Shamika Ravi to be appointed as member of PM economic panel

Chennai/New Delhi, Jan 14: India's annual electricity demand in 2019 grew at its slowest pace in six years with December marking a fifth straight month of decline, government data showed, amid a broader economic slowdown that led to a drop in sales of everything from cars to cookies and also to factories cutting jobs.

Electricity demand is seen as an important indicator of industrial output in the country and a sustained decline could mean a further slowdown in the economy.

India's power demand grew at 1.1% in 2019, data from the Central Electricity Authority showed, the slowest pace of growth since a 1% uptick seen in 2013. The power demand growth slowdown in 2013 was preceded by three strong years of consumption growth of 8% or more.

In December, the country's power demand fell 0.5% from the year-earlier period, representing the fifth straight month of decline, compared with a 4.3% fall in November.

But in India's western states of Maharashtra and Gujarat, two of India's most industrialised provinces, monthly demand increased.

In October, power demand had fallen 13.2% from a year earlier, its steepest monthly decline in more than 12 years, as a slowdown in Asia's third-largest economy deepened.

Industry accounts for more than two-fifths of India's annual electricity consumption, while homes account for nearly a fourth and agriculture more than a sixth.

The slower demand growth is a blow for many debt-laden power producers, who are facing financial stress and are owed over $11 billion by state-run distribution companies.

India's overall economic growth slowed to 4.5% in the July-September quarter, government data released in November showed, the weakest pace since 2013 as consumer demand and private investment fell.

The government has estimated growth in the current financial year that runs through to March will be the slowest since the 2008 global crisis.

"This reflects overall economic slowdown, because if you look at other high frequency data like diesel consumption, everywhere you are seeing contraction," Rupa Rege Nitsure, chief economist at L&T Financial Holdings.

But India's central bank will not have much scope to cut rates to stimulate the economy because inflation has been rising sharply and reached 7.35% in December compared with 1.97% in January last year.

Economists say India's growth will continue to hover around 4.5% levels in the Oct-Dec quarter.

"In the Oct-Dec quarter as well growth (GDP) will be around the same level as July-September. My estimate for the full year is around 4.7% growth," Nitsure said.

Lucknow, Jun 8: The coronavirus which has now been assigned a gender, is being worshipped in Uttar Pradesh also after Bihar as superstition run deep. Women in some villages in Tumkuhiraj, Kasia, Hata, Captanganj and Khadda tehsil in Kushinagar district have started worshipping 'Corona Mai' and are pleading with her to spare lives.

These women have dug a small pit in the field, filled it with water and each one offers nine cloves and nine 'laddoos' to 'Corona Mai' to appease her.

Women from adjoining villages are now flocking to the 'temple' to pray to 'Corona Mai'.

Some local people have appealed to the district administration to stop such activities which spread superstition and misinformation.

Radhey Lal, a school teacher in Kasia, said, "The authorities must stop such activities which promote superstition. Everyone knows that there is no cure for corona and this kind of activities must be stopped."

Mar 5: The Kerala government has given its nod to a proposal aimed at encouraging students aged between 18 and 25 years to take up part-time jobs while pursuing education so as to help them gain work experience and hone their skills.

The government has decided to accept the proposal as a policy decision at the Cabinet meeting held on Wednesday, an official press release said.

The aim is to ensure that in a fiscal, 90 days of work is assured for students in government departments, local body organisations, PSUs and private companies.

This will help in developing a work culture among students.

Honorariums will be given to students by the organisations employing them part-time, the release said.

Students aged between 18 and 25 years will be permitted to become part of the scheme which will help them to gain work experience and hone their skills, the release added.

In another decision, the government decided to release Rs 26 crore from the Chief Minister's disaster relief fund for providing compensation to farmers who suffered crop loss during the 2018 floods.