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.

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News Network
February 29,2020

New Delhi, Feb 29: Former Union Minister M J Akbar told a Delhi court on Friday that journalist Priya Ramani had defamed him by calling him with adjectives such as 'media's biggest predator' in the wake of #MeToo movement in 2018 that harmed his reputation.

M J Akbar made the allegations before Additional Chief Metropolitan Magistrate Vishal Pahuja through his lawyer during the final hearing of a private criminal defamation complaint filed by him against Priya Ramani. Akbar resigned as Union minister on October 17, 2018.

Ramani in 2018 accused Akbar of sexual misconduct around 20 years ago when he was a journalist.

Senior advocate Geeta Luthra, appearing for Akbar, said that the allegations were intentional and malafide.

“When you call someone media's biggest predator, it is per se defamatory. Calling a person with such adjectives is on the face of it defamatory. In the eyes of the people, Akbar's reputation was harmed... The per se effect was lowering of my (Akbar) reputation in the eyes of the right thinking members of the society,” she told the court.

She said there was no due process in the allegations. “It has a cascading effect. Embarrassing questions were asked. I (Akbar) am a person of greatest integrity... There was no due process in the allegations. You cannot just make allegation and let that person suffer,” she added.

Luthra said that if there was any grievance, it had to be raised then and there before the appropriate authority.

“We need to realise the effect has what we say or what we do. It's not like she went to any authority or raised any grievance. Opportunity was there, rights were there but to attack so person behind their back on social media...knowing that his whole life will be adversely affected? It's not right,” she said.

M J Akbar has denied all the allegations of sexual harassment against the women who came forward during #MeToo campaign against him.

Akbar had earlier told the court that the allegations made in an article in the 'Vogue' and the subsequent tweets were defamatory on the face of it as the complainant had deposed them to be false and imaginary and that an “immediate damage” was caused to him due to the “false” allegations by Priya Ramani.

Ramani had earlier told the court that her “disclosure” of alleged sexual harassment by Akbar has come at “a great personal cost” and she had “nothing to gain” from it.

She had said her move would empower women to speak up and make them understand their rights at workplace.

Several women came up with accounts of the alleged sexual harassment by M J Akbar him while they were working as journalists under him.

He has termed the allegations “false, fabricated and deeply distressing” and said he was taking appropriate legal action against them.

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News Network
June 20,2020

New Delhi, Jun 20: The government-imposed upper and lower limits on airfares may be extended beyond August 24 depending upon how the situation turns out, Aviation Secretary P S Kharola said on Saturday.

The government resumed domestic passenger flights from May 25 after nearly two months of suspension to combat the coronavirus outbreak, but placed lower and upper limits on airfares depending upon the flight duration.

It had said on May 21 that these limits would be in place for a period of three months.

"Depending on how the situation turns out, the fare band may have to adjusted beyond that (August 24) also. But right now, it is only for three months," Kharola said at a press conference here.

International passenger flights continue to remain suspended in the country.

However, the government started Vande Bharat Mission on May 6 to help stranded people reach their destinations through special flights.

Aviation Minister Hardeep Singh Puri said at the conference that during phase 3 and phase 4 of the mission, private domestic airlines have been approved to operate 750 international flights to repatriate people stranded amid the coronavirus pandemic.

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News Network
July 3,2020

New Delhi, Jul 3: In a significant step, ICMR has partnered with Bharat Biotech International Limited (BBIL) to fast-track clinical trials of the indigenous COVID-19 vaccine (BBV152 COVID Vaccine). It is the first indigenous vaccine being developed by India and is one of the top priority projects which is being monitored at the topmost level of the Government, says ICMR in a statement.

The vaccine is derived from a strain of SARS-CoV-z isolated by ICMR-National Institute of Virology, Pune. ICMR and BBIL are jointly working for the preclinical as well as clinical development of this vaccine.

In a letter to the institutes that will be involved in the trails of the vaccine, ICMR has said

"It is envisaged to launch the vaccine for public health use latest by 15th August 2020 after completion of all clinical trials. BBIL is working expeditiously to meet the target. However, final outcome will depend on the cooperation of all clinical trial sites involved in this project. you have been chosen as a clinical trial site of the BBV152 COVID vaccine. ln view of the public health emergency due to COVID-19 pandemic and urgency to launch the vaccine, you are strictly advised to fast track all approvals related to initiation of the clinical trial and ensure that the subject enrollment is initiated no later than 7th July 2020."

The ICMR also asked the institutes to comply with the order, "Kindly note that non-compliance will be viewed very seriously. Therefore, you are advised to treat this project on the highest priority and meet the given timelines without any lapse."

The ICMR has selected 12 institutes, including one from Odisha, for the clinical trial of the country's first indigenous COVID-19 vaccine.

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