National Film Awards: Most of the winners skip ceremony as President presents only 11 awards

New Delhi, Feb 29: India’s economy expanded at its slowest pace in more than six years in the last three months of 2019, with analysts predicting further deceleration as the global Covid 19 coronavirus outbreak stifles growth in Asia’s third-largest economy.

The gross domestic product (GDP) data released yesterday showed government spending, private investment and exports slowing down, while there is a slight upturn in consumer spending and improvement in rural demand lent support.

The quarterly figure of 4.7% growth matched the consensus in a Reuters poll of analysts but was below a revised - and greatly increased - 5.1% rate for the previous quarter.

The central bank has warned that downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still unfolding.

Prime minister Narendra Modi’s government has taken several steps to bolster economic growth, including a privatisation push and increased state spending, after cutting corporate tax rates last September.

In its annual budget presented this month, the government estimated that annual economic growth in the financial year to March 31 would be 5%, its lowest for last 11 years.

Modi’s government is targeting a slight recovery in growth to 6% for 2020/21, still far below the level needed to generate jobs for millions of young Indians entering the labour market each month.

The annual GDP figure for the September quarter was ramped up from an earlier estimate of 4.5%, while the April-June reading was similarly lifted to 5.6% from 5%, data released by the Ministry of Statistics showed on Friday.

Capital Investment Drop

In the December quarter, private investment grew 5.9%, up from 5.6% in the previous quarter, while government spending rose by 11.8%, against 13.2% in the previous three months.

However, corporate capital investment contracted by 5.2% after a 4.1% decline in the previous quarter, indicating that interest rate cuts by the central bank have failed to encourage new investment. Manufacturing, meanwhile, contracted by 0.2%.

“It appears growth slowdown is not just cyclical but more entrenched with consumption secularly joining the slowdown bandwagon even as the investment story continues to languish,” said Madhavi Arora of Edelweiss Securities in Mumbai.

Many economists said that the government stimulus could take four to six quarters of time before lifting the economy and the impact of those efforts could be outweighed by the global fallout from the coronavirus epidemic that began in China.

“The coronavirus remains the critical risk as India depends on China for both demand and supply of inputs,” said Abheek Barua, chief economist at HDFC Bank.

Indian shares sank on Friday for a sixth session running, capping their worst week in more than a decade. The NSE Nifty 50 index shed 7.3% over the week, while the Sensex dropped 6.8%, the worst weekly declines since the 2008-09 financial crisis.

Separately, India’s infrastructure output rose 2.2% year on year in January, data showed on Friday.

A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the RBI hold off from further cuts to interest rates for now, while keeping its monetary stance accommodative.

Mar 21: Singer Sonu Nigam has decided to extend his stay in Dubai as he believes travelling amid the coronavirus outbreak can put people around him at risk.

The singer was in the Himalayas earlier and wanted to come to Mumbai for a concert scheduled for March 6 but it got postponed due to COVID-19 pandemic.

He then decided to head to Dubai to be with his wife and son and has been there since a few weeks.

"I am fortunate that my wife and my son are in Dubai. My son studies here and I keep travelling here a lot, Dubai is like my second base. But my father, sister are alone in India. I wanted to come back to India and be at my father's side but I realised that if I do that, I'll be exposing him to the risk of me carrying this virus, who knows the extent of the danger," Sonu told

The 46-year-old singer said everybody is taking precautions and he wants to ensure that the health of those around him isn't at risk.

"I thought let's not outsmart the virus. I thought it's better for me to stay for a bit (till things go normal). Coming back to India, and then going in quarantine will still be a risk.

"I came to Dubai and I thought I'll be able to go back to India but I didn't know it's going to be such an issue eventually. But we are fine here."

On Friday, singer Kanika Kapoor become the first Bollywood celebrity to test positive for the deadly virus in the country and has said she is under complete quarantine and medical care.

The UP police later booked the singer for negligence and committing acts that are likely to spread disease dangerous to life after she attended at least three gatherings in Lucknow, including a party where political leaders were present.

When asked if his decision of staying back was in anyway related to what happened to Kanika, Sonu said that wasn't the case.

"The last time I was contemplating coming to India was on March 16 night, but thankfully my flight got cancelled. Then from March 17, there was this regulation from the government of India that you have to go on a self quarantine for 14 days, compulsorily. I decided I shouldn't take a chance. Being a potential carrier is the worst thing," he said

In Dubai, the singer said the family is taking extreme precautions.

"We all are being safe, staying indoors, not gathering with many people. Careless people shouldn't be around you at this point, people who are too brash, that 'oh nothing will happen.' I don't allow such people in my vicinity. I'm.very hygiene conscious anyway." said the singer.

Sonu said he will be conducting a live music concert on his social media on Sunday.

Mar 11: Thirteen of the 22 rebel MLAs in Madhya Pradesh have given an assurance that "they are not leaving the Congress", senior party leader Digvijaya Singh said on Thursday while expressing confidence that the Kamal Nath-led government in the state will win a floor test.

"We are not keeping quiet. We are not sleeping," Singh told PTI, a day after Congress leader from the state Jyotiraditya Scindia quit the Congress and 22 MLAs submitted their resignations from the assembly in Madhya Pradesh.

Scindia was offered the post of Madhya Pradesh deputy chief minister but wanted his nominee, Singh said. However, Kamal Nath refused to accept a "chela", he said.

Scindia, he said, could have been a Congress nominee to the Rajya Sabha but "only Modi-Shah" can give a Cabinet post to the "over-ambitious" leader.