India’s economic growth slows to 7.1%

Agencies
November 30, 2018

Mumbai,  Nov 30: India's economic growth slowed to 7.1 percent in the second quarter, official data showed on Friday, as its banks endure a liquidity crunch that is hampering investment in Asia's third-largest economy.

GDP expansion missed the rate experts say India must consistently hit if Prime Minister Narendra Modi, up for re-election next year, is to fulfil his pledge of creating millions of jobs.

Central Statistics Office figures showed GDP growth for July to September of the 2018-19 financial year slowed from 8.2 percent in the previous quarter.

Despite the slowdown, the latest figures were up from 6.3 percent for the same period last year and reinforce India's status as one of the world's fastest-growing economies.

However, analysts say the country needs to regularly record growth of at least eight percent to generate employment for the millions of Indians who enter the workforce every year.

"India needs to grow at eight percent or over for several years," Ashutosh Datar, an independent economist based in the commercial capital Mumbai, told media.

"Any fall in GDP figures below this will have very significant ramifications for the economy.

"And anything below seven percent would potentially hamper job creation and also be undershooting our growth potential," he added.

Modi was swept to power in 2014 on a business-friendly manifesto that included a pledge to create 10 million jobs a year.

India does not release officials jobs data but the opposition Congress party accuses the government of failing to meet the target and is making an issue of it ahead of a general election expected in April or May.

"These GDP figures are a sign of the government's performance before next year's general elections and an indicator of the mood of the economy," said Sujan Hajra, an economist at Anand Rathi securities.

"Any fall in the numbers will increase scrutiny and dent the public perception," he added.

Business sentiment has been hit by a credit squeeze sparked by a series of defaults by debt-laden IL&FS, a non-banking financial institution that is responsible for huge investment in infrastructure projects.

The defaults have shone a spotlight on India's "shadow banks" and led to billions of dollars in loans drying up.

They are also reportedly the source of a dispute between the government and India's central bank, the Reserve Bank of India (RBI).

The finance ministry has been pushing the RBI to ease lending norms at mainstream commercial banks to boost loans for small businesses and also help meet shortfalls caused by the near collapse of IL&FS.

India's quarterly growth fell as low as 5.6 percent in mid-2017 as the economy reeled from a shock cash ban that scrapped 86 percent of currency notes and a new nationwide goods and services tax.

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News Network
June 29,2020

Kolkata, Jun 29: Sweet-loving Bengalis have something to cheer about in COVID-19 time as the West Bengal government decided to come out with a "sandesh" which will contain honey from Sundarbans and increase immunity, an official said on Sunday.

Cotton cheese made from cow milk will be mixed with pure honey from the Sunderbans to prepare the "Arogya Sandesh" which will also have extracts of tulsi leaves, an official of the Animal Resources Development Department said.

No artificial flavours would be added to the sweetmeat which will be available in the department's outlets in the city and neighbouring districts, he said.

The sandesh will boost the immune system as a whole but it is not a COVID-19 antidote, the official said.

Sunderbans Affairs Minister Manturam Pakhira said the honey for making Arogya Sandesh will be collected from beehives in places such as Pirkhali, Jharkhali and other parts of the Sunderbans and it will be stored in a scientific manner.

The sandesh is expected to hit the shelves in another two months and the pricing will be within the reach of the common man, the animal resources development department official said.

Earlier this month, a reputed sweetmeat chain of Kolkata came out with an "Immunity Sandesh" claiming that it contains various herbs and spices such as haldi (turmeric), tulsi, saffron, and cardamom and Himalayan honey, which will boost immunity to fight novel coronavirus.

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Agencies
March 15,2020

New Delhi, Mar 15: The new rules for debit and credit cards to increase security and reduce frauds kick in from Monday. In January, the Reserve Bank of India (RBI) had issued new rules to improve user convenience and increase the security of card transactions. These rules will help in curbing the misuse of debit and credit cards.

RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.

These rules will be applicable for new cards from March 16. Those with old cards can decide whether to disable any of these features.

As per the existing rules, these services used to come automatically with the card, but now it will start at the request of the customer.

Debit or credit card customers who have not yet done any online transaction, contactless transaction or international transaction with the card, then these services on the card will automatically stop from March 16.

The Reserve Bank has asked all banks to provide mobile banking, net banking option to enable limit and enable and disable service 24 hours a day, seven days a week.

If the customer makes any change in the status of the card, the bank will alert the customer through SMS/email and send the information.

Issuers shall provide to all cardholders facility to switch on/off and set/modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions -- domestic and international, at PoS/ATMs/online transactions/contactless transactions, etc.,

The provisions, however, are not mandatory for prepaid gift cards and those used at mass transit systems.

The latest instructions come in the wake of rising instances of cyber frauds and the huge increase in the use of cards.

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News Network
June 6,2020

United Nations, Jun 6: The COVID-19 pandemic, which has presented challenges for several nations, could be an “opportunity” for India to speed up the health insurance scheme Ayushman Bharat, especially with a focus on primary healthcare, WHO chief Tedros Adhanom Ghebreyesus has said.

WHO Director-General Ghebreyesus was responding to a question on the COVID-19 situation in India, where the number of coronavirus cases are increasing rapidly. India went past Italy on Friday to become the sixth worst-hit nation by the COVID-19 pandemic.

India saw a record single-day jump of 9,887 coronavirus cases and 294 deaths on Saturday, pushing the nationwide infection tally to 2,36,657 and the death toll to 6,642, according to the health ministry.

"Of course COVID is very unfortunate and it's challenging for many nations but we need to look for opportunities too. For instance for India, this could be an opportunity to speed up Ayushman Bharat, especially with a focus on primary health care. I know there is a very strong commitment from the government to speed up the implementation of Ayushman Bharat and with primary healthcare and community engagement, I think we can really turn the tide,” Ghebreyesus said during a press briefing in Geneva on Friday.

Ayushman Bharat is the world’s largest health insurance scheme and was launched by the Narendra Modi government in 2018. Last month, Modi had said that the number of people who have benefited from the scheme crossed the one crore-mark.

The scheme aims to cover more than 500 million beneficiaries and provide coverage of Rs 500,000 per family per year.

Referring to the Ayushman Bharat scheme, Ghebreyesus added that “using and speeding up what has started could actually help in India and that's what WHO was very appreciative by the way when Ayushman Bharat started. And this could be a very good opportunity actually to test that and speed up and use it to really fight this pandemic.”

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