To protest is our democratic right, but keep emotions under control: Shahi Imam

Bengaluru, Mar 8: The economic slowdown in the country had a cascading effect on Karnataka, as its growth rate for outgoing fiscal 2019-20 is projected to be 6.8 per cent against 7.8 per cent in the last fiscal (2018-19), a senior official said on Saturday.

"The Gross State Domestic Product (GSDP) is estimated to be 1 per cent less at 6.8 per cent for this fiscal from 7.8 per cent in the last fiscal due to slowdown in manufacturing (industry) and services sectors," an official of the state finance department told media.

Though the agriculture sector has revived from 1.6 per dent in the drought-hit last fiscal (2018-19) to register 3.9 per cent this fiscal, growth rates of industries and services will be 4.8 per cent and 7.9 per cent for 2019-20 against 5.6 per cent and 9.8 per cent respectively in 2018-19.

"The GSDP is projected to grow at 6.3 per cent in the ensuing fiscal of 2020-21 due to continued slowdown in the national economy," the official hinted.

According to the state's economic survey for 2019-20, the farm sector grew more than double to 3.9 per cent from 1.6 per cent a year ago due to increase in the production of foodgrains, dairy products and fish catch.

Foodgrain production across the state rose to 136 lakh tonnes from 128 lakh tonnes a year ago, the survey revealed.

"In line with the national Gross Domestic Product (GDP) growth rate decline, Karnataka's GSDP has declined from a high of 13.3 per cent in 2016-17 to a low of 6.8 per cent in 2019-20.

"The GSDP has declined from a double-digit growth of 10.8 per cent in 2017-18 to 7.8 per cent in 2018-19 and 6.8 per cent in 2019-20," the survey pointed out.

The survey has adopted the all-India growth rate for the services sector growth in the state, which reflects the impact of slowdown in the key sector.

At current prices, the southern state's GSDP is expected to be Rs 16,99,115 crore (budget estimates) with a 10 per cent growth rate in the next fiscal (2020-21).

"Real estate, professional services and ownership of dwellings contributed 35.31 per cent to the GSDP in 2019-20, followed by manufacturing with 15.32 per cent, trade and repair services 9.51 per cent and crops 7.44 per cent," said the survey findings.

Per capital income in the state at current prices is estimated to be Rs 2,31,246 in 2019-20, an increase of 8.8 per cent from Rs 2,12,477 in 2018-19.

"The per capita income in the state is 58.4 per cent more than that of all-India rate at Rs 1,35,050 in this fiscal," the survey added.

Bengaluru, Jan 14: Assuring depositors that their money was "100 per cent safe" with the bank, Sri Guru Raghavendra Sahakara Bank Chairman K Ramakrishna in Bengaluru on Monday said 62 loans had locked up Rs 300 crore of deposit.

"Your money is 100 per cent safe with Sri Guru Raghavendra Sahakara Bank. It's my responsibility," Ramakrishna said at Sri Guru Narasimha Kalyanamandira auditorium, to assure depositors.

He was addressing angry customers of the bank at a public hearing. Due to the 62 dud loans, the Reserve Bank of India (RBI) had restricted the lender from executing business, Ramakrishna said amid shouting by depositors. The RBI has limited withdrawals by depositors to Rs 35,000.

"The bank is saying I can't withdraw more than Rs 35,000. In case of our fixed deposit maturing, we will have to renew it as we can't encash it, " said Nagaraj M, 49, who has been dealing with the bank for the past six years.

To assuage customers, the call to an assistant commissioner of police by Bengaluru South MP Tejaswi Surya -- not present -- was relayed on loudspeaker live and the MP claimed that he had spoken to Finance Minister Nirmala Sitharaman to help the customers.

Ramakrishna said he would meet customers again on January 19 with all the details and numbers. Dramatic scenes and pandemonium ruled the auditorium before his arrival. Thousands of bank customers threatened to go en masse to the police station and file a case against Ramakrishna.

As he addressed the gathering in Kannada, hundreds of depositors shouted back at him seeking clarifications. At the auditorium, thousands of depositors earlier demanded the bank chairman's presence to clarify the matter.

The lender had invited depositors to the auditorium at 6 p.m. to update them on the bank's status, following a RBI directive restricting the bank from doing business with immediate effect.

"We want the bank's directors here," shouted a depositor from the stage. A handful of policemen were trying to control the crowd and bring order to the assembly. Many elderly and retired persons had arrived to know the fate of their savings. Several women were also present at the meeting.

"It was a good bank with only 0.5 per cent NPAs. Now we can't trust any bank. See what happened with the PMC Bank," said another customer.

Shankar Sharma, 38, an employee of a private company, said majority of depositors were senior citizens and retirees. "I don't have an account with the bank, but my mother, uncle, aunt have deposited money in it. I came for them, " said Sharma. He said many of the bank's 35,000 clientele deposited more than Rs 5 lakh, which had total deposits of Rs 1,600 crore. The bank started operations in 1999.

Ramakrishna was escorted away to safety by the police after his speech even as the depositors were screaming and agitating for justice.

New Delhi, Jun 18: Prime Minister Narendra Modi on Thursday launched the auction process for 41 coal blocks for commercial mining, a move that opens India’s coal sector for private players, and termed it a major step in the direction of India achieving self-reliance.

Launching the auction of mines for commercial mining, that is expected to garner ₹33,000 crore of capital investment in the country over next five to seven years, the Prime Minister said India will win the coronavirus war and turn this crisis into an opportunity, and the pandemic will make India self-reliant.

The launch of the auction process not only marks the beginning of unlocking of the country’s coal sector from the lockdown of decades , but aims at making India the largest exporter of coal, the Prime Minister said.

Presently, despite being the world’s fourth largest producer, he said India is the second largest importer of the dry-fuel.

“Allowing private sector in commercial coal mining is unlocking resources of a nation with the world’s fourth-largest reserves,” he pointed out.

Major scams had taken place in coal action earlier, but the system has been made “transparent” now, the Prime Minister said lambasting past policies of keeping the sector closed.

Mr. Modi said that this auction process will result in major revenues to states and create employment besides developing the far-flung areas.

The commencement of auction process of these blocks, part of the series of announcements made under ‘Atmanirbhar Bharat Abhiyan’, is likely to contribute ₹20,000 crore revenues annually to the state governments.

In line with the Prime Minister’s self-reliance call, the aim behind the auction process is to achieve self-sufficiency in meeting energy needs and boosting industrial development.

The government has taken an important decision to open up coal and mining sector to competition, capital and technology, he said.

Coal and Mines Minister Pralhad Joshi, who was also be present during the launch event, said ₹50,000 crore is being invested in the sector to jack up India’s coal output to 1 billion tonne.

With a view to achieve self-reliance in the coal sector, the Ministry of Coal in association with FICCI launched the process of auction of 41 coal mines under the provisions of Coal Mines (Special Provisions) Act and Mines and Minerals (Development and Regulation) Act.

Upon attainment of peak rated capacity of production of 225 million tonnes (MT), the government said, these mines will contribute about 15% of the country’s projected total coal production in 2025-26.

It will also lead to employment generation for more than 2.8 lakh people — direct employment to approximately 70,000 people and indirect employment to approximately 2,10,000 people, as per the government.