Indian markets need not be so sensitive to US data: Chidambaram

August 16, 2013
New Delhi, Aug 16: Attributing the 4 per cent plunge of the BSE Sensex to global factors, Finance Minister P Chidambaram today said the market should not be "so sensitive" to data flowing from the US but reflect Indian conditions.

Peecee

"I have no doubt in mind, when calm is restored in the market, people will begin to understand India market indicators must basically reflect Indian market conditions. They should not be so sensitive to data coming out of the US," he said on sidelines of an event here.

The BSE 30-stock index, Sensex, fell nearly 770 points or 4 per cent and the rupee breached the 62 level against the US dollar on concerns among large investors of capital curbs. The gold prices too shot up by Rs 1,310 per 10 gram to Rs 31,010.

Worried over the developments, Chidambaram said: "I think this is time for calm; this is time for reflection and let's see what happens next week."

Observing that nothing has happened in the Indian economy between Wednesday and Friday morning, the minister said, "nevertheless the markets have taken a hit and that is reflected in the rupee also. We have taken a number of measures...a number of measures are being taken. Let's wait to see what the first quarter growth rates are."

Chidambaram said markets all over the world have taken a hit in reaction to job reduction data that came out of the US.

"A fewer people are waiting for jobs in US or a few more people are waiting for jobs in US, how does it affect the fundamentals of Indian economy. It does not. I thought that is elementary...if they have come down or they go up has really no relevance or impact on Indian economy.

"Nevertheless markets react to these signals that have come out of US. They reacted in the same way on May 22 when (US Federal Reserve chief) Ben Bernanke made a statement. They reacted in the same way to jobless claims numbers in the US. Sometimes I am surprised why they reacted," he said.

In case of India, Chidambaram said, as yesterday was a holiday, "Indian market has observed two days of hit in one day which is why it appears to be severe hit".

Earlier, while launching the National Skill Certification and Monetary Reward Scheme, he underlined the need for enhancing skills of workforce to ensure that they are gainfully employed.

The Minister said money will not be a constrain as far as funding of skill development programmes are concerned.

As many as 20 million jobs have been created between 2004-5 and 2009-10 and unemployment rate has declined in the country, he said.

Speaking on the occasion, Planning Commission Deputy Chairman Montek Singh Ahluwalia said the programme would benefit people in all walks of life.

The National Skilling Mission envisages adding 500 million skilled Indians by the year 2022. While 150 million are expected to be trained by the private sector working under National Skill Development Corporation, 350 million will be by 18-odd ministries at the Centre.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 23,2020

Patna, Jan 23: "They should go wherever they want," Bihar Chief Minister and JDU supremo Nitish Kumar said on Thursday when asked of Prashant Kishor and Pavan Verma's repeated questions about the party's stand's on the newly enacted Citizenship Act.

"It is their personal decision. They should go wherever they want. We don't have an objection. Don't look at JDU in the context of statements by some people. JDU works with determination. We have a clear stand and don't have any confusion," the Chief Minister told reporters here.

"If they have something to tell, they should come and discuss it within the party. They should go wherever they want. They have my good wishes," he said.

JDU spokesperson and national general secretary Pavan Verma has questioned his party's alliance with the BJP in Delhi Assembly polls while Kishor has more than once made his differences with the party known on the issue of the amended Citizenship Act, and National Register of Citizens.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
May 21,2020

More than 50 million people in India do not have access to effective handwashing, putting them at a greater risk of acquiring and transmitting the novel coronavirus, according to a study.

Researchers from the Institute for Health Metrics and Evaluation (IHME) at the University of Washington in the US found that without access to soap and clean water, over 2 billion people in low- and middle-income nations -- a quarter of the world's population -- have a greater likelihood of transmitting the coronavirus than those in wealthy countries.

According to the study, published in the journal Environmental Health Perspectives, more than 50 per cent of the people in sub-Saharan Africa and Oceania lacked access to effective handwashing.

"Handwashing is one of the key measures to prevent COVID transmission, yet it is distressing that access is unavailable in many countries that also have limited health care capacity," said Michael Brauer, a professor at IHME.

The study found that in 46 countries, more than half of people lacked access to soap and clean water.

In India, Pakistan, China, Bangladesh, Nigeria, Ethiopia, Democratic Republic of the Congo, and Indonesia, more than 50 million persons in each country were estimated to be without handwashing access, according to the study.

"Temporary fixes, such as hand sanitizer or water trucks, are just that -- temporary fixes," Brauer said.

"But implementing long-term solutions is needed to protect against COVID and the more than 700,000 deaths each year due to poor handwashing access," Brauer said.

He noted that even with 25 per cent of the world's population lacking access to effective handwashing facilities, there have been "substantial improvements in many countries" between 1990 and 2019.

Those countries include Saudi Arabia, Morocco, Nepal, and Tanzania, which have improved their nations' sanitation, the researchers said.

The study does not estimate access to handwashing facilities in non-household settings such as schools, workplaces, health care facilities, and other public locations such as markets.

Earlier this month, the World Health Organization predicted 190,000 people in Africa could die of COVID-19 in the first year of the pandemic, and that upward of 44 million of the continent's 1.3 billion people could be infected with the coronavirus, the researchers said. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 11,2020

Malappuram, Apr 11: Farmers in Malappuram district are facing problems in selling cucumbers and watermelons due to the drop in demand and prices in the market amid the nationwide COVID-19 lockdown.

"We have cultivated cucumbers for our Vishu festival in Kerala. In recent conditions, we are facing issues in selling our crops. In comparison to the previous years, we have a huge production this time," said Saifu, a farmer in the Malappuram district.

"We have also cultivated different kinds of watermelons here. The major issues that we are facing are the low prices and the lockdown," he added.

The nationwide COVID-19 lockdown was imposed by Prime Minister Narendra Modi form March 25 for 21 days as a precautionary measure against the spread of the virus.

According to the Union Ministry of Health and Family Welfare, the total number of positive COVID-19 cases in Kerala is 364. Till now, 123 people have either been cured or discharged, while two deaths have been reported.

The total number of positive coronavirus cases across the country are 7,529 including 6,634 active cases. So far, 652 patients have either been cured or discharged while 242 deaths have been recorded in the country, as per data provided by the Ministry of Health on Saturday evening.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.