India may overtake Germany to become 4th largest economy in 2022: IMF

April 28, 2017

Mumbai, Apr 28: India will overtake Germany in 2022 as the world’s fourth-largest economy and push Britain out of the top five, based on analysis of growth projections by the International Monetary Fund. But the challenges the South Asian nation must surmount to get there are many.

goods

These include executing a wide-ranging overhaul of the tax system, sorting out the biggest pile of distressed assets among major economies, reviving lackluster productivity, substantially increasing employment opportunities, encouraging corporate investment and overcoming a significant infrastructure shortfall.

India’s economy is still recovering from a cash ban that sucked out 86% of currency in circulation near the end of last year. And then there’s the likely near-term disruptions from the implementation of a nationwide goods and sales tax; indeed the government has already missed an April deadline for putting the tax in place and is now working against the clock to meet its new 1 July goal.

While there is little doubt the GST will be beneficial in the long run, economists are concerned about India’s banking system and the overall health of its public finances — both seen as lightning rods for global credit agencies that already rate Indian debt just above “junk’’ status.

Bad loans, restructured debt and advances to companies that can’t service their debt have risen to about 16.6 percent of total loans, government data show. That spike in bad loans has forced banks to focus on recovering bad debts. As a result, loan growth has fallen to near record lows, posing a challenge to Prime Minister Narendra Modi’s government as it seeks to revive investment and boost employment.

Apart from slowing investment, India’s labour productivity has been weakening, limiting growth and employment opportunities.

Labour productivity per person employed eased from 10% in 2010 to 4.8% in 2016 as reforms sputtered. According to the International Labour Organisation, output per worker is projected at $3,962 for India in 2017, a fraction of Germany’s $83,385.

Still, the potential remains. Ranking countries and regions on their gross domestic product, for 2017 and 2022 based on IMF forecasts, India, growing at 9.9% a year in nominal terms, will surpass Germany by 2022 as the world’s fourth largest economy, with the UK dropping out of the top five after 2017.

Some seven decades after independence, India may outshine its former colonial master.

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April 27,2024

Mangaluru International Airport (MIA) has taken a step towards enhancing aircraft safety and has planned to install a Precision Approach Lighting (PAL) category 1 system near Sri Kordabbu Daivasthana, Unile.

The groundbreaking ceremony was held on Friday. The project involves various works related to the PAL system and aims to be completed in 20 months.

The airport has undertaken this project in accordance with safety recommendations from the ministry of civil aviation and the civil aviation safety and security regulator. The PAL CAT 1 system will provide pilots with improved visibility of runway 24 and guidance during their final landing approach. The system will be installed 900m from the threshold of runway 24, as this end of the runway accounts for 90% of aircraft landings at the airport.

The PAL will be mounted on approximately 18 lattice structures, which is a unique feature of the project. The lights will be fixed to frangible T-shaped structures. The project will complement the installation of runway centerline lights, which has already been completed and is awaiting approval from the Directorate General of Civil Aviation for commissioning.

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April 30,2024

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The JD(S) on Tuesday, April 30, announced that former Indian Prime Minister HD Deve Gowda's grandson Prajwal Revanna has been suspended from the party temporarily until allegations against him over sexual abuse are probed.

Revanna and his father HD Revanna, also a JD(S) MLA, were booked on Sunday by the police for sexual harassment and criminal intimidation based on a complaint from a woman, who worked in their household.

"We welcome SIT against Prajwal Revanna. We've taken a decision to recommend our party's national president to suspend him from the party till the SIT investigation is completed, " JD(S) core committee president GT Devegowda said.

Revanna currently is not in India. Opposition members raised concerns over how he was allowed to leave the country.

"A decision was already made. Tomorrow it is to be recommended at the core committee meeting in Hubballi. Because he (Prajwal) is a Member of Parliament, it has to be done from Delhi. So I had requested Deve Gowda (JD(S) National President and former PM). Neither he (Gowda) nor I were aware of this issue," party chief H D Kumaraswamy has said yesterday. "Some issues have come out, based on that it has been decided yesterday itself to suspend (him). But many were in a hurry."

Prajwal, 33, represents the BJP-JD(S) alliance in the Lok Sabha election in Hassan, which happened on Friday.

Kumaraswamy alleged that Congress was manipulating facts to destroy the image of his family amid the controversy over the 'obscene' video case against his nephew Prajwal.

"We are not going to protect him, we will take severe action but the government's responsibility is more," Kumaraswamy said.

"This is the manipulation of Congress to destroy the image of our family. What is the role of Dewegowda Ji or me? We are not responsible for all those things. This is the individual issue of Prajwal Revanna. I am not in contact with him (Prajwal). It is the responsibility of the government to bring him before the law. Morally we have decided to make some decisions," Kumaraswamy told reporters on Tuesday.

Prajwal Revanna sex scandal

The state government under CM Siddaramaiah has formed a Special Investigation Team to look into the matter. In recent days, certain explicit video clips purportedly featuring Prajwal have circulated in Hassan.

In response, Revanna stated his willingness to cooperate with any investigation regarding the allegations of sexual abuse against his son and himself. He affirmed their readiness to accept any legal consequences if the accusations are substantiated.

Prajwal's father HD Revanna said that his son would appear for an SIT probe whenever he is asked to.

A case of sexual harassment and stalking was registered on Sunday against HD Revanna and Prajwal Revanna at Holenarasipur police station based on a complaint by their cook.

The complainant said she is a relative of Revanna's wife Bhavani.

She claimed that four months into her employment, Revanna began sexually harassing her, while his son Prajwal engaged in video calls with her daughter, engaging in "vulgar conversations."

She also alleged that there is a threat to her life as well as other members of her family.

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May 2,2024

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Hassan, May 2: JD(S) MLC Suraj Revanna on Thursday said that the scandal and charges of sexual abuse levelled against his brother and Hassan MP Prajwal Revanna was a "conspiracy to weaken their family politically".

He claimed that he has no information about the whereabouts of Prajwal Revanna, who has been served a notice by the Special Investigation Team over the alleged sex scandal involving him.

He termed the scandal and charges of sexual abuse against his brother and his father and MLA H D Revanna, a former Minister, as a conspiracy to weaken them politically, and expressed confidence about Prajwal's win in the Lok Sabha polls.

H D Revanna is the son of JD(S) patriarch and former PM H D Deve Gowda. Prajwal, grandson of Deve Gowda, was the BJP-JD(S) alliance's candidate from Hassan Lok Sabha segment, which went to the polls on April 26.

"The (sex scandal involving Prajwal Revanna) case has been handed over for investigation (to SIT), whatever has to be proved will get proved there. How can I react to it? I don't have information about Prajwal Revanna," Suraj Revanna told reporters here.

On an FIR being registered against his father H D Revanna too, he said, "Let them put a thousand more (FIRs), what has to be proved will ultimately get proved. People of our taluk and district know what Revanna is. I don't want to react."

"Anyone can do anything out of political malice. If you take Hassan politics, there is no competitor for Revanna. There is no one who has done politics like him. To weaken him, all these conspiracies are being hatched," he added.

Scores of explicit video clips allegedly involving Prajwal Revanna had started making the rounds in Hassan recently. The state government has constituted an SIT to probe the alleged sex scandal involving the MP.

The SIT on Tuesday issued notice to Prajwal Revanna and his father Revanna, who have been booked for alleged sexual harassment at the Holenarsipura police station in Hassan district on April 28, based on a complaint by a woman who worked in their house, directing them to appear for investigation.

Prajwal who reportedly left for Germany on April 27, the very next day of the polls, on Wednesday sought seven days' time to appear before the SIT.

Regarding reports of his meeting with Deputy Chief Minister D K Shivakumar, Suraj said they were mere speculations and that he had met the former in January, and after that no such meeting had taken place.

Asked whether JD(S) leaders and workers seem to be in some sort of confusion following the developments around the alleged sex scandal, the MLC said there is no confusion. "Even yesterday there were meetings held to take stock of the situation after the polls. Hundred percent Prajwal Revanna will win."

"Let anyone charge anything, let's wait and see what comes out of the SIT probe," he added.

Victims under pressure?

Meanwhile, victims in the videos of the alleged sex scandal involving the MP, are reportedly refusing to come before the SIT which is probing the case.

Some of the victims are said to have told the SIT officials that they don't want to talk to them about the case, while a few are not reachable, sources said.

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