India clocks 7.5% growth in January-March quarter, overtakes China

May 30, 2015

New Delhi, May 30: India has overtaken China to become the world's fastest growing economy by clocking 7.5 percent GDP for the March quarter, prompting Finance Minister Arun Jaitley to say that the economy is clearly on "a recovery path".

Indian economyThe economic growth rate on sequential basis improved from 6.6 percent in the third quarter (October-December) of the financial year 2014-15. For the fiscal as a whole, the GDP grew by 7.3 percent, up from 6.9 percent a year ago, mainly due to improvement in services and manufacturing sectors.

The fourth quarter GDP data, Jaitley said, "gives us a broad idea of how the Indian economy is moving. It is absolutely clear that the economy is in a recovery mode".

The performance of manufacturing and services indicates that "we have a potential to grow at 8-9 percent and beyond", the Minister added.

While manufacturing sector output grew by 8.4 percent in the fourth quarter of last fiscal ended March 31, 2015, services sector including trade, hotels, transport and communications clocked a robust growth rate of 14.1 percent.

The fourth quarter GDP growth rate of 7.5 percent was better than China's 7.4 percent making India the fastest growing economy in the world.

Jaitley dismissed former Prime Minister Manmohan Singh's comments on the state of the Indian economy saying that an economy growing at fastest pace in the world cannot be 'fragile'.

"In a global slowdown situation, to have the fastest growth rate in the world certainly does not make Indian economy fragile," he said.

Industry chambers hailed the uptick in growth data but underlined the need for more initiatives on the ground level to improve investor sentiment and realise the true potential of the Indian economy.

Finance Secretary Rajiv Mehrishi said improvement in the manufacturing sector growth shows that jobs are being created.

Industry chambers, meanwhile, made a case for further rate cut by the Reserve Bank at its monetary policy on June 2 in view of declining inflation.

"Inflation, which was a major concern factor, has been on downward trajectory. We hope that Reserve Bank will cut the repo rate by 50 bps," said Ficci.

Industry body CII said the figure indicates that policy and reform initiatives taken by the government are bearing results on the ground.

"We expect further improvement of the key levers of the economy, going forward, as the government steps up public investment which in the process crowds in private investment to rekindle a new demand cycle in the economy," it said.

The CSO data has also revised the figures for three quarters of the last financial year. The GDP for the first quarter was revised to 6.7 percent, from 6.5 percent; for Q2 to 8.4 percent, from 8.2 and for Q3 to 6.6 percent from 7.5 percent.

It further said that Gross Value Added (GVA), a new concept introduced by CSO to measure economic activity, rose by 7.2 percent in 2014-15, compared to 6.6 percent in the previous fiscal.

The economic growth rate measured in terms of GVA for the January-March quarter improved to 6.1 percent as against 5.3 percent a year ago.

The manufacturing sector recorded a growth rate of 8.4 percent during the last quarter of the last fiscal, up from 4.4 percent a year ago. The services sector too witnessed marked improved during the quarter.

However, agriculture and mining and quarrying sectors remained laggards in the January-March quarter. The data showed that farm output during the quarter declined by 1.4 percent as compared to a growth of 4.4 percent in the corresponding quarter of the previous fiscal.

The output of mining and quarrying sector decelerated to 2.3 percent in the fourth quarter of the last fiscal as compared to a growth of 11.5 percent during the same period in 2013-14.

CSO further said that per capita income at current prices during 2014-15 rose by 9.2 percent to Rs 87,748 as against Rs 80,388 in the previous fiscal. It was Rs 64,316 in 2011-12 and Rs 71,593 in 2012-13.

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Bloomberg
July 27,2020

New Delhi, Jul 27: India’s coronavirus epidemic is now growing at the fastest in the world, increasing 20% over the last week to more than 14 lakh confirmed cases, according to Bloomberg’s Coronavirus Tracker.

Infections in the South Asian nation of 130 crore people have reached 14.3 lakh, including 32,771 deaths, India’s health ministry said, with daily cases close to a record 50,000 on Monday. India is only trailing the US and Brazil now in the number of confirmed infections, but its growth in new cases is the fastest.

Maharashtra, Tamil Nadu, Andhra Pradesh and Karnataka are among the states where the maximum number of daily cares are being reported. The world’s second-most populous country has been ramping up testing, with 515,472 samples taken on Sunday, according to the Indian Council of Medical Research.

Still, India and Brazil have some of the world’s lowest testing rates, with 11.8 tests and 11.93 tests per 1,000 people respectively, compared to the US with 152.98 tests per 1,000 and Russia with 184.34, according to Our World in Data, a project based at the University of Oxford in the UK.

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News Network
June 17,2020

New Delhi, 17: Tensions on the Indo-China border have spiked to the highest since 1962 after over 20 troops, including an Indian commanding officer, were killed in the face-off in Galwan valley that has seen a six-week long standoff underway with the Peoples Liberation Army.

The Army said that the soldiers – including the Commanding Officer of 16 Bihar regiment in charge of the area – died while a `de-escalation process’ was underway. Sources said that this death toll could rise up as some soldiers are currently not accounted for after PLA troops attacked with spiked sticks and stones in the Galwan valley.

Chinese side also has casualties but the number is still not known. The Indian death toll is perhaps the worst single day loss in decades and has come at a time when thousands of troops are forward deployed in Eastern Ladakh.

ET was the first to report on May 12 about a massive troop build up in the Galwan valley, which is an old flashpoint that had seen action in the 1962 war as well.

There have been reports of casualties on the Chinese side in the clash but numbers are currently not available. Worryingly, information from the ground suggests that several Indian soldiers, including four officers, are missing and could have been taken captive by a vastly larger Chinese force. Their status is still not known.

“During the de-escalation process underway in the Galwan Valley, a violent face-off took place yesterday night with casualties. The loss of lives on the Indian side includes an officer and two soldiers. Senior military officials of the two sides are currently meeting at the venue to defuse the situation,” an Indian Army statement reads.

The Ministry of External Affairs said that the clash occurred when the Chinese side violated the LAC. “On the late-evening and night of 15th June, 2020 a violent face-off happened as a result of an attempt by the Chinese side to unilaterally change the status quo there. Both sides suffered casualties that could have been avoided had the agreement at the higher level been scrupulously followed by the Chinese side,” a statement reads.

The loss of the Commanding Officer is especially devastating and he had been directly involved in de-escalation talks with the Chinese side, including one hours before the clash took place. Sources said that the talks on Monday morning had led to an agreement for Chinese forces to withdraw from Indian territory as part of the disengagement.

According to one version, the CO had gone to the standoff point with a party of 50 men to check if the Chinese had retreated as promised. As the Indian side proceeded to demolish and burn illegal Chinese structures on its side of the LAC, including an observation post constructed on the South bank of the river, a fresh stand off took place as a large force of Chinese troops returned back.

Sources said that a Chinese force in excess of 250 quickly assembled near Patrol Point 14 and were physically stopped by Indian soldiers from entering Indian territory. Soldiers from both sides did not use firearms but the Chinese soldiers carried spiked sticks to attack.

Given the terrain of the region, a part of the standoff and clash took place in the middle of the Galwan river that is currently flowing at full spate, leading to high casualties as injured soldiers got swept away. Indian soldiers have to cross the Galwan river at atleast five points to reach PP 14, which marks the LAC.

Chinese media reports on Tuesday quoted the spokesperson from its Western Theatre Command as laying claim over the Galwan valley region and blaming the Indian side for the clash. Reports quoted Col Zhang Shuili as saying that India has violated the consensus made during Army commander level talks.

As reported, Galwan river area has a painful history with China, with Peoples Liberation Army (PLA) soldiers surrounding a freshly set up Indian Army post in July 1962, in what would be one of the early triggers to the Sino-Indian war. At an Army post that was overrun at Galwan, 33 Indian soldiers were killed and several dozen taken captive in 1962.

In the past, the Doklam crisis in 2017 saw tensions building up along the Pangong Tso lake as well with soldiers engaging in a fight with sticks and stones. However, the Eastern Ladakh standoff is of a much more serious nature, with over 6000 Chinese troops lined up with tanks and artillery, faced off with a larger Indian forces. Troop build up has also been reported across the borders in Himachal Pradesh, Uttarakhand, Sikkim and Arunachal.

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News Network
March 5,2020

New Delhi, Mar 5: Union Health Minister Harsh Vardhan assuring that the government has the coronavirus crisis under control, is like the Titanic captain telling passengers not to panic as his ship was unsinkable, Congress leader Rahul Gandhi said on Thursday.

Gandhi's remarks came after Vardhan's assurance in Parliament that the government is taking all necessary measures to prevent the spread of COVID-19 (coronavirus disease) in India.

“The health minister saying that the Indian government has the coronavirus crisis under control, is like the Captain of the Titanic telling passengers not to panic as his ship was unsinkable,” Gandhi said in a tweet.

“It's time the government made public an action plan backed by solid resources to tackle this crisis,” he said.

RMS Titanic was a British passenger liner that sank in the North Atlantic Ocean in the early morning hours of April 15, 1912, after striking an iceberg during her maiden voyage from Southampton to New York.

Gandhi has been raising concerns over the coronavirus infection since long. In a February 12 tweet, he had said coronavirus is an extremely serious threat to “our people and our economy”.

“My sense is the government is not taking this threat seriously. Timely action is critical,” he had said.

Earlier this week, Gandhi had hit out at Prime Minister Narendra Modi over the detection of fresh coronavirus cases in the country, saying he should quit wasting India's time “playing the clown” with his social media accounts when India is facing an emergency.

With the message of “Here's how it's done”, Gandhi had also tweeted a video of Singaporean Prime Minister Lee Hsien Loong addressing Singaporeans on how to deal with the coronavirus.

The number of coronavirus cases in India is 29, including 16 Italians, the government had said on Wednesday, adding all international passengers will now be screened at airports, amid growing concern over the spread of the respiratory infection.

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