India’s economic growth slows to 7.1%

Agencies
November 30, 2018

Mumbai,  Nov 30: India's economic growth slowed to 7.1 percent in the second quarter, official data showed on Friday, as its banks endure a liquidity crunch that is hampering investment in Asia's third-largest economy.

GDP expansion missed the rate experts say India must consistently hit if Prime Minister Narendra Modi, up for re-election next year, is to fulfil his pledge of creating millions of jobs.

Central Statistics Office figures showed GDP growth for July to September of the 2018-19 financial year slowed from 8.2 percent in the previous quarter.

Despite the slowdown, the latest figures were up from 6.3 percent for the same period last year and reinforce India's status as one of the world's fastest-growing economies.

However, analysts say the country needs to regularly record growth of at least eight percent to generate employment for the millions of Indians who enter the workforce every year.

"India needs to grow at eight percent or over for several years," Ashutosh Datar, an independent economist based in the commercial capital Mumbai, told media.

"Any fall in GDP figures below this will have very significant ramifications for the economy.

"And anything below seven percent would potentially hamper job creation and also be undershooting our growth potential," he added.

Modi was swept to power in 2014 on a business-friendly manifesto that included a pledge to create 10 million jobs a year.

India does not release officials jobs data but the opposition Congress party accuses the government of failing to meet the target and is making an issue of it ahead of a general election expected in April or May.

"These GDP figures are a sign of the government's performance before next year's general elections and an indicator of the mood of the economy," said Sujan Hajra, an economist at Anand Rathi securities.

"Any fall in the numbers will increase scrutiny and dent the public perception," he added.

Business sentiment has been hit by a credit squeeze sparked by a series of defaults by debt-laden IL&FS, a non-banking financial institution that is responsible for huge investment in infrastructure projects.

The defaults have shone a spotlight on India's "shadow banks" and led to billions of dollars in loans drying up.

They are also reportedly the source of a dispute between the government and India's central bank, the Reserve Bank of India (RBI).

The finance ministry has been pushing the RBI to ease lending norms at mainstream commercial banks to boost loans for small businesses and also help meet shortfalls caused by the near collapse of IL&FS.

India's quarterly growth fell as low as 5.6 percent in mid-2017 as the economy reeled from a shock cash ban that scrapped 86 percent of currency notes and a new nationwide goods and services tax.

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 27,2020

New Delhi, Apr 27: A private hospital here claimed that a coronavirus patient, who was administered plasma therapy for the first time in the facility, was discharged on Sunday after being completely cured.

The 49-year-old man had tested positive for COVID-19 on April 4 and was admitted to Max Hospital, Saket, it said in a statement.

As his condition deteriorated, he was put on ventilator support on April 8, the hospital added.

When the patient showed no signs of improvement, his family requested for administration of plasma therapy on compassionate grounds, it said, adding that the family arranged a donor for extracting plasma.

The patient was administered fresh plasma as a treatment modality as a side-line to standard treatment protocols on the night of April 14, the statement said.

Subsequently, the patient showed improvement and by the fourth day, was weaned off ventilator support and continued on supplementary oxygen. He was shifted to a room with round-the-clock monitoring on Monday after testing negative twice within 24 hours, it said.

He has now fully recovered and was discharged, the hospital said, adding that he will stay at home for another two weeks.

Group medical director of Max Healthcare and senior director of the Institute of Internal Medicine Dr Sandeep Budhiraja said, "We can say that plasma therapy could have worked as a catalyst in speeding up his recovery. We cannot attribute 100 per cent recovery to plasma therapy only, as there are multiple factors which carved his path to recovery."

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
June 16,2020

New Delhi, Jun 16: Congress president Sonia Gandhi on Tuesday demanded a rollback of hike in fuel prices, saying the government's decision to increase the prices of petrol and diesel during the coronavirus crisis is "wholly insensitive" and "ill-advised".

The government is doing nothing short of "profiteering off its people" when they are down and out, she said in a letter to Prime Minister Narendra Modi.

Petrol and diesel prices were hiked for the 10th day in a row on Tuesday.

"I am deeply distressed that in these exceedingly difficult times since the beginning of March, the government has taken the wholly insensitive decision to increase petrol and diesel prices on no less than ten separate occasions," Gandhi said in her letter.

She accused the government of earning an additional revenue of nearly Rs 2.6 lakh crore through these "ill-advised" hikes in excise duty and increase in prices of petrol and diesel.

"I urge you to roll back these increases and pass on the benefit of low oil prices directly to the citizens of this country.

"If you wish for them to be 'self-reliant' then do not place financial fetters on their ability to move forward," the Congress president said.

Gandhi also urged the government to use its resources to put money directly into the hands of those in need in these times of severe hardship.

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
April 14,2020

Kochi, Apr 14: Reacting to the extension of the nationwide lockdown till May 3, Kerala Finance Minister Thomas Issac on Tuesday maintained that his state needs money more than appreciation for the work it has done to mitigate the impact of the lockdown and contain coronavirus spread.

"The only additional money that Kerala received is mere Rs 230 crore and that too for Covid-19 work. The funds we received to tide over revenue deficit is different -- we would have got it anyways," said Issac, who has been demanding more liberal financial assistance from the Centre.

"The need of the hour now is for the Centre to immediately hold a videoconference meeting with all state Finance Ministers. The Centre should borrow more money from the RBI and give it to the states. Otherise, things will be very bad, as the economy, especially rural economy, is tumbling. It needs to be checked," said the Kerala Minister.

Devasom and Tourism Minister Kadakampally Surendran said the state Cabinet will meet on Wednesday to decide how to go about things till May 3.

"The coronavirus figures reveal that Kerala has done quite well. The Cabinet will decide on how we move forward after looking into the guidelines of the Centre," said Surendran.

Local Self Government Minister A.C. Moideen said that local farm produce has to reach markets as rural economy revolves around this. The Cabinet will look into this issue as well.

Health Minister K.K. Shailaja stressed the need for maintaining social distancing and asked all to see that the lockdown guidelines were strictly followed.

"Our advantage is that we have been able to contain the spread, but we still have a long way to go. Singapore is the best example -- after a slowdown in positive cases, it picked up there. So, let us all continue to maintain strict vigil and wait till Wednesday's Cabinet meet," said Shailaja.

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.