Friday, 30 June 2023
55-year-old dead another injured after ceiling of factory in central Delhi collapses
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Thursday, 29 June 2023
Six varsities from region make it to the list; Panjab University improves but ranked lower than CU Shoolini
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Word of the Day: lucent
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Wednesday, 28 June 2023
Hyderabads flood-prone colonies better prepared this year officials tell KTR
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Tuesday, 27 June 2023
Germany says it will deploy 4000 soldiers permanently to Lithuania once facilities are ready.
By Steven Erlanger and Matthew Mpoke Bigg from NYT World https://ift.tt/pLvEHik
Monday, 26 June 2023
Word of the Day: betrothal
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Sunday, 25 June 2023
Parineeti Chopra left puzzled after photographer asks hows married life with Raghav Chadha. Watch video
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Ahead of New York Pride Parade Worries About L.G.B.T.Q. Rights
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Saturday, 24 June 2023
Wagner Chief Prigozhin Appears in Videos at a Russian Military Headquarters
By Dmitriy Khavin, Sarah Kerr, Riley Mellen and Muyi Xiao from NYT World https://ift.tt/VYC39Nh
Friday, 23 June 2023
After Midnight at the N.B.A. Draft Dreams Still Come True
By Sopan Deb and Hiroko Masuike from NYT Sports https://ift.tt/on7RMdB
Thursday, 22 June 2023
Jawan stuntman amazed at Shah Rukh Khans dedication humility: He took the blame when a shot went wrong
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Wall Street Journal reporter is seeking to have espionage charges thrown out.
By BY VALERIE HOPKINS from NYT World https://ift.tt/hbGLtkT
Wednesday, 21 June 2023
Why Is Narendra Modi SoPopular? Tune In to Find Out.
By BY MUJIB MASHAL from NYT World https://ift.tt/U8RhNzf
Tuesday, 20 June 2023
People being forced to hire private guards because no police on ground: Arvind Kejriwal asks L-G to act on Delhis law and order
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Word of the Day: sabotage
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Monday, 19 June 2023
Sunday, 18 June 2023
Saturday, 17 June 2023
Friday, 16 June 2023
Watch: Four red cards ripped shirts clashes and homophobic chants spoils USA win over Mexico
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Word of the Day: chastise
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Thursday, 15 June 2023
Cyclone Biparjoy top points: Landfall in Gujarat today; 74000 evacuated
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Word of the Day: notorious
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Wednesday, 14 June 2023
Word of the Day: ethics
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Tuesday, 13 June 2023
Nawazuddin Siddiqui’s estranged wife Aaliya clarifies her ‘companion’ not responsible for separation: ‘I filed for divorce two years ago’
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Monday, 12 June 2023
George Soros’s son takes over the $25 billion family empire: Who is Alexander Soros?
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Word of the Day: eponym
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Sunday, 11 June 2023
Spotify to soon offer personalised playlist even in offline mode
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Saturday, 10 June 2023
Decoding the Reddit protests: Why subreddits are set to go private on June 12
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The Heat Say They Love Adversity. Did They Have to Make It This Hard?
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Friday, 9 June 2023
Your body naturally produces opioids without causing addiction or overdose – studying how this process works could help reduce the side effects of opioid drugs
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Thursday, 8 June 2023
‘I haven’t done even 10 percent to reach there’: Ponting reveals Hardik Pandya’s response on playing WTC final
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Word of the Day: forum
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Wednesday, 7 June 2023
Massive drug haul in Tripura: Over 900 kg of dry marijuana seized from 2 vehicles
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Word of the Day: veritable
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Tuesday, 6 June 2023
Biggest challenge throughout my career playing for Australia has been fitting in: Khawaja
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Germany Defence Minister Boris Pistorius interview: ‘We reduced energy dependency on Russia surprisingly well, keen on cooperation in submarine technology with India’
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Word of the Day: abeyance
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Monday, 5 June 2023
Odisha Accident: Preliminary Investigation States “Signaling Issue”, Details From Staff Members
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Plastic recycling is failing – here’s how the world must respond
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Russia says it repelled large-scale Ukrainian assault.
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Sunday, 4 June 2023
After Walking Offstage, a Concert Pianist Changes Her Tune
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Shahbad Dairy murder: Accused sent in judicial custody, Delhi Police questioning friends
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Sunil Lahri opens up on Sunny Singh essaying Lakshman in Adipurush; recalls his time on Ramanand Sagar’s Ramayan
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The area is known for its ancient temples and long maritime history.
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Saturday, 3 June 2023
1 month into Manipur violence, death toll rises to 98; at least 310 injured, over 4k cases of arson
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Punjab and Haryana High Court asks Capt’s former media advisor to appear before IO in two weeks
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Treadmill versus Exercise Bike: Which is better to improve cardiovascular health and longevity?
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‘Nothing matters’: Attitude adjustment helps crediscover his rhythm
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Yashraj Mukhate creates viral song from Mumbai property broker’s video. Watch
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Friday, 2 June 2023
Investors Have Soured on China’s Stocks, Renewing Fears About Economy
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7,200 complaints, demands received on Jan Samvad portal: Khattar
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Kyiv appeared to be spared damage or deaths caused by debris from intercepted rockets.
