Quit, if you cannot abide by constitution: Katju to Tamil Nadu CM

New Delhi, Feb 29: Former RBI governor Raghuram Rajan has said slowdown in growth is due to the current government focussing more on meeting its political and social agenda rather than paying attention to the economy.

India can still reverse its slowing economic growth by paying attention to key issues, he said. "It's a sad story, I think most recently, it is politics," Rajan said in response to a question on what was stopping India's growth which remains below potential.

In an interview to Bloomberg TV, Rajan said unfortunately the current government after a massive election win has "focussed more on fulfilling its political and social agenda rather than paying attention to the economic growth".

"Unfortunately, this drift has continued a pace of slowing growth, which was precipitated initially by some actions the government took such as the demonetisation and a poorly rolled out Goods and Services Tax (GST) reform," Rajan said.

India's GDP growth hit nearly 7-year low of 4.7 per cent in the December quarter, as per official data released on Friday.

The GDP growth for the quarter is the lowest since January-March of 2012-13.

In the interview, which was telecast before the official numbers were released, Rajan said India has not paid sufficient attention to cleaning up the financial sector and unfortunately, that is leading to the slowing growth.

"These are things that they can change if attention is paid to them and appropriate actions are taken," Rajan, Professor of Finance at University of Chicago Booth School of Business, said.

On being asked about the spread of the coronavirus globally and its impact, he said there will certainly be some legacy issues in terms of business rethinking in the global supply chain.

"If it is disrupted anywhere, the entire supply chain is held ransom and companies are going to start rethinking that should we actually have these really spread out global supply chain or to bring them back closer home and how much diversification should we have. Should we have multiple production sites across the world rather than have it focussed primarily in Asia," he said.

Bengaluru, Jul 1: A day after the Government banned several Chinese apps, popular short-form video app Mitron reported that its daily traffic jumped up by more than 11 times.

Just 5 days after crossing the 10 million (1 crore) downloads milestone, Mitron has now announced that the app has been downloaded by 17 million (1.7 crore) users in India. Mitron app has been one of the most downloaded apps in India during the last two months.

"It is incredibly exciting to see the rapid adoption of Mitron by Indian users. 11-fold jump in traffic, immediately after the ban of Chinese apps, was beyond our expectations," said Shivank Agarwal, Founder, and CEO, Mitron.

Anish Khandelwal, Founder and CTO said, " We have built a solid backend infrastructure and our platform is now completely scalable and autonomous and that is helping us to cater to the sharp rise in traffic on Mitron App."

Mitron has been rapidly enhancing the product with several improvements for the users including an updated video upload process that is much easier, enhanced audio library with a wide choice of Indian content, and a feature that enables users to flag any inappropriate content easily.

Users uploaded millions of videos in 10 different languages and the number of videos viewed on the platform increased sharply to cross 30 million video views per hour.

Shivank added "We are a young company and we are hiring some of the best product & engineering talent to scale up Mitron rapidly. We are confident that we can build Mitron into one of the best apps in the short-form video space. Our focus is on building features and content that uniquely resonates with Indian users, while being sensitive to community standards and local laws in India and we believe that will help us build Mitron into a very large business."

Founded by two Computer Science engineers, Shivank Agarwal (alumnus of IIT Roorkee) and Anish Khandelwal (alumnus of Visvesvaraya National Institute of Technology), Mitron app is a short-form video app that allows users to create, upload and view entertaining short videos.