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Jan 24: India’s economy appears to be shaking off a slump, as activity in the services and manufacturing sectors expanded for a second straight month in December.

The needle on a gauge measuring so-called animal spirits signaled the economy may be taking a turn for the better, as five of the eight high-frequency indicators tracked by Bloomberg News came in stronger last month. The dial was last at the current position in August.

“Animal spirits” is a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action, and the gauge uses the three-month weighted average to smooth out volatility in the single-month numbers.

The nascent recovery would need a helping hand, with expectations building that Finance Minister Nirmala Sitharaman will provide some stimulus when she presents the budget Feb. 1. Official forecasts show the economy is set to expand at 5% in the year ending March 2020 -- the weakest pace in more than a decade.

Here are the details of the dashboard:

Business Activity

The dominant services index rose to the highest level in five months in December as improving new work orders helped boost activity. The seasonally adjusted Markit India Services PMI index climbed to 53.3 from 52.7 in November, helping post a strong end to the calendar year.

India’s manufacturing PMI also rose -- to 52.7 from 51.2 a month ago -- boosted by the fastest increase in new orders since July. A reading above 50 means expansion while anything below that signals contraction.

The uptick in business confidence was accompanied by a rise in inflationary pressures, the survey showed. That trend may keep monetary policy makers from resuming interest-rate cuts anytime soon, leaving most of the heavy-lifting to boost growth with the government.

“The relative stability in macro indicators over the past two months suggests that the worst is behind, but the recovery is likely to be prolonged,” said Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai. “Still, sluggish growth and rising inflation indicate that India may well remain in stagflation for most of 2020.”

Exports

Exports remained a laggard, falling 1.8% in December from a year ago. The drag was mainly because of a fall in export of engineering goods, which constitute a third of India’s non-oil exports.

Capital goods imports continued to contract and was lower by 16.5% year-on-year in December after a 22% drop in November. This was the seventh consecutive month of continuous decline, underscoring the weakness in the capex cycle, according to IDFC First Bank.

Consumer Activity

Weakness in demand for passenger vehicles persisted, with local sales falling 1.2% in December from a year ago, according to the Society of Indian Automobile Manufacturers. That capped the worst yearly passenger vehicle sales on record. A Nielsen study on demand for fast-moving consumer goods showed volume growth dropped to 3.5% in the last quarter of 2019 from 3.9% in the same period of 2018.

Funding conditions held out hope, showing considerable improvement in December, according to the Citi India Financial Conditions Index. Credit growth remained tardy though, with demand for loans rising at a slower 7.1% pace from a year ago compared with a nearly 8% growth in November.

Industrial Activity

Industrial output rose for the first time in four months in November. The pick up was broad-based, led by mining, manufacturing and electricity. Mining and manufacturing, in particular, posted a second month of sequential growth. Production of consumer goods also rose after a few months of contraction.

The index of eight core infrastructure industries, which feeds into the index of industrial production, however, declined 1.5% in November from a year ago -- the fourth straight month of contraction. That was on account of shrinking production of electricity, steel, coal, natural gas and crude oil. Both the core sector and industrial output numbers are reported with a one-month lag.

Mangaluru, Apr 26: In the wake of the fears among local people regarding the cremation of coronavirus victims, an understanding has been reached with all stakeholders that the Mangaluru city corporation's crematorium here will be the official funeral site for such cases in future.

Mangaluru South MLA D Vedavyas Kamath, who had to face stinging criticism on social media for his alleged support to local people who stopped the cremation of a COVID- 19 victim at Pachanady near here on Thursday, took an active role in finding the solution.

The body of the victim, a woman, had to be taken from Pachanady to Kaikunje during the night, delaying the funeral by hours.

Kamath visited Boloor on Saturday and sought to convince the people that cremating the bodies of coronavirus victims would not endanger their lives in any way as the guidelines of WHO and union health ministry are being strictly followed.

The crematorium at Boloor is run by the MCC and has an electric furnace and firewood pyres.

Kamath said a tacit understanding that final rites of COVID-19 patients inDakshina Kannada will be performed at Boloor has been reached at a meeting with all stakeholders.

Cremating bodies in such a controlled environment is deemed safe as per guidelines, he said.

City Mayor Diwakar, local corporator Jagadish Shetty and MCC assistant commissioner Madan Mohan took part in the meeting.

The decision was conveyed to the DK district administration.

The district administration has also launched a campaign on dead body management protocol to convince the people to ignore misinformation being spread regarding the cremation of coronavirus victims.

Bengaluru, Feb 4: Congress MLA UT Khader on Tuesday alleged that B.S. Yediyurappa-led government has stopped providing free food to poor families under 'Anna Bhagya' scheme from last two months which was started by the Congress in the state.

"Former Chief Minister Siddaramaiah had started a scheme 'Anna Bhagya' under which free rice and wheat to 494 education institutions, NGOs, and old age homes were provided and the present government has stopped providing benefits to the poor people," said the MLA.

Alleging that the present government has stopped with the scheme Khadar said, "From last two months the government has stopped providing free food to the institutes and NGOs."

Khadar further demanded to restart the scheme to help the poor students.

"They should restart the scheme which supports poor students and old age houses, or congress will protest if the scheme is not restarted."

Last year in August, Karnataka Chief Minister B.S. Yediyurappa had said that his government has no plans to stop any "pro-people schemes" including Anna Bhagya.

"Our government has no plans to scrap any of the pro-people schemes. Our Government is a pro-people Government. I have already signed the file to release grants to continue the "Anna Bhagya scheme" the twitter handle of Karnataka Chief Minister's Office had quoted him as saying.