Modi can't repeal Article 370 even if he becomes PM for 10 terms: Farooq Abdullah

The World Bank says that a lack of credit and drop in private consumption have led to a gloomy growth outlook for India with a steep cut in growth rate for the current fiscal year and only a modest gain projected for the next year.

India's growth rate is forecast to be only 5 per cent for the current fiscal year, weighed down by a growth of only 4.5 per cent in the July-September quarter, according to the 2020 Global Economic Prospects report released on Wednesday.

"In India, [economic] activity was constrained by insufficient credit availability, as well as by subdued private consumption," the Bank said.

The growth rate is forecast by the Bank to pick up to 5.8 per cent in the next fiscal year and to 6.1 per cent in 2021-22.

India's growth rate was 6.8 per cent in 2018-19.

The 5 per cent growth rate projection for the current financial year is a sharp cut of 2.5 per cent from the 7.5 per cent forecast made by the Bank in January last year, toppling it from the rank of the world's fastest growing economy.

India's performance follows a global trend of lowered growth weighed down by developed economies.

The report estimated world economic growth rate to be only 2.4 per cent last year and forecast it to edge up 0.1 per cent to 2.5 per cent in the current year.

Even with the lower growth rate of 5 per cent in the current fiscal year and 5.8 per cent forecast for the next, India holds the second rank among large economies, behind only China with an estimated growth rate of 6.1 per cent for 2019 and 5.9 per cent this year.

The report blamed "weak confidence, liquidity issues in the financial sector" and "weakness in credit from non-bank financial companies" for India's slowdown.

The Bank predicated India's recovery to 5.8 per cent in the coming financial year for India but "on the monetary policy stance remaining accommodative" and the assumption that "the stimulative fiscal and structural measures already taken will begin to pay off."

It also warned that sharper-than-expected slowdown in major external markets such as United States and Europe, would affect South Asia through trade, financial, and confidence channels, especially for countries with strong trade links to these economies."

The Bank said that the growth of advanced economies was 1.6 per cent last year and "is anticipated to slip to 1.4 per cent in 2020 in part due to continued softness in manufacturing."

In contrast the growth of emerging market and developing countries is expected to accelerate from 3.5 per cent last year to 4.1 per cent this year, the report said.

In South Asia, Bangladesh is estimated to have the highest growth rate of 7.2 per cent in the current fiscal year, although down from 8.1 per cent last fiscal year.

But its higher regional growth rates are coming off a lower base with a per capital gross domestic product of $1,698 compared to $2,010 for India.

Bangladesh is expected to grow by 7.3 per cent in the next financial year.

Pakistan's growth rate is estimated at only 2.4 per cent in the current fiscal year and is projected to rise to 3 per cent in the next, according to the Bank.

The Bank blamed monetary tightening in Pakistan for a sharp deceleration in fixed investment and a considerable softening in private consumption for the fall in growth rate from 3.3 per cent in the 2018-19 fiscal year.

Sri Lanka's growth rate was estimated to be 2.7 per cent last year and forecast to grow to 3.3 per cent this year.

Nepal grew by an estimated 6.4 per cent in the current fiscal year and will rise to 6.5 per cent in the next.

New Delhi, April 2: The Defence Research and Development Organisation (DRDO) has developed a bio suit to keep the medical, paramedical and other personnel engaged in combating COVID-19 safe from the deadly virus.

"Scientists at various DRDO laboratories have applied their technical know-how and expertise in textile, coating and nanotechnology to develop the Personal Protective Equipment (PPE) having specific type of fabric with coating," read a statement.

The suit has been prepared with the help of the industry and subjected to rigorous testing for textile parameters as well as protection against synthetic blood. The protection against synthetic blood exceeds the criteria defined for body suits by the Ministry of Health and Family Welfare.

"DRDO is making all efforts to ensure that these suits are produced in large numbers and serve as robust line of defence for the medics, paramedics and other personnel in the front line combating COVID-19," the statement said.

The industry is geared up for production of the suit in large quantities. Kusumgarh Industries is producing the raw material and coating material, with the complete suit being manufactured with the help of another vendor. The current production capacity is 7,000 suits per day.

Another vendor is being brought in with the experience in garment technology and efforts are on to ramp up the capacity to 15,000 suits per day.

The bio suit production in the country by DRDO industry partners and other industries are being hampered due to non-availability of seam sealing tapes, the statement said.

"The DRDO has prepared a special sealant as an alternative to seam sealing tape based on the sealant used in submarine applications.

Presently, bio suits prepared using this glue for seam sealing by an industry partner has cleared test at Southern India Textile Research Association (SITRA) Coimbatore," it said.

"This can be a game changer for the textile industry. The DRDO can mass produce this glue through industry to support the seam sealing activity by suit manufacturers," the statement added.

New Delhi, May 17: The HRD Ministry on Saturday postponed announcement of the exam schedule for pending class 10 and 12 board exams, saying the CBSE is still considering certain technical aspects before finalising the datesheet.

The ministry had earlier announced that it would notify the schedule at 5 pm on Saturday.

"CBSE is taking into consideration some additional technical aspects before finalizing the datesheets of the board exams of classes 10th and 12th, due to which, the datesheets will now be released by Monday i.e. 18-05-2020. Inconvenience caused is sincerely regretted (sic)," Union HRD Minister Ramesh Pokhriyal 'Nishank' tweeted.

The ministry had last week announced that the pending class 10 and 12 CBSE exams, which were postponed due to the COVID-19-induced lockdown, would be conducted from July 1 to 15.

However, the schedule as well as the modalities and guidelines have not been announced yet.

While class 12 exams will be conducted across the country, the class 10 exams are only pending in North East Delhi where they were affected due to the law and order situation.

Universities and schools across the country have been closed and exams postponed since March 16 when the Centre announced a countrywide classroom shutdown as one of the measures to contain the COVID-19 outbreak.

Later, a nationwide lockdown was announced on March 24, which has now been extended till May 17.

The board was not able to conduct class 10 and 12 exams on eight examination days due to the coronavirus outbreak.

Further, due to the law and order situation in North East Delhi, the board was not able to conduct exams on four examination days, while a very small number of students from and around this district were not able to appear in exams on six days.

The board had last month announced that it will only conduct pending exams in 29 subjects which are crucial for promotion and admission to higher educational institutions.

The modalities of assessment for the subjects for which exams are not being conducted will be announced soon by the board.

The schedule has been decided in order to ensure that the board exams are completed before competitive examinations such as engineering entrance JEE-Mains, which is scheduled from July 18-23, and medical entrance exam NEET, which is scheduled on July 26.

The University Grants Commission (UGC) has issued guidelines to universities that the new academic session for freshers will begin from September while for the existing students from August.