India's annual electricity demand grows at slowest pace in 6 years

News Network
January 14, 2020

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.

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Agencies
January 11,2020

Those owning a single house in joint names would continue to file their income tax returns (ITRs) in much simpler ITR-1 (Sahaj) and ITR-4 forms (Sugam) for assessment year 2020-21 with the government issuing a clarification in this regard.

The clarification has come days after the government modified the eligibility for filing the returns in ITR-1 and ITR-4, stating that those owning a property jointly, spending Rs 2 lakh on foreign travel and paying electricity bill of Rs 1 lakh in a year would not be able to file returns in the simpler forms.

They would have to file their returns with much more detailed information in other specified forms.

Following the changes in the eligibility for filing returns in the two forms, concerns were raised over it with taxpayers claiming that it will cause huge hardship for them.

"The matter has been examined and it has been decided to allow a person, who jointly owns a single house property, to file his/her return of income in ITR-1 or ITR-4 Form, as may be applicable, if he/she meets the other conditions," a Finance Ministry statement said.

"It has also been decided to allow a person, who is required to file return due to fulfilment of one or more conditions specified in the seventh proviso to section 139(1) of the Act, to file his/her return in ITR-1 Form," it added.

Tax practitioners welcomed the government’s move of going back to the previous position.

"This is a welcome clarification allowing middle class taxpayers owning a single house property to file simpler ITR forms, 1 and 4, and not the detailed ITR forms even if they own house property in joint names," said Shailesh Kumar, Director, Nangia Andersen Consulting.

It may be noted that taxpayers holding multiple house properties would have to file more detailed return forms.

In the major changes notified earlier this month by the Income-Tax department, individual taxpayers were disallowed to file return either in ITR-1 or ITR 4 if he or she was a joint-owner in house property.

In another change, those who deposited more than Rs 1 crore in bank account or spent Rs 2 lakh on foreign travel or paid Rs 1 lakh on electricity bill in a financial year were also barred from using the easy-to-fill return forms.

"By today's clarification, the government has maintained status quo. Now, the taxpayers can continue filing their returns in the same fashion in which they did last year," said Naveen Wadhwa, Deputy General Manager (DGM), Taxmann.

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News Network
April 22,2020

New Delhi, Apr 22: The number of COVID-19 cases in India reached 20,471on Wednesday, with Maharashtra continuing to be the worst-hit state.

Out of the total number of cases, 15,859 are active cases, 3,959 cured or discharged and 652 deaths.

Maharashtra has reported the highest number of cases across the country, with the count at 5,221, followed by Delhi (2,156) and Gujarat (2,272). Maharashtra reported 251 deaths, the highest fatality rate than any other state.
Fresh cases were reported today from Kerala, Karnataka, Rajasthan and Kashmir among other states and UTs.

The Union Cabinet on Wednesday approved Rs 15,000 crore for 'India COVID-19 Emergency Response and Health System Preparedness Package'. The funds sanctioned will be utilised in three phases.

While Rs 7,774 crore has been provisioned for immediate COVID-19 emergency response, the rest would be used for medium-term support (1-4 years) to be provided under mission mode approach.

Briefing mediapersons about the package here on Wednesday, Union Minister Prakash Javadekar said the key objectives of the package include mounting emergency response to slow and limit COVID-19 in India through the development of diagnostics and COV1D-dedicated treatment facilities, centralised procurement of essential medical equipment and drugs required for treatment of infected patients, strengthen and build resilient national and state health systems to support prevention and preparedness for future disease outbreaks.

Javadekar said that no decision has been taken so far regarding the resumption of flight operations.

"No decision has been taken yet on the resumption of flight operations. An announcement will be made on time as to when it will resume," Javadekar told reporters.
Here's a quick read on the COVID-19 related updates:

1. Two Chinese manufactures of rapid antibody test, Guangzhou Wondfo Biotech Co. Ltd and Zhuhai Livzon Diagnostics Inc are now the subject of investigations by the Indian Council of Medical Research (ICMR) as the rapid testing antibody kits of these two companies delivered results with wide variations and low accuracy.

2. Rajasthan Health Minister Raghu Sharma said that 735 doctors have recently been recruited and posted to hospitals in the state.

3. The Employees Provident Fund Organisation (EPFO) has settled 10.02 lakh claims, including 6.06 lakh COVID-19 cases, under the Pradhan Mantri Garib Kalyan Yojana (PMGKY) in 15 working days.

4. Secretary of Overseas Indian Affairs in the Ministry of External Affairs, Vikas Swarup, interacted with envoys of nearly 30 Central European countries on Wednesday and shared thoughts on fighting COVID-19.

5. Taking cognisance of the need for essential services like plumbing during COVID 19 crisis, the Indian Plumbing Skills Council (IPSC) aligned to Skill India programme, under the aegis of the Ministry of Skill Development and Entrepreneurship (MSDE), has prepared a database of over 900 plumbers who are ready to provide their services during the lockdown period across the country.

6. Braving all odds, workers of the Accredited Social Health Activists (ASHA) are conducting door to door surveys in the Red Zones of Nagpur putting their lives at risk.

7. Aviation Minister Hardeep Puri on Wednesday said that Air India has lifted about 300 tonnes of essential medical cargo so far this month through China-India aerobridge. It is planned that Air India along with SpiceJet and Blue Dart will airlift another 220 tonnes of this critical cargo in the next three days.

8. Ministry of Railways has offered to supply 2.6 lakh meals daily from various railway kitchens wherever the district administration is willing and able to pick up cooked meals and distribute among the needy. This has been communicated to district authorities all over the country.

9. Uttarakhand Chief Minister Trivendra Singh Rawat on Wednesday said that the state's COVID-19 doubling rate stands at 26.6 days and Uttarakhand ranks third in preventing coronavirus infection.

10. The Central government has brought an ordinance to end violence against health workers, making it a cognizable, non-bailable offence with imprisonment up to seven years for those found guilty.

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Agencies
February 5,2020

New Delhi, Feb 5: Delhi High Court on Wednesday stated that that death warrant of all convicts in the Nirbhaya gangrape and murder case should be executed together.

The Delhi prison rules do not state whether when the mercy petition of one convict is pending, the execution of the other convicts can take place and from the trial court to Supreme Court all convicts have been held by a common order and a common judgment, Justice Suresh Kumar Kait observed while passing the order.

High Court dismissed the Central government and Tihar Jail authorities plea challenging the Patiala House court's order, which stayed the execution of the four convicts in the case. It also observed that the convicts indulged in a heinous offence of a bone-chilling rape and murder of a girl and that criminal appeals by all convicts were dismissed by the courts.

Moreover, the court observed that the review petitions were filed after long wait and convicts are taking shelter of Article 21 which is available to them till their last breath.

A single-judge bench of Justice Suresh Kumar Kait had on Sunday kept the order reserved in the matter after special hearing of two days.

Earlier, Solicitor General Tushar Mehta, appearing on behalf of the Centre, alleged that the convicts were deliberately delaying the execution, adding that any delay in death sentence will have a dehumanising effect on the convicts.

A Delhi court last week stayed till further orders the execution of the four convicts -- Akshay Thakur, Mukesh Singh, Pawan Gupta, and Vinay Sharma -- which was earlier scheduled to take place on February 1.

The case pertains to the gang-rape and brutal murder of a 23-year-old paramedical student in a moving bus on the night of December 16, 2012, by six people, including a juvenile, in Delhi. The woman had died at a Singapore hospital a few days later.

One of the five adults accused, Ram Singh, had allegedly committed suicide in the Tihar Jail during the trial of the case.

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