Sharad Yadav: Janata Dal (United) would contest Gujarat polls alone

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.

New Delhi, May 31: The fourth phase of the coronavirus-triggered lockdown, which began on May 18, saw 85,974 COVID-19 cases till 8 am on Sunday, which is nearly half of the total cases reported in the country so far.

Lockdown 4.0, which will end on May 31 midnight, has accounted for 47.20 per cent of the total coronavirus infection cases, number crunching from the Union Health Ministry data reveals.

The lockdown, which was first clamped on March 25 and spanned for 21 days, had registered 10,877 cases, while the second phase of the curbs that began on April 15 and stretched for 19 days till May 3, saw 31,094 cases.

The third phase of the lockdown that was in effect for 14 days ending on May 17, recorded 53,636 cases till 8 am of May 18.

The country had registered 512 coronavirus infection cases till March 24.

India is the ninth worst-hit nation by the COVID-19 pandemic as of now.        

The first case of COVID-19 in India was reported on January 30 from Kerala after a medical student of Wuhan university, who had returned to India, tested  positive for the virus.

India registered its highest single-day spike of COVID-19 cases on Sunday, with 8,380 new infections reported in the last 24 hours, taking the country's tally to 1,82,143, while the death toll rose to 5,164, according to the Union Health Ministry.

The number of active COVID-19 cases stood to 89,995, while 86,983 people have recovered and one patient has migrated, it said.

"Thus, around 47.75 per cent patients have recovered so far," a senior Health Ministry official said.

With the fourth phase of lockdown ending on Sunday, the Home Ministry on Saturday said 'Unlock-1' will be initiated in the country from June 8 under which the nationwide lockdown will be relaxed to a great extent, including opening of shopping malls, restaurants and religious places, even as strict restrictions will remain in place till June 30 in the country's worst-hit areas.

While announcing the extension of the lockdown in containment zones across the country, the Home Ministry said temples, mosques, churches and other religious places and shopping malls will be allowed to open in a phased manner from June 8, while a decision on opening of schools and colleges will be taken in July in consultation with states.

New Delhi, Apr 24: The Jamia Coordination Committee (JCC) on Friday accused Delhi Police of framing two of its members - Meeran Haider, Safoora Zargar, along with student leader Umar Khalid, as part of "an imaginary conspiracy behind the recent North East Delhi riots".

While Haider was arrested on April 2, Zargar was taken in custody on April 10 for their alleged involvement in fuelling the riots.

"These arrests by the police have little ground, and the charges seem to have no rhyme or reason. Safoora was even granted bail in the case she was initially arrested in, following which she was arrested and had heavier charges placed against her," the JCC said in a statement.

Meeran, Safoora and Umar have been charged under the Unlawful Activities (Prevention) Act (UAPA), which allows curbing of fundamental rights in order to protect the sovereignty of India. The JCC, however, claimed that in this case, the Act is being used to suppress their voices.

"This Act has been used against many activists working to protect constitutional morality, a list which now includes members of the JCC, a wholly constitutionalist collective of students and alumni," the JCC said, defending its members.

JCC maintained it had no role in Delhi riots, but apprehended that more people will be arrested by the Delhi Police as part of its conspiracy against students and protestors.

"It is almost certain that more protesters will be framed and arrested in the conspiracy invented by the Delhi Police. JCC reiterates that it played no part in the riots, and this fact will be proved before any court of law," it said in a statement.

It also demanded political parties, and university administration take a stand for the two accused JCC members and student leader Umar Khalid.

The JCC came into existence after a violent face-off between Delhi Police and unruly anti-CAA protestors left Jamia Millia Islamia vandalised. It was after this, that a group of students from the Jamia Millia formed it to decide upon the future course of actions in protest against the CAA and the police action.