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‘Why no action taken against Brij Bhushan’: Priyanka Gandhi to PM Modi on sexual harassment allegations
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Word of the Day: dismissive
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Thursday, 1 June 2023
Latest GDP data: Looks like India can weather the global economic storm
The NSO has estimated that the Indian economy grew by 6.1 per cent year-on-year in Q4, a significant increase from 4.4 per cent in Q3.
In its latest release on May 31, the National Statistical Office (NSO) published two important GDP estimates — one for the quarter January-March 2023 (Q4FY23), and the second, the Provisional Annual Estimates for the year 2022-23 (FY23).
The NSO has estimated that the Indian economy grew by 6.1 per cent year-on-year in Q4, a significant increase from 4.4 per cent in Q3. This increase comes as a refreshing sign, although it is below the 6.3 per cent GDP growth in Q2. The NSO estimate is well above that of the RBI, which estimated the real GDP in Q4 to grow at 5.1 per cent. The key drivers of this significant growth in Q4 of FY23 are manufacturing, construction, agriculture and financial services.
In terms of the estimates for the quarter ending March 2023 (Q4FY23), the manufacturing activity grew by 4.5 per cent. This positive growth can be attributed to the easing of pass-through from high input cost pressures and the reduction in global oil and food prices. This a refreshing development in particular, because manufacturing activity contracted for two consecutive previous quarters amidst high global commodity prices, and sustained input cost pressures, affecting the profit margins of companies. In terms of year-on-year change, manufacturing activity has grown by 1.3 per cent in FY23.
The agriculture sector grew by 5.5 per cent in Q4FY23 in comparison to 3.7 per cent in Q3 indicative of strong rural demand. As per the latest estimates, the sector registered a growth of 4 per cent (year-on-year) in FY23. Rabi acreage also expanded during FY23 with promising crop production, barring damage from unseasonal rains in parts of the country in March 2023. The construction sector also showed significant growth with 10.4 per cent in Q4 in comparison to 8.4 per cent in Q3, which reflects the push towards infrastructure development and potential for employment generation. In terms of services, the financial services sector showed an impressive growth of 7.1 per cent in Q4 in comparison to 5.8 per cent in Q3. On the other hand, activity involving trade, hotel and transport contracted from 9.7 per cent in Q3 to 9.1 per cent in Q4 despite the positive performance expectation from this sector by analysts before the release of the estimates.
The real GDP at constant (2011-12) prices in FY23 is estimated to reach INR 160.06 lakh crore as compared to the First Revised Estimates of GDP for 2021-22 of INR 149.26 lakh crore. The real GDP growth estimate for FY23 stood at 7.2 per cent. This is slower as compared to the 9.1 per cent growth a year ago (in 2021-22). However, this provisional estimate is higher than the NSO’s second advance estimate of 7 per cent (released on February 28, 2023). Moreover, it is in line with the RBI governor, Shaktikanta Das’s recent statement indicating the expectation of annual real GDP growth to surpass 7 per cent.
A major cause of concern, however, is the share of consumption in GDP which has fallen in FY23 as compared to FY22, at current prices. Private consumption expenditure showed a mere 2.8 per cent year-on-year growth. Such a decrease reflects the impact of elevated inflation, rising interest rates and higher borrowing costs. The slowdown in consumption needs to be addressed and measures to elevate consumption are required in order for India to sustain its growth amidst global headwinds.
Looking forward, the RBI’s GDP growth forecast for FY24 is 6.5 per cent. The latest robust growth numbers are indicative of the Indian economy’s resilience despite global uncertainties, and provide substantial impetus for a positive outlook. Although, it should be noted that India's economic outlook is not completely isolated from global developments. The global economy is expected to slow down. As per the IMF’s World Economic Outlook released in April 2023, the global growth for 2023 is expected to be 2.8 per cent. Despite disinflation efforts across jurisdictions, elevated upside pressures continue to exist. Rising debt levels, especially in low and middle-income countries, as well as potential spillovers to the global financial system from the recent banking sector collapses in the US and Europe, are some of the potential financial risks that cannot be ignored. Additionally, the onset of a potential El Nino event leading to a possibility of deficient rainfalls during the South West Monsoon season proves to be a threat to kharif crop production, which can impact India’s growth prospects. RBI’s Annual Report for FY23 (released on May 30, 2023) also acknowledges such potential challenges to Indian economic activity due to an uninspiring and uncertain global outlook.
Certain global factors do signal possible respite. For instance, slight moderation in monetary policy tightening by central banks globally opens the possibility of easing pressure on non-dollar currencies. The recent reduction in global commodity and food prices and easing of pass-through from high input cost pressures also serves as a positive sign, especially for the manufacturing sector. Moreover, domestic measures such as business-friendly policy reforms (such as the Foreign Trade Policy of March 2023), as well as an increase in government capital expenditure, are expected to attract private investment and boost India’s growth prospects in the coming years. Therefore, India’s ability to weather the storm depends on key timely interventions and structural reforms that continue to prove its resilience in the medium as well as long term.
The writer is Consultant-Research Fellow, NIPFP. Views are personal
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Another Early Morning Attack in Kyiv Kills Three
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Sanjay Dutt remembers mother Nargis on her 94th birth anniversary: ‘To my guiding light…. miss you’
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Word of the Day: tentative
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