Narendra Modi plays Muslim card, says 25% voted for him

Mumbai, Jan 9: India's weddings are famously lavish -- lasting days and with hundreds if not thousands of guests -- but this season many families are cutting costs even if it risks their social standing.

It is symptomatic of a sharp slowdown in the world's fifth-largest economy, with Indians spending less on everything from daily essentials to once-in-a-lifetime celebrations.

Growth has hit a six-year low and unemployment a four-decade high under Prime Minister Narendra Modi. Prices are rising too, squeezing spending on everything from shampoo to mobile data.

Chartered accountant Palak Panchamiya, for example, has already slashed the budget on her upcoming Mumbai nuptials by a third, trimming spending on clothing and the guest list.

"Initially I chose a dress that cost 73,000 rupees ($1,000)," Panchamiya told news agency as she picked through outfits at a recent marriage trade fair.

"But my partner felt it was too expensive, and so now I am here reworking my options and looking for something cheaper."

India's massive wedding industry is worth an estimated $40-50 billion a year, according to research firm KPMG.

The celebrations can last a week and involve several functions, a dazzling variety of cuisines, music and dance performances, and lots of gifts.

Foreigners can even buy tickets to some events.

But these days, except for the super-rich -- a recent Ambani family wedding reportedly cost $100 million -- extravagance is out and frugality is in as families prioritise saving.

"Earlier Indian weddings were like huge concerts, but now things have changed," said Maninder Sethi, founder of Wedding Asia, which organises marriage fairs around the country.

Cracks emerged in 2016 when the Indian wedding season, which runs from September to mid-January, was hit by the government's shock withdrawal of vast amounts of banknotes from circulation in a bid to crack down on undeclared earnings.

Mumbai-based trousseau maker Sapna Designs Studio shut for months as the economy was turned on its head by Modi's move.

"No exhibitions were happening and there were no avenues for us to sell either," said Vishal Hariyani, owner of the clothing studio.

Hopes for a recovery proved short-lived when the cash ban was followed by a botched rollout of a nationwide goods and services tax (GST) in 2017 that saw many small-scale businesses close.

Since then, keeping his studio afloat has been a challenge, with consumers increasingly reluctant to spend too much, says Hariyani.

"We customise our clothes as per their budgets, and now week-long weddings have been converted to just a 36-hour ceremony," he told news agency.

"We have to pay GST, pay workers and even offer discounts to customers," he added.

"The whole economy has slowed down and reduced spending on weddings is a by-product of that. Everyone except the super-rich are affected," Pradip Shah from IndAsia Fund Advisors told news agency.

"It is reflective of how sombre the mood is," he said.

In a country where families traditionally spend heavily on weddings -- including taking on debt in some cases -- the downturn is also a source of sadness and shame, with elaborate celebrations often seen as a measure of social status.

"We haven't even invited our neighbours. It is embarrassing but the current situation doesn't offer us much respite," 52-year-old Tara Shetty said ahead of her son's wedding.

"In my era, we always spent a lot and had thousands of people attending the weddings," she explained.

"My wedding was supremely grand, and now my son's is the polar opposite."

New Delhi, Jan 17: Airports in Srinagar and Jammu are to be “immediately” brought under the security cover of the CISF in view of the arrest of DSP Davinder Singh, a Jammu and Kashmir government order has said.

The two sensitive airports are to be “handed over” to the CISF by January 31, the order of the Jammu and Kashmir Home Department to the Director General of Police (DGP) said.

“This issue (CISF security at Srinagar and Jammu airports) has acquired immediacy in view of the recent developments relating to the arrest of Davinder Singh, DSP airport security, for trying to assist militants to travel to other parts of the country,” the order issued on Wednesday said.

Police had arrested Singh, a deputy superintendent of police, at Mir Bazar in Jammu and Kashmir’s Kulgam district on Saturday, along with Hizbul Mujahideen terrorists Naveed Baba and Altaf, besides a lawyer who was operating as an overground worker for terror outfits.

The two airports are guarded by the CRPF and the J-K Police at present.

The Union government had last year decided that the Central Industrial Security Force (CISF) will be handed over security of these two airports along with the one in Leh in view of their sensitive and strategic location and the threats it faced related to possible terrorist and hijack attempts.

CISF is the national civil aviation security force and at present it guards 61 airports including the ones at Delhi and Mumbai.

News agency had on January 13 reported that the Union home ministry sanctioned about 800 personnel to the CISF in order to take over security duties at the three airports of the newly created Union Territories of Jammu and Kashmir and Ladakh.

As per the original plan, the CISF was to take over Jammu airport by next month and the Srinagar and Leh airports after the spell of severe cold ends.

However, officials said, keeping in mind the arrest of the DSP and his alleged links, the latest order has been issued which also directs the J-K Police to make arrangements for accommodation, transport and other logistical requirements of the armed contingent of the CISF on a quick basis.

Once inducted at the most-sensitive Srinagar airport, the CISF will secure access control at both city and air side (tarmac area) while the CRPF will be responsible for securing the outer periphery. At the Jammu airport, the peripheral security duties will be rendered by the JK Police.

An assortment of surveillance and security gadgets like CCTVs, observation monitors, hand-held metal detectors, bullet-proof patrol vehicles and bomb detection and disposal equipment are also being provided by the airport operator, the Airports Authority of India (AAI), to the CISF.

The Union government sometime back made it clear that CISF will be the only civil airports guarding force and all such facilities in the country will be gradually brought under its command to bolster aviation security and tighten anti-terror and anti-hijack protocols.

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.