Niti Aayog puts the blame on Raghuram Rajan for economy slowed down

News Network
September 3, 2018

New Delhi, Sept 3: Niti Aayog vice-chairman Rajiv Kumar has raked up a controversy by unhesitatingly blaming the former Reserve Bank of India (RBI) governor Raghuram Rajan for the slowdown in country's economy in the days that followed demonetisation.

Rajan’s policies on non-performing assets (NPAs) led to the slowdown in the economy and not the government's decision to ban 500 and 1000 rupee notes, Kumar said in an interview to a news agency.

"The slowing of growth rate in the post-demonetisation period was not due to the decision to ban notes, but because there was a declining trend in the economy. Starting from last quarter of 2015-16, the growth rate had come down for six successive quarters," he said.

Elaborating further on the causes for this decline, Rajiv Kumar lay the blame squarely on Rajan, suggesting that his stressed account policies led to a surge in NPAs in the banking sector.

He said the NPAs rose to Rs 10.5 lakh crore by mid-2017 from Rs 4 lakh crore when the present government took office due to Rajan's revised mechanism of identifying NPAs and thereby banks stopped giving credit to the industry, thus slowing down the economy. 

"The growth of credit came down to 1 or 2 per cent or even negative in some quarters," Kumar said, while adding that the government is compensating for this by ramping up expenditure.

Notably, India's gross domestic product (GDP) growth rate came at 6.1 per cent in the fourth quarter of the fiscal year 2016-17 -- the three month-period that followed the note ban. In the following quarter (Q1 of fiscal year 2017-18), the growth rate slumped to a three-year low of 5.7 per cent.

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News Network
June 5,2020

New Delhi, Jun 5: India registered its highest spike in COVID-19 cases with 9,851 more cases and 273 deaths reported in the last 24 hours. The total number of cases in India reached 2,26,770 including 1,10,960 active cases, said the Union Ministry of Health and Family Welfare.

The Ministry informed that 1,09,462 persons have been cured/discharged/migrated while 6,348 people have succumbed to the disease so far.

Maharashtra has so far reported 77,793 cases, more than any other state in the country, while the total number of active cases in the state stands at 41,402.

In Tamil Nadu, 27,256 cases have been detected so far while Delhi has reported 25,004 coronavirus cases.

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Agencies
January 11,2020

New Delhi, Jan 11: The Supreme Court is scheduled to hear the curative petition of two death row convicts in 2012 Nirbhaya gang-rape case on January 14.

A five-judge Bench of Justices N V Ramana, Arun Mishra, R F Nariman, R Banumathi and Ashok Bhushan will hear the petition filed by Vinay Sharma and Mukesh.

The duo had moved a curative petition in the top court after a Delhi court issued a death warrant in their name and announced January 22 as the date of their execution.

Besides them, two other convicts named Pawan and Akshay are also slated to be executed on the same day at 7 am in Delhi's Tihar Jail premises.

They were convicted and sentenced to death for raping a 23-year-old woman on a moving bus in the national capital on the night of December 16, 2012.

The victim, who was later given the name Nirbhaya, died at a hospital in Singapore where she had been airlifted for medical treatment.

A curative petition is the last judicial resort available for redressal of grievances. It is decided by the judges in-chamber.

If it is rejected, they are legally bound to move a mercy petition. It is filed before the President who has the power to commute it to life imprisonment.

The court after issuing a black warrant in their name gave them two weeks' time to file both the curative and mercy petition.

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News Network
July 1,2020

Patna, July 1: A wedding ceremony in rural Patna a fortnight ago where the groom was running high fever, two days before he died and his body cremated without being tested for COVID 19, appears to have set off the biggest infection chain in Bihar so far, health department officials said on Tuesday.

More than 111 people have tested positive in Paliganj sub-division of Patna district, about 55 km from the state capital, in the last few days, out of over 350 who have been tested upon contact tracing, they said. Fifteen of his relatives who attended the wedding tested positive for the contagion and apparently infected others.

The officials, who requested anonymity, said the groom was a software engineer based in Gurugram and had returned home for his marriage in the last week of May. A few days after the ''tilak'' ceremony, he started showing symptoms of the disease.

On June 15, the date of wedding, he was running high fever and wanted the ceremony to be deferred, but relented upon the insistence of family members who made him swallow paracetamol tablets and go through the rituals.
On June 17, his condition deteriorated significantly and family members made a dash to AIIMS, Patna, but he died on the way.

The body was cremated in a huff, without the authorities being informed. But somebody telephoned the district magistrate and narrated the whole episode. All close relatives of the deceased, who attended the ceremony, were tested on June 19. Of them 15 tested positive, the officials said.

As a measure to contain the spread of the disease, a special camp was set up at the village where the marriage took place on June 24-26 during which samples of 364 people were collected. Of them, 86 tested positive, the officials added.

The sudden explosion of the dreaded coronavirus has triggered panic in the area. Although most who tested positive were asymptomatic, they have been admitted to isolation centres in Bihta and Phulwarisharif.

Block Development Officer Chiranjeev Pandey said Meetha Kuan, Khagari Mohalla and parts of Paliganj Bazaar have been sealed for thorough sanitisation.

Patna district happens to be the worst-affected in Bihar with 699 confirmed cases till date and five casualties, according to figures provided by the administration. The number of active cases is 372.

On Monday, when the state witnessed its biggest single day spike with 394 cases, Patna district accounted for more than 20 per cent of these. About eighty cases were reported from Paliganj alone.

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