'Don't want the government to set up a committee on its own'
With decline in number of fresh COVID-19 cases and easing of restrictions, the country's gross domestic product (GDP) will grow at 8.5 per cent in FY2021-22, according to credit rating agency Icra Ratings. It expects the gross value added (GVA) at basic prices (at constant 2011-12 prices) to grow at 7.3 per cent in FY2022. "The impact of the second wave of COVID-19 and the ensuing state-wise restrictions was seen across a variety of high frequency indicators in April-May 2021.
In May 2019, the food inflation was 1.83 per cent as per the full CPI data released for that period.
The retail inflation rate breached the 6 per cent upper tolerance limit of the RBI for the first time in seven months in January, while the wholesale price index stayed in double-digits for the 10th month in a row, showed two sets of data released by the government on Monday. Retail inflation, the key input for the RBI while reviewing the repo rate every two months, soared during the month mainly because of a spike in certain food items. The previous high for retail inflation was 6.26 per cent in June 2021.
During the six-month period (April-September 2019), the Indian economy grew 4.8 per cent as against 7.5 per cent in the same period a year ago.
Beside manufacturing, deceleration was also witnessed in sectors like agriculture, construction and electricity, gas and water supply.
"Justice must not only be done, but also be seen to be done," the Supreme Court observed on Wednesday while declining the Centre's plea to allow it to appoint an expert committee to probe the allegations of use of spyware Pegasus for surveillance of certain people in India.
The Indian economy can contract by 7.7 per cent in current financial year ending on March 31 and the growth could be 11 per cent in the next financial year, according to the Economic Survey tabled in Parliament by Finance Minister Nirmala Sitharaman. The contraction in FY21 is mainly due to coronavirus (Covid-19) pandemic and the visible damage caused by the subsequent countrywide lockdown to contain it. The survey unveiled two days before the Union Budget is broadly in line with forecasts by the Reserve Bank of India (RBI) which has said it expected the country's GDP to contract by 7.5 per cent in the year ending March 31.
The Bill states a worker will be paid twice his or her wage if he or she is allowed to work overtime. A majority of workers in India worked more than 48 hours in a week, which is higher than the International Labour Organisation's prescribed time-limit.
The Supreme Court on Tuesday issued notice to the Centre on a batch of pleas seeking an independent probe into the alleged Pegasus snooping matter, making it clear that it did not want the government to disclose anything which might compromise national security.
Pencilling in a GDP growth in third and fourth quarters, SBI Research on Wednesday revised its contraction forecast for the current fiscal year to 7 per cent. The agency had earlier forecast a 7.4 per cent contraction in 2020-21 GDP numbers. In April-September, the economy contracted 15.7 per cent but the second half may see a surprise 2.8 per cent growth, if the SBI analysis turns out to be correct.
Modi is seen as exceptional not only on account of his acts but also owing to his style. He appears to sacrifice his life for the people -- like a fakir, a figure he came to epitomize even more in 2020 by growing a long white beard. Charisma is above accountability, and Modi has grasped these dynamics.
Images that capture what it was like living through 2021.
The Reserve Bank of India on Wednesday retained the economic growth projection for the current financial year at 10.5 per cent, while cautioning that the recent surge in COVID-19 infections has created uncertainty over the economic growth recovery. In its last policy review, the RBI had projected a GDP growth rate of 10.5 pc for FY'22. Taking various factors into consideration, it said, "the projection of real GDP growth for 2021-22 is retained at 10.5 per cent consisting of 26.2 per cent in Q1, 8.3 per cent in Q2, 5.4 per cent in Q3 and 6.2 per cent in Q4."
The growth in the contact-intensive portion of the economy trailed our expectation, highlighting how imperative it is for confidence to improve, either through accelerated vaccinations or otherwise, to drive a sustainable recovery in these sectors, asserts Aditi Nayar.
Freedom of press is an 'important pillar' of democracy, the Supreme Court observed on Wednesday and said the court's task in the Pegasus matter assumes great significance with regard to the importance of protection of journalistic sources and the 'potential chilling effect' that snooping techniques may have.
According to WhatsApp, the spyware was developed by Israel-based NSO Group and had been used to snoop on about 1,400 users globally, including 121 users from India.
With no rate cuts on the table, the other monetary policy alternative could be to reduce the width of the asymmetric policy corridor or increase in reverse repo rate when the pandemic subsides, they opined.
The findings of the report showed consumer spending falling for the first time in over four decades in 2017-18. The government has, however, termed it a "draft" report, reports Somesh Jha.
WhatsApp remains committed to the protection of all user messages through the product we provide, the company said
If imputed inflation for April and May is used, then you have inflation of over 6 per cent for two consecutive quarters, which is a worrying signal for the RBI.
There should have been a focus on sanitation and not on littering or garbage. Absence of sanitation affects the health of children, explains Aakar Patel.
The report on 'Household Social Consumption: Education in India as part of 75th round of National Sample Survey -- from July 2017 to June 2018' provides for state-wise detail of literacy rate among the persons aged seven years and above.
India's industrial production grew by 1 per cent in December, official data showed on Friday. According to the Index of Industrial Production (IIP) data, the manufacturing sector output grew by 1.6 per cent in December 2020.
The video, which has been compiled using clips from RSTV, comprises statements made by the opposition MPs in the Upper House, with the words "farmer" and "Pegasus" in the opening lines.
BSE-listed companies' market capitalisation reached Rs 197.7 trillion on January 21, against India's nominal GDP of Rs 190 trillion during 12 months ended December 2020.
The downward surprise in Q2 stemmed from a stronger-than-anticipated drag from gross fixed capital formation and marginal weakness in private final consumption expenditure. In Q3, projection errors emanated mainly from a steep unanticipated contraction in gross fixed capital formation, which was the deepest in the new series of GDP.
Expect a more modest out-turn of around 5 per cent (if not less) because of the longer-term scarring effects of the Covid shock, the sharply slowing growth in the pre-Covid years and some scepticism about the growth-efficacy of some of recent official policy initiatives, explains Shankar Acharya, former chief economic advisor to the government.
The hearing on as many as nine petitions, including those filed by the Editors Guild of India and senior journalists seeking independent probe into the alleged Pegasus snooping matter is presently on.
Three experts on cyber security, digital forensics, networks and hardware were roped in by the Supreme Court on Wednesday to "enquire, investigate and determine" whether Pegasus spyware was used for snooping on citizens and their probe would be monitored by former apex court judge R V Raveendran.
The wholesale price-based inflation accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods. Low base effect also contributed to the spike in WPI inflation in May 2021. In May 2020, WPI inflation was at (-) 3.37 per cent. This is the fifth straight month of uptick seen in the wholesale price index (WPI)-based inflation. In April, 2021, WPI inflation hit double digit at 10.49 per cent. "The annual rate of inflation, based on monthly WPI, was 12.94 per cent for the month of May, 2021 (over May, 2020) as compared to (-) 3.37 per cent in May 2020.
As per use-based classification, primary good registered a growth of 7.4 per cent, intermediate goods 22.4 per cent, and infrastructure/construction goods 0.1 per cent in February 2020 as against the same period a year ago.
The internals of the food inflation are worrying, given a broad-based uptick across categories that tend to be sticky, such as proteins, and a narrower-than-expected reduction in inflation for vegetables.
Tharoor put the blame for the logjam in Parliament on BJP and accused the saffron party of reducing the "temple of democracy to a rubber stamp for its agenda or worse, a notice board to announce its unilateral decisions".
The economic survey for 2020-21 has suggested revision in the weightage of food items to gauge the true picture of inflation in the country, and said new sources of price data also need to be incorporated in the wake of increasing retail e-commerce transactions. As per the survey, the current spike in consumer price-based retail inflation of food prices is mainly a supply-side phenomenon. The survey noted that the weights of all items in retail inflation are based on the NSO household consumption expenditure survey of 2011-12, adding the weight of food items in the index might have significantly decreased over the decade since then.
Proceedings in Rajya Sabha were repeatedly disrupted on Monday before being called off for the day as opposition members protested on the alleged phone-tapping and other issues and demanded discussions on them in the House.
The party, however, did not say exactly when the Congress general secretary received the message.
GVA growth in the manufacturing, farm and construction sectors tumbled.
A bench headed by Chief Justice N V Ramana told Solicitor General Tushar Mehta, appearing for the Centre, that if the government re-thinks about filing a detailed affidavit in the case, he can mention the matter before it.
Experts warn of over-interpreting the numbers and said their sustainability needed to be watched beyond November, says Indivjal Dhasmana.
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