Opposition slams government on price rise

July 9, 2014

Arun JaitleyNew Delhi, Jul 9: Government on Wednesday came under scathing attack from the opposition on the issue of price rise with members taking a dig at BJP, wondering where the “achche din” (good days), promised by Prime Minister Narendra Modi, have gone.

In a discussion on price rise, they expressed concern over rising prices of essential commodities and asked the government to act against hoarders to contain inflation.

Initiating a discussion in Lok Sabha, Congress leader Amarinder Singh also demanded a complete ban on onion export to control its soaring prices.

The discussion under a rule that does not entail voting was taken up after Speaker Sumitra Mahajan rejected the opposition notices on an adjournment motion on the issue and said she was ready to have a general discussion.

He asked “where is the achche din” promised by BJP during election campaign and slammed Finance Minister Arun Jaitley’s statement that food prices are under control and there is no need to panic.

Mr. Singh said the farmers who produce vegetables including potatoes, onion and tomatoes were selling their produce at low price and hoarders and middlemen were responsible for shooting up of prices such essential commodities.

“There has been a 250 per cent increase in the prices of onion, tomatoes and potatoes. Have you taken any step against middlemen? ...Tackle hoarding to control prices in the short run. I hope the government will take action against hoarders,” he said.

BJP hit back, with its member Anurag Thakur saying the price rise being witnessed currently was a result of policies of the previous Congress-led government.

He said prices of essential commodities were being kept under check by Narendra Modi government in total contrast to Manmohan Singh government when prices of food items rose manifold.

The CPI(M) member P. Karunakaran, interestingly, criticised Congress for raising the issue of price rise, saying its government did not take any “concrete” action to control inflation during its 10-year rule.

“Why did not you take steps in 10 years. You were not ready to take any concrete step to control price rise. You were not ready to listen,” he told Congress members who were attacking the Narendra Modi government over the issue.

The MP from Kerala reminded the government that it had come to power raising the issue of price rise and said Modi should show sincerity in fulfilling election promises and look after the interests of the poor.

He referred to 6.5 per cent recent hike in freight rates, saying such steps have a cascading effect and finally lead to increase in the prices of essential commodities.

“I want to know whether you have political will to reduce excise duty, reduce VAT and change tax structure as promised during the last Lok Sabha elections,” he said, a day ahead of the presentation of the General Budget.

Drawing attention towards the rising prices of onion, Amarinder Singh, Congress Deputy Leader in the Lok Sabha, said government was still exporting the vegetable and demanded its complete ban.

The former Punjab Chief Minister said the prices have been going up since the Modi government took over.

Citing the continuous rise in prices of petrol and diesel, Singh said this was also one of the main reasons for the rising prices of food articles.

”...Anything that is transported...the prices will automatically go up...What about the promises you have made to the people (during election campaign),” he asked.

He said that it was not only vegetables, prices of wheat and rice were also going up.

Amarinder Singh said the government should come up with a price support mechanism for the benefit of farming community.

He termed as “ridiculous” Finance Minister Arun Jaitley’s recent statement that there is no need to panic, contending that all sections including daily wage earners, salaried class and 400 million people living Below Poverty Line were worried over price rise.

Mr. Singh also expressed concern over reports of NDA government planning to do away with pro-poor measures brought by the previous UPA government including MNREGA and Food Security Act.

Mr. Thakur said Congress should not talk about price rise as it did nothing to control inflation during the 10 years when it was in power.

“When they (Congress) talk about price, it is a self-goal. It is really painful to hear you talking on price rise. If someone is responsible for price rise, it is you (Congress),” the BJP leader said.

“What did we get as a legacy of the UPA government? We got empty coffers,” he said.

Thakur said during the 10 years rule of UPA, Parliament had discussed the issue of price rise 17 times, while during the six years rule of Atal Bihar Vajpayee led NDA, there was just one discussion on price rise.

“Despite having an economist Prime Minister, you could not change the economic situation of the country. You have changed the Finance Minister several times, but you could not change the economy,” he said.

Apparently taking a dig at Amarinder Singh without taking his name, Mr. Thakur said it was heartening to hear “maharajas” talk about “daal, roti”. Mr. Singh is the erstwhile maharaja of Patiala in Punjab.

This invited strong protest by Leader of Congress Mallikarjun Kharge, who said Mr. Thakur was making personal attack on Singh while he should be talking on policies.

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News Network
February 29,2020

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.

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News Network
June 18,2020

New Delhi, Jun 18: With the highest single-day increase of 12,881 COVID-19 cases reported in the last 24 hours, India's coronavirus count has reached 3,66,946 on Thursday.

This includes 1,60,384 active cases and 1,94,325 cured, discharged and migrated patients, according to the Union Health and Family Welfare Ministry.

Meanwhile, with 334 deaths being reported due to the infection, the toll due to the virus stands at 12,237 in the country.

There is a big increase in the number of confirmed cases in the country today as compared to the recent days when the spike had been limited to under 11,000 cases.

Maharashtra with 1,16,752 cases continues to be the worst-affected state in the country with 51,935 active cases while 59,166 patients have been cured and discharged in the state so far. The toll due to COVID-19 stands at 5,651 in the state.

The number of confirmed cases in Tamil Nadu also crossed the 50 thousand mark on Thursday and reached 50,193. The national capital is the third-worst affected by the infection in the country with the count reaching 47,102 today.

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August 8,2020

Kozhikode, Aug 8: A tailwind or crosswind could be the reason for the Air India Express flight mishap at Kozhikode international airport in Kerala, according to some aviation experts. 

Team of DGCA and AIE already reached the spot. With the death of the captain and co-pilot in the mishap, the investigation would be focusing mainly on the voice recorders and other technical aspects.

It is learnt that the ill-fated aircraft, IX 1344 with 190 onboard including crew, was initially planning to land on runway-28 of the airport. But later the pilot opted runway-10 which is toward the other direction. Pilots would be taking the decisions on the basis of inputs from ATC.

The questions now doing the rounds are what made the pilot opt runway-10 and whether the tabletop runway lacked adequate safety parameters.

An aviation expert, who didn't want to be quoted, said that Capt Deepak Sathe, who was commandeering the aircraft, was a well-experienced pilot and was also familiar with the terrains. Hence the chances of any error from his part was very unlikely. Hence a fair in-depth probe was required to find the exact cause.

Though the Kozhikode airport has an Instrument Landing System, it was of category-I for which pilot's visibility is very crucial toward a touchdown. Since it is a tabletop airport and rough weather prevailing in the region, the chances of tailwind was also high, said sources.

There had been safety concerns about the airport over quite some time. In 2011 aviation safety consultant captain Mohan Ranganathan reportedly gave a report citing the safety issues, especially the buffer zones at the end of the runway.

However, an AAI officer said that rectification steps were already done by last year by widening the Runway End Safety Area (RESA) from 90 metre to 240 metre. However, the length of the runway had to be reduced to 2,700 metre from 2,850. The AAI was also constantly pressing for increasing the runway length to 3,150 metres. But that was getting delayed due to land acquisition issues pending with the state government.

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