrorists are still operating in Kashmir.

"Eleven valiant police personnel from Jammu and Kashmir besides 72 from other other security forces have been martyred," he said.

There was no collateral damage during anti-terror operation as people fully cooperated. "There was zero law and order problem this year (during anti terror operations)," he added.

The DGP said that "there has been a high degree of incidents of infiltration attempts from across the border this year and also ceasefire violations. But security forces have successfully foiled these attempted as 130 infiltrators have entered in 2019 as compared to 143 last year".

He said Jammu and Kashmir Police has set an example by handling the law and order situation in the most "exemplary" way following the abrogation of Article 370 provisions.

It was the biggest challenge faced by the force in 2019, but "we handled the most critical phase in the best way" and there was no civilian casualty during the period, he said.

Dismissing claims of minors being arrested by police in Kashmir, he said that it is being used as propaganda by some people and asserted that the J-K police has acted within the limits of law.

"We are open to scrutiny. The issue reached the Supreme Court which referred it to Jammu and Kashmir high court. The matter was inquired by the HC committee. The SC said that there is no misuse of law by law enforcement agency. J-K police has acted within the limits of law," he said.

Replying to queries on restoration of internet, the DGP said it is under consideration. "I think J-K is moving towards such a situation (on law and order front). Very soon you will hear positive announcement," Mr Singh said.

He said that though some people will try to misuse internet, "in the past, we took care of them and we will take care of such people in the future too".

Internet services in all government-run hospitals and SMS to all mobile phones will be restored from December 31 midnight in the Kashmir Valley, Jammu and Kashmir official spokesman Rohit Kansal said on Tuesday.

On December 10, some short message service (SMS) were enabled on mobile phones in order to facilitate students, scholarship applicants, traders and others. It has now been decided to fully restore the service throughout Kashmir from midnight of December 31, Kansal said.

Mobile Internet services were restored in Kargil district of Ladakh on Friday after remaining suspended for 145 days in the wake of the Centre abrogating provisions of Article 370 of the Constitution, officials said.

Internet services were suspended on August 4, a day before the Centre announced abrogation of Article 370 and division of the state into the union territories of Jammu and Kashmir, and Ladakh.

New Delhi, Jun 14: Petrol price on Sunday was hiked by a record 62 paise per litre and that of diesel by 64 paise as oil companies for the eighth day in a row adjusted retail rates in line with cost since ending an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 75.78 per litre from Rs 75.16 while diesel rates were increased to Rs 74.03 a litre from Rs 73.39, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The 62 paise a litre increase in petrol and 64 paise hike in diesel price is the highest surge in rates since the daily price revision was started in June 2017.

This is the eighth daily increase in rates in a row since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus.

In eight hikes, petrol price has gone up by Rs 4.52 per litre and diesel by Rs 4.64 -- a record increase in rates in any eight days since the daily price revision was introduced.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of international oil prices falling to two-decade lows.

The government had first raised excise duty on petrol and diesel by Rs 3 per litre each on March 14 and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

State-owned fuel retailers IOC, BPCL and HPCL had frozen petrol and diesel prices since March 16, as if anticipating the government move and set off gains they accrued from continuing drop in international oil prices against the excise duty hike.

They, however, promptly passed the increase in local sales tax or VAT by state governments such as Rs 1.67 increase in VAT on petrol and Rs 7.10 in diesel by the Delhi government on May 4.

The total incidence of excise duty on petrol has risen to Rs 32.98 per litre and that on diesel to Rs 31.83. The excise tax on petrol was Rs 9.48 per litre when the Narendra Modi government took office in 2014 and that on diesel was Rs 3.56 a litre.

The government had between November 2014 and January 2016 raised excise duty on petrol and diesel on nine occasions to take away gains arising from plummeting global oil prices.

In all, duty on petrol rate was hiked by Rs 11.77 per litre and that on diesel by 13.47 a litre in those 15 months that helped government's excise mop up more than double to Rs 2,42,000 crore in 2016-17 from Rs 99,000 crore in 2014-15.

It cut excise duty by Rs 2 in October 2017 and by Rs 1.50 a year later. But it raised excise duty by Rs 2 per litre in July 2019.

It again raised excise duty on March 14 by Rs 3 per litre.