NRC would impact all religions, won't allow it, says Uddhav Thackeray

New Delhi, Feb 29: Former RBI governor Raghuram Rajan has said slowdown in growth is due to the current government focussing more on meeting its political and social agenda rather than paying attention to the economy.

India can still reverse its slowing economic growth by paying attention to key issues, he said. "It's a sad story, I think most recently, it is politics," Rajan said in response to a question on what was stopping India's growth which remains below potential.

In an interview to Bloomberg TV, Rajan said unfortunately the current government after a massive election win has "focussed more on fulfilling its political and social agenda rather than paying attention to the economic growth".

"Unfortunately, this drift has continued a pace of slowing growth, which was precipitated initially by some actions the government took such as the demonetisation and a poorly rolled out Goods and Services Tax (GST) reform," Rajan said.

India's GDP growth hit nearly 7-year low of 4.7 per cent in the December quarter, as per official data released on Friday.

The GDP growth for the quarter is the lowest since January-March of 2012-13.

In the interview, which was telecast before the official numbers were released, Rajan said India has not paid sufficient attention to cleaning up the financial sector and unfortunately, that is leading to the slowing growth.

"These are things that they can change if attention is paid to them and appropriate actions are taken," Rajan, Professor of Finance at University of Chicago Booth School of Business, said.

On being asked about the spread of the coronavirus globally and its impact, he said there will certainly be some legacy issues in terms of business rethinking in the global supply chain.

"If it is disrupted anywhere, the entire supply chain is held ransom and companies are going to start rethinking that should we actually have these really spread out global supply chain or to bring them back closer home and how much diversification should we have. Should we have multiple production sites across the world rather than have it focussed primarily in Asia," he said.

New Delhi, Apr 14: Prime Minister Narendra Modi has announced the extension of a nationwide lockdown till May 3 to contain the spread of Covid-19 as the number of novel coronavirus cases surged past 10,000-mark on Tuesday. Hinting at partial relief, however, the Prime Minister said there could be some relaxations after April 20 in places where there is no hotspot.

Lockdown 2.0 will come into force from April 14 till May 3, PM Modi said in a televised address to the nation on Tuesday. The 19-day extension of the lockdown till May 3 is an attempt to contain the spread of novel coronavirus which has affected over 10,000 people in India. 

Even before #COVID19 cases touched 100, India made it compulsory for foreign returnees to remain in 14 days isolation. We imposed 21-day lockdown when we had 550 cases: PM Narendra Modi https://t.co/qi8MgG8qPQ

— ANI (@ANI) April 14, 2020
PM Modi said the Centre will closely monitor hotspots in states across India and added that those areas where there are no hotspots will get partial relief. “Till April 20, all districts, localities, states will be closely monitored, as to how strictly they are implementing norms. States where hotspots are contained could be allowed to resume some important activities, but with certain conditions,” the PM said.

The Prime Minister, in his address to India on Tuesday, began by lauding the efforts of Indians in the fight against novel coronavirus. “Covid-19 is spreading fast but India’s fight against coronavirus is going strong. It is because of your efforts that we are able to put up a fight,” the PM said as he thanked people for their co-operation.

PM Modi said, “People have gone through hardships to save India. I know how many difficulties you faced. I respectfully bow to the people of India for their sacrifice.”

The national lockdown first came into force from March 25 when the PM took an unprecedented measure in the fight against Covid-19. The lockdown was scheduled to end today.

STATES PUSHED FOR LOCKDOWN 2.0

The decision to extend the lockdown followed after a broad consensus emerged that the national lockdown should be extended by at least two weeks following a meeting between PM Modi and state chief ministers on Saturday.

It was reportedly after this meet with the Prime Minister that it was decided that the nationwide lockdown will be extended to tackle the spread of Coivid-19. The extension request from states came despite concerns that the shutdown will put millions out of work.

PM has taken correct decision to extend lockdown. Today, India’s position is better than many developed countries because we started lockdown early. If it is stopped now, all gains would be lost. To consolidate, it is imp to extend it

— Arvind Kejriwal (@ArvindKejriwal) April 11, 2020
"If it is stopped now, all gains would be lost. To consolidate, it is imp (important) to extend it," Arvind Kejriwal had written on Twitter after the meeting while he added that PM Modi had "taken (a) correct decision to extend (the) lockdown”.

Several states had, however, pushed for resumption of some economic activities like in the farming sector in areas where no cases of the novel coronavirus have been reported.

ALL THAT HAS HAPPENED TILL NOW

Prime Minister Narendra Modi first addressed an anxious nation on March 19 as the coronavirus pandemic emerged as a serious concern for the country. In his televised address, the PM asked the people to observe ‘Janata Curfew’ for March 22.
The Prime Minister urged Indians to remain indoors as much as possible as he suggested ways to battle the coronavirus pandemic.

On March 24, the Prime Minister came back and announced a 21-day lockdown across the country. In his second address, PM Modi said the step was taken as it was the only way to break the chain of infection. The lockdown was to be in effect till April 14.

PM Modi later asked citizens to make noise at 5 pm to show their appreciation for medics, nurses and sanitation workers. This call was well received as Indians came out to clap, clang metal vessels and ring bells to cheer workers battling the spread of the coronavirus.

Ten days into the lockdown, the Prime Minister addressed the nation again and asked people to light candles, lamps and hold mobile phone torches for nine minutes from 9 pm on April 5 to demonstrate a collective will to fight coronavirus.

As of Tuesday morning, the death toll due to coronavirus has climbed to 339 with over 50 deaths within 24 hours. The number of cases in the country, meanwhile, had crossed the 10,000-mark, according to the Union Health Ministry. Over a thousand have been cured and discharged.

Jan 22: India's ranking in the latest global Democracy Index has dropped 10 places to the 51st spot out of 167 owing to violent protests and threats to civil liberties challenging freedoms across the country.

Prime Minister Narendra Modi's government has been criticized by rights groups and western governments after shutting off the internet and mobile phone networks and detaining opposition politicians in Kashmir.

Modi’s government has also responded harshly to ongoing protests against a controversial, religion-based citizenship law. Muslims have said their neighborhoods have been targeted, while the central government has attempted to ban protests and urged TV news channels not to broadcast “anti-national” content. Some leaders in Modi’s ruling party called for “revenge” against protesters. India’s score in 2019 was its worst ranking since the EIU’s records began in 2006, and has fallen gradually since Modi was elected in 2014.

The Economist Intelligence Unit’s 2019 Democracy Index, which provides an annual comparative analysis of political systems across 165 countries and two territories, said the past year was the bleakest for democracies since the research firm began compiling the list in 2006.

“The 2019 result is even worse than that recorded in 2010, in the wake of the global economic and financial crisis,” the research group said in releasing the report on Wednesday.

The average global score slipped to 5.44 out of a possible 10 -- from 5.48 in 2018 -- driven mainly by “sharp regressions” in Latin America, Sub-Saharan Africa, the Middle East and North Africa. Apart from coup-prone Thailand, which improved its score after holding an election last year, there were also notable declines in Asia after a tumultuous period of protests and new measures restricting freedom across the region’s democracies.

Asia Declines

Hong Kong, meanwhile, fell three places to rank 75th out of 167 as more than seven months of violent and disruptive protests rocked the Asian financial hub. An aggressive police response early in the unrest, when protests were mostly peaceful, led to a “marked decline in confidence in government -- the main factor behind the decline in the territory’s score in our 2019 index,” the group said.

In Singapore, which ranked alongside Hong Kong at 75th, a new “fake news” law led to a deteriorating score on civil liberties.

“The government claims that the law was enacted simply to prevent the dissemination of false news, but it threatens freedom of expression in Singapore, as it can be used to curtail political debate and silence critics of the government,” EIU analysts said.

China’s score fell to just 2.26 in the EIU’s ranking, placing it near the bottom of the list at 153, as discrimination against minorities, repression and surveillance of the population intensified. Still, in China “the majority of the population is unconvinced that democracy would benefit the economy, and support for democratic ideals is absent,” the EIU said.