People cut down expenditure on basic commodities by 40%: Study

December 1, 2013

ExpenditureNew Delhi, Dec 1: Rising retail inflation has pushed homemakers to cut down their kitchen budgets and reduce consumption of essential commodities, including vegetables, fruits and pulses, by almost 40 per cent in the last three years, says an Assocham study.

High prices have forced households to compromise on nutrient-rich food, it said.

"Nearly 72 per cent of lower-middle class families, covered in the survey, said they have been forced to squeeze their budgets for fruits, vegetables and milk by about 40 per cent because of consistent high retail prices," it said.

The chamber claimed that it has surveyed over 3,000 people, in a period of two months beginning October to November 2013, in National Capital Region, Mumbai, Kolkata, Chennai and Pune.

"The price rise of essential commodities and expenses on other necessities like education, transport and health has stayed higher than the pace at which earnings have increased, thus making life difficult for the poor, lower income and even middle-class families," Assocham Secretary General D S Rawat said.

The survey said that even the good old affordable tomatoes, onion, lady finger and potatoes are becoming unaffordable even for the middle-class families.

Prices of potato, onion and tomatoes are the three most common vegetables used in every household. Prices have shot up because supplies have slowed down due to unseasonal rains at the time of harvesting in key growing states.

The costlier vegetables such as onions had drove retail inflation to 10.09 per cent in October, entering double digits after seven months.

The survey said food price spiral has pinched all the lower and middle-class families across the board.

"More than 62 per cent of salaried families said that they shell out between Rs 4,000 to 6,000 on vegetables and fruits now, while this expenditure was one-fourth of it about three years ago. So, they are now forced to rethink their daily menus," it said.

The chamber asked the government to take immediate steps to control the situation.

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News Network
February 18,2020

New Delhi, Feb 18: India emerged as the world's fifth-largest economy by overtaking the UK and France in 2019, says a report.

A US-based think tank World Population Review in its report said that India is developing into an open-market economy from its previous autarkic policies.

"India's economy is the fifth-largest in the world with a GDP of $2.94 trillion, overtaking the UK and France in 2019 to take the fifth spot," it said.

The size of the UK economy is $2.83 trillion and that of France is $2.71 trillion.

The report further said that in purchasing power parity (PPP) terms, India's GDP (PPP) is $10.51 trillion, exceeding that of Japan and Germany. Due to India's high population, India's GDP per capita is $2,170 (for comparison, the US is $62,794).

India's real GDP growth, however, it said is expected to weaken for the third straight year from 7.5 per cent to 5 per cent.

The report observed that India's economic liberalisation began in the early 1990s and included industrial deregulation, reduced control on foreign trade and investment, and privatisation of state-owned enterprises.

"These measures have helped India accelerate economic growth," it said.

India's service sector is the fast-growing sector in the world accounting for 60 per cent of the economy and 28 per of employment, the report said, adding that manufacturing and agriculture are two other significant sectors of the economy.

The US-based World Population Review is an independent organisation without any political affiliations.

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Agencies
June 19,2020

Srinagar, Jun 19: Suspended Jammu and Kashmir DSP Davinder Singh, arrested while ferrying two Hizb-ul-Mujahideen terrorists in a vehicle on the Srinagar-Jammu Highway earlier this year, was granted bail by a Delhi court on Friday, his lawyer said.

Singh and another accused in the case - Irfan Shafi Mir - were granted the relief by the court in a case filed by special cell of Delhi Police, noting that the probe agency failed to file charge sheet within 90 days from his arrest, as prescribed under law, their lawyer M S Khan said.

The bail was granted on a personal bond of Rs 1 lakh and two sureties of like amount.

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News Network
June 15,2020

New Delhi, Jun 15: With an increase of 11,502 cases in the past 24 hours, the COVID-19 count in India reached 3,32,424 on Monday, according to the Union Health and Family Welfare Ministry.

The spike is marginally lower than the highest-ever spike of 11,929 new cases the country registered a day earlier.

With 325 deaths being reported from across the country, the toll due to COVID-19 has now reached 9,520.

The COVID-19 count includes 1,53,106 active cases while 1,69,798 patients have been cured and discharged or migrated so far.

Maharashtra with 1,07,958 cases continues to be the worst-affected state in the country with 53,030 active cases while 50,978 patients have been cured and discharged in the state so far. 3,950 deaths have been reported due to the infection so far from Maharashtra.

It is followed by Tamil Nadu with 44,661 cases and the national capital with 41,182 confirmed cases.

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