Indian squad for World Cup announced; Here's the team

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.

Dubai, Jul 24: The eagerly-awaited Indian Premier League will start on September 19 in the United Arab Emirates (UAE) with the final slated on November 8, IPL Chairman Brijesh Patel told PTI on Friday.

While the event's Governing Council will meet next week to chalk out the final details and approve the schedule, it is understood that the BCCI has informally intimated the franchises about the plan.

"The GC will meet shortly but we have finalised the schedule. It will run from September 19 to November 8. We expect the government approval to come through. It is a full 51-day IPL," Patel confirmed the development after PTI reported the dates on Thursday.

The IPL has been made possible by the ICC's decision to postpone the October-November T20 World Cup in Australia owing to the COVID-19 pandemic due to which the host country expressed its inability to conduct the event.

Patel said that the Standard Operating Procedure to combat the COVID-19 threat is being prepared and the BCCI will formally write to the Emirates Cricket Board.

"We are making the SOP and it will be ready in a few days. To allow crowd or not depends on the UAE government. Anyway social distancing has to be maintained. We have left it for their government to decide on that. Will also be writing to the UAE board formally," Patel said.

There are three grounds available in the UAE -- Dubai International Stadium, Sheikh Zayed Stadium (Abu Dhabi) and the Sharjah ground.

It is learnt that the BCCI will be renting the grounds of the ICC Academy for training of the teams.

The ICC Academy has two full-sized cricket grounds along with 38 turf pitches, 6 indoor pitches, a 5700 square foot outdoor conditioning area along with physiotherapy and medicine centre.

As per the current health protocol in Dubai, there is no need to be in quarantine if people are carrying a negative COVID-19 test report, but if they are not, they will have to undergo a test.

While there was speculation that the IPL will start from September 26, the BCCI decided to advance it by a week in order to ensure that the Indian team's tour of Australia is not jeopardised.

"The Indian team will have a mandatory quarantine of 14 days as per the Australian government rules. A delay would have sent the plans haywire," a BCCI official said on conditions of anonymity.

"The best part is that 51 days is not at all a curtailed period and broadcasters will be happy with full seven-week window," he added.

While the original schedule had five double-headers, Patel said the new one will feature around 12 double-headers which means two matches each on both Saturdays and Sundays.

The Indians are set to play a four-match Test series against Australia starting December 3 in Brisbane after the IPL.

It is expected that with each and every team needing at least a month's time to train, the IPL franchises will be leaving base by August 20 which gives them exactly four weeks time to prepare.

The cash-rich event was originally scheduled to start at the end of March but the COVID-19 pandemic and the travel restrictions that were put in place to contain the virus, led to an indefinite postponement.

However, BCCI President Sourav Ganguly had always maintained that the event will be held some time this year.

Jun 25: After asserting that the 2011 World Cup final was "sold" by "certain parties" in Sri Lanka to India, the island nation's former sports minister Mahindananda Aluthgamage has now called his claim a "suspicion" that he wants investigated.

The Lankan government has ordered an enquiry into the matter and a special Police investigation unit recorded Aluthgamage's statement on Wednesday. He told the team that he was only suspicious of fixing.

"I want my suspicion investigated," Aluthgamage told reporters.

"I gave to the Police, a copy of the complaint I lodged with the International Cricket Council (ICC) on 30 October 2011 regarding the said allegation as then Sports Minister," he said.

Aluthgamage has alleged that his country "sold" the game to India, a claim that was ridiculed by former captains Kumar Sangakkara and Mahela Jayawardene who demanded evidence from him.

Set a target of 275, India clinched the trophy thanks to the brilliance of Gautam Gambhir (97) and then skipper Mahendra Singh Dhoni (91).

"Today I am telling you that we sold the 2011 world cup, I said this when I was the sports minister," Aluthgamage, who was the sports minister at the time, had stated.

Sangakkara, the captain of Sri Lanka at that time, asked him to produce evidence for an anti-corruption probe.

"He needs to take his 'evidence' to the ICC and the Anti corruption and Security Unit so the claims can be investigated thoroughly," he tweeted.

Jayawardene, also a former captain who scored a hundred in that game, ridiculed the charge.

"Is the elections around the corner...like the circus has started...names and evidence?" he asked in a tweet.

Aluthgamage said that in his opinion no players were involved in fixing the result, "but certain parties were."

Both Aluthgamage and the then President Mahinda Rajapaksa were among the invitees at the final played at the Wankhede Stadium in Mumbai.

Following his allegations, Aravinda de Silva, the former great who was the then chairman of selectors, has urged the BCCI to conduct its own investigation.

De Silva has said he is willing to travel to India to take part in such an investigation despite the current COVID-19 threat.