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Power centralisation in PMO behind poor economy: Sena

News Network
December 10, 2019

Mumbai, Dec 10: The Shiv Sena on Tuesday said centralisation of power in the Prime Minister's Office (PMO) was one of the main reasons for the "poor" economic health of the country.

The central government wants the finance minister and RBI Governor under its control, an editorial in Sena mouthpiece 'Saamana' claimed, adding that the present BJP-led dispensation is not ready to listen to economists as it considers the economy as a "share market gamble".

It supported concerns raised by former RBI governor Raghuram Rajan, who recently said India is in the midst of a "growth recession" with signs of deep malaise in the economy that is being run through extreme centralisation of power in the PMO and powerless ministers.

India's economic growth slowed to a six-year low of 4.5 per cent in the July-September quarter. With inflation rising, fears of stagflation -- a fall in aggregate demand accompanied by rising inflation -- have resurfaced.

The Shiv Sena said former prime ministers Jawaharlal Nehru and Indira Gandhi cannot be held responsible for the country's present economic situation.

"Centralisation of power in PMO and powerless ministers - this situation is not good for the economy," the Marathi publication said.

"The present government is not ready to listen to economists as it considers the economy like a 'share bazaar satta'. What is Nirmala Sitharaman's contribution as finance minister - 'I don't eat onion, you also do the same'," the Uddhav Thackeray-led party said in taunting remarks.

The government wants the finance minister, RBI governor, finance secretary and Niti Aayog Chairman under its control, it claimed, adding that this is the main reason for the country's "poor" economic health.

The economy is "paralysed" and former RBI governor Raghuram Rajan's "diagnosis" is absolutely correct.

"The government is not ready to accept the economic slowdown. When the onion prices touch Rs 200 per kg, the finance minister says 'I don't eat garlic, onion, so don't ask me'," it quipped.

The Sena said Prime Minister Narendra Modi was "not trying" to improve the situation. "When he was the chief minister of Gujarat, he had expressed concern over the rising onion prices," it noted. The Sena said that PM Modi had said onion is an essential commodity and it has become so costly that it will have to be "kept in lockers".

"The situation has changed and Modi is now the prime minister and the economy is in a 'crisis'. An unconscious person is brought back to senses by being made to smell onion, but this is not possible now since onions have disappeared from markets," it said in sarcastic comments.

The Sena also blamed decisions like demonetisation and "unnecessary focus" on projects such as the bullet train for the current economic situation.

"Whatever Pandit Nehru and his colleagues earned for the country, this government is selling it off," it said, apparently referring to the proposed sale of public sector undertakings like the BPCL and Air India.

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dead indian
 - 
Tuesday, 10 Dec 2019

Vote for hindu rastra and eat sand and mud this is the aukaat of you people..all the best for futur

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News Network
July 5,2020

New Delhi, Jul 5: With highest-ever single-day spike of 24,850 COVID-19 cases in 24 hours, India's coronavirus count stood at 6,73,165, informed the Union Ministry of Health and Family Welfare on Sunday.

Out of the total cases, 2,44,814 are active cases. On the other hand, India's cured/discharged patients count crossed the 4 lakh mark with 4,09,082 patients cured/discharged and one patient migrated.

As many as 613 deaths due to coronavirus were reported in the country in the last 24 hours taking the death toll in the country to 19,268.

Meanwhile, the ministry said that collective and focused efforts for containment and management of COVID-19 by the government of India along with the States/UTs have led to the number of recovered cases among COVID-19 patients rise to 4,09,082 as of today.

"During the last 24 hours, a total of 14,856 COVID-19 patients have been cured. So far, there are 1,64,268 more recovered patients than COVID-19 active cases. This takes the national recovery rate amongst COVID-19 patients to 60.77 per cent," the ministry said.

"With 786 labs in government sector and 314 private labs, there are as many as 1,100 labs in India," it added.

As per the Health Ministry, coronavirus cases in Maharashtra -- the worst affected state from the infection -- has breached the 2 lakh mark with 2,00,064 cases including 8,671 deaths.

Tamil Nadu reported 4,150 fresh COVID-19 cases and 60 deaths today, taking total cases to 1,11,151 and death toll to 1,510. Number of active cases stands at 46,860, according to the State Health Department.

Delhi's coronavirus tally nears the 1 lakh mark with 99,444 cases and the number of people succumbing to the virus stands at 3,067 in the national capital. As many as 9,873 RT-PCR tests and 13,263 rapid antigen tests were conducted today in Delhi. Total tests done so far stands at 6,43,504.

Meanwhile, Indian Council of Medical Research informed that the total number of samples tested up to July 4 is 97,89,066 of which 2,48,934 samples were tested yesterday.

There were seven new COVID-19 cases in the last 24 hours in Chandigarh, taking total cases to 466 including 395 recoveries and six deaths.
Himachal Pradesh Health Department informed that COVID-19 cases reach 1,048 in the state, of which, 309 cases are active and 715 have recovered.

Andhra Pradesh has reported 998 new COVID-19 cases and 14 deaths in the last 24 hours, according to a media bulletin released by AP state COVID nodal officer.

A total of 1,155 COVID-19 cases were reported in the last 24 hours in Uttar Pradesh on Sunday, taking the total number of active cases to 8,161 in the state, an official said. According to the official data, a total of 18,761 people have been cured while 785 people have died due to the virus in the state.

Eighteen more personnel of Indo-Tibetan Border Police (ITBP) tested positive for COVID-19 in the last 24 hours. There are total 151 active cases and 270 have recovered till date.

While, in the last 24 hours, 36 more Border Security Force (BSF) personnel tested positive for COVID-19 and 33 have recovered. There are 526 active cases and 817 personnel have recovered till date.

In Rajasthan, 224 fresh COVID-19 positive cases and 6 deaths were reported today. The total number of cases rose to 19,756 including 3,640 active cases and 453 deaths.

Odisha reported 469 new COVID19 positive cases in the last 24 hours, taking the total number of positive cases in the state to 9,070 including 5,934 recovered cases and 3,090 active cases, according to the health department.

Uttarakhand reported 31 new COVID-19 cases in the last 24 hours, taking total cases to 3,124. Recovery rate among COVID-19 patients stands at 80.79 per cent.

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Agencies
August 6,2020

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

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News Network
July 20,2020

New Delhi, Jul 20: India's COVID-19 case tally crossed the 11 lakh mark with the highest single-day spike of 40,425 new cases and 681 deaths reported in the last 24 hours, informed the Union Health and Family Welfare Ministry on Monday.

Total cases in the country now stand at 11,18,043 while the death toll is 27,497.
The Health Ministry said the total number of cases includes 3,90,459 active cases and 7,00,087 patients have been cured/discharged/migrated.

Maharashtra remains the worst affected state with 3,10,455 cases reported until Sunday.
Meanwhile, as per the information provided by the Indian Council of Medical Research (ICMR), 1,40,47,908 samples have been tested for COVID-19 till July 19, of these 2,56,039 samples were tested yesterday.

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