Rain wreaks havoc in Himachal, Punjab; 8 dead

Agencies
September 24, 2018

New Delhi, Sept 24: Incessant showers triggered flash floods and landslides in the hill states of northern India with at least eight people killed on Monday in rain-related incidents in Jammu and Kashmir, Himachal Pradesh and Haryana.

In the wake of heavy rains, a "red alert" was issued in Punjab where educational institutes have been ordered to remain closed on Tuesday. Schools have also been closed in Doda district of Jammu and Kashmir and in most places of Himachal Pradesh.

Heavy rains led to landslides which blocked the roads to Badrinath, Kedarnath and Yamunotri, affecting the Chardham Yatra, while traffic snarls were witnessed in the national capital due to waterlogging following downpour.

The Punjab government has asked district authorities to maintain vigil to avert any untoward situation due to heavy rains, an official said.

Punjab has been witnessing widespread rain for the last two days and the downpour continued Monday, prompting state authorities to review preparations to tackle flood-like situations.

The Army has been asked to remain on alert to help Punjab deal with any eventuality arising out of the situation, an official spokesperson here said in a release. The DCs have been asked to identify hotspots with clear evacuation and relief plans ready before hand, the spokesperson said.

Incessant rains in Punjab and Haryana could cause damage to kharif crops and dip in their yield, farm experts said.

In Haryana's Ambala, a 45-year-old man died when the roof of his home collapsed due to heavy rains, police said.

Torrential rains triggered flash floods in Himachal Pradesh, sweeping away a man and a girl in Kangra and Kullu districts, respectively. A "high alert" has been sounded for Kullu district.

Several houses were also swept away in flash floods as the Beas is flowing at a dangerous level, HP forest minister Govind Singh Thakur said, cautioning people against going near rivers and nullahs.

An Indian Air Force team had rescued, with the help of a chopper, 21 people stranded due to flash floods at Dobi in Kullu district in the last 48 hours.

BJP MP from Hamirpur Anurag Thakur said, "So far, 126 roads have been affected by landslides triggered by rains and news of the loss of lives are too pouring in from many places."

People residing in low-lying areas, especially in Kangra, Chamba, Kullu and Mandi districts, are being evacuated, officials said.

In Chamba, the Ravi river is still flowing at a dangerous level and people are being evacuated from low-lying areas by the administration since Sunday, superintendent of police Monica Bhutunguru said.

Issuing a flood warning, the Bhakra Beas Management Board (BBMB) said excess water from the Pong Dam would be released due to high-pattern inflows in the Pong reservoir due to heavy rain in catchment areas.

In Uttarakhand, most of the places including state capital Dehradun received showers with around 45 rural roads blocked in these districts, the state emergency operation centre said.

Heavy rains lashed several parts of the national capital, causing waterlogging and traffic snarls on major intersections in the city.

In Jammu and Kashmir, five members of a family, including three minors, were killed on Monday when their house was buried under debris after a landslide in the Doda district, while 29 people stranded in Kathua district after flash floods were rescued.

Doda and other parts of Jammu region have been lashed by incessant rain over the past two days.

"A total of 29 persons, including six women and 10 children, were rescued from various flood-hit areas of Kathua district during overnight operations," a police officer said.

With improvement in weather, authorities Monday morning opened the 270-km Jammu-Srinagar national highway for traffic.

Multiple landslides and shooting stones from a hillock along the highway between Ramban and Udhampur districts had blocked the arterial road since Sunday morning.

According to the Meterological department, heavy to very heavy rain is expected at isolated places in Arunachal Pradesh, Assam, Meghalaya, western Uttar Pradesh, Uttarakhand, Haryana, Chandigarh, Delhi and Himachal Pradesh.

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News Network
June 27,2020

New Delhi, Jun 27: Prime Minister Narendra Modi on Saturday said that India fared much better compared to some other countries in the fight against the COVID-19 pandemic. The PM made this observation while delivering the inaugural address to mark the 90th birth anniversary celebrations of Reverend Dr Joseph Mar Thoma Metropolitan.

"Earlier this year, some people had predicted that the impact of the virus in India would be very severe. Due to lockdown, many initiatives have been taken by the Government and in this people-driven fight, India is much better placed than many other nations. India's recovery rate is rising," Modi said in his virtual address.

He further warned that the time was not apt to "let our guard down".

The prime minister greeted the Mar Thoma Metropolitan and wished him a "long life and best health."

"Dr Joseph Mar Thoma has devoted his life for the betterment of our society and nation. He has been particularly passionate about the removal of poverty and women empowerment," the prime minister said.

Praising the Mar Thoma Church for its contributions to the country the Prime Minister added that it has worked to bring a positive difference in the lives of people in the country in areas of healthcare and education.

"The Mar Thoma Church is closely linked with the noble ideals of Saint Thomas, the Apostle of Lord Christ. India has always been open to spiritual influences from many sources. It is with this spirit of humility that the Mar Thoma Church has worked to bring a positive difference in the lives of our fellow Indians," Modi said.

Followers of the Mar Thoma Church from India and abroad participated in the programme through video conference.

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News Network
July 21,2020

New Delhi, Jul 21: The Enforcement Directorate is understood to have initiated a process to freeze over 60 bank accounts in the country on the request of the Brazilian government in connection with a money laundering case in that country, offiicials said on Monday.

They said the agency has undertaken the action under the provision of the Prevention of Money Laundering Act (PMLA) in pursuance of a mutual agreement between the two nations to combat financial crimes.

The over 60 bank accounts are held by some individuals and businessmen based in the country, they said.

The probe, they said, is linked to some high profile people of Brazil.

The suspected accounts sought to be frozen by the Enforcement Directorate (ED), on behalf of the Brazilian government, are stated to be of banks in Delhi and Mumbai, they added.

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News Network
February 2,2020

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.

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