Indian-origin loses job for posting torn Singapore flag

New Delhi, Feb 18: India emerged as the world's fifth-largest economy by overtaking the UK and France in 2019, says a report.

A US-based think tank World Population Review in its report said that India is developing into an open-market economy from its previous autarkic policies.

"India's economy is the fifth-largest in the world with a GDP of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot," it said.

The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion.

The report further said that in purchasing power parity (PPP) terms, India's GDP (PPP) is $10.51 trillion, exceeding that of Japan and Germany. Due to India's high population, India's GDP per capita is $2,170 (for comparison, the US is $62,794).

India's real GDP growth, however, it said is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.

The report observed that India's economic liberalisation began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatisation of state-owned enterprises.

"These measures have helped India accelerate economic growth," it said.

India's service sector is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per of employment, the report said, adding that manufacturing and agriculture are two other significant sectors of the economy.

The US-based World Population Review is an independent organisation without any political affiliations.

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”

New Delhi, Feb 10: A 44-year-old man allegedly killed his daughter and son before ending his life by jumping in front of a Delhi metro train at Haiderpur Badli Mor station on Sunday, police said.

No suicide note has been recovered, but police claimed that the man, Madhur Malani, was depressed since his sandpaper-manufacturing factory was closed some six months ago due to financial crunch leaving him jobless. Madhur's parents had been supporting his family financially since then.

He used to stay with his wife Rupali, daughter Samiksha (14) and six-year-old son Shraiyans at a rented house in northwest Delhi's Shalimar Bagh area, they said.

Rupali was not at home when Madhur strangled their children. He might have also smothered their daughter but the exact cause of death would be ascertained only after the post-mortem reports arrive, a police official said.

After killing his two children, he jumped in front of an approaching train at Haiderpur Badli Mor Metro station following which he was rushed to a hospital where doctors declared him 'brought dead', the official said.

Metro services on the Yellow Line were briefly delayed due to the incident.

"Delay in services from Samaypur Badli to GTB Nagar due to a passenger on track at Haiderpur Badli Mor," the Delhi Metro Rail Corporation (DMRC) tweeted.

After about 15 minutes, it again tweeted that normal services have been restored. The Delhi Metro's Yellow Line connects Samaypur Badli in Delhi to HUDA City Centre in Gurgaon.

The suicide was reported to the police around 5.40 pm while the Shalimar Bagh Police station received a call about the killings around 6.50 pm.

On reaching the house, police found bodies of the children lying in beds in two rooms. During enquiry, it was learnt that their father has left the house, a senior police officer said.

While police were trying to trace Madhur, they learnt about a suicide at the metro station. On verifying the details, it surfaced that Madhur committed suicide after killing his children, the officer said.

Rupali told police that she had gone to a nearby market around 3 pm and on returning home she found the bodies of her children while her husband was missing.

A case under relevant sections of the IPC has been registered and investigation was underway, Deputy Commissioner of Police (Northwest) Vijayanta Arya said.