India showed great character, says Kohli after series win against England

Jan 24: India’s economy appears to be shaking off a slump, as activity in the services and manufacturing sectors expanded for a second straight month in December.

The needle on a gauge measuring so-called animal spirits signaled the economy may be taking a turn for the better, as five of the eight high-frequency indicators tracked by Bloomberg News came in stronger last month. The dial was last at the current position in August.

“Animal spirits” is a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action, and the gauge uses the three-month weighted average to smooth out volatility in the single-month numbers.

The nascent recovery would need a helping hand, with expectations building that Finance Minister Nirmala Sitharaman will provide some stimulus when she presents the budget Feb. 1. Official forecasts show the economy is set to expand at 5% in the year ending March 2020 -- the weakest pace in more than a decade.

Here are the details of the dashboard:

Business Activity

The dominant services index rose to the highest level in five months in December as improving new work orders helped boost activity. The seasonally adjusted Markit India Services PMI index climbed to 53.3 from 52.7 in November, helping post a strong end to the calendar year.

India’s manufacturing PMI also rose -- to 52.7 from 51.2 a month ago -- boosted by the fastest increase in new orders since July. A reading above 50 means expansion while anything below that signals contraction.

The uptick in business confidence was accompanied by a rise in inflationary pressures, the survey showed. That trend may keep monetary policy makers from resuming interest-rate cuts anytime soon, leaving most of the heavy-lifting to boost growth with the government.

“The relative stability in macro indicators over the past two months suggests that the worst is behind, but the recovery is likely to be prolonged,” said Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai. “Still, sluggish growth and rising inflation indicate that India may well remain in stagflation for most of 2020.”

Exports

Exports remained a laggard, falling 1.8% in December from a year ago. The drag was mainly because of a fall in export of engineering goods, which constitute a third of India’s non-oil exports.

Capital goods imports continued to contract and was lower by 16.5% year-on-year in December after a 22% drop in November. This was the seventh consecutive month of continuous decline, underscoring the weakness in the capex cycle, according to IDFC First Bank.

Consumer Activity

Weakness in demand for passenger vehicles persisted, with local sales falling 1.2% in December from a year ago, according to the Society of Indian Automobile Manufacturers. That capped the worst yearly passenger vehicle sales on record. A Nielsen study on demand for fast-moving consumer goods showed volume growth dropped to 3.5% in the last quarter of 2019 from 3.9% in the same period of 2018.

Funding conditions held out hope, showing considerable improvement in December, according to the Citi India Financial Conditions Index. Credit growth remained tardy though, with demand for loans rising at a slower 7.1% pace from a year ago compared with a nearly 8% growth in November.

Industrial Activity

Industrial output rose for the first time in four months in November. The pick up was broad-based, led by mining, manufacturing and electricity. Mining and manufacturing, in particular, posted a second month of sequential growth. Production of consumer goods also rose after a few months of contraction.

The index of eight core infrastructure industries, which feeds into the index of industrial production, however, declined 1.5% in November from a year ago -- the fourth straight month of contraction. That was on account of shrinking production of electricity, steel, coal, natural gas and crude oil. Both the core sector and industrial output numbers are reported with a one-month lag.

Aukland, Feb 5: Striker Navneet Kaur scored a brace to guide the Indian women's hockey team to a convincing 3-0 win over New Zealand in the last game of its five-match tour here on Wednesday.

Navneet found the net in the 45th and 58th minutes, while Sharmila scored a field goal in the 54th minute as India drew curtains on the New Zealand tour on a bright note.

After a goalless opening two quarters, Navneet finally broke the deadlock for India in the 45th minute.

Sharmila then doubled the lead when she struck a powerful shot past the New Zealand goalkeeper in the 54th minute. Navneet found the net again just two minutes from the final hooter with a beautiful field strike.

India began the tour by thrashing New Zealand Development squad 4-0 before suffering close 1-2 and 0-1 defeats to the home senior team.

In penultimate game of the tour, skipper Rani's lone strike handed India a 1-0 win over Great Britain.

"...I am happy we produced three goals against New Zealand in the last match. This tour gave us a good insight about where we need to improve and one of the things is to create faster play than we do now," said India's chief Coach Sjoerd Marijne.

Commenting on his side's performance during the tour, Marijne said, "Sometimes we tend to keep the ball too long on the stick and then we create pressure. We need to avoid that by passing faster.

"On the defence side, we need to be a bit more calmer and need to improve our tackling. We will have a four week camp after a short break when we return home and we will be working on these points."

The Indian team will return home on February 7.

Melbourne, Mar 7: He will be supporting Australia for sure but former pacer Brett Lee feels an Indian victory in Sunday's T20 Word Cup final could be a "start of a major breakthrough" for the women's game in the cricket-mad country.

India and Australia will lock horns in what is expected to be a blockbuster title clash at the Melbourne Cricket Ground.

"As an Australian, I'd love nothing more than for (Meg) Lanning's team to do the job. But if India were to win the World Cup for the first time, victory would do so much for women's cricket in a country that already adores the sport," Lee wrote in an ICC column.

"This could be the start of a major breakthrough, particularly with the amount of talent that is coming through."

The former speedster said Australia will have to look for ways to counter the in-form 16-year-old Shafali Verma.

"In Shafali Verma, India boast one of the most talented players in the world and you feel that for Australia to win the game, dismissing her will likely be their first job.

"I've been so impressed with the opener - it's staggering to believe she's only 16 with the confidence she has in her own ability and the way she strikes the ball so cleanly.

"She's such good fun to watch and I'm not sure the women's game has seen anyone like her for such a long time."

Shafali has been the star of the tournament, having amassed 161 runs at a strike rate of 161, consistently providing India solid starts, and that was not lost on Lee.

"To be the world's best T20 batter already shows just how far she has progressed in such a short space of time and the experience in this tournament will hold her in good stead for years to come.

"Even with the way she's played in Australia and her fearless brand of cricket, you still get the feeling she has more to come as well."

He reckoned Shafali may have another big score awaiting her.

"She's got a big score in her locker and there's probably no better place to do that than the MCG. Shafali is already a record breaker but if she can steer her side to their first Women's T20 World Cup title at just 16, then the sky really is the limit for her career."