Terror funding mastermind Ramesh Shah​ arrested in Pune

Jan 24: India’s economy appears to be shaking off a slump, as activity in the services and manufacturing sectors expanded for a second straight month in December.

The needle on a gauge measuring so-called animal spirits signaled the economy may be taking a turn for the better, as five of the eight high-frequency indicators tracked by Bloomberg News came in stronger last month. The dial was last at the current position in August.

“Animal spirits” is a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action, and the gauge uses the three-month weighted average to smooth out volatility in the single-month numbers.

The nascent recovery would need a helping hand, with expectations building that Finance Minister Nirmala Sitharaman will provide some stimulus when she presents the budget Feb. 1. Official forecasts show the economy is set to expand at 5% in the year ending March 2020 -- the weakest pace in more than a decade.

Here are the details of the dashboard:

Business Activity

The dominant services index rose to the highest level in five months in December as improving new work orders helped boost activity. The seasonally adjusted Markit India Services PMI index climbed to 53.3 from 52.7 in November, helping post a strong end to the calendar year.

India’s manufacturing PMI also rose -- to 52.7 from 51.2 a month ago -- boosted by the fastest increase in new orders since July. A reading above 50 means expansion while anything below that signals contraction.

The uptick in business confidence was accompanied by a rise in inflationary pressures, the survey showed. That trend may keep monetary policy makers from resuming interest-rate cuts anytime soon, leaving most of the heavy-lifting to boost growth with the government.

“The relative stability in macro indicators over the past two months suggests that the worst is behind, but the recovery is likely to be prolonged,” said Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai. “Still, sluggish growth and rising inflation indicate that India may well remain in stagflation for most of 2020.”

Exports

Exports remained a laggard, falling 1.8% in December from a year ago. The drag was mainly because of a fall in export of engineering goods, which constitute a third of India’s non-oil exports.

Capital goods imports continued to contract and was lower by 16.5% year-on-year in December after a 22% drop in November. This was the seventh consecutive month of continuous decline, underscoring the weakness in the capex cycle, according to IDFC First Bank.

Consumer Activity

Weakness in demand for passenger vehicles persisted, with local sales falling 1.2% in December from a year ago, according to the Society of Indian Automobile Manufacturers. That capped the worst yearly passenger vehicle sales on record. A Nielsen study on demand for fast-moving consumer goods showed volume growth dropped to 3.5% in the last quarter of 2019 from 3.9% in the same period of 2018.

Funding conditions held out hope, showing considerable improvement in December, according to the Citi India Financial Conditions Index. Credit growth remained tardy though, with demand for loans rising at a slower 7.1% pace from a year ago compared with a nearly 8% growth in November.

Industrial Activity

Industrial output rose for the first time in four months in November. The pick up was broad-based, led by mining, manufacturing and electricity. Mining and manufacturing, in particular, posted a second month of sequential growth. Production of consumer goods also rose after a few months of contraction.

The index of eight core infrastructure industries, which feeds into the index of industrial production, however, declined 1.5% in November from a year ago -- the fourth straight month of contraction. That was on account of shrinking production of electricity, steel, coal, natural gas and crude oil. Both the core sector and industrial output numbers are reported with a one-month lag.

Google on Friday announced the launch of a new feature on Google Search, Assistant, and Maps for users in India to help them find information on COVID-19 testing centres near them.

The search giant has partnered with the Indian Council of Medical Research (ICMR) and MyGov to provide the information on authorised testing labs.

The feature is currently available in English and eight Indian languages including Hindi, Telugu, Tamil, Malayalam, Kannada, Bengali, Gujarati, and Marathi.

According to the company, users will now see a new "Testing" tab on the search result page providing a list of nearby testing labs along with key information and guidance needed before using their services.

On Google Maps, when users search for keywords like "COVID testing" or "coronavirus testing" they will see a list of nearby testing labs, with a link to Google Search for the government-mandated requirements.

Google said that the Search, Assistant, and Maps currently feature 700 testing labs across 300 cities and working with authorities to identify and add more testing labs located across the country.

The company reiterates that it is important to follow the recommended guidelines that help determine testing eligibility before visiting.

New Delhi, Apr 11: Congress leader Rahul Gandhi on hailed accredited social health activists, auxiliary nurse and midwives and anganwadi workers for their role in the fight against the coronavirus pandemic, saying they are "true patriots" who toil to keep communities safe in the midst of this grave crisis.

In an environment where fear and misinformation pose a bigger danger than the virus itself, community workers have a key role to play in educating people about the dangers of COVID-19 and the manner in which it is transmitted, Gandhi said.

In a message for Accredited Social Health Activists (ASHA), Auxiliary Nurse and Midwives (ANMs) and Anganwadi Workers, he said they are working with dedication and courage, putting their lives at risk, on the frontlines of the battle against the COVID-19 pandemic.

"The greatest form of patriotism is to serve our country in her hour of need. Our community workers are true patriots, our unsung heroes, who toil tirelessly away from the limelight, to keep our communities safe in the midst of this grave crisis," the former Congress chief said.

"As a nation, we owe them and their families a huge debt of gratitude for the tremendous personal sacrifices each of them is making. I hope that when this crisis is over their exemplary service will serve as a catalyst for deep-rooted change in their conditions of work," he said.

Gandhi said he salutes each and every community worker for their service to the nation and prays that they and their families will remain safe during this pandemic.