‘Unfortunately, couldn’t see sun’: PM blames clouds for missing solar eclipse

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.

New Delhi, Jun 26: "Iam Indira Gandhi's granddaughter, not an undeclared BJP spokesperson like some of the opposition leaders," Congress general secretary Priyanka Gandhi Vadra on Friday said, as she alleged that the Uttar Pradesh government is threatening her through various departments for speaking the truth. Priyanka Gandhi's dare to the Uttar Pradesh government came days after the Agra administration asked her to withdraw within 24 hours the claim of high coronavirus deaths in the district.

The Congress general secretary in-charge UP East has accused the Yogi Adityanath government of indulging in propaganda instead of dealing with the pandemic. "As a public servant, my duty is towards the people of Uttar Pradesh. And this duty is to put out the truth before them and not to put forth government propaganda. The UP government is wasting its time by threatening me through its various departments," Priyanka Gandhi said in a tweet in Hindi.

"They can take whatever action they want, I will keep putting forth the truth. I am Indira Gandhi's granddaughter not an undeclared BJP spokesperson like some of the opposition leaders," she said. This week, Priyanka Gandhi repeatedly attacked the Uttar Pradesh government over the "high" COVID-19 mortality rate in Agra and on other issues related to the state government's handling of the pandemic.

Guwahati, Feb 13: Hours after Assam's updated citizenship data disappeared from the website 'nrcassam.nic.in', an FIR was filed against a former NRC official for allegedly failing to submit the password to the sensitive document before quitting her job.

Talking to news agency on Thursday, NRC state coordinator Hitesh Dev Sarma said the complaint against former NRC project officer was filed under Official Secrets Act in Paltan Bazar police station here, as she "did not provide the password to the document, despite written reminders".

"She failed to surrender the password even after tendering her resignation on November 11 last year. She was a contractual employee and no longer authorised to hold the password, after quitting her job. An FIR has been filed against the former NRC project officer on Wednesday for violating the Official Secrets Act," he said.

Sarma also stated that the NRC office had written to her on several occasions for submitting the password, but did not get any response.

"We knew (she had resigned) and, therefore, sent several letters to her for handing over the password. But as she did not respond all these months, we filed a complaint against her yesterday for violating the Official Secrets Act.

"We must know if she has tampered with the sensitive information, after resigning," he added. The NRC state coordinator, however, refuted allegations of "malafide intent" involved in the matter.

"...this (cloud service provided by IT major Wipro) was not renewed by the earlier coordinator. So, the data went offline from December 15 last year. I assumed charge only on December 24," Sarma, who had gone on leave for a weeks after being appointed as the NRC state coordinator, clarified.

He also said that the state coordination committee had discussed the issue in its meeting on January 30 and wrote to Wipro during the first week of February.

"Once Wipro makes the data live, it will be available to the public. We hope that people will be able to access it in the next 2-3 days," Sarma claimed.

Reacting to the development, Wipro had said: "The IT Services Contract was not renewed by the authorities upon its expiry in October, 2019. However, as a gesture of goodwill, the company continued to pay the hosting service fee until January-end, 2020."

In another FIR filed with state criminal investigation department on Wednesday, NGO Assam Public Works (APW) alleged that former NRC Assam coordinator Prateek Hajela tampered with the final NRC list - published on August 31, 2019.

APW member Rajib Deka, in his complaint, accused Hajela of disobeying orders and directions of the Supreme Court, forgery of public register and committed offences under cyber laws for altering or changing public records by misusing his powers and position.

The NGO also said that after publication of the final list, several social networks and sections of the media had reported anomalies, insisting that many 'doubtful' persons were able to insert their names in the final list.

The Centre on Wednesday asserted that NRC data in Assam was safe even though some technical issues have been detected, which would be resolved soon.

Senior journalist-cum-RTI activist Saket Gokhale had sent an application to the NIC, the IT wing of the government, seeking a copy of the contract with Wipro.

"The Assam NRC data suddenly vanishing from the website (& the lack of data security) is incredibly shady. I've filed an RTI with the NIC specifically asking about details of the contract with Wipro, name of the cloud service provider, & all contracts signed for hosting this," he tweeted, while attaching a copy of the RTI application.

Leader of the Opposition in Assam Assembly and Congress leader Debabrata Saikia has also written to the Registrar General of India, requesting him to look into the fiasco urgently.

"It is a mystery as to why the online data should vanish all of a sudden, especially as the process to file appeals was yet to begin, all because of the go-slow attitude adopted by the NRC Authority. There is, therefore, ample scope to suspect that disappearance of online data is a malafide act," he had insisted.