‘The more you try to divide us, the stronger and united we’ll be’: Record turnout in Mangaluru’s anti-NRC protest

New Delhi, Feb 29: India’s economy expanded at its slowest pace in more than six years in the last three months of 2019, with analysts predicting further deceleration as the global Covid 19 coronavirus outbreak stifles growth in Asia’s third-largest economy.

The gross domestic product (GDP) data released yesterday showed government spending, private investment and exports slowing down, while there is a slight upturn in consumer spending and improvement in rural demand lent support.

The quarterly figure of 4.7% growth matched the consensus in a Reuters poll of analysts but was below a revised - and greatly increased - 5.1% rate for the previous quarter.

The central bank has warned that downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still unfolding.

Prime minister Narendra Modi’s government has taken several steps to bolster economic growth, including a privatisation push and increased state spending, after cutting corporate tax rates last September.

In its annual budget presented this month, the government estimated that annual economic growth in the financial year to March 31 would be 5%, its lowest for last 11 years.

Modi’s government is targeting a slight recovery in growth to 6% for 2020/21, still far below the level needed to generate jobs for millions of young Indians entering the labour market each month.

The annual GDP figure for the September quarter was ramped up from an earlier estimate of 4.5%, while the April-June reading was similarly lifted to 5.6% from 5%, data released by the Ministry of Statistics showed on Friday.

Capital Investment Drop

In the December quarter, private investment grew 5.9%, up from 5.6% in the previous quarter, while government spending rose by 11.8%, against 13.2% in the previous three months.

However, corporate capital investment contracted by 5.2% after a 4.1% decline in the previous quarter, indicating that interest rate cuts by the central bank have failed to encourage new investment. Manufacturing, meanwhile, contracted by 0.2%.

“It appears growth slowdown is not just cyclical but more entrenched with consumption secularly joining the slowdown bandwagon even as the investment story continues to languish,” said Madhavi Arora of Edelweiss Securities in Mumbai.

Many economists said that the government stimulus could take four to six quarters of time before lifting the economy and the impact of those efforts could be outweighed by the global fallout from the coronavirus epidemic that began in China.

“The coronavirus remains the critical risk as India depends on China for both demand and supply of inputs,” said Abheek Barua, chief economist at HDFC Bank.

Indian shares sank on Friday for a sixth session running, capping their worst week in more than a decade. The NSE Nifty 50 index shed 7.3% over the week, while the Sensex dropped 6.8%, the worst weekly declines since the 2008-09 financial crisis.

Separately, India’s infrastructure output rose 2.2% year on year in January, data showed on Friday.

A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the RBI hold off from further cuts to interest rates for now, while keeping its monetary stance accommodative.

Bengaluru, Jul 15: Karnataka Congress Chief D K Shivakumar on Wednesday urged the Ministers in the state to visit Covid-19 designated hospitals and instil confidence among patients, doctors and medical staff there.

Noting that doctors, nurses and others were doing a great job, Shivakumar said the government has to stand with them and instil confidence in them. Speaking to reporters after visiting Victoria hospital, a major dedicated Covid hospital in the city, he said, "All the Ministers have to go to hospitals and instil confidence in the staff, patients.... they have to remove fear and tell them we will have to live with this (virus), and cannot escape from it."

Shivakumar said he believes that by instilling confidence most part of the diseases can be cured. He lauded doctors, paramedical and other staff working at the Hospital for the sake of patients, putting their own life at risk and appreciated facilities provided there.

During the visit, the state Congress President interacted with patients undergoing treatment for Covid-19, also medical staff and doctors. He said at Victoria hospital patients were allowed to use mobile phones, so that they can speak to family members, which has to an extent instilled confidence among them, and the same has to be replicated across the state.

Not wishing to comment on complaints about the quality of facility and PPE kits provided at the hospital, also alleged misappropriation on part of the government in the purchase of equipment for Covid treatment, Shivakumar said, "....let's see that at Vidhana Soudha (seat of state's legislature)." He said, "this is not the time to talk about corruption and other things, this is not the time for it....instilling confidence among patients, doctors and paramedical staff is important now."

Mangaluru, May 7: The Dakshina Kannada District Muslim Okkoota has strongly condemned permit for opening of textile and footwear shops across the district at a time when the number of Covid-19 positive cases are on the rise.

In a press note here on Thursday, former Mayor and Okoota President Ashraf alleged that the permission to open the shops at a time when Eid-ul-Fitr was nearing would lead to rush in the shops in turn bringing in fear of spread of Covid-19. 

He expressed his resentment over the fact that the administration has neglected the appeal made by the Okkoota as well as the Qazi of Udupi against permitting textile shops during the lockdown period.

He warned that the administration, district in-charge Minister, MLA and MP themselves will be responsible in case of increased infection cases due to this decision.

The district in-charge minister Kota Srinivas Poojary yesterday had announced that textile shops in the district can be opened from May 7.