River Jhelum crosses danger mark in Srinagar, flood alert issued

March 30, 2015

Srinagar, Mar 30: Jhelum river crossed danger level in Srinagar and Sangam area of south Kashmir on Monday with heavy rains lashing most parts of the state which sounded a flood alert asking people to move to safer places.

River Jhelum

A senior official said water level of river Jhelum at 6 AM on Monday at Sangam (South Kashmir) and Ram Munshi Bagh (Srinagar city) has touched 22.4 feet and 18.8 feet respectively. Danger level at Sangam is 21 feet and at Ram Munshi Bagh it is 18 feet.

The alert was issued by the government after water level rose rapidly in the Jhelum river due to incessant rain over the past 24 hours.

Chief minister Mufti Mohammad Sayeed flew in from Jammu to take stock of the situation, schools and college exams scheduled for Monday and Tuesday were cancelled and control rooms set up in the Valley. The metrological department said there was no fear of floods but issued an avalanche alert for upper reaches.

“The entire administration is on alert,” Kashmir divisional commissioner Gazanfar Hussain said.

The CM asked the army, which led the relief and rescue operation the last time, to provide men and machinery to the administration for effectively countering the situation.

Hundreds of residents in Pulwama and Srinagar districts shifted to safer locations. Several areas in south Kashmir’s Shopian and Kulgam were cut off after flash floods washed away bridges.

Kashmir has been witnessing heavy rainfall since Saturday, leading to sudden rise in water levels of rivers, streams and rivulets.

Several houses were damaged in Budgam in central Kashmir, where 221 families were moved to higher planes. Fifteen more families were evacuated elsewhere.

In the state capital of Srinagar, fear was palpable in the commercial hub of Lal Chowk, which was wrecked in September floods, the worst to hit the Valley in 100 years that left 200 people dead. Water-logging and rising levels of the Jhelum river forced businessmen to move out merchandise. Dozens of residents shifted to higher planes.

“We have decided to shift from our house and cleared shops of goods,” Firdous Wani, a local trader, said.

The water level in the Jhelum crossed 16 feet at the Ram Minshibagh gauge at 10pm -- the danger mark is 18 feet -- while at Sangam it crossed 18 feet, as against danger mark of 23 feet. Authorities raised the alarm level to orange, which signals flood alert.

A swollen Jhelum had wrecked havoc in the summer, washing away homes and businesses, many of which remain close till date. The Jhelum suddenly rose to 14.20 feet, just four feet below danger mark, at Srinagar’s Ram Munshi bagh. Like the last time, those living close on its banks moved to the top – mostly third – floors of their homes.

“All emergency services have been pressed into service to meet the eventuality of a flood,” Srinagar deputy commissioner Farooq Ahmad Lone said.

He advised people living along the banks of Jhelum to remain vigilant and shift the elderly and children to safer places.

The meteorological department said rain would continue till April 4 but downplayed flood fears. “Another western disturbance, though weaker, is likely to hit on April 2. I don’t think we are facing flood situation (like September). Though mountain streams can cause landslides,” meteorological department director Sonum Lotus.

He also warned of heavy rain at some places with snow in the higher reaches during the next 12 hours. A four-member ministerial team has been asked to stay put in the Valley.

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News Network
May 27,2020

New Delhi, May 27: With 6,387 new coronavirus cases in the last 24 hours, India's count of COVID-19 rose to 1,51,767 on Wednesday, said the Union Ministry of Health and Family Welfare.

170 people have also died in the last 24 hours due to the infection.

Currently, there are 83,004 active cases while 64,425 COVID-19 positive patients have been cured/discharged and one has migrated. So far, a total of 4,337 deaths have taken place across the country.

Among all states, Maharashtra has the highest number of COVID-19 cases with 54,758. Tamil Nadu has 17,728 cases with Gujarat at 14,821 cases. The national capital has 14,465 reported cases of coronavirus.

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Agencies
August 9,2020

New Delhi, Aug 9: Indian on Sunday achieved a grim milestone after recording the highest single-day spike of 64,399 coronavirus cases, according to the Union Ministry of Health and Family Welfare.

As many as 861 deaths were reported in the country in the last 24 hours, taking the cumulative toll to 43,379.

With the new cases, the country's coronavirus count has reached 21,53,011 including 6,28,747 active cases and 14,80,885 cured/discharged/migrated.

Maharashtra has 1,47,355 active coronavirus cases, the highest in the country.

According to the Indian Council of Medical Research (ICMR), 7,19,364 samples were tested on August 8 while over 2.41 crores samples so far have been tested in the country.

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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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