Investigators find Rs 30 million in wreckage of crashed Pakistan aircraft

New Delhi, Jan 20: Surging inflation and slowing growth are raising serious concerns about the future growth prospects of the economy and as a remedial measure the government should resolve supply-side hurdles and ensure more stringent governance norms, a report said on Monday.

According to the Dun and Bradstreet Economy forecast, even though the Index of Industrial Production (IIP) turned positive in November 2019, it is likely to remain subdued.

"Slowdown in consumption and investment along with high inflationary pressures, geopolitical issues and uncertainty over the recovery of the economic growth are likely to keep IIP subdued," the report noted.

Dun and Bradstreet expect IIP to remain around 1.5-2.0 percent during December 2019.

As per government data, industrial output grew 1.8 percent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.

On the price front, uneven rainfall along with floods in many states and geopolitical issues have led to a surge in headline inflation even as demand remains muted.

The Consumer Price Index (CPI) in December rose to about five-and-half year high of 7.35 percent from 5.54 percent in November, mainly driven by high vegetable prices.

"The sharp rise in inflation has constrained monetary policy stimulus while revenue shortfall has placed limits on the government expenditure," Dun & Bradstreet India Chief Economist Arun Singh said.

According to Singh, growth-supporting measures and deceleration in growth are likely to cause slippage in fiscal deficit target by a wider margin.

"The government should focus on taking small steps to address the slowdown; in particular, resolve the supply-side hurdles and ensure more stringent governance norms," Singh said.

Unless these concerns are addressed through a comprehensive policy framework, it will not be easy for India to clock a sustainable growth rate to become a USD 5 trillion economy, he added.

The President of United States Donald Trump has said that countries like India and China would have much more coronavirus cases than America if they conduct more tests.

“I say to my people every time we test; you find cases because we do more testing. If we have more cases, if we wanted to do testing in China or in India or other places, I promise you there would be more cases you are doing a fantastic job in getting out the swabs,” the US president said on Friday.

Trump said that the US has carried out 20 million tests while compared to America, Germany is at four million and much talked about South Korea is about three million tests. He made the remarks at Puritan Medical Products in Maine, according to Johns Hopkins Coronavirus Resource Center.

The US has reported nearly 1.9 million cases and over 1,09,000 deaths while the total number of coronavirus cases in India and China stand at 2,36,184 and 84,177 respectively, according to Johns Hopkins Coronavirus Resource Center data.

India has so far conducted over 4 million COVID-19 tests, according to the health ministry.

Trump said, “we will be well over 20 million tests. Remember this, when you test more, you have more cases.”

“Puritan is one of the only manufacturers in the world producing high-quality medical swabs that are crucial for rapid testing. And every swab you make at Puritan is proudly stamped with the beautiful phrase made in the USA,” Trump said.

“Thanks to the testing capacity that you are making possible, our country is reopening and our economy is recovering like nobody would’ve thought possible,” he added.

Trump also spoke about the huge unemployment problem the country is currently facing. He said that the economy is now back on track, referring to the latest monthly employment numbers,.

“We absolutely shattered expectations, and this is the largest monthly jobs increase in American history, think of that; that’s a long time,” Trump said

“I think it’s more than double or about double of what our highest was before so this is the largest monthly job increase in American history. And we’re going to have a phenomenal next year. We’re going to have a tremendous couple of months prior to the election on November 3 very, very important date,” the president said.

Keeping an eye on the November 3 presidential elections, Trump is seeking re-election for his second consecutive term. He is pitted against Democratic presidential nominee Joe Biden who in opinion polls is surging several points of Trump.

“It’s going to be a very important election because the only thing that can screw it up is if you get the wrong president and they raise your taxes, and they open up your borders so that everybody pours into our country,” Trump said.

Trump also vowed to bring the American economy back on track, which has been badly hit by the coronavirus pandemic. He reiterated that his administration has built a strong economy in the last three years.

Describing the fight against coronavirus as the greatest national and industrial mobilisation since the World War II, Trump said that his administration has marshaled the full power of the US government and US industry to defeat the invisible enemy.

“It is indeed an enemy. It came from China, should have been stopped in China. They didn’t do that,” he alleged.

The administration, he said, has delivered over 1.5 billion pieces of personal protective equipment to doctors and nurses on the front lines. We slashed the red tape to speed up the development of vaccines.

“And vaccines are coming along incredibly well, wait till you see, and therapeutics. And we partnered at private sector leaders such as Puritan to build the largest and most advanced testing capacity on the face of the earth, like this one,” the US president said.

The Puritan factory in Maine, he said, quickly ramped up the production to produce nearly 20 million foam-tipped swabs each month.

“Then in April, my administration invoked the Defence Production Act to help you scale up even more. Under a USD 75 million public-private partnership, Puritan will soon double production to 40 million swabs per month,” Trump added.

Indore, Feb 3: Senior Congress leader Digvijaya Singh on Sunday attacked the Centre for conferring the Padma Shri on Pakistan-origin singer Adnan Sami, who became an Indian citizen in 2016.

Addressing "Save the Constitution, Save the Country" rally here in Madhya Pradesh, Singh said Sami's father had "pounded India with bombs" when he was serving with the Pakistani Air Force (PAF).

"Since Sami is an artist who has come from Pakistan, I had recommended his case to the Indian government for citizenship. He has got Indian citizenship under the Modi government," the Congress leader said, adding that he never made any recommendation to the government for conferring Padma Shri on Sami.

He said Sami's father had "dropped bombs against us" while flying a Pakistan Air Force combat plane.

"In contrast, Indian Army officer Sanaullah of Assam, who had fought against the enemy, was sent to a detention camp for failing to show documents (during the Assam NRC exercise). This is the citizenship law of the Modi government," he said.

Sami, born in London to a Pakistani Air force veteran, applied for Indian citizenship in 2015 and became a citizen of the country in January 2016.

He was one of the 118 people chosen for the Padma Shri awards by the Centre last month.