Sachin Pilot camp moves high court, challenges Speaker's disqualification notice

New Delhi, Feb 13: The BJP's Amit Shah today said statements like "goli maaro" and "Indo-Pak match" should not have been made by BJP leaders ahead of the Delhi elections.

The BJP may have suffered in the elections because of hate statements made by party leaders, he said, reported news agency Press Trust of India.

The party, he said, had distanced itself from such remarks.

New Delhi, Jul 18: The Covid-19 lockdown-led reduction in air pollution levels across five Indian cities, including Delhi and Mumbai, may have prevented about 630 premature deaths, and saved USD 690 million in health costs in the country, according to a new study.

Scientists, including those from the University of Surrey in the UK, assessed the levels of harmful fine particulate matter (PM2.5) from vehicles and other sources in five Indian cities -- Delhi, Mumbai, Kolkata, Chennai and Hyderabad -- since the beginning of the lockdown period.

The study, published in the journal Sustainable Cities and Society, compared these lockdown PM2.5 figures from 25 March up until 11 May, with those from similar periods of the preceding five years, and found that the measure reduced pollution levels in all these places.

According to the scientists, during this period, the levels of these harmful air pollutants reduced by 10 per cent in Mumbai, and by up to 54 per cent in Delhi.

"The percentage reduction for the other cities ranged from 24 to 32 per cent, which was slightly smaller than the measured values for Delhi and Mumbai," the scientists noted in the study.

"While the reduction in PM2.5 pollution may not be surprising, the size of the reduction should make us all take notice of the impact we have been having on the planet," said Prashant Kumar, a co-author of the study from the University of Surrey.

The scientists said these reductions in PM2.5 were comparable to those reported in other cities across the world, such as in Austria's capital Vienna (60 per cent), and Shanghai (42 per cent) in China.

They also calculated the monetary value of the reduced mortality due to air pollution and found that the lowered levels of PM2.5 may have saved 630 people from premature death, and USD 690 million in health costs in India.

Coronavirus India update: State-wise total number of confirmed cases, deaths on July 17

According to the researchers, the present lockdown situation offers observational opportunities regarding potential control systems and regulations for improved urban air quality.

They said an integrated approach might help in understanding the overall impacts of Covid-19 lockdown-style interventions and support the implementation of relevant policy frameworks.

"This is an opportunity for us all to discuss and debate what the 'new normal' should look like - particularly when it comes to the quality of the air we breathe," Kumar said.

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.