Economic Slowdown Bottomed Out, Uptick From Here On: Chief Economic Adviser K V Subramanian

News Network
January 31, 2020

New Delhi, Jan 31: Chief Economic Adviser K V Subramanian on Friday said India's GDP is expected to grow at 6-6.5 per cent next fiscal as the economic slowdown has bottomed out.

As per the first advance estimates released by the National Statistical Organisation (NSO), the country's economic growth is likely to hit an 11-year low of 5 per cent in the current fiscal ending March 2020.

The Economic Survey 2019-20, prepared by a team lead by Subramanian, has projected the GDP to expand in the range of 6-6.5 per cent during 2020-21.

The Indian economy has hit the bottom and it will see an uptick from here, he said in a media briefing post the Economic Survey.

Amidst a weak environment for global manufacturing, trade and demand, the Indian economy slowed down with GDP growth moderating to 4.8 per cent in the first half of 2019-20, lower than 6.2 per cent in H2 of 2018-19.

Based on NSO's first advance estimates of GDP growth for 2019-20 at 5 per cent, an uptick in GDP growth is expected in the second half of the fiscal, it said.

According to it, the uptick in second half of 2019-20 would be mainly due to ten positive factors like picking up of Nifty India Consumption Index for the first time this year, an upbeat secondary market, higher FDI flows, build-up of demand pressure, positive outlook for rural consumption, rebound of industrial activity, steady improvement in manufacturing, growth in merchandise exports, higher build-up of foreign exchange reserves and positive growth rate of GST revenue collection.

The survey also emphasised that merger of public sector banks may increase the financial strength of the merged entities, lower the risk aversion and result in lowering of lending rates.

Further, as the implementation of GST further settles down, the increased unification of the domestic market may reduce business costs and facilitate fresh investment.

Reforms in land and labour market may further reduce business costs, said the survey, presented a day before Sitharaman's Union Budget 2020-21.

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News Network
February 17,2020

New Delhi, Feb 17: Four death row convicts in the 2012 Nirbhaya gang rape and murder will be hanged on March 3 at 6 am a Delhi court said on Monday.

The Patiala House Court on Monday issued fresh death warrants against four convicts while hearing a petition by the state and Nirbhaya's parents.

Earlier, Delhi High Court on February 5 granted a week's time to the four convicts to avail of all legal remedies available to them and said that the convicts cannot be hanged separately since they were convicted for the same crime.

A Delhi Court had earlier issued a death warrant against the four convicts -- Vinay Sharma, Akshay Thakur, Pawan Gupta, and Mukesh Singh -- on January 7 and they were scheduled to be executed on January 22 at Tihar Jail. Later, the execution was suspended indefinitely by a Delhi court.

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News Network
June 11,2020

New Delhi, Jun 11: The death toll due to COVID-19 rose to 8,102 and the number of cases climbed to 2,86,579 in the country after it registered the highest single-day spike of 357 fatalities and 9,996 cases till Thursday 8 AM, according to the Union Health Ministry data.

The number of recoveries remained more than the active novel coronavirus cases for the second consecutive day.

The number of active cases stands at 1,37,448 while 1,41,028 people have recovered and one patient has migrated to another country, as per the data.   

"Thus, around 49.21 per cent patients have recovered so far," an official said.

The total number of confirmed cases include foreigners.

Of the 357 new deaths reported till Thursday morning, 149 were in Maharashtra, 79 in Delhi, 34 in Gujarat, 20 in Uttar Pradesh, 19 in Tamil Nadu, 17 in West Bengal, eight in Telangana, seven each in Madhya Pradesh and Haryana, four in Rajasthan, three each in Jammu and Kashmir and Karnataka, two each in Kerala and Uttarakhand, one each in Andhra Pradesh, Bihar and Himachal Pradesh.

Out of the total 8,102 fatalities, Maharashtra tops the tally with 3,438 deaths followed by Gujarat with 1,347 deaths, Delhi with 984, Madhya Pradesh with 427, West Bengal with 432, Tamil Nadu with 326, Uttar Pradesh with 321, Rajasthan with 259 and Telangana with 156 deaths.

The death toll reached 78 in Andhra Pradesh, 69 in Karnataka and 55 in Punjab. Jammu and Kashmir has reported 51 fatalities due to the coronavirus disease, while 52 deaths have been reported from Haryana, 33 from Bihar, 18 from Kerala, 15 from Uttarakhand, nine from Odisha and eight from Jharkhand.

Chhattisgarh and Himachal Pradesh have registered six COVID-19 fatalities each, Chandigarh has five while Assam has recorded four deaths so far. Meghalaya, Tripura and Ladakh have reported one COVID-19 fatality each, according to the ministry's data.

More than 70 per cent of the deaths are due to comorbidities, the ministry's website stated.

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News Network
April 27,2020

New Delhi, Apr 27: A private hospital here claimed that a coronavirus patient, who was administered plasma therapy for the first time in the facility, was discharged on Sunday after being completely cured.

The 49-year-old man had tested positive for COVID-19 on April 4 and was admitted to Max Hospital, Saket, it said in a statement.

As his condition deteriorated, he was put on ventilator support on April 8, the hospital added.

When the patient showed no signs of improvement, his family requested for administration of plasma therapy on compassionate grounds, it said, adding that the family arranged a donor for extracting plasma.

The patient was administered fresh plasma as a treatment modality as a side-line to standard treatment protocols on the night of April 14, the statement said.

Subsequently, the patient showed improvement and by the fourth day, was weaned off ventilator support and continued on supplementary oxygen. He was shifted to a room with round-the-clock monitoring on Monday after testing negative twice within 24 hours, it said.

He has now fully recovered and was discharged, the hospital said, adding that he will stay at home for another two weeks.

Group medical director of Max Healthcare and senior director of the Institute of Internal Medicine Dr Sandeep Budhiraja said, "We can say that plasma therapy could have worked as a catalyst in speeding up his recovery. We cannot attribute 100 per cent recovery to plasma therapy only, as there are multiple factors which carved his path to recovery."

